Olmsted County Accounting And Tax Practice

Business Overview:

For sale is an Olmsted County based accounting and tax practice. The owner of the business has been building the practice for several decades and is now ready to hand over the reins to a new owner. Known for its great reputation and high-quality work this business is poised to continue growing with the community around it. Limited by the current owner's willingness to hire staff and take on clients, this business enjoys many opportunities for growth.

The current owner works full-time in the business and there are 3 full-time staff. The business has a convenient location and a professional workplace set up to allow for easy workflow and client interactions. In addition, the company utilizes the latest, most sophisticated tax return software and tax resources to stay abreast of the latest tax changes. In addition to tax returns the company provides general accounting and bookkeeping services and payroll services to round out its offerings to clients. This firm differentiates itself from other firms by offering high quality consulting services and accounting outcomes to its customers.

Seller is most interested in finding a buyer that has experience to replace the seller in time. The seller is interested in staying on full-time for the transition and for tax season into the foreseeable future. Generous seller financing is available for a well-qualified buyer.

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Property Features and Assets:

This practice is located in a high traffic, convenient location. Facilities are well built for the operations of the business and are in excellent condition. The business is well positioned to capitalize on continued growth in the local area. The facilities are leased and the landlord is open to lease options with a new owner. The business could also be relocated if desired. Assets = $27,000

Market Competition and Expansion:

The Accounting Services industry has steadily accelerated over the five years to 2022, buoyed by economic growth early during the period and a continued demand for monetary advisory during the financial challenges of the early 2020s. As revenue has expanded, new operators have entered the industry and competition has intensified, especially between smaller companies. In an attempt to boost market share during the high growth early in the period, the industry's largest players acquired several smaller companies. Overall, industry revenue is estimated to rise at an annualized rate of 3.4% to $141.8 billion over the five years to 2022, including an increase of 6.3% in 2022alone. The moderate growth, despite strong demand trends, is largely due to revenue not increasing significantly in2020 as a result of the COVID-19 (coronavirus) pandemic and less demand for noncritical tax services. Industry profit has also increased as the industry's largest players implemented digital tools to boost productivity. Due to steady client volumes and an increasing number of US adults, demand for industry services has increased. Moving forward, industry revenue is expected to grow slowly, rising at an annualized rate of 0.4% to $144.9 billion over the five years to 2027. However, many significant challenges will likely affect operators; competition is expected to intensify in the consumer market due to record penetration of lower-cost alternatives, such as online tax preparation, in addition to rising inflation hampering business activity. However, as the industry integrates with nearly every aspect of the US economy, revenue growth will likely be maintained during the outlook period.- IBIS WORLD The community around the business continues to grow, and with that growth the potential clients for this business also grows. This firm is limited in its ability to grow mostly because the current owner does not want to expand the number of staff. Also, the current owner does not solicit any new customers. With new management interested in growing the client base, there are many avenues an owner could take to increase revenue.

Reason for Selling:

To a new owner in order to partially retire.

Additional Details:

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