James A. Tomolo, Jr. Certified Public Accountant: Quick and Effective Sale of a Thriving CPA Practice

Industry Expertise

Professional Services

Location

Worcester Area

Business Broker

Brian Labonte

Situation

The owner of a full-service CPA firm based in Clinton, MA had successfully built a profitable practice over the past 30+ years and was ready to transition into retirement. As he approached this major milestone, he immediately knew the person he wanted to broker the transaction: Brian Labonte, broker at BayState Business Brokers. Brian had successfully managed the sale of a business owned by one of the CPA firm’s clients. He also had significant experience in the CPA industry, having worked at a firm for many years. “We walked the same walk, which gave us a strong connection and helped establish trust,” said Brian.

BayState Business Brokers’ Approach

The business owner was referred to a potential buyer and he connected that prospect with Brian, who immediately stepped in to manage the entire effort through completion of the sale. Brian leveraged BayState Business Brokers’ proven process, which included sharing the BayState Confidential Brief that professionally packages important information about the business. This highly effective process also included determining the right business valuation, managing the entire due diligence effort, having daily update calls with the owner, collaborating with the attorneys, and ushering the offer letter, P&S and closing through to completion. “While there’s always potential for snags to emerge, my number one priority is to successfully navigate through any hurdle to keep the process moving forward,” Brian noted.

A key part of this process involved negotiating an effective transition plan from one owner to the next, ensuring the firm would continue to provide top quality service and to negate any disruption of recurring revenue. That effort included a plan for the owner to work a defined number of hours in specific time periods so the transition would be seamless.

Results

The company sold at the asking price in an incredibly fast time period of only three months. The combination of BayState’s proven process and Brian’s expertise made for a highly efficient and successful deal and ensured it was structured for a smooth transition from one owner to the next. The former owner is now working fewer hours as he supports the business through the transitional period, all while enjoying more time at his vacation home and looking forward to full retirement.