CPA Business Sold
CPA Business Sold

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

Industry Expertise

Professional Services

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.

What Our Clients Say

BayState Business Brokers and Brian Labonte sold my business, which I started 41 years ago. Their knowledge and expertise enabled me to go through the process smoothly and easily. Brian has extensive knowledge of what it takes to sell a successful accounting practice. Without BayState’s invaluable help, there would have been no sale. Thank you to Baystate Business and Brian Labonte.
James A. Tomolo Jr., President

I had been interested in purchasing an accounting/tax practice for many years, but it took losing my CFO position due to the pandemic that gave me the courage to do so. Brian Labonte of BayState Business Brokers represented the seller of the practice I purchased. Although he was the seller’s broker, he made understanding the value of the business easy, was always available for due diligence questions, and at never put on the ‘hard sell.’ I would recommend Brian to anyone interested in selling their business and would, without question, use him if I was selling one of my own
Steve Ruse, buyer

Case Studies

Full-Service Auto Repair & Tire Shop: Third-generation business including two buildings successfully sold to individual buyer

Full-Service Auto Repair & Tire Shop: Third-generation business including two buildings successfully sold to individual buyer

Account Matters, Inc. – Sale successfully brokered via auction process to a strategic buyer as a platform investment

Account Matters, Inc. – Sale successfully brokered via auction process to a strategic buyer as a platform investment

National Distributor of Aftermarket Automotive Parts in Central New England

National Distributor of Aftermarket Automotive Parts in Central New England

Wholesale / Retail Appliance Business: BayState Business Brokers completes deal to sell an appliance retail business to an online buyer.

Wholesale / Retail Appliance Business: BayState Business Brokers completes deal to sell an appliance retail business to an online buyer.

Large E-Commerce Seller of Equipment & Apparel for Outdoor Sports & Recreation

Large E-Commerce Seller of Equipment & Apparel for Outdoor Sports & Recreation

Managed IT Services Provider – Virtual business with diverse revenue streams and client base sold to individual buyer

Managed IT Services Provider – Virtual business with diverse revenue streams and client base sold to individual buyer

MedWell Health and Wellness Centers – Medical Marijuana Certification Business serving the MA, RI and FL markets sold to industry buyer

MedWell Health and Wellness Centers – Medical Marijuana Certification Business serving the MA, RI and FL markets sold to industry buyer

Niche Manufacturer – BayState Business Brokers successfully brokered the sale of Federal-Fabrics-Fibers Inc. to industry buyer, HDT Global

Niche Manufacturer – BayState Business Brokers successfully brokered the sale of Federal-Fabrics-Fibers Inc. to industry buyer, HDT Global

Successfully brokered sale of plumbing business in Wilmington, MA to an industry buyer in North Andover

Successfully brokered sale of plumbing business in Wilmington, MA to an industry buyer in North Andover

Day Care Center with Two Locations and Real Estate Sold to Strategic Buyer

Day Care Center with Two Locations and Real Estate Sold to Strategic Buyer

APPS Paramedical of MA – Business Owner Retires while Individual Buyer Starts New Career

APPS Paramedical of MA – Business Owner Retires while Individual Buyer Starts New Career

Auto repair shop in an affluent Boston suburb sold to individual buyer for $425,000

Auto repair shop in an affluent Boston suburb sold to individual buyer for $425,000

Amada Senior Care Franchise – Industry Buyer Acquires High-Performing, Professional Home Health Care Business

Amada Senior Care Franchise – Industry Buyer Acquires High-Performing, Professional Home Health Care Business

Trailer Manufacturer: Sold legacy, family owned trailer manufacturer in Plymouth, MA successfully overcoming several hurdles

Trailer Manufacturer: Sold legacy, family owned trailer manufacturer in Plymouth, MA successfully overcoming several hurdles

BayState Business Brokers sold a plumbing and HVAC business located on the South Shore of Massachusetts

BayState Business Brokers sold a plumbing and HVAC business located on the South Shore of Massachusetts

BayState Business Brokers sold Montessori Centre of Barrington, a school with real estate in Barrington, Rhode Island

BayState Business Brokers sold Montessori Centre of Barrington, a school with real estate in Barrington, Rhode Island

Busa Wine and Spirits: Sale of a multi-generational family-owned business with four liquor stores in Lexington, Woburn and Salem, MA

Busa Wine and Spirits: Sale of a multi-generational family-owned business with four liquor stores in Lexington, Woburn and Salem, MA

E-Commerce Third-Party Logistics (3PL) Business that Stores, Sells and Ships Products from Fulfillment and Distribution Center at 40,000 SF Warehouse

E-Commerce Third-Party Logistics (3PL) Business that Stores, Sells and Ships Products from Fulfillment and Distribution Center at 40,000 SF Warehouse

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

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

Landscaping Company: Sale of This Business Enabled Owner and Buyer to Pursue their Desired Career Path

Landscaping Company: Sale of This Business Enabled Owner and Buyer to Pursue their Desired Career Path

Spirit Haus Liquor: Finding the Right Buyer to Continue Owner’s Legacy Built Over 50 Years

Spirit Haus Liquor: Finding the Right Buyer to Continue Owner’s Legacy Built Over 50 Years

Swimming Pool Company: Leveraging Deep Industry Expertise to Sell During the Pandemic, Enabling the Owner to Retire

Swimming Pool Company: Leveraging Deep Industry Expertise to Sell During the Pandemic, Enabling the Owner to Retire

The Wellness Room: Quickly Securing a Qualified Buyer to Continue Owner’s Legacy of Providing Quality Behavioral Health Services

The Wellness Room: Quickly Securing a Qualified Buyer to Continue Owner’s Legacy of Providing Quality Behavioral Health Services

Community Rehab Care: Finding the Perfect Buyer, Enabling Owners to Retire and Continue Their Legacy

Community Rehab Care: Finding the Perfect Buyer, Enabling Owners to Retire and Continue Their Legacy