Can a Broker Add Value to the sale of my Practice?
Perhaps you should ask that question of one of NCI’s superstars, Amanda Gonzales, CPA, from Orlando, FL. Amanda’s is an inspiring success story, and NCI is proud to be part of it.
Amanda contacted NCI in 2012 to help her expand her fledgling $50,000 practice. Even though Amanda’s practice was small and young, and she was only 27 herself at the time, she had big goals and strong aspirations. To reach them, she enrolled in NCI’s Plan 2 Client Acquisition Program, through which we guaranteed her $300,000 in annualized billings in two years. NCI recruited and trained Tracey, an outstanding CSR for Amanda, and the practice grew exponentially.
Over the next few years, Amanda’s practice continued to grow and she continued to prosper. As often happens, the CSR decided to leave to pursue other opportunities, so Amanda came back to NCI again to help her implement a second Plan 2 in 2016. Once again, more growth followed—so much growth, in fact, that in 2018, Amanda decided to sell her practice, which had reached an astounding $800,000 in gross annual billings in only six years. This translates to an average growth rate of $133,000 per year! Not bad!
Here is where the story becomes even more interesting. Amanda decided to sell her practice, and she opted to manage the sales process on her own. She found several buyers, which was not difficult in a hot regional market like Orlando, FL. She secured an offer for 100% of gross. Understandably, she was happy with the offer and thought the process was about to end. However, the story quickly took a bad turn. The buyer she had was now, as the expression goes, jerking her around with delays and demands. Then, suddenly, the buyer disappeared! Amanda wasted a lot of time and effort, but learned a valuable lesson. Selling without expert help can be a challenge! Around this same time, she happened to be in conversation with Tyler Clark at NCI on an unrelated issue when she mentioned what happened with her sale. Tyler suggested that she let NCI handle this; he told her, “NCI will get it done, and get it done right.” She agreed, and began working with Todd Steinberg, who knew Amanda well from her many appearances as a guest speaker at several of NCI’s marketing seminars.
Todd got to work, and in two weeks, had secured several qualified buyers. This result displays the awesome power of NCI’s database and Todd’s networking skills. In fact, with several buyers jockeying for ownership, the sale went into a bidding war! Finally, an offer came in for $1,000,000, with all cash at closing negotiated and agreed to. Amanda’s practice closed 60 days later with no muss, no fuss, and an increase of $200,000 over her initial asking price.
So now I ask you: Can a broker add value to the sale of your firm? Absolutely, if that broker is NCI.
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The NCI Advantage.
For information on our practice sales programs, click here or call us at 1-888-NewClients (888-639-3543) for a no cost valuation of your firm.
Powering your future,
Bruce J. Clark, CEO
Author, NCI Effect, Explosive Client Growth Plan for Accountants and CPAs
Beyond the NCI Effect, Sales Strategies That Matter to Grow an Accounting Practice
Author of the ebook, The Seven Secrets to Selling Your Practice on Your Terms
PS We expect 2019 to be an excellent time to sell, so if you’re ready and serious, let’s talk.