Can a Broker Add Value to the Sale of my Practice?
Perhaps you should ask that question to NCI's superstar, Amanda Gonzales, CPA from Orlando, Florida. This is a really cool success story we are very happy to have played a part in. Amanda contacted us back in 2012 to help her fledgling practice of $50,000 to expand. And this young practice had a young owner at the ripe old age of 27. Amanda had big goals and aspirations so she enrolled in our Plan 2 Client Acquisition Program via which we guaranteed her $300,000 in annualized billings in two years. NCI recruited and trained an outstanding CSR, another young woman named Tracey and the practice took off like it was shot out of a cannon.
Over the next few years, the practice continued to grow and Amanda continued to prosper. As often times 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 so that in 2018 she decided to sell her practice which had reached an astounding $800,000 in gross annual billings. That's only six years folks, for an average growth rate of $133,000 per year, not bad eh?
Now here's where the story really gets interesting, Amanda decides to sell, but she's going it alone. She finds several buyers, not hard in a market like Orlando and thinks she's home free. She has an offer for 100% of gross and is happy with that. Except she's not, as the buyer she has is now jerking her around with delays and demands and then poof, just like that they're gone! A lot of time and effort wasted, lesson learned. Around this same time, she's conversing with Tyler Clark here at NCI on an unrelated issue to the sale when she mentioned what happened. Tyler suggests that she let NCI handle this and we'll get it done, and done right. She agrees and Todd Steinberg who knows Amanda well, as she's been a guest speaker at several of our marketing seminars.
Todd goes to work and in two weeks has several qualified buyers lined up displaying the awesome power of NCI's database and Todd's skills too. In fact, with several buyers jockeying for ownership, we now have a bit of a bidding war going on, how sweet is that? Then a cash offer comes in and ready for this, drum roll please, a $1,000,000 all cash at closing is negotiated, and agreed too. Her 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? You betcha, if that broker is NCI.
In two weeks several qualified buyers lined up displaying the awesome power of NCI's database and Todd's skills too. In fact, we now have a bit of a bidding war going on, how sweet is that?
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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 your ready and serious, let's talk.