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Retaining Your Clientele Through an Accounting Practice Sale

Thursday, September 15th, 2022

Too much change too soon can be scary for clients. The most important thing is to keep your clients in mind while moving through this process. But what else should you consider? Let’s take a look at some things you should consider if you want the buyer to retain clientele through an accounting practice sale.

Consult An Attorney

Get an attorney involved early in the process to help draft contracts that protect your interests and those of your clients. This will ensure that everyone is on the same page from the start and that there are no surprises later. Keeping in accordance with your state’s requirements is, of course, vital and will help the sale go more smoothly. NCI provides a boiler plate example of an agreement for your use. This will help reduce your legal fess and can be customized to meet the terms and conditions of your sale.

Make a Transition Plan

Another way to help keep your clients after you sell your accounting practice is to have a transition plan in place.  It could involve providing the buyer with a list of your clients’ contact information but never until after closing should this be done. Additionally positioning the sale as a merger rather then an outright sale is a good approach that will help minimize client attrition. NCI offers several sample transition letters that can be used to inform the clients of what’s taking place after the sale has been completed.

The selling of an accounting firm you should be ready to assist a buyer for at least the first few weeks or months of the transition, and you should be accessible by phone on an as-needed basis. Larger more difficult businesses could take the seller longer to transition. The time frame for the transition should be written down and should not be extended by free work from the seller. By having a plan in place, you can help ensure that your clients are taken care of during and after the sale of your accounting practice while making sure that you are still getting paid for your work.

Always Think of the Client

During the sale of your accounting practice, it is important to keep your clients’ best interests in mind. This means making sure that they will be able to continue working with the same accountant or accounting firm after the sale. Keep them updated on what is happening and reassure them that their best interests are always in mind. This will help to build trust and keep them from feeling like they are being left in the dark.

The bottom line is you should always keep the best interests of your clients in mind as you go through this process. By taking these steps, you can help ensure a smooth transition for both you and your clients. We are a leader in accounting client acquisition, practice management, and business sales at New Clients Inc. NCI is a professional services firm that provides help with the sale of accounting, bookkeeping, and payroll service businesses.  NCI is equipped with the experience, knowledge, and skills necessary to assist you in successfully addressing, navigating, and adapting to future professional changes—and difficulties—related to your company’s growth or sale. Contact us today to learn more about how NCI can help you and your accounting practice.