What do buyers of an accounting practice often underestimate?

Due diligence tells you what a practice looks like on paper. What buyers describe afterward is different: the things that were true all along but only felt real once the keys changed hands. These are the common ones. Each is easier to handle when you have planned for it before closing.

The busy season arrives early

If closing falls shortly before the busiest stretch of the year, you will be learning the practice while the heaviest work lands. Ask when the seller expects to be around, who will do what, and whether staff are ready. Many buyers find a calm period easier to start in, so think about timing as part of the plan rather than as an afterthought.

How much clients relied on the seller

Clients often stay because of one person, not a firm. Ask the seller to introduce you in person, and ask which clients are likely to leave. A seller who stays on for a period usually makes the change smoother. Our answer on partner retirement buyouts in an accounting firm shows how some firms handle the handover.

Fees, staff and clean-up

Fees set years ago may sit below the work now being done, and raising them takes care with each client. Staff may leave with the seller, so talk with the key people before closing. Then there are the files and software: inconsistent folders, old versions and missing notes. See how to clean up financial records for a way to start.