There’s a pattern we see play out with buyers all the time. They come to us knowing exactly what they want: a firm with recurring monthly revenue, clean systems, a remote-friendly setup, and strong margins. Something that practically runs itself.
The problem is that every other buyer wants the exact same thing. When a firm like that hits the market, it draws a crowd, and when it draws a crowd, pricing gets pushed up and deal terms get aggressive. The “perfect” firm stops looking so perfect once you’re competing against a dozen other offers.
Some of the most successful buyers we’ve worked with went a different direction. They looked at firms with older systems, paper files, practices in smaller markets, owners who had been doing things the same way for thirty years. Not glamorous on the surface. But they saw the underlying value, closed the deal on reasonable terms, and modernized things over time. They made a good deal rather than chased one.
That’s worth keeping in mind if you’re actively looking this year.
One other thing we’d add: when you’re under contract on a firm, the diligence process belongs to you. Not your lender, not your attorney, not your broker. We’re here to help and to share what we know, but no one has more at stake in getting this right than you do. Own that process.
If you’re thinking about buying an accounting or CPA practice in the Midwest and want to talk through what’s realistic in today’s market, we’re always happy to have that conversation. Reach out anytime.