Buying your first accounting or tax practice is a great accomplishment. You have made a financial commitment to become a business owner and realize the ultimate “American Dream.” There are several factors you should consider before making the leap of faith:
• Do you want the business bad enough to work long hours?
• Do you feel comfortable in your abilities to complete the work?
• Will the client base accept your credentials and trust you as their tax advisor?
• Are you a self-starter?
• Do you have a marketing plan in place to obtain new business?
• Do you have the patience to work with and energize employees?
• Are you a leader?
• Can you accept total responsibility for a job’s success or failure?
• Do you have a trusted panel of advisors or support staff for any problems that may arise?
• Are you in good health?
• Are you a confident person?