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If you’ve been searching for a CPA practice for sale near Chicago, you already know the market moves fast. Well-run, profitable firms with staff in place rarely stay listed for long, and the difference between a smart acquisition and a costly mistake usually comes down to how carefully a buyer evaluates the practice before signing on the dotted line. This guide walks through what to look for in an accounting practice acquisition, using a currently available Northwest Chicago suburb CPA firm as a real-world example.
Why Buy an Existing CPA Practice Instead of Starting From Scratch?
Building a book of business from zero can take a decade or longer. Buying an established practice gives you immediate access to a loyal, recurring client base, trained staff who already know the workflow, and cash flow from day one. For CPAs, EAs, and accounting professionals who want ownership without the slow climb of organic growth, acquisition is often the faster and less risky path.
That said, not every practice on the market is a good buy. Here’s what separates a strong opportunity from a problem waiting to happen.
Featured Opportunity: Northwest Chicago Suburb CPA Firm (IL-6622)
Grossing: $1,062,500 | Status: Available
This well-established, full-service CPA practice in a Northwest Chicago suburb offers a strong acquisition opportunity for a buyer ready to step into a diversified, revenue-generating business. With 2026 projected revenues of $1,062,500 spread across five distinct service lines, the practice offers a well-balanced mix of recurring tax, accounting, and payroll work rather than dependence on a single client type or season.
The practice comes with an experienced and capable staff already in place, runs on Thomson Reuters software, and has been pre-qualified for bank financing, with up to 90% bank and seller financing available for qualified buyers. The current owner is retiring but remains flexible and available for transitional support.
What to Look For When Evaluating a CPA Practice for Sale
1. Revenue Diversification
A practice that leans entirely on individual tax season revenue can leave a new owner with eleven quiet months and one frantic one. Look for a healthy mix of tax preparation, accounting and bookkeeping, payroll, and advisory work, since diversified revenue tends to be more resilient through changes in tax law, client turnover, or seasonality.
2. Staff Continuity
An experienced staff that plans to stay on through the transition is one of the most valuable assets in any practice sale. Staff continuity protects client relationships, preserves institutional knowledge, and gives a new owner breathing room to learn the practice without also having to hire and train a team under pressure.
3. Client Retention and Transition Support
Ask how the seller plans to support the handoff. A retiring owner who is willing to stay involved for a transition period, introduce clients personally, and answer questions as they come up meaningfully reduces the risk of client attrition after closing.
4. Software and Systems
Practices running on established, professional-grade platforms are typically easier and less costly to step into than firms relying on outdated or highly customized systems that don’t transfer well to a new owner.
Red Flags to Watch For
- Heavy revenue concentration in a small handful of clients
- Key staff who plan to leave at or shortly after closing
- A seller unwilling to provide any transition support
- Vague or inconsistent financial records
- Client base spread too far from the office to realistically retain
Financing an Accounting Practice Purchase
One of the most common misconceptions among first-time buyers is that acquiring a practice requires paying the full price in cash. In reality, most CPA and accounting practice acquisitions are financed through a combination of outside bank financing, seller notes, and, in many cases, SBA-backed loan structures. Practices that have been pre-qualified with a lender, like the Northwest Chicago suburb firm featured above, give buyers a significant head start, since much of the underwriting groundwork has already been done.
Naab Consulting works with buyers throughout the financing process and can help connect qualified buyers with outside bank financing as well as structure seller financing terms that work for both parties.
Ready to Explore This Opportunity?
Naab Consulting has represented the sale and merger of CPA, EA, and accounting practices nationwide since 1997, with over 500 successful closings. There is no fee to register as a buyer, and detailed information on this Northwest Chicago suburb practice, along with our full inventory of available practices, is open to any registered buyer with a signed confidentiality agreement on file.
Register as a buyer to receive full details on IL-6622, or browse our current listings to see other available CPA and accounting practices nationwide.