SOLD
Accounting Practice - Gold Coast

This highly profitable accounting firm, which experienced better-than-industry growth, represented a rare opportunity for acquisition. Established to predominantly service small and medium business clients, the firm generated fees of $1.4 million and steadily grew. Workflow was managed significantly by staff, with around 50% of the client base directly interacting with the practitioner.

Key Highlights:

Client Services: General accounting and tax services focused on SMEs. Potential existed to expand offerings into financial planning.

Lodgements: In 2014, the firm completed 805 lodgements with an average size of $1,739, including:

• 158 trust returns
• 105 company returns
• 481 individual returns

Revenue Model:

• Average client size: $3,400 per group
• 55% of revenue from clients with fees between $3K–$20K
• 17% of revenue from clients with fees exceeding $30K
• Top 20 clients contributed 33% of total fees, with the largest client generating $54K.

Client Location: Primarily based in Southeast Queensland, spanning a range of industries.

Transition Plan: The retiring principal offered a part-time 12-month transition.

The firm’s office lease extended until June 2016, with flexibility for relocation within the Southport to Bundall area thereafter.