Selling an Accounting Practice: One Owner’s Story
The sale was never just about the money. It was about finding the right home for the team I’d spent fifteen years building.
When a practice changes hands, the spreadsheet is the easy part. What keeps a principal awake at night is the team they built and the clients who trusted them. This is one seller’s account, in his own words, of selling a practice he had spent fifteen years building.
- The seller assumed a two-to-three-year retention period was standard; Rob Knights took the practice to market asking for one year, and secured it.
- The practice attracted four firms and four offers, giving the seller genuine choice rather than a single take-it-or-leave-it deal.
- The final decision was made on cultural fit and care for the team, not on the highest headline figure.
- The seller’s summary of Rob Knights Practice Broking: honest, direct and knowledgeable, willing to say when something would not fly.
I sell businesses for a living. I still didn’t sell my own.
I’ve been a registered tax agent for 30 years and I’ve helped clients buy and sell businesses my entire career, with transactions ranging from $50,000 to over $200 million. So when it came time to sell my own practice, I seriously considered doing it myself.
I’m glad I didn’t.
What Michelle brought to the table was something I couldn’t replicate on my own: she knew exactly what accounting firms were trading for, what the standard terms looked like and, critically, how far we could push. I’d assumed a two to three year retention period was just the norm. Michelle told me we could go to market asking for one year. We did, and we got it. That alone was worth the fee.
I’d assumed a two to three year retention period was just the norm. Michelle told me we could go to market asking for one year. We did, and we got it.
The numbers were never really the hardest part.
We went to four firms and received four offers. But for me, the numbers were never really the hardest part. I’d spent 15 years building a business where my team — some of whom have been with me for over a decade — are the asset. Finding the right home for them mattered more to me than squeezing out an extra dollar. Michelle understood that from the start. She helped me assess every offer from all the angles, not just the financial ones.
Finding the right home for them mattered more to me than squeezing out an extra dollar.
In the end, I chose the firm that felt right. The ones who asked about my people by name. The ones who were genuinely engaged and excited and not reading from a script.
Honest, direct, knowledgeable. That’s how I’d describe Rob Knights Practice Broking. If Michelle thought something wasn’t going to fly, she’d tell you. And in a transaction you only get one shot at, that’s exactly what you need. I’d recommend them without hesitation.
— A Brisbane practitioner, Registered Tax Agent · sold their practice with Rob Knights Practice Broking
I have lost count of the principals who tell me, near the end, that the money was never the thing keeping them up at night. It was the people. A sale only works when the terms are right and the home is right. My job is to hold both at once — to push for terms the market will actually bear, and to make sure the firm on the other side of the table is one you can hand your team to. You only sell a practice once. It is worth getting both halves right.
Selling an accounting practice through Rob Knights
What retention period should I expect when I sell my accounting practice?
Many sellers assume a two to three year retention period is fixed. It is not. The right period depends on the practice, the buyer and the strength of the client relationships being transferred. In the right circumstances we have taken practices to market asking for a single year and secured it. Knowing what the market will bear is the difference between accepting the first assumption and negotiating the actual terms.
How many offers will my practice attract?
A well-prepared, well-positioned practice can attract several genuine offers rather than one. Choice matters. When you have more than one credible buyer at the table, you are negotiating from strength and you can weigh each offer on culture and fit, not only on price. In this case the practice drew four firms and four offers.
Should I sell my practice myself to save the fee?
Even experienced dealmakers reach for help on their own sale, and for good reason. A broker who works in this market every day knows current trading values, standard terms and how far each point can be pushed. That knowledge routinely recovers more than the fee in the terms alone, before you account for the time and emotional distance a third party provides on a transaction you only get one shot at.
How do I protect my team when I sell?
Start by treating cultural fit as a real selection criterion, not an afterthought. We assess every offer from all angles, including how the buyer talks about your staff and clients, whether they ask about people by name, and how they intend to integrate the team. The highest headline figure is not always the right home. For many principals, the right home is the deciding factor.
Is my sale kept confidential?
Yes. Rob Knights Practice Broking promotes opportunities to the market while withholding identifying particulars until a signed confidentiality agreement is in place. That protects your relationships with staff and clients throughout the process, so the first your team hears of a sale is from you, on your terms.
Let’s talk about the terms, and the right home for your team.
Whether you are twelve months out or ready now, a confidential conversation costs nothing and tells you where you stand.
What practices are selling for, and what is moving the numbers
Michelle’s monthly note on practice valuations, buyer activity and the conditions we are seeing across accounting, financial planning and legal firms.
