Sell your Accounting & CPA business.

The accounting industry crossed a threshold in 2021 when TowerBrook took a majority stake in EisnerAmper — the first time a top-100 CPA firm went PE. Since then Ascend Partner Firms (backed by Alpine Investors), Aprio (Charlesbank), Baker Tilly (Hellman & Friedman + Valeas), Springline Advisory, Rise Growth Partners, Elliott Davis, and Citrin Cooperman have deployed billions to consolidate mid-market accounting. Sub-$5M-revenue independent firms are the primary bolt-on target. Multiples have moved from historical 1.0–1.2x revenue (or 4–6x EBITDA) to 1.4–1.8x revenue / 8–12x EBITDA for firms with strong recurring compliance work, an advisory practice, and demonstrable partner-succession bench. The CPA talent shortage is the single biggest structural tailwind — every acquirer is buying people at least as much as they're buying revenue.

Beyond market conditions, three business-specific signals mean you're ready to go to market: (a) three years of clean accrual-basis financials, (b) reduced owner-dependence — either a GM in place or the operator working under 30 hours/week, and (c) meaningful recurring or contract revenue (70%+ is the multiple-moving threshold for Accounting & CPA). When those three are true, buyers underwrite you confidently and multi-bidder processes clear at the top of the range.

The single biggest driver of sale price isn't the buyer you find — it's how prepped the business is when you go to market. Accounting & CPA businesses that show up well-prepped consistently trade at multiples 20–40% higher than unprepped competitors. The prep priorities for Accounting & CPA specifically:

Accounting & CPA businesses are priced on one of two earnings figures depending on size: SDE (Seller's Discretionary Earnings) below roughly $1M, transitioning to EBITDA above. Applied to Accounting & CPA specifically, the base multiple ranges are 1.5x–2.75x SDE and 3.5x–6.5x EBITDA. Where inside that range your business lands is decided by these metrics buyers actually diligence:

The single most useful thing to know before you engage a broker is who the buyers are. For Accounting & CPA, four archetypes dominate: PE-backed accounting platforms (Ascend, Aprio, Springline, Rise), Regional / super-regional CPA firms with M&A programs, National CPA firms (Baker Tilly, EisnerAmper, Citrin Cooperman), Adjacent professional-services strategic acquirers (wealth, HR, tech). Different buyers want different things and pay differently.

On the strategic / rollup side, the platforms most active in Accounting & CPA Main Street acquisitions right now include Ascend Partner Firms (Alpine Investors), Aprio (Charlesbank Capital Partners), Baker Tilly (Hellman & Friedman + Valeas Capital), EisnerAmper (TowerBrook). On the individual side, self-funded searchers backed by SBA financing are increasingly competitive for sub-$1M-EBITDA businesses. The right buyer type for you depends on your target check size, your post-close plans (walk away vs. roll equity), and your business's specific profile.

The single biggest mistake accounting & CPA owners make is accepting the first proactive offer that lands in their inbox. Strategic acquirers and PE-backed platforms actively source deals off-market at 15–30% below what a multi-bidder process would clear. If a platform is calling you unprompted, they're calling every Accounting & CPA operator your size in your region — they've done the math.

A real process means: (a) engage a vetted broker who specializes in Accounting & CPA, (b) run a targeted outreach to 20–40 curated buyers rather than a public listing, (c) collect multiple LOIs before choosing, (d) negotiate terms as hard as price — earnouts, rollover equity, transition period, and non-compete scope all move the effective deal value materially.

Structures vary widely by firm size. Sub-$2M revenue firms typically close as asset sales with a 20–40% cash-at-close / balance in a 3–5 year earn-out tied to client retention. $2–10M firms increasingly close as stock/equity deals with the seller rolling 20–40% equity into the acquiring platform and a 3–5 year employment agreement. PE-backed platforms have institutionalized playbooks: standardized diligence packets, aggressive transition periods (partners typically stay 3–5 years post-close), and structured earn-outs tied to revenue retention and net-new advisory revenue. The deal doesn't happen without a credible succession plan for partner-owner workload transfer.

Closing timeline: signed LOI to signed purchase agreement is typically 90–120 days. Working capital target — how much cash/receivables/inventory transfers with the business — is negotiated during LOI and is a frequent source of last-minute deal friction. Have your CPA model the working capital baseline (average of last 12 months) BEFORE you sign the LOI so it doesn't become a negotiation lever mid-diligence.

Post-close transitions in accounting & CPA range from 30-day handoffs (walk-away sales to searchers) to 24-month consulting arrangements (rollup deals with rollover equity). Match the structure to your post-close life plan — a transition that fits your goals is more valuable than a headline number.

Tax planning: work with a CPA who has done Accounting & CPA sales before. Asset sale vs stock sale, seller financing, installment sales, and rollover-equity structures all carry different tax implications. Model them 6+ months before close.