CALIFORNIA

Background: The owner of a growing accounting business founded in 1992 is exploring the transition of his firm within 2022 to retire and focus on personal projects.

Transition: It is expected that the owner and 8 team members will remain with the firm to ensure a successful transition.

Revenue: The business achieved revenues of $1.3 million in 2021, a 30% increase over the 2020 figure.

Clients: The business serves roughly 380 clients by providing recurring tax/compliance services (60%), accounting & compilations, and reviewed financial statements (26%) and ad hoc advisory services (14%). Industries served include Construction, Real Property Rentals, Professional Services, Non-Profit Corporations, Individuals, Estates & Trusts. Four largest client groups represent 4.70%, 4.44%, 3.78%, and 3.18% of total revenues. Revenue from business clients is 60.29% of total revenue. Individuals and others represent 39.71% of total revenue.

Team: Good systems and processes in client management, business development, and operations mean the business is not dependent on any one individual.

Office: The business occupies a 2,423 sq. ft. office. Lease term expires October 31, 2022, with option to renew.

Tax Software: Intuit ProSeries