You’ve poured your heart and soul into your bookkeeping business. Your clients love you. You’ve sacrificed so much over the years to ensure your success. Now you’re ready to wind down. Welcome to your exit plan.
While there are many facets of succession when you’re ready to retire, we’re going to focus on the key points to keep in mind when seeking out the right firm to take over your clientele.
Similar vision: While this one isn’t imperative, it does provide a sense of comfort to those entrepreneurs who have doted on their business like an overprotective parent. If this sounds like you, find a firm whose vision is in line with your own. Perhaps that means slow, manageable growth in order to keep the personal service intact, or maybe it means always incorporating the newest technology to best serve the clients.
Handle influx: Be sure that any company you’re considering is able to handle the influx of work. Do they have enough staff? Do they have enough physical space to hire more staff if need be? What about equipment or software loads?
Personal service: What level of service have your clients come to expect? Can the new firm live up to that expectation? If your clients are used to picking up the phone to call you with questions but this new firm insists on email correspondence, that might not be a good match.
Location: Having a convenient location for clients is important. While most things can be done over the phone or computer, people will always want the option of physically going into a location. Be sure that the new location is also accessible so your senior clients or clients with mobility issues will feel welcomed.
Reputation: Does this new firm have a good reputation in the community? Are they known for taking care of their clients? Do they have positive relationships with other businesses in the area?
Experience: Not only is it important that you seek out a company with experience in servicing the same type of clients as yours, but also consider how many years this business has been operating. A new business might not have an understanding of the ebbs and flows of the industry in order to always provide the level of service which your clients are accustomed to.
Ethics: You’ve made a name for yourself over the years as being a great listener, a problem solver and most of all, someone who has upstanding morals and values in their business. Your clientele will expect the same from their new bookkeeping firm. Check online reviews and the Better Business Bureau to ensure that this new company meets your ethical standards.
Their clientele: Your clients are unique, but you’ll also find that you can categorize them into certain demographics. Be sure that you look for a firm who is well-versed in dealing with your main demographics. If you mainly deal with young families or small business owners, a firm that caters to a senior market might not have the expertise that your clients need.
When you’re ready to retire, choosing a firm to take over your bookkeeping business won’t be an easy or quick process. Plan to spend many months searching out the right company to uphold your great reputation and provide the same amazing service that your clients are accustomed to. Once you’ve found it, you’ll know it, and you’ll be able to enjoy your retirement!
Keenans Accounting Service was founded in 1998 to serve the Midland and surrounding area. We’re a professional team who are dedicated to helping you define your bottom line. We keep a keen eye on your numbers so you don’t have to.