CPA Firms - Here's How to Avoid the Coming Client Apocalypse

by Kazi asif Mahmud Professional SEO Expert

For virtually all CPA firms, it is coming.

Most companies choose to ignore it or kick the can down the road until they have to deal with it.

There is nothing which will be done to prevent it.

You can't negotiate it away.

It cannot be reorganized or restructured.

He continues his march without obstacles towards his company and his effects on the company will be substantial.

It amazes me that no one in the CPA universe of firms addresses it or has addressed it.

There doesn't seem to be a solution, a strategy, or a plan.

It has recently reached the top 10 things that should be a concern for CPA companies, but surprisingly it wasn't number 1.

What is it?

The imminent and unstoppable retirement of Baby Boomer business owners.

According to a recent study, more than 4 million Baby Boomers will sell or close their businesses in the next 5-10 years.

And when they do, CPA companies will lose valuable and difficult-to-replace customers.

After hundreds of conversations with CPA firm owners in recent months, the lowest percentage of clients who are Baby Boomers is 25% and the highest is 70%.

During my conversations, there was NOT ONE public accounting firm that had a plan to replace or retain Baby Boomer Business Owner clients when they sell or close their business.

To say that I used to be surprised would be an irony.

Many of the CPA firm owners said they were not concerned about that.

I'm not even sure what to say.

Losing 25%, up to 70% of business income is a BIG DEAL!

But there is no plan?

You cannot keep your head in the sand.

This is happening and forward-thinking smart CPA firm owners should come up with a strategy to retain the business as a customer if it is sold.

This situation requires different questions to be asked for different answers and solutions to be found.

These are some of the questions that occurred to me:

How can a CPA company take this situation and make it more profitable for the Baby Boomer company and business owner?

How can a CPA firm add tremendous value to the Baby Boomer Business Owner when they enter this new phase of their lives?

What can be done to retain the business as a customer once it is sold?

What additional income opportunities or services can we offer Baby Boomer business owners that they would appreciate?

How can we help them earn more money from the sale of the business than they would normally obtain using traditional sales methods taxfyle.com/blog/how-to-value-and-sell-cpa-firm?

How can we help the Baby Boomer Business Owner increase the value of their business when they have been running it for minimum taxes each year?

What are the pitfalls that our customers would have that we can help them avoid when they sell their business?