Build Your Business Now – Cash In Later for Retirement

Growing Your Business Now For a Better Retirement

While your friends are saving a dollar here and a dollar there toward those “Golden Years” you can smile knowing that you’re building retirement assets as you build your practice. And the bigger your practice, the more enjoyable your retirement will be.

Yes, I know, when you acquire clients you’re not thinking of retirement – but you certainly could be. Each client is an asset that can bring you a great return as you support them and do their accounting. Later, when you’re ready to trade in your calculator for a golf cart, you can sell that client to an anxious wannabe freelancer desiring a ready-made practice.

How Much Will Your Business Be Worth?

What type of practice do you own? If you add accounting services to your menu, you’ll increase the value of your practice, and increase the final return on your investment. The rule of thumb for valuing a bookkeeping practice looks at twelve-to eighteen-month’s billings. That translates to an asking price of $120,000 to $180,000 if you are currently billing out $10,000 each month. The difference between the upper and lower price depends upon how long you have had the client, and how much work you are willing to do to ensure that the client will stay with the new bookkeeper.

The buyer will usually want a little help to get started. This might include:

• Seller financing for three to five years during which you should charge 9% to 18% APR interest, depending on the going rate; and/or,
• A two- to three-month training period, or overlap time, for the buyer to become acquainted with the clients and your office procedures; and/or,
• A promise that you will adjust the price in the event a client changes accountants within the first three or six months.

You also must be careful in determining who you sell to. You don’t necessarily want to sell to the first person bearing money. Your successor should have the fire, determination, and loyalty to your clients that you developed. Otherwise, the client may change accountants, causing the buyer to adjust the buying price, resulting in an unhappy ex-client and an unhappy you! Nobody wins.

Working with clients can be rewarding and fulfilling. Improving your golf game can be a lot of fun. Work hard for your clients, and they’ll work hard for you when you retire. And if you’re interested in increasing the value of your practice, you should seriously consider increasing the services you offer.

Universal’s Professional Bookkeeper Program Can Help Anyone Build a Successful Practice

Every year over 500,000 new small businesses are opened. Each of these businesses needs to perform basic accounting functions; not only is it required to build a profitable business-it’s the law! You could be the individual who steps forward to offer valuable accounting services to small business owners. The Professional Bookkeeper Program will not only train you in small business accounting, but it will teach you how to market your services to this niche market. In just 60 hours you can earn the PB designation and be on your way to becoming a full-service financial provider with a specialty in small business accounting.

Our Early Christmas Gift to YOU!

Unlike any other program in the world, the Universal Accounting Center Professional Bookkeeper Program provides students with professional, follow-up support, enabling graduates to come to Universal whenever they encounter a problem, situation, or client they need help with. When you enroll in the Professional Bookkeeper Program you receive 6 months of professional coaching following your completion of the course. But when you enroll today you receive 6 more months for free, giving you one year of follow-up support. Consider this an early Christmas present! Don’t wait to take advantage of this special offer. A grand retirement depends on it!

(No Ratings Yet)

 Loading ...