Accounting Practice

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I have an opportunity to purchase an accounting/cpa firm and I was wondering if it was worth it. Anyone have first-hand experience combing a tax firm with a financial planning company? I am securities licensed but also provide med supps. Would this be a good idea?

Any thoughts?
 
I'd recommend focusing on one area and being the expert. If you buy the practice, find a CPA to work it and focus on securities or insurance. Or vice versa. A jack of all trades is a master of none.
 
yea, I need to clarify that. I have no intention of working on the tax side of things. I would be hiring people to do that work.
 
I started with a tax practice and expanded to insurance. You better be able to walk you way through a tax return, or your employee will be the face of the tax business.

Better to find other CPA's with whom to partner.
 
First, this tax-firm would become a new OBA for your U4. Would your compliance department have an issue with it?

Second, just because you buy the firm doesn't mean that the current staff would stay. Do you know if there are any golden handcuffs in place for the current staff? The tax firm would be worthless without the people in it and their client relationships.

Third, if the tax advisors referred their clients to you, wouldn't they have to disclose that you're the owner of their firm? They'd have to disclose something I would think. I truly don't know and I don't know if it would be an issue either.

Just some things to consider.
 

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