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Discussion:Purchasing a CPA practice

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Csg (talk|edits) said:

15 August 2012
For those of you who have purchased/sold practices using the 3 - 5 year earn out method. If you are paying the seller 20% of collections for 5 years, do you have provisions for what happens to the payout if something happens to the seller? What about if something happens to the buyer? Thinking like disabled, unable to continue to practice (if the buyer), or unable to help with client retention (if seller). Any input would be appreciated!! Thanks.

Cpa ric (talk|edits) said:

25 August 2012
I'm certain there are provisions for every thing you've mentioned, and those things you didn't mention that are potential issues. I have not purchased a book, but I've been considering the option. I'm interested in hearing more.

Podolin (talk|edits) said:

25 August 2012
Might be in here - dunno. http://cpasales.com/Buyer_Manual.aspx

Bbowers (talk|edits) said:

27 August 2012
We purchased a practice 3 years ago. There is no provision like you mention but he was ill at the time so we were not counting on him partipating past the initial letter to his clients. He was incorporated so our contract is with his corporation.

Csg (talk|edits) said:

19 September 2012
Thanks to everyone who responded and helped! The deal is done!

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