Bookkeeping is a great business, and it’s one that will always be in demand. However, it’s common for bookkeepers to take on more clients than they’d like to handle, especially as they can attract higher-paying clients as they grow. Here are a few tips to sell bookkeeping business clients and ensuring your clients are in good hands with their new bookkeepers.
Problems with Brokers
Brokers provide a means of connecting your clients to new bookkeepers when selling bookkeeping business clients. However, they charge for their services, often placing significant demand on the industry. Furthermore, their interest is in making the most money in the transition, and the fate of your clients may be of little interest to brokers. While larger companies might be able to accept these problems, many bookkeepers have moral and financial concerns that should push them toward private selling.
Finding the Right Private Buyer
When selling bookkeeping business clients, interviewing private sellers is important. Even if your clients won’t be providing you with money going forward, you still have an obligation to ensure they’re placed in the hands of competent and capable bookkeepers. Furthermore, clients who are unsatisfied with their new bookkeepers might be less likely to recommend your business to others in the future and might even leave negative feedback online.
Asking the Right Questions
Ask potential buyers about their experience, and focus on their experience in the specific area of bookkeeping where your clients operate, as bookkeepers moving to new areas often struggle, especially if you’re giving them a large number of clients at once. Ask about how heavy their workload is now and how they plan on caring for new clients. See if any of their existing clients are willing to talk with you, and ask the clients about their history and relationship with the bookkeeper. Most importantly, share with them the demands taking on your clients will entail, and see if they understand what their obligations will be.
For more information on how to sell your bookkeeping practice contact us today!