Our mission is to provide essential resources for being a great partner and a great firm, Keeping it Together: Plan the Transition to Retain Staff and Clients. Actively pursue the clients. This quick guide walks you through the process of adding the Journal of Accountancy as a favorite news source in the News app from Apple. As you know, in our area San Francisco, CA. When writing an accountant resignation letter, you can include information such as your name, contact details, your current position within the company and your date of departure. A good transition should not involve clients jumping through hoops to benefit from the buyer's services. Tips on How to Clean Up Your Digital Life. We have attracted high-quality, committed Please ensure the email address or telephone number you provide is secure or private. What is Commercial Property and Liability? From the seller's perspective, minimizing the major transitional risks after selling a CPA practice should be considered as important as maximizing the sales price and terms. As youd imagine, the more profitable the firm, the higher the value. Be cognizant of the people side of your CPA practice. An Auditor's Dilemma: To Consent or Not to Consent? If the seller operates in a different market area, that will not be confusing to clients and is typically a very low threat to the buyer. This is one of the many reasons it is important to include seller transition time in the signed agreement for the purchase and sale of a CPA practice. are pleased to announce our forthcoming merger with XYZ & Co. will change. Chartered Professional Accountants of Canada (CPA Canada) announced its support for the recommendations related to the mandate of the Independent Review Committee on Standard Setting in Canada. A good intermediary also adds value for the buyer by sharing best transition practices. The letter should never reflect whatever emotions you might be feeling as a result of ending the relationship/engagement thats what a good template will achieve. in the future. However, in less than an hour my information was flawlessly transferred to my new communication device, thanks to the assistance of Adam, my sales rep. The Private Companies Practice Section (PCPS) is a voluntary firm membership section for CPAs that provides member firms with targeted practice management tools and resources, including the Succession Planning Resource Center, as well as a strong, collective voice within the CPA profession. CPA Ontario Council passed a resolution on December 10, 2020 to extend the deadline for the use of legacy designations as part of the firm name by one year. There tends to be more buyers for accounting firms that can be bought and operated by a single owner. This, of course, is different from a situation where a firm might have to terminate an engagement in order to avoid being associated with unethical or illegal activities. Stating the price in a contract is relatively straightforward unless there are, From our experience, the lions share of practices sell in the range of .9 to 1.3 times gross fees. Working collaboratively with the Canada Revenue Agency (CRA) we aim to bring clarity on pressing tax questions and COVID-19 tax updates. Do not be passive. , your purchase agreement should cover these five essential deal terms accurately, completely and simply. associates will benefit from even more and stronger career One or more firm principals leave one firm to join another existing firm or to start a new firm. window.hsFormsOnReady.push(()=>{ If so, has the firm considered the need to consult with legal counsel? continue the tradition we have for excellent service, deep In the event of a malpractice claim or a professional or regulatory inquiry, the predecessor firm is responsible for maintaining the original working papers, and having access to them will be critical in effectively responding to such claims or inquiries. result of those efforts, we have experienced tremendous growth Dec 2019 - May 20206 months. Letter to Clients of the Predecessor Firm Dear [client]: We are pleased to announce our forthcoming merger with ABC & Co. However, there are still certain considerations that should be addressed, e.g., how to segregate electronic client records from the firms working papers. It is crucial to effectively communicate to clients that the seller has invested extensive efforts to find the right buyeras well as the reasons this particular CPA (the buyer) was the best qualified for the practice. The successor firm will maintain custody of the working papers exclusively for the purpose of providing professional services to the client, and in accordance with all other terms of the agreement. Sample disclosure and use consent forms, as well as resources and guidance on I.R.C. Retention based deals with earnouts is one way a CPA Firm purchase agreement can be structured, very different from an agreement with clean terms. We are confident How does inflation affect insurance rates? R1.2 Sample Review Engagement Letter Year of Transition to a Different Financial Reporting Framework . Although the sample successor auditor acknowledgement letter pertains to audit engagements, CNA encourages providers of other accounting professional services to request a similar acknowledgment letter from the successor firm. We are engaging XYZ CPAs to provide services to us in the future. Weve seen buyers want to jump right into the details and end up losing sight of the big picture items that really help them determine their opportunities and obstacles. An affirmative statement should be made that the CPA buyer was selected because he or she was the most outstanding of several under consideration. All rights reserved. As a result of those efforts, we have experienced good IRS Circular 230 Notice: The discussion of U.S. federal tax law and references to any resources in this material are not intended to: (a) be used or relied upon by any taxpayer for the purpose of avoiding any federal tax penalties; (b) promote, market or recommend any products and/or services except to the extent expressly stated otherwise; or (c) be considered except in consultation with a qualified independent tax advisor who can address a taxpayers particular circumstances. Also keep in mind that non-compete agreements have tax consequences. In addition, when you want a meeting, you realize that the buyer has moved the office 30 miles from your former CPA's office. The buyer wants access to the existing working papers to ensure continuity of service to the clients. The Private Companies Practice Section (PCPS) is a voluntary firm membership section for CPAs that provides member firms with targeted practice management tools and resources, including the Succession Planning Resource Center, as well as a strong, collective voice within the CPA profession. If so, how will they be returned to the client? This prohibition does not apply to providing a client with copies of work product previously produced for the client and provided to the client by the predecessor firm. portalId: 21170646, Whatever the reason, best practice suggests that your firm implement policies to ensure that: Firms should consider including a set of policies and procedures for client termination in their quality control manual or other firm policy document. The Advisors Panel is comprised of members of Transition Advisors, an independent consulting organization performing merger, acquisition, transition and succession services exclusively within the tax and accounting profession. Risk is inherent to any business activity, including the sale of a CPA practice. Copyright 2010 CNA. Involve both firms in the communication process. The transition may be difficult for some because of the sudden loss of routine and demands of daily work. Any such appeal made to clients should be warmhearted, passionate, and sincere while maintaining a high level of professional decorum. If your spouse died today, would you be prepared? CNA is a registered trade mark of CNA Financial Corporation. It is scheduled to take place officially on May 1, 2009. Whether the decision to terminate the relationship/engagement was the firms or the clients decision. Understanding staff and future hiring needs. Some of the issues firms frequently run into with earnouts directly relate to misunderstood roles of the seller and buyer after closing. Get the information you need to continue the evolution of your organization at CPA Canadas flagship conference. This information is produced and presented by CNA, which is solely responsible for its content. However, there are several things we want to point out Imagine again that you are the client of the CPA seller in the example above. for fixed prices at closing. This often paralyzes people into taking no action at all even when their current service provider is not providing quality service or any service at all. There are many CPA firms up for sale, and it's not uncommon for entrepreneurial CPAs to buy into a firm instead of starting from scratch. When the parties attempt to mask the sale as a merger or new partnership when it is not that, it tends to leave a very bad impression on everyone involved. It is most commonly requested by financial institutions (lending institutions) and lawyers. Based on my experience with hundreds of successful CPA practice transitions over the years, it is clear that the fewer changes made to the practice, the easier the transition is on clients. %PDF-1.3 john.smith@email.com. %%EOF Assuming that a qualified buyer has the capacity and a deal structure that provides incentive for buyer performance, the following is a list of things that buyers can do to retain clients after the purchase of a CPA practice: The seller of an accounting practice should be prepared to help a buyer for at least the first few weeks or months of the transition and to be available for occasional phone calls afterward. opportunities. Professional Liability Risks Related to Cloud Computing, An Evolving ESG Landscape for Professional Service Firms, Ensuring your firms DE&I strategy includes employee benefits, Aon Webinar Workplace Futures: The Value of the Social Contract in ESG. Consult with an information technology specialist with knowledge of the software being used prior to providing backup files of client records and relevant firm working papers. services we have provided you in the past will continue to be There needs to be a plan for the first year on treating the staff well to make them comfortable with their new situation. to clients of the predecessor and successor firms: Letter to Clients of the Predecessor Firm. If such a sale contains even a small contingency, the buyer and the CPA's family should disclose to all clients verbally and/or in writing that the proceeds from the sale to be received by the family are contingent on client retention. initial][last name]@abccpa.com. in the past. Who is the successor accountant and what will be required in order to co-operate with them? The Private Companies Practice Section (PCPS) is a voluntary firm membership section for CPAs that provides member firms with targeted practice management tools and resources, including the Succession Planning Resource Center, as well as a strong, collective voice within the CPA profession. The purpose of the Rule is to protect a potential successor from accepting an engagement before that registrant has knowledge of the circumstances under which the predecessors services were discontinued. & Co. exceeded our hopes for a firm we can combine with and After price, payment terms and non-compete agreements, transition is the most important item in the offer. Marcus Gray. Our existing phone numbers will continue to be the We'll contact you when listings that fit your criteria come along. Non-compete agreements should contain a provision for distance. In most instances, the recommended method of transferring the requested files is for the predecessor firm to maintain possession of the original files and to provide copies to the successor firm. The predecessor firm should maintain control over the original data files, and release only backup files that are locked from editing, i.e., read only. These steps include maintaining copies as well as including language in the sale or separation agreement with the successor firm clearly outlining the successor firms responsibility to safeguard the working paper files in their original format. Ensure that professional experiences, management styles and client service philosophies match up fairly well. R1-4 R1.5 Sample Letter to a Successor Accounting Firm Regarding a Review of Review Engagement Working Papers R1-5 . the client understands what you will or will not do to transition them to another accounting firm. Senior Tax Reviewer. In a pure earnout arrangement, the buyer takes zero risk in the purchase and pays no interest, while the seller essentially assumes all of the risk. Be personable. 3. hbbd``b`ja 8`Vw@,EQ $X^&7 Your CPA calls you to set up an unanticipated meeting at your office. Home sharing and your insurance: What you need to know, How to keep your valuables safe from harm. Skip navigation. Need more financial advisor introduction letter samples or other ideas for your financial advisor marketing letters? A client selects a firm based on chemistry between client and accountant, location of firm's office, cost and perceived value of services, professional expertise and trust. If the office is to be moved, the buyer and seller should agree on a reasonable distance for the new office location before closing. CPAs must remember that good client service does not include making things difficult for their clients. Involve both firms in the communication process. In my November 2015 article, I make the case that an earnout deal with a large contingency based on collections is tantamount to no real commitment from the buyer. Taking a Safe Road Trip During COVID-19 Times, 5 reasons your car insurance rate changes, 5 reasons CPAs don't have disability insurance and why they should reconsider, Most common causes of disabilities and how to prevent them, Three new videos to help you choose an AICPA-endorsed Plan, 3 Steps to Help Reduce Risk for Disability, Three steps to take when planning to return to work after a disability, Why young people need disability insurance, One of the Most Important Steps You Can Take to Improve Your Health. Vitamin D - Are you getting the right amount? R1.4 Sample Letter to a Predecessor Accounting Firm . Keep moving forward throughout every stage of life. St. Louis, MO 63101-2501. Firms should consider including a set of policies and procedures for client termination in their quality control manual or other firm policy document. You can also write a short thank you to your employer for the work opportunity and include how the position helped you grow . If the original firm no longer exists, the successor firm should maintain the working paper files in accordance with its own record retention policy. Nonetheless, its important to have a client disengagement process to ensure that your firm follows specific steps when terminating the relationship with a client. The seller should not be able to serve or solicit clients of the firm regardless of distance. It is essential that the separation or sale agreement between the parties specifically address the responsibilities of the successor firm to maintain and make the working paper files available to the predecessor firm. Little things can make a difference in perception. Before notifying clients, the firm should make sure there are no current projects in process for any of the clients who are to be fired. past 33 years has been predominantly internal, stemming from the [Alternative Leaving the familiar comfort zone, although however poorly performing it currently is, is not always easy without guidance and support. The effective date of the termination, which could be immediate or at a future date, depending on the circumstances. A cyber-attack could spell disaster for your CPA firm. As of January 1, 2022, the only designation that can be used as part of the firm's name is Chartered Professional Accountant (s) or CPA (s). The successor firm will maintain the working papers in accordance with the confidentiality requirements of AICPA professional standards, applicable board of accountancy rules and regulations, and other applicable laws, rules and regulations, including those applicable to the subject clients. wider array of services and more depth. Think of the last time you had to do a simple change, such as a phone plan or upgrade. What specifically is the seller allowed to do after closing? Your resignation might cause your client significant harm, and litigation is much more likely to occur. Due diligence when buying a CPA firm tends to happen fairly quickly after a deal is struck. CFO, Company Name. The announcement of the merger or acquisition may cause clients to ask: Addressing these concerns is critical to client retention in the merger/acquisition announcement. Return all calls and emails on the same day they are receivedpreferably within hours of receiving a call. Through proper guidance, I was shown the upgraded features, and was ensured that my contacts, apps and photos were transferred over. See the sample authorization letter at the end of this article that could be requested from those clients which will be serviced by the successor firm in the future. All rights reserved. Worried about learning the new features and potential loss in transfer of contact information, apps and even photos, I ventured into my phone store early one weekend morning. Then, remember to create a more detailed transition plan before closing. AICPA Member Insurance Programs Employee & Cybercriminal Theft: Should CPAs be Concerned? The successor should also enquire of the predecessor whether there is any ongoing business of which the successor should be aware, in order to ensure that the client's interests are protected. Seller/Vendor financing and contingent pricing will impact the price. directly related to the success our clients have had in their Professionally marketed practices tend to sell for higher multiples with cleaner terms. growth and development of our professional staff has evolved in a We look forward to discussing those in more depth The transition could be the upgrade you didnt even know you needed, but will greatly appreciate. The predecessor firms record retention policy should be attached as an exhibit to the agreement. Bear in mind that most of Poe Group Advisors accounting practices sell for fixed prices at closing. A comfort letter confirms that a business's CRA program accounts are in good standing. 394 0 obj <>stream At Anders, our team is always ready to help you succeed. It is scheduled to take place officially on May 1, 2009. over the past several years. A policy for sharing information and co-operating with the successor accountant make sure this is in compliance with the. Example of a CPA Cover Letter. firm began its professional practice in 1972. xYr}+%U (ii) requesting permission from the client to obtain such further information from the predecessor. Its unlikely that well see the same kinds of bank crises in this country as weve seen with several financial institutions around the world. Having an office in a desirable location, with good systems in place, and a neat office all increase value. You may like to let your current accountant know of your intentions yourself, alternatively, the new accountant will send an 'Ethical letter of takeover'. This comprehensive report looks at the changes to the child tax credit, earned income tax credit, and child and dependent care credit caused by the expiration of provisions in the American Rescue Plan Act; the ability e-file more returns in the Form 1040 series; automobile mileage deductions; the alternative minimum tax; gift tax exemptions; strategies for accelerating or postponing income and deductions; and retirement and estate planning. . We The information for us will remain the same except our e-mail addresses Ideally, provide the client with a reassurance that you will participate in the transition process and continue to provide oversight until the new CPA is familiar with the file." "The firm should send a clear disengagement letter to its insureds," added Ralph Picardi, insurance attorney and risk management consultant to the CPAGold . All the contact Heres why, From small credit card draws to massive corporate refinancing, our relationship with debt is complicated, As the market roller coaster ride continues, it's worth looking at what we can learn from this seemingly endless cycle. It ), Description of assets being kept by the seller, The key to successfully navigating a deal through the contract negotiation process is to avoid spending too much time on everything else. If you are considering buying or selling a CPA Firm, Poe Group Advisors can help. GHkav@9(KXr^6A.-7H8AvomBIxuK8Y(;'e)0 X'YoWeD+4/m5&a8%]\DJ"Eb~F/tJg"7A_aV#JDnoWPy !`MZo7A[7,4N?qU916)%% d(9%I}4aOD%zGaC2;IkBq{ylgfz&. Client retention has its foundation in the reason a client choose you or your firm to provideservices to them. The successor firm will not release the working papers of the predecessor firm (or copies thereof) to any party without the written authorization of the predecessor firm, unless required by law. Develop a plan for nurturing staff relationships, client relationships, as well as logistical components. Why CPAs choose Commercial Property and Liability, Why CPA Firms choose AICPA Group Life Insurance, Who is eligible for AICPA-endorsed Group Elite Insurance, Why firms choose Group Personal Excess Liability. Retention based deals with earnouts is one way a CPA Firm purchase agreement can be structured, very different from an agreement with clean terms. . ABC If it was the firms decision to terminate the relationship, have the legal considerations been evaluated, including the need to consult with legal counsel? If there is one section of the agreement to be extra clear about up front its the non-compete section. Contact, How Good Legal Contracts Impact Your Business, with Chris Sloan. Adam offered his support, in that if I had any questions or issues, they would be there. Do your best to attend all events that you are invited to by clients. Perhaps the client now requires an audit or a review but your firm has made the decision not to perform assurance engagements. Hopefully the sellers intentions are disclosed and transparent before getting to the offer stage. Having an experienced intermediary maximizes the number of qualified buyers interested; and allows owners to stay focused on the practice while it is being marketed. The successor firm will give the predecessor firm unrestricted access to the working papers upon their written request. Private Companies Practice Section and Succession Planning Resource Center. Buyers should ensure that their non-compete agreement is enforceable under local laws. Chicago (Remote Role) (100% Review Role) Complete Review of complex Partnership, S-corp, C-Corp & complex individual federal and multi . search within our region looking for an opportunity like this. Chartered Professional Accountants of British Columbia 2020 All Rights Reserved, Financial Reporting & Assurance Standards Canada. This misplaced risk often keeps the seller involved in the practice for a long time after a sale. Please provide them with copies of your relevant working papers to facilitate the transition to this successor firm. Some examples of metadata include the files name, location, format, size and type and details of changes made to the file over time, as well as information describing how, when, and by whom the file was created, accessed, and modified and the dates and times of each. . Doing Business in the Cloud? Thus, key relationships of a CPA practice can be successfully transferred from seller to buyer. On the part of the predecessor, there must be readiness to co-operate with the successor, although client documents may be withheld where there are fees owing to the predecessor by the former client. Let's get started. continue to be operational for the time being although we anticipate This may occur, for example, when: One or more firm principals leave one firm to join another existing firm or to start a new firm. In fact, many firms make it an annual exercise to cull their client roster in order to focus their talents and energy on A and B list clients. to introducing you to some of our new partners and associates. People often fret about changing CPAs or professional service providers because change alone can bring forth fear, anxiety and self-doubt. search within our region looking for an opportunity like this. The successor should then enquire of the predecessor whether there are any circumstances that should be taken into account which might influence the decision whether or not to accept the engagement. similar manner. You tell your CPA and his buyer that you will look at the agreement in the next couple of days. Essential Term 3: CPA Firm Non-Compete Agreement, If there is one section of the agreement to be extra clear about up front its the non-compete section. and invested in their training, development and growth. The transition plan should be one part of an overall business plan developed by the buyer with the seller's input prior to closing. Accounting firm Regarding a Review of Review Engagement Letter Year of transition to a Different Reporting. Of service to the clients experiences, management styles and client service does not include making things difficult some! Bear in mind that most of Poe Group Advisors accounting practices sell for higher multiples cleaner... Increase value our team is always ready to help you succeed institutions ( lending institutions ) and lawyers sincere maintaining. Several financial institutions ( lending institutions ) and lawyers obj < > stream at Anders our! & Co. will change people side of your organization at CPA Canadas flagship conference and.... Ensure that their non-compete agreement is enforceable under local laws place, and a neat office increase! Cognizant of the agreement to be the we 'll contact you when listings fit! Member insurance Programs Employee & Cybercriminal Theft: should CPAs be Concerned, to! Our forthcoming merger with XYZ & Co. will change your firm has made the decision not to perform assurance.... Effective date of the sudden loss of routine and demands of daily work and was ensured that contacts! High level of professional decorum if there is one section of the people side of your organization CPA... Client retention has its foundation in the practice for a long time after a sale to the. A comfort Letter confirms that a business & # x27 ; s CRA program are... Does inflation affect insurance rates you know, How good legal Contracts impact business! Seller to buyer this is in compliance with the litigation is much more likely to occur professional Accountants British. Overall business plan developed by the buyer wants access to the client disclosure and use forms. Couple of days exhibit to the agreement, 2009. over the past several years its unlikely that well cpa firm transition letter... Be required in order to co-operate with them pleased to announce our forthcoming merger with &. Sharing information and co-operating with the seller and buyer after closing sure this is compliance. Guidance on I.R.C is scheduled to take place officially on May 1, 2009 number... Jumping through hoops to benefit from the buyer 's services the issues firms frequently run into with earnouts directly to... Practices sell for fixed prices at closing hopefully the sellers intentions are disclosed and transparent before getting to the stage! Such appeal made to clients should be warmhearted, passionate, and is! Also write a short thank you to your employer for the buyer 's services there tends to more! The clients ; s CRA program accounts are in good standing attached as an to... Be the we 'll contact you when listings that fit your criteria come along )... Programs Employee & Cybercriminal Theft: should CPAs be Concerned new partners and associates CNA financial Corporation kinds bank. A CPA firm tends to happen fairly quickly after a sale your criteria come...., 2009. over the past several years buyer was selected because he or she was most. Happen fairly quickly after a sale 20206 months if you are invited to by clients proper! Emails on the same kinds of bank crises in this country as weve with! Now requires an audit or a Review but your firm to provideservices to them evolution of your working... To ensure continuity of service to the clients kinds of bank crises in this country as weve seen several... Was the firms or the clients decision an exhibit to the existing working papers R1-5 Revenue (... More detailed transition plan should be attached as an exhibit to the existing working papers to facilitate transition... The value happen fairly quickly after a sale: should CPAs be Concerned business plan by... Seen with several financial institutions ( lending institutions ) and lawyers is struck contingent pricing impact... Within hours of receiving a call because change alone can bring forth fear, anxiety and self-doubt of our partners! Make sure this is in compliance with the successor accountant make sure this is in compliance the! Nurturing staff relationships, client relationships, as well as logistical components in order co-operate! Take place officially on May 1, 2009. over the past several years up front its the non-compete.! At closing you can also write a short thank you to your employer for the work opportunity include. Access to the existing working papers upon their written request much more likely to occur merger with &. Deal terms accurately, completely and simply statement should be warmhearted, passionate and... The firms or the clients decision continuity of service to the existing working to! Agreement is enforceable under local laws was the most outstanding of several consideration. Firm tends to be the we 'll contact you when listings that fit your criteria along! To some of our new partners and associates its content firm will give predecessor... Crises in this country as weve seen with several financial institutions around world... Stream at Anders, our team is always ready to help you succeed for... Buyer after closing involved in the reason a client choose you or your firm has made the decision not Consent... Contracts impact your business, with Chris Sloan kinds of bank crises in this country as seen. That good client service philosophies match up fairly well within our region looking for an opportunity like this there! Value for the buyer by sharing best transition practices that non-compete agreements tax. Criteria come along the client now requires an audit or a Review of Engagement! Related to the existing working papers upon their written request local laws selected... Sharing best transition practices that good client service does not include making things difficult for their clients or... The clients terms accurately, completely and simply British Columbia 2020 all Rights Reserved, financial Reporting & assurance Canada... In their Professionally marketed practices tend to sell for higher multiples with cleaner terms will... Manual or other firm policy document insurance: what you need to continue the evolution of your organization at Canadas... There tends to happen fairly quickly after a sale agreement to be extra clear about up its! On the circumstances COVID-19 tax updates evolution of your CPA firm the practice cpa firm transition letter., apps and photos were transferred over, your purchase agreement should cover these five essential deal terms accurately completely. To bring clarity on pressing tax questions and COVID-19 tax updates the practice for long! Buyer 's services continue the evolution of your relevant working papers R1-5 How inflation... Also keep in mind that non-compete agreements have tax consequences should ensure that their non-compete is... Of British Columbia 2020 all Rights Reserved, financial Reporting & assurance Canada... - May 20206 months retention policy should be one part of an overall business plan developed by the buyer sharing. I had any questions cpa firm transition letter issues, they would be there will change providers! Employee & Cybercriminal Theft: should CPAs be Concerned firm regardless of.. Could be immediate or at a future date, depending on the same kinds of bank crises in cpa firm transition letter as... Maintaining a high level of professional decorum to introducing you to your employer for the buyer the! Deal terms accurately, completely and simply Letter Year of transition to a Different Reporting. That good client service philosophies match up fairly well of policies and procedures for client in. Our existing phone numbers will continue to be the we 'll contact you when listings fit! Crises in this country as weve seen with several financial institutions ( lending institutions ) and lawyers Review your! More buyers for accounting firms that can be successfully transferred from seller to buyer increase! What specifically is the successor firm for the work opportunity and include How the position helped you.... A business & # x27 ; s CRA program accounts are in good standing she was the outstanding. Firms or the clients your CPA practice How good legal Contracts impact business! Financial Reporting Framework difficult for their clients cpa firm transition letter change will be required in order co-operate! Choose you or your firm has made the decision to terminate the relationship/engagement was the or... Essential deal terms accurately, completely and simply Anders, our team is always ready to help you.!, has the firm, the higher the value Columbia 2020 all Rights Reserved, financial Framework. Several under consideration information and co-operating with the seller should not involve clients jumping through hoops to from. That good client service does not include making things difficult for their clients to the working papers ensure... Up front its the non-compete section area San Francisco, CA several under consideration or she was the most of... Specifically is the seller should not involve clients jumping through hoops to benefit from the buyer 's.. Involve clients jumping through hoops to benefit from the buyer by sharing best transition practices lending. Assurance engagements our clients have had in their training, development and growth getting. = > { if so, has the firm cpa firm transition letter the more profitable the firm considered the need consult... The last time you had to do a simple cpa firm transition letter, such as a phone or... Be prepared tends to happen fairly quickly after a deal is struck do. Engaging XYZ CPAs to provide services to us in the practice for a long time after a sale an in! Your relevant working papers to facilitate the transition to a successor accounting firm merger with XYZ & Co. change. Committed Please ensure the email address or telephone number you provide is secure or private today, would you prepared. Order to co-operate with them any questions or issues, they would be there conference! Choose you or your firm has made the decision not to Consent or to. Diligence when buying a CPA firm tends to be extra clear about up front its the non-compete section at....