Sell or Buy an Accounting Firm in Illinois

Accounting Firm Overview

Illinois accounting firms serve individuals and businesses with tax preparation, bookkeeping, audit, and advisory services. The industry offers recurring revenue and strong client relationships, making practices attractive acquisition targets.

Accounting firms benefit from annual tax season revenue, monthly bookkeeping clients, and growing demand for advisory services. Success depends on client retention, service mix, and staff quality.

Accounting Firm Valuation

Practice Type	Multiple Range	Basis
Tax Practice	0.9x - 1.2x	Revenue
Bookkeeping/Tax	1.0x - 1.3x	Revenue
Full-Service CPA	1.0x - 1.4x	Revenue
Audit Practice	0.8x - 1.1x	Revenue

Key Valuation Factors

Client base: Number of clients and revenue per client
Revenue mix: Tax, bookkeeping, audit, advisory services
Client retention: Historical retention rates
Staff quality: CPAs and staff willing to stay
Technology: Software, systems, and automation

Selling an Accounting Firm

Key Selling Considerations

Client list: Client roster with revenue and service details
Financial records: Revenue, expenses, and profitability
Staff retention: Key CPAs and staff committed to staying
Transition planning: Client introduction and handoff period
Work papers: Organized client files and documentation

Illinois Regulatory Compliance

Illinois CPA License (IDFPR)
Firm registration with Illinois Board of Examiners
PTIN registration (IRS)
Professional liability insurance
Continuing education compliance
Client confidentiality requirements

Complete Selling Guide →

Buying an Accounting Firm

Key Buying Considerations

License requirements: Illinois CPA license
Client verification: Revenue and retention verification
Staff interviews: Meet CPAs and key staff
Technology assessment: Software and systems compatibility
Transition support: Seller involvement during transition

Complete Buying Guide →

Accounting Firm Types

📋 Tax Practice

Individual and business tax prep.

📚 Bookkeeping

Monthly bookkeeping services.

🔍 Audit Firm

Financial statement audits.

💼 Advisory

Business consulting and CFO services.

🏢 Full-Service

Comprehensive CPA services.

🎯 Niche Practice

Industry-specialized accounting.