Buying, Merging or Selling Your Practice

During periods of economic slowdown, small business owners in the public service sector (i.e. lawyers, accountants, and physiotherapist’s) may form partnerships by merging their practices. By doing this it makes the combined firm more efficient, and gives them a better chance of survival. Also during these times many self-employed professionals decide to sell off their practice and take a job somewhere. When these situations arise it’s always good to know what your practice is worth, and what tax and accounting issues to consider before agreeing to merge or sell. I’ll look at buying and merging a practice in this article, and cover selling in the next. …Read more