one times fees isn’t the only way

check the math.

by marc rosenberg
cpa firm mergers: your complete guide

partners in accounting firms are familiar with the rule of thumb that a cpa firm’s goodwill (excluding capital) is worth one times fees. however, like many rules of thumb, this notion is often incorrect.

more: thinking merger? first ask why. | why do you want to merge? be honest. | four reasons to fear a merger
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when buyers begin to think about how much they will pay for a smaller firm, they often have this one-times-fees notion in the back of their minds. then, when sellers are bold enough to ask for a price in excess of one times fees, buyers often balk.