Buying an accounting practice in Space Coast and Volusia

• Clients who come back year after year, with a healthy mix of individuals and businesses.
• Monthly work that brings in money outside tax season.
• Fees that have kept up with the work, ideally fixed fees in signed engagement letters rather than old hourly rates.
• Staff who prepare returns, so the owner reviews instead of doing everything.
• Current tax software, a secure client portal and organized workpapers.
• Mostly routine returns, without a big share of complex or high-risk ones.
• A seller willing to stay through at least one tax season and introduce you to clients.
• Fees collected up front or by card on file, so little time goes into chasing unpaid bills.

• The client list with fees for the last three years, and how many clients came back each year.
• How the price is paid. Many practice sales tie part of the price to how many clients stay, so understand exactly how that's counted.
• Engagement letters, and how client files will move to you. Federal rules let a client list go with the sale of a tax practice, and let you review it beforehand under a written confidentiality agreement (Treasury Regulation 301.7216-2). Ask your attorney about the rest.
• Professional liability insurance, and any open client complaints, IRS penalties against preparers or Board of Accountancy cases.
• Data security. Client files hold Social Security numbers and bank details, and the IRS reminds preparers that federal law requires a written information security plan. Ask to see it.
• Seasonal staff: who the practice hires each tax season and whether they'll come back.
• The software and storage contracts, and whether they can move to you.

• How many clients have you lost or added in each of the last three years?
• How much of your revenue is monthly work, and how much is tax season?
• Who prepares returns now, and who reviews and signs them?
• Would you stay through the next tax season and introduce me to your clients?
• Are any clients in a dispute with the IRS or behind on their filings?
• When did you last raise your fees, and did anyone leave?
• Is anyone on staff a CPA or enrolled agent, and would they stay?

This region covers Brevard, Volusia and Flagler counties: Melbourne, Palm Bay, Titusville, Cocoa, Cocoa Beach, Merritt Island, Daytona Beach, Port Orange, Ormond Beach, DeLand, Deltona, New Smyrna Beach and Palm Coast. Brevard's economy is built around space. Rockets launch often from Kennedy Space Center and Cape Canaveral Space Force Station, and aerospace and defense manufacturers and their suppliers employ engineers, technicians and machinists across the county. Port Canaveral is a major cruise port.

Volusia depends more on tourism, beaches and big events, with Daytona's motorsports and motorcycle rallies drawing crowds. Health care and a large retired population matter too. Flagler County, around Palm Coast, is mostly residential. Machine shops, electrical and engineering firms, home service companies, marine businesses and restaurants all have a place here.

Brevard's fortunes follow the space and defense programs. A company that sells to aerospace firms should be able to show you how many customers it depends on and how secure their work is. Business in Volusia spikes around big events and the winter season, so look at revenue by month.

The whole coast faces storm risk. In 2022, Hurricane Ian brought flooding to much of Volusia, and Hurricane Nicole, which came ashore near Vero Beach six weeks later, washed away beaches and seawalls along the Volusia coast. Beachfront property needs careful insurance and structural checks. The Indian River Lagoon and the St. Johns River make boating and fishing part of daily life, which keeps the marine trades busy. Palm Coast and the Palm Bay area have added many new homes, and companies serving those areas have grown with them.