Looking to Buy an NY Accounting Firm? Here’s What to Know

Why Buyers Are Targeting Accounting Firms in New York

Steady demand for accounting services

New York remains one of the most active markets in the U.S. for accounting services. Whether you're in Manhattan, Long Island, or upstate, there’s consistent demand from:

• Small businesses looking for bookkeeping and tax help

• High-net-worth individuals seeking advisory services

• Startups and remote companies needing virtual CFO support

This steady demand means buying an accounting firm for sale in NY is rarely a speculative move—it’s a proven path to stable revenue and long-term client relationships.

Want to build predictable operations from day one? See How to Build Your First Ops Team.

High client retention and repeat revenue

Accounting is a relationship-based business. Once clients trust their accountant, they tend to stay for years—especially if they receive personalized service, proactive advice, and timely reporting.

When you acquire a firm with strong retention, you’re effectively buying future cash flows. Many NY firms see 80–90% client retention rates annually. That creates a valuable foundation to expand from, even if you plan to modernize services or switch systems post-acquisition.

Learn how to maintain that trust with Streamline Your Back-Office Operations with Virtual Talent.

Succession planning trends among firm owners

A significant percentage of firm owners in NY are approaching retirement. According to the AICPA, nearly 60% of firm owners are 55 or older—and many lack a clear succession plan.

That creates opportunity. Buyers who come in with a strategic vision and solid operational systems can acquire clients, staff, and infrastructure for far less than it would cost to build from scratch.

This trend is especially strong in independent practices that want to avoid merging with a larger firm.

Where to Find an Accounting Firm for Sale in NY

Online broker platforms

There are multiple M&A platforms listing accounting firms for sale in NY, including:

• Accounting Practice Sales (APS.net)

• BizBuySell.com (filter by “Accounting” and “New York”)

• Transition Advisors

• The Exit Firm

• Private CPA marketplaces such as Poe Group Advisors

These platforms often include financials, location details, client volume, and asking price. You’ll need to sign a non-disclosure agreement (NDA) to receive full data.

Visit The Ultimate Guide to Hiring Top International Talent for tips on sourcing talent post-acquisition.

CPA networking groups and local associations

Don’t overlook local CPA societies or meetups. Many retiring firm owners prefer quiet sales through trusted connections rather than public listings.

Try:

• New York State Society of CPAs (NYSSCPA)

• AICPA member events in the Northeast

• LinkedIn CPA groups specific to NY

• Local accounting masterminds or referral networks

These can yield off-market deals, often with more flexible terms and smoother transitions.

Private outreach and direct acquisition

If you're targeting a specific city or niche (e.g. real estate accounting in Brooklyn), you can take a direct approach:

• Research local firms through Google Maps, Yelp, and LinkedIn

• Identify firms with solo owners or outdated websites

• Reach out via email or phone with a polite inquiry about succession plans

This method requires patience but can uncover deals with no broker fees or competition.

For operational insights post-purchase, see How to Achieve Efficient Back Office Operations.

What to Look for in a Firm Before You Buy

Client base, industries served, and churn rate

Examine:

• How many active clients the firm serves

• Whether they’re individuals, SMBs, or enterprise clients

• Industry niches like healthcare, legal, or real estate

• Churn over the last 1–3 years

Look for a diverse and loyal client base—not one or two clients that account for 50% of revenue. Over-concentration is a risk.

Financial statements and normalized earnings

Ask for:

• Profit and loss statements (3 years minimum)

• Tax returns

• Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization)

• Owner add-backs (e.g. personal expenses, one-time costs)

This gives you a real picture of profitability. Watch out for firms with large “owner perks” that inflate margins but don’t reflect future earnings.

For cost-saving strategies post-deal, see How to Hire Top Talent Without Breaking the Bank.

Employee retention and key staff

Do employees plan to stay? Are there client-facing staff you’ll rely on post-close?

Get clear on:

• Length of staff tenure

• Compensation and benefits

• Non-solicitation or non-compete agreements

• Transition plans or training support

Losing key team members during a transition can derail client retention.

Explore Best Practices for Hiring the Right Candidates if you plan to replace or expand roles after purchase.

Technology stack and operational systems

Ask what systems the firm uses for:

• Accounting (QuickBooks, Xero, etc.)

• Document sharing and e-signature

• Client communication and scheduling

• Workflow management (ClickUp, Karbon, Jetpack)

Modern tools will make onboarding easier. Outdated systems may require investment—but could also be leverage for negotiating price.

See How to Build Effective Back Office Playbooks to create operational consistency post-acquisition.

How to Value an Accounting Firm in NY

Standard valuation multiples

Most small-to-mid-sized accounting firms are valued based on a multiple of annual gross revenue, with common benchmarks including:

• 1.0x–1.3x revenue for firms with strong retention and recurring services

• 0.8x–1.0x revenue for firms with moderate client churn or limited advisory offerings

• 0.6x–0.8x revenue for firms requiring operational upgrades or facing staff turnover

For example, if a firm earns $750,000/year in gross revenue with 85% retention and a recurring client base, it might sell for $825,000–$975,000, depending on terms and market competition.

Buyers often negotiate based on net income, adjusted EBITDA, or a blend of both.

For ways to improve profitability post-purchase, visit How to Run a Small Business Profitably.

Adjusting for client concentration and location

A firm in Manhattan may command a higher valuation than one in upstate NY—especially if it serves high-income clients or specialized niches (e.g., international tax, medical practices). However, red flags like:

• A single client representing more than 20% of revenue

• Owner-heavy relationships that won’t transfer easily

• Geographic dependence without virtual systems

...can all reduce the final price.

The more transferable and independent the firm, the higher the multiple you'll justify.

Learn more in Guide to Hiring Back-Office Operations to strengthen team infrastructure.

Red flags that lower valuation

Common concerns that lower firm value:

• Outdated accounting software or manual processes

• Over-reliance on the founder for client relationships

• No documented SOPs or playbooks

• Poor recordkeeping or incomplete financials

• Pending legal or tax issues

These aren’t deal breakers—but they give you leverage as a buyer and highlight areas for improvement post-acquisition.

The Buying Process Step-by-Step

Initial inquiry and NDA

Once you identify a firm of interest:

1. Contact the broker or seller

2. Sign an NDA to access full financials

3. Receive a Confidential Information Memorandum (CIM) with client data, staffing info, and seller notes

4. Schedule an initial call or meeting

At this stage, treat the process like hiring—ask questions, test alignment, and listen closely to how the seller views their clients and business model.

Due diligence and client transition planning

After an offer is accepted (often via a Letter of Intent or LOI), due diligence begins:

• Review 3–5 years of financials

• Audit client lists, retention rates, and billing frequency

• Interview key staff

• Analyze technology and workflows

• Evaluate any debts, leases, or obligations

Simultaneously, create a client communication and transition plan. Most successful NY acquisitions include:

• Co-branded transition letters

• Retained seller involvement for 3–6 months

• Client FAQ sheets

• Relationship warm handoffs (especially for advisory or CFO clients)

Explore Accounting Virtual Assistants to see how VAs can support transition work.

Negotiation, financing, and deal close

Common deal structures include:

• Cash up front + earnout: Pay a portion now, then additional based on retention

• Seller financing: Pay over 12–36 months with interest

• Performance-based payout: Tie final valuation to client stickiness or revenue milestones

Legal review, tax structuring, and integration planning are essential in the final phase.

Once closed, your focus shifts from buying the firm to modernizing it—and that’s where OpsArmy can help.

How OpsArmy Helps Modernize Firms Post-Acquisition

Buying a firm is just the beginning. The hard part? Running it efficiently and scaling without burning out your staff or losing clients.

That’s why many buyers turn to OpsArmy immediately after closing.

We help by:

• Auditing existing systems and processes

• Replacing manual workflows with AI-augmented back office support

• Hiring virtual assistants and finance specialists to support onboarding and reconciliation

• Implementing playbooks for consistent service delivery

• Filling ops gaps so you can focus on client retention and growth

Whether you’re modernizing a legacy firm in Manhattan or acquiring a niche tax practice in Albany, OpsArmy gives you the infrastructure to build a lean, scalable operation from day one.

See Streamline Your Back-Office Operations with Virtual Talent for real examples.

Ready to Buy an Accounting Firm for Sale in NY? Start Smart

Acquiring an accounting firm for sale in NY is one of the most strategic ways to grow a reliable, service-based business with recurring revenue. But buying the right firm is only part of the equation—you also need the systems and support to scale it.

Before making an offer, do your due diligence. Know what you’re buying, how it’s run, and whether the clients and staff will stick with you. Post-acquisition, focus on operations: streamline communication, automate reporting, and introduce virtual support where needed.

That’s where OpsArmy comes in. Whether you’re inheriting outdated systems or a team that needs structure, our AI-native back-office solutions help you modernize without disrupting client service.

If you’re serious about purchasing a firm and want to maximize ROI from day one, start with a clear game plan—and the right ops partner.

About OpsArmy

OpsArmy is building AI-native back office operations as a service (OaaS). We help businesses run their day-to-day operations with AI-augmented teams across finance, admin, sales, and hiring. Our “Ops Pods” combine deep expertise, structured playbooks, and smart automation to deliver consistent results. Whether you’ve acquired a new firm or are scaling your current one, OpsArmy helps you grow faster—with fewer growing pains. Visit operationsarmy.com to learn more.

Sources

• Buying and Selling Accounting Practices in the U.S.:  Accounting Practice Sales – www.aps.net

• CPA Succession Trends and Demographics:  AICPA – www.aicpa.org

• Valuing Accounting Firms and Deal Structures:  Poe Group Advisors – www.poegroupadvisors.com

• Remote Team Integration and SOP Best Practices:  Egnyte – www.egnyte.com