- Are you wondering... "What is an Enrolled Agent (EA)?"
- Are you thinking about taking the EA examination?
- Are you needing some guidance on college classes and study tracks that lead to a taxation specialist? Make sure Accounting is somewhere on the list.
- Are you interested in a Master's in Taxation or Forensic Accounting and where they can be found?
- Do you know the difference between the CPA examination and the EA exam? Both professions are regulated under IRS Circular 230. www.irs.gov
- Are you wondering about the day-to-day of an Income Tax and Accounting Practice?
- If you are an EA thinking about a Florida Practice, what would interest you? What would bring you to Broward County Florida, only minutes from the Atlantic Ocean and the most beautiful Spring weather? I've met two EAs with vacation/retirement condos in Pompano Beach. Planning for a future... ?
- If you are a potential EA, or a young person with a dream of being an entrepreneur with a professional practice, wondering... what opportunities could be realized with the encouragement of a seasoned professional and stepping out... This blog is for you.
Initial thoughts:
What establishes a successful transfer from one Enrolled Agent Office... TO A NEW OWNER?
For example, take our established, "turnkey" Enrolled Agent Office for sale in Broward County, Florida. As EA-Owner with a Master's Degree in Accounting and a CPA certificate, should the new owner have similar credentials? Perhaps. An EA with an accounting background is probably a minimum for growth into the next decade of an income tax and accounting practice. The base is firmly rooted. Our office is known for solving tax problems and completing complex tax returns with the highest professional quality. We provide exceptional service and answer every call promptly. Our practice is international, with increasing expatriate returns and foreign tax treaties (Kuwait, Sweden, N. Ireland), an important global specialty with multiple investments and work arrangements.
As a member of the National Association of Enrolled Agents (NAEA) and soon to be a Fellow of the NAEA-sponsored National Tax Payer Institute (August 2007; a 3-year program for honing IRS Representation skills), accomplishments and goals are strengthened with educational and professional associations.
If you are leaning towards this future, you should seriously consider an early affiliation with NAEA and receive the bi-monthly pub "EA Journal." www.naea.org Meet and affiliate with those who possess your aspirations. Look for a role model and mentor, especially if you are in a university setting.
Our practice is a predominately middle and higher-end clientel with write-up work and of course, IRS Representation. Our office has a high visibility with steady new clients through two dominant means: a successful yellow-page ad as well as both professional colleague and client referrals. We have established close relationships - friendships - with our clients.
How should a practice be transferred to the new owner?
The current owner must be available for two years for a smooth transition, introducing the clients to the new EA. It works! ...having had experience in purchasing another EA practice. Letters must be carefully structured by both the current owner (confidently introducing the new owner/credentials) and the new owner (identifying with the long-term EA-Owner and the confidence he/she has placed in the new EA-Owner). Client trust and loyalty will be maintained and identified with the new owner.
What is your vision? In the event a potential owner has the vision and means to purchase a viable, established practice, but lacks the qualifications or strengths to service the client needs, the EA-Owner should consider training the new owner for two years.
Enthusiasm and vision bonded with an Owner-Mentor-Trainer could be a dynamic transfer and the basis for an expanded and large practice in five years.
An added plus is an attractive, intact office with an established public location (we have 2 years remaining on the lease), all fixtures, tax software, equipment and amenities. "Enrolled Agent" is on the door.
As in our transition, the new EA-Owner would be especially served with an experienced, highly valuable assistant who intimately knows taxes, Quickbooks Pro, and the clients by voice on the phone. We would highly recommend personalized brochures (your ideas, credentials, office specialities), with new website and marketing strategies, a boost to any new purchase with an eye on growth. Our ideas can be seen at www.enrolledagent.homestead.com.
Your comments are encouraged through our blog. If your thoughts or question(s) is private you may email me at EnrolledAgent@juno.com
