Deceased CPA

[Booger]

Just found out that a local CPA passed away. I know that his client base was somewhere around 350-500.

This would just be tax prep work. I know that I'll pick up a portion of his client base by referral; however,

I would really like to capture a big %age of this base.

Should I approach the widow (after a period of time passes) and offer my services to any of the clients

that are on extension? I DO NOT WANT to purchase his practice; call me cheap, but if I can acquire the

clients FREE, that is what I want to do.

Don't know if any other CPA/EA has offered to purchase his practice as yet. I rather doubt it, since his

death was fairly recent.

Any suggestions on how to proceed?

[Catherine]

<snip>

Any suggestions on how to proceed?

Send flowers first? Then when you approach her she'll think kindly of you? Or maybe even call _you_ for help?

[Booger]

Catherine, sending flowers is a good idea!

Another reason why I LOVE you. Maybe give her

a week or so after the funeral to approach her?

(GOD, I kinda feel like a circling vulture waiting to pick the bones)

[rfassett]

At the risk of sounding insensitive, let me suggest the old adage, "he who hesitates, loses". I do not know the particulars of this person's demise, nor of his practice make up. But put yourself in his client's shoes. For those that are on extension, if they have not called you already, they probably won't call. If I got word that my attorney went to be with the Lord and that attorney was in the middle of something for me, I would not wait for his widow to get her house in order. I would seek out other professional help to pick up where the other guy left off (assuming that the wife was not also an attorney). I would think the same thing may be happening here. Now, all of that said, I did BUY a practice from an estate, once upon a time, because I wanted the lion's share of the pie. But I had to deal with the deceased's two sons; no widow was involved. And as I recall, I approached the sons within a week of the passing of their father, and they could not have thanked me more. They were in way over their heads and had no idea what they were doing. The phone had been ringing off of the hook and they needed someone to step in and take charge. They knew me by reputation (their dad's office and mine were only five addresses apart) and knew that I would not take advantage of them. But until I approached them, they had no idea that I would even be interested in taking on the additional workload.

Just some thoughts. Obvioulsy this is a highly emotional arena that you dare to venture into. Good luck. And I pray that the Lord will lead you into making the RIGHT decisions.

[Booger]

Thanks for your input, rfassett. Will be as diplomatic and sensitive as possible with the widow.

[ed_accountant]

Goodluck and be careful of what you wish for... More work during tax season..... I am so glad tax season is behind me.. I agree with the flowers and a short note of offering assistance.

[michaelmars]

I RECENTLY purchased a practice from a deseased cpa but there were a lot of business clients and i paid 25% of collections over 5 years. this bought, not only the old records but the goodwill of the family who new many of the clients and made personal introductions to each client on our behalf.

if you refuse to entertain a purchase then i would advertise heavily in the area so that the clients seeking a new cpa will see your name often.

[Booger]

Thanks to all who responded. Will keep you posted on what happens.

[joelgilb]

Don't be cheap!

Offer to purchase the practice based on paying some percentage over a period of a couple of years and as the clients come in the door.

Good for her and good for you.

Not unrealistic to pay somewhere between 50% to 100% of the the fees, paid over 3 to 5 years. I suggest the smaller number as the prior accountant is not there to help maintain the base.