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Know what you''re getting into. (Due Diligence).

Publication: California CPA
Publication Date: 01-JUL-03 		Format: Online - approximately 1100 words
Delivery: Immediate Online Access
Full Article Title: Know what you''re getting into. (Due Diligence).(issues for buyers and sellers of accounting practices)

Article Excerpt
Whether your firm is acquiring another accounting practice, merging into another firm, merging the practice of another accounting firm into your firm--or even if you are becoming a partner in a firm--it is imperative that you conduct due diligence to ensure that the transaction will not expose you or your firm to significant liability or that you're not doomed from the beginning.

Even as a seller of an accounting practice, you should prepare for the due diligence that the buyer will conduct on your practice, as well as consider conducting due diligence on the buyer to ensure he or she will be able to make all future payments.

Some key due diligence issues that emerge as accounting firms enter into transactions include the following:

MALPRACTICE ISSUES

All parties involved in a transaction should review the malpractice insurance policies of each other and the claims history. As a seller, you want to ensure that your "prior acts" will be covered under the buyer's policy. If...

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