🧾 A CPA firm may show strong earnings—but is the value transferable?

Red flags in accounting practice valuations:

• 90%+ of clients tied to the owner personally
• No staff or systems in place
• High seasonality with no retention strategy
• Addbacks include “off-season” travel and vehicles

📌 Goodwill must be enterprise-based, not just personal rapport. That’s what supports SBA compliance.