Accounting Practice Financing
You need to Own Your Own Practice!
Coffman Capital has helped Accounting Professionals acquire practices by helping them with financing since 2004. We know that whether you are going out on your own or expanding your existing practice, buying a practice is usually the best method.
Among the Financial Professionals we have helped, these include:
- Accountants & Bookkeepers
- Certified Financial Planners – CFP’s
- Certified Public Accountants – CPA’s
- Enrolled Agents – EA’s
- Licensed Tax Preparers
…and others in the financial services professions. We’ve also helped businesses buy, build or expand their office buildings. All of this involves the necessary knowledge to evaluate the need, analyze the financial performance of the business, and know who the right source is to finance your project with competitive terms.
How Much Cash Do I Need?
We know how to ascertain how much cash you will need to buy a practice, and how to minimize that amount. We may also help you figure out where that cash may be obtained if you don’t already have it.
We always include working capital and loan costs in the financing package so that you are fully equipped to succeed once you close on your transaction.
How Much Can You Lend?
Coffman Capital has helped Accountants buy practices Large and Small. While most lenders can only seem to help if you’re trying to borrow $350,000 to $500,000 or more, we often make loans as small as $150,000 and sometimes less.
Because Accounting Practices sometimes reach well over $1 million, we have developed the ability to finance those amounts. Most lenders have exposure limits and it’s our job to be able to help you acquire the financing you need to accomplish your goal.
Do You Need Collateral or Real Estate?
Our programs do not require either in order for you to buy your practice. The collateral value of an accounting practice is negligible. The need for hard collateral is still very prevalent in traditional bank lending, and Coffman Capital specializes in Under-Collateralized Loans. This is critical in choosing your lending source, and Coffman Capital gives you that advantage!
Most of our loans are for practices located in rented spaces, and many of our customers are not homeowners and have no tangible collateral. This sets us apart. Many lenders want to help you until they find out there is no real estate as collateral.
What About Credit?
You need good credit, no question about it. But what is and isn’t acceptable for getting a loan can vary and we’re just the ones to help you find out what will and won’t work.
What Does Coffman Capital Charge?
We charge a consulting fee payable only when the loan closes. This fee is discussed as soon as you like, normally when it sounds like a transaction that will work for both of us. A very basic fee agreement is given to you during the loan process prior to submitting to a lender and you receive an invoice after the loan is funded.
Where Do I Find A Practice To Buy?
Coffman Capital has been working with established Accounting Practice Brokers for many years. You can visit the broker page here and contact them to find the best practices available in the area where you want to own your own practice or expand your business.
So Let’s Get Started! Give us a Call Today at 813-891-1811 and find out what we can do to help you succeed in Your New Practice!