Should I consider a share sale or asset sale?
If your accountancy firm is run as a limited company, it will normally be advantageous from a tax perspective to sell the shares of the company. Many buyers will seek to acquire the assets and goodwill of your company in order to avoid taking on any unknown or undeclared liabilities; however, these risks can be addressed in the warranties section of the Sale and Purchase Agreement, and most buyers will understand the tax implications, and the resulting reduction in the net value of their offer, should they insist on an asset and goodwill purchase. If your firm is a traditional partnership or Limited Liability Partnership, then you will need to sell the assets and goodwill.
