Australia's Hottest M&A Sector?

- The Latest Market Data For Accounting Practice Sales 

Published November 2025

DMY's latest six-monthly release of Market Data and Insights for accounting practice sales is below. Our data set includes 30 practice sales^# over the last 12 months as well as the key trends from our last nine Market Data releases back to 2021.

There are no shortage of competing opinions when it comes to the price an accounting or bookkeeping firm can sell for, how much demand there is, and what is "at market" for key commercial terms such as retention.  As the quote goes... "without data,  you are just a person with an opinion."  At DMY we prefer to let the data speak for itself.

If you are serious about buying or selling an accounting or bookkeeping practice, knowledge is power and key to helping you compete and win. Enjoy our latest market data and insights and let us know what you think. 

^# The majority of these practice sales are pure accounting practices. They also include accounting practices with audit and/or bookkeeping, as well as finance function and bookkeeping practices.

Key Takeouts

1. Practices are selling for an average of 118 cents in the dollar (metro) and 109 cents (regional)

• For metro practices, the average selling price of 118 cents in the dollar is two cents higher than May 2025 (116 cents). 
• 15 practices sold for 120 cents in the dollar or higher (five more than May 2025), with two at 135 cents. We expect more outcomes like this over the next 12 -24 months.
• There continues to be a material difference between the average sale multiple of practices with fees > $1 million (123 cents) versus practices with fees < $1 million (114 cents). Larger buyers typically have the scale and are better placed to capture revenue / cost synergies to still generate healthy returns at these higher multiples.
• Regional practices continue to show healthy results and are proving attractive to both regional and metro buyers.
• Only two practices sold for 100 cents in the dollar or lower.
• Sale multiples range from 95 to 135 cents. highlighting that each practice needs to be considered on its own merits. Sellers should have their practice independently assessed using a robust methodology to ensure they get the right price.
• Factors including client mix, profitability, location and/or ability to relocate, and operational efficiency continue to drive value up or down as well as the specific context of individual buyers.  One increasingly common feature of buyer activity is larger firms expanding interstate and acquire an initial "platform" practice from which to further expand.
• For larger or very profitable practices it can be more appropriate to sell based on a multiple of maintainable earnings. DMY expect to see more of this in 2026 with expected multiples typically ranging between 4-6x.

                                         Note: Practice Sales are ranked in ascending order in each graph i.e. Listing #1 above is not necessarily the same as Listing  #1 in other depictions.

2. 73% of Practices are selling in less than 90 days

• This is up from 67% in May 2025.
• Time measured is from listing date through to execution of a Heads of Agreement with the preferred buyer.
• 90 days remains realistic to achieve the sale of a good quality metro practice with fees < $2 million, assuming a well-managed sale process and the guidance of expert support to navigate any deal complexities that may arise.
• Four of five Regional practices achieved sales in less than 120 days. 
• Not every sale happens quickly and sometimes patience is required.  This can be the case in more remote regional locations. 

3. Metro practices attract an average of 84^ interested parties per listing 

• This is marginally higher than six months ago (80 buyers) and remains materially higher than pre-COVID (40-50 buyers). 
• We see no sign of this demand lessening in the short term. Sellers can be confident of an attractive volume, quality and diversity of buyers.
• For buyers, there can be competition to even meet the Vendor. One recent seller of a $500,000 fees practice had thirty seven parties who wanted to meet them of which they met just eight (22%), while the owners of a $2.5 million+ practice had 15 parties wanting to meet them of which they met nine (60%).
• As noted earlier, we are also seeing more buyers looking to expand interstate which increases the options for sellers, particularly those who are metro-based and large enough to be a "platform" first acquisition for an interstate buyer.
• Regional practices continue to attract healthy levels of interest with an average of 41 buyers per listing (39 in May 2025), which brings a high likelihood of securing the right buyer with a strong cultural fit.
• Given the importance of cultural fit, there is no dominance in the market by any individual buyer. Of DMY's last 75 practice sales, there have been over 65 different successful buyers reflecting the strength of DMY's network.

^ 84 interested parties does not mean 84 people accessing confidential information or even knowing the identity of the seller.  Nor does it mean the seller having to waste time meeting lots of people who are not suitable. DMY runs a very structured sale process with all buyers who want to meet the seller being carefully vetted.  A seller typically meets anywhere between four to ten interested parties in a DMY-run sale process.

                                 Note: Practice Sales are ranked in ascending order in each graph i.e. Listing #1 above is not necessarily the same as Listing  #1 in other depictions.

4.  80% of sales have a retention between 10-20% and over 12 months

• The average retention is 17% which is the same as six months ago.
• While the range is 0% to 40%, 24 of the practice sales (80%) have retentions in a narrow range of 10 - 20%. 
• One practice had a retention of 40% reflecting financial concentration risk in the client base with a few large clients accounting for a significant percentage of the total fees.
• Sellers and buyers should focus on the specific risk profile of the fees being sold/acquired, the transition role of the Vendor in supporting client retention, and other specific factors that may impact client retention either positive or negative.
  • Pragmatic sellers with higher risk client portfolios do need to be flexible while sellers with less risky books, or mitigating factors, can rightly secure a lower retention.
  • Conversely, smart buyers, once they identify a strong cultural fit with a seller and a reduced transition risk, use retention as an effective negotiating tool to differentiate from the competition.
• One year continues to be the default period for retention with only two practices having a retention of two years. This has been consistent for the last nine Market Data releases and buyers who insist on a high, multi-year retention without supporting data and logic will miss out.

Trend Information 2021 - 2025

Finding 1: Since 2021 the average sale price multiple (metro) has risen from 110 cents in the dollar to 118. 

Finding 2: Average buyer numbers per metro listing have remained consistently high around 75 - 80. 

Finding 3: There has been an incremental increase in average retention since 2021 - from 14% to 17%. 

The Wrap 

For sellers… key indicators around buyer demand, selling prices and time to sell continue to be positive. And we see no sign of this changing over the short term. This doesn't mean a smooth sale and a positive commercial outcome are a foregone conclusion. The broad range of selling prices and retention levels show that sellers cannot rely on "averages" to determine the right commercial outcome for their practice, and each should be assessed on its own merits. The sale process also still needs to be carefully navigated to secure the right buyer who will be the best fit for the seller, their clients and their team. Buyers have choices too and no buyer will want to work with a seller who is difficult to work with or has unreasonable expectations. 

For buyers…competition remains intense, Market knowledge and patience are key.  As noted earlier, there is competition even just to meet the seller on many deals and there is no room for buyer complacency. Understanding where the market is at (sale price, retention etc) is fundamental. Being competitive commercially, though, is not enough to guarantee success. The seller is not just looking for a dollar outcome. They are looking to secure the right buyer with their legacy and peace of mind intact. If you are a great fit, then be attuned to the seller’s needs and flexible in your approach if you want to secure that prized acquisition in the face of strong competition. If you miss out because someone else is a better fit, that is where the patience comes in. We regularly see examples of buyers who narrowly miss out an opportunity but then were able to secure a subsequent practice that was a great fit for them. 

To discuss these findings in more detail and what they mean specifically for your situation, contact DMY’s Directors below.