By Brannon Poe; Poe Group Advisors
Welcome to The Accountant's Flight Plan, where we guide you toward building a top-tier CPA firm that you would want to buy. With over 20 years of working with accountants
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The podcast currently has 100 episodes available.
What role can accountants play as partners for small business owners, and how can they navigate the challenges of scaling a firm? In this episode of The Accountant’s Flight Plan Podcast, Brannon explores these questions with Cory Gayman, a CPA and entrepreneur whose firm JCG CPA Firm specializes in empowering small business owners to succeed. As a firm owner who started small, Cory shares his journey and insights on building a client-focused practice, overcoming hiring challenges, and balancing service quality with sustainable growth.
As an advocate for proactive accounting, Cory discusses why accountants are uniquely positioned to help business owners understand the "language of business." He reveals common mistakes entrepreneurs make—like overlooking accounting basics and cash flow—and explains how accountants can help clients clarify their business goals. Cory points out that understanding cash flow isn’t just an accounting function; it’s essential for owners who want to grow beyond just "creating a job" for themselves and truly scale their business.
Cory also dives into the future of accounting, from embracing tech advances like online portals and automated updates to adapting to a changing labor market where remote work and outsourcing have become the norm. Building relationships with bookkeepers and leveraging outsourcing opportunities have helped Cory's firm thrive in a time of rapid change. For those looking to become more strategic business advisors, Cory’s story offers valuable lessons in adapting to technology and maintaining client-focused growth.
Curious about what it takes to scale your own accounting firm, work effectively with small business clients, or strengthen client relationships? Tune in for practical advice on the keys to a successful accounting practice, along with Cory’s recommended reads for inspiration. You can listen to the podcast on the player below or watch the latest episode here!
If this conversation inspires you to learn how your firm would fare in the marketplace, please download our CPA VALUATION KEY FACTORS REPORT.
Time Stamps:
00:18 - Introduction of Cory Gayman and his passion for small business ownership and helping entrepreneurs achieve their goals
3:42 - Facing and overcoming the challenges of scaling a business
7:57 - The most common mistakes small business owners make
11:33 - The importance of understanding how cashflow works in your business
14:20 - Being proactive and goal-oriented in your business
20:40 - Finding staff and attracting talent to the firm
22:36 - Book recommendation and closing thoughts
Why has there been such an increase in private equity buyers acquiring accounting firms and what does this mean for the industry? In this episode of the Accountant’s Flight Plan Podcast Brannon dives deeper into the subject and what it means for your firm with accounting practice intermediary, Laurens Ball and California market leader, Morry Brown. Laurens has been brokering deals on our team for five years now and Morry, a member of our sales team, has a background in outsourced CFO services and global investment banking with Goldman Sachs and Citigroup. In this episode, you will learn why private equity is here and how it could benefit the profession in the long run.
Private equity has entered the accounting world primarily because they see the value that CPAs provide. With the staffing shortage in full swing, accounting and bookkeeping services are in high demand. This means that accountants have more pricing power than they realize. With the opportunity to raise prices and increase revenue, firm owners could increase topline revenue and cash flow creating more value in their firms.
Buyers with private equity backing see this potential and want to capitalize on it. With the knowledge and experience to implement or streamline systems while consolidating multiple CPA firms, private equity buyers could optimize firms effectively. While this potential is exciting and comes with the opportunity for selling at progressively higher multiples, it is important for sellers to keep their vision top of mind.
Whether selling to a private equity firm or not, finding the right fit buyer is key. Knowing what the buyer’s vision is and how they hope to grow the firm after close is crucial to knowing whether or not the deal will be successful. Cluing into the non-monetary elements of an offer is vital to knowing whether or not it is the right one for you and your employees.
Are you considering a private equity buyer or looking to learn more about how the current market increases your pricing power as a firm owner? Read our Private Equity Market Report to dive deeper into this topic and learn what questions you should ask when considering these types of deals: Private Equity M&A in the Accounting Industry
Time stamps:
1:55 - Overview of where we are with Private Equity in the Accounting Industry
3:36 - How do you know if a PE buyer is right for you?
8:22 - Private equity’s impact on pricing valuation
10:50 - Will private equity increase top-line revenue?
14:15 - Knowing the buyer’s vision can indicate success
31:59 - Market knowledge & the non-monetary elements of an offer
35:00 - Wrap up and - book recommendations
What do you need to know before selling your life’s work or buying someone else’s? Learn from Stephanie’s experience as she shares her perspective on avoiding key obstacles during the acquisition and transition process in buying or selling an accounting practice. After working together in the mergers and acquisitions space for more than 15 years, you don’t want to miss out on Brannon and Stephanie's conversation!
This podcast touched on:
Whether you are considering buying or selling a CPA firm, it is crucial to consider your personal and professional goals beforehand. Knowing what your vision is before leaving your practice or buying a new one is vital to the success of either endeavor. Additionally, knowing what your values are and focusing on finding a cultural fit is key to the negotiation and transition process. Listen to learn more in this episode of the Accountant’s Flight Plan!
If this conversation inspires you to learn how your firm would fare in the marketplace, please download our CPA VALUATION KEY FACTORS REPORT.
You can listen to the podcast on the player below or watch the latest episode here!
Time stamps:
00:34 - Introduction of Stephanie Smith; Poe Group’s most experienced broker.
3:10 - What makes for the most challenging and most enjoyable deals?
10:55 - What you need to do to prepare to sell your CPA firm.
16:12 - Why focusing on fit is key to a successful accounting firm transition.
24:05 - How AI could help the accounting profession.
28:28 - Book recommendation: Crucial Conversations Tools for Talking When Stakes Are High
Is tracking your hours decreasing your productivity and profitability? According to Geraldine Carter, the answer is most likely yes. In their conversation, Brannon and Geraldine break down how the hourly billing model takes you away from providing real value to your clients. Conversely, getting your hours down and doing away with the hourly billing model altogether could be the key to raising your bottom line.
This podcast touched on:
By refocusing on the value you can provide to your clients rather than on the hours you are billing them for you can increase your revenue while simultaneously lowering your hours. The key to building the business you want and living the life you want lies in refocusing your firm so that you can make meaningful changes. Listen in to learn how you can gain capacity, think critically, and make moves to live a life with balance.
Time Stamps:
0:38 - Introduction of Geraldine Carter
1:44 - Private equity firms in the accounting space
5:50 - Why are so many CPAs overworked and what is the solution?
15:31 - How to price upfront without hourly billing.
19:40 - Why hourly billing is a trap.
35:38 - Geraldine’s new book - Down to 40 Hours [https://geraldinecarter.com/book]
38:22 - Wrapping up
Getting in touch with Geraldine:
Geraldine’s Website: https://geraldinecarter.com/
LinkedIn: https://www.linkedin.com/in/geraldine-carter/
Learn why buying a CPA firm “isn’t like buying a house” with buyer specialist Carol Poe. For the aquisition and transition process of buying an accounting firm to be successful it is crucial that both the buyer and seller are the right fit. By focusing on the work culture and personality of both, Carol guides buyers and sellers to find the best fit for their clients and team.
This podcast touched on:
Having a vision for your new firm is crucial to the success and longevity of that firm. Part of that vision starts with making sure that each practice is paired with the perfect buyer. Listen to the full episode to hear more about how getting clear on your goals before acquisition is crucial to finding the success you want.
Time Stamps:
0:39 - Introduction of Carol.
4:20 - How Carol started working as buyer specialist for Poe Group.
7:45 - The process of finding the right fit.
17:40 - Why sellers are looking for someone who will take care of their clients and staff.
23:55 - Book recommendation and closing thoughts.
Getting in touch with Carol:
For appointment email: [email protected]
How do you strike out on your own as a solo or small firm CPA? Learn from Josie Parr’s experience doing just that. Hear how her work as a tax strategist for entrepreneurs led to the development of the Profitable Lifestyle Summit [https://summit.profitablelifestylefirm.com/], a free virtual summit to empower entrepreneurs in the accounting world to build profitable firms that support their ideal lifestyle. PGA will be speaking at this virtual summit and you can attend this August 27th-29th.
This Podcast Touched On:
- The challenges and opportunities of working as a solo or small firm CPA.
- Why burnout is one of the biggest challenges CPAs face.
- Resources for entrepreneurs in the accounting industry.
Taking the leap of faith to work for yourself can be a daunting task. However, it can also become one of the most rewarding challenges a professional can face. Through sharing her experience and cultivating a community with others, Josie demonstrates that it is possible to build a practice that feeds the lifestyle you want to build. Whether you are just beginning to consider that journey for yourself or are in the process of building your practice, this is a conversation you don’t want to miss.
Time Stamps:
0:39 - Introduction of Josie Parr, CPA and the Profitable Lifestyle Firm Summit
6:07 - Why burnout is one of the biggest challenges and opportunities in the accounting industry.
12:28 - Josie’s experience branching out on her own after working in a top 100 firm.
15:40 - Book recommendations:
- Leading from the Front by Courtney Lynch and Angie Morgan [https://www.amazon.com/Leading-Front-No-Excuse-Leadership-Tactics/dp/0071465014]
- Never Split the Difference by Chris Voss [https://www.amazon.com/Never-Split-Difference-Negotiating-Depended/dp/0062407805]
Getting in Touch with Josie:
💻 Josie’s Website: https://jparrcpa.com/
📝 The Profitable Lifestyle Summit Website: https://summit.profitablelifestylefirm.com/
📸 Instagram: https://www.instagram.com/jp_cpa/
📱Facebook: https://www.facebook.com/josieparrcpallc
🤝 LinkedIn: https://www.linkedin.com/company/josie-parr-cpa-llc/
How can you grow your firm into the most efficient and customer-focused business that it can be? Jason Ackerman and Brannon do a deep dive into the importance of value billing, building a healthy firm culture and why private equity sees value in the profession.
This podcast touched on:
Whether you are a well-established firm or looking for new opportunities to grow, it is crucial to put the customer first and effectively communicate the value you can provide them. Making the switch to value billing, offering advisory services and building a healthy culture for your team could revolutionize your firm.
Time Stamps:
0:39 - Introduction of Jason Ackerman
5:18 - Jason’s path to choosing Accounting as a profession.
13:11 - Timesheets and why value billing is more efficient.
25:35 - Implications of private equity in the accounting industry.
28:22 - The importance of education in the accounting profession.
Hear first-hand experiences on dealmaking from broker, Laurens Ball, on considerations for private equity buyers and finding the right fit. Whether selling your firm or looking to buy, finding the right cultural fit for your clients and team is key. When considering private equity deals it becomes paramount to consider the buyer’s background and industry knowledge to accurately assess whether or not it would work for you.
This podcast touched on:
Looking at the big picture and talking to as many buyers as possible can help you gain clarity and differentiate a “no” from a definite “yes”. Every deal is different and looking for a buyer who you would enjoy working with yourself can be a good indication that they would be a potential fit for your firm. Whether you are buying or selling–the right fit is everything!
Time Stamps:
0:32 - Introduction of Laurens.
6:54 - The challenges that could accompany a private equity deal.
11:15 - What to consider if you are a buyer.
14:55 - What to keep in mind if you are selling.
17:28 - Pros and cons about the presence of private equity growing in the accounting space.
Book Recommendations from Laurens:
How can accountants leverage the power of marketing to grow their businesses? Brannon and Matt Banker of Marketing for Accounting Firms explore the key concepts to building a strong brand in the accounting space. If the prospect of expanding your marketing strategy has you stumped–this episode is for you!
Brannon was a guest on Blake Oliver’s The Accounting Podcast–a very special episode that we are sharing with you now. Blake interviewed Brannon on the key factors that go into assessing the valuation of a CPA firm, the differences between valuation on virtual firms and why cashflow to owner is key.
The podcast currently has 100 episodes available.
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