Accountant's Flight Plan

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:

• The importance of having a vision before you sell your CPA firm. 
• Why buyers and sellers need to consider cultural fit before transitioning. 
• Having hard conversations early on to avoid issues in the long run. 

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:

• Hourly billing vs value pricing.
• The impact of private equity on the accounting industry.
• Why hiring won’t solve the problem of overwork.

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:

• Working with your spouse. 
• What to look for in a buyer.
• How to find success in your new firm.

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.

• “The Women” by Kristin Hannah
• [https://www.amazon.com/Women-Novel-Kristin-Hannah/dp/1250178630] 

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:

• Timesheets vs value billing.
• Education in the accounting field.
• The implications of private equity for CPA firm owners.

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:

• The key factors that help increase the number of potential buyers for an accounting firm.
• The importance of cultural fit for buyers and sellers.
• What to think about when considering a private equity buyer for your CPA practice.

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.

• A seller’s guide to evaluating buyers: [https://poegroupadvisors.com/sellerguide/] 

17:28 - Pros and cons about the presence of private equity growing in the accounting space. 

Book Recommendations from Laurens: 

• Shoe Dog [https://www.amazon.com/Shoe-Dog-Memoir-Creator-Nike/dp/1501135910] 
• Atomic Habits [https://www.amazon.com/Atomic-Habits-Proven-Build-Break/dp/0735211299] 

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. 

How can you most effectively price and package your offerings to optimize staff retention and client satisfaction?

Matt Kanas, Managing Director at Ignition has dubbed 2024 the year of change in the accounting industry. We discussed what this change looks like and what the implications of it are for CPA firm owners. With his unique perspective servicing CPA firms from within the tech industry–this made for an exciting conversation.

CPA firm owner, entrepreneur and Xero ambassador Liz Mason, shared insights from starting her own virtual firm, High Rock Accounting, and using cloud-based accounting tools to find and successfully serve your niche. Her passion for entrepreneurship is contagious and makes this a conversation you don’t want to miss!