January 25, 2024

SYS 157: Scaling Through Acquisition: Mindset Shift From 'Doer' To 'Investor' - Interview with Julie Wilkinson, Founder of Wilkinson Accounting Solutions

38 minutes

🎙 Dr. Steve Day interviews Julie Wilkinson, an expert in mergers and acquisitions. Julie shares her background as a chartered management accountant and explains how she started her own company, Wilkinson Accounting Solutions.

They discuss the importance of implementing corporate structure and governance in small businesses, as well as the benefits of planning for an exit strategy from the start.

Julie emphasises the need for systems, processes, controls, and a strong management team to support business growth and prepare for a successful exit. She also provides insights on financing acquisitions and leveraging existing business resources.

KEY TAKEAWAYS

💡 Julie Wilkinson has expertise in mergers and acquisitions and is a keynote speaker.

💡 It is important for small business owners to consider mergers and acquisitions as a means of growing their company.

💡 Planning for an exit strategy should be done from the start of a business.

💡 Building processes, systems, and controls are essential for business growth and success.

💡 It is vital to have accurate financial reporting and analysis to make informed decisions and attract potential buyers.

BEST MOMENTS

04:53 - 💬 “I believe everybody should have an exit plan. And I think people should be thinking of their exit plan from the moment they start their business.” - Julie Wilkinson

27:26 - 💬 “I don't think the end goal should change. You know, if you know in your heart, I want to deliver this type of service, don't fluctuate from that overall goal.” - Julie Wilkinson

30:28 - 💬 “I think, why do people want to put that on their shoulders? You know, if they just think about these things early doors, have a bit of a plan, it will just become easier for you later down the line.” - Julie Wilkinson

36:21- 💬 “Systemising it doesn't itself, I don't think, make the success. What makes the success is the process around that system.” - Julie Wilkinson

36:49 - 💬 “If you're not truly understanding your accounts, you're not really in a good position to move forward because you don't know exactly if everything's reconciled and fully up to date.” - Julie Wilkinson

TIMESTAMPED OVERVIEW

00:00 Experienced accountant starts company to help SMEs.

03:33 Starting a business organically vs. through acquisition.

08:48 Get funding, utilise cash flow, and manage stress.

10:22 People are used to bigger debts than they thought.

15:50 Early implementation of processes prevents growing problems.

16:37 Plan scalable processes and systems before rapid growth.

20:56 Control processes are essential for financial oversight.

25:52 Flexibility is essential. Set goals and maintain vision.

27:13 Focus on goals and track key performance indicators.

30:13 Plan early, reduce stress and bring in support.

34:12 Transitioning from job to business for time.

36:01 Incorrect bookkeeping leads to financial risk.

GUEST RESOURCES

Website: https://wilkinsonaccountingsolutions.co.uk/

LinkedIn: https://www.linkedin.com/in/juliewilkinson-accounting/

Build and Exit Podcast: https://podcasts.apple.com/gb/podcast/build-and-exit/id1676606866

VALUABLE RESOURCES

Website: www.SystemizeYourSuccess.com

Facebook Group: Facebook.com/groups/systemsandoutsourcing/

LinkedIn: LinkedIn.com/company/systemsandoutsourcing/

Instagram: Instagram.com/systems_and_outsourcing/

YouTube: YouTube.com/@drsteveday42

ABOUT THE GUEST

Julie is a highly acclaimed keynote speaker and mentor who focuses on mergers and acquisitions. Her podcast channel ‘The Build and Exit’ has been hugely popular, with 2k listeners in just over four months. She also did her first television interview at the end of July.

ABOUT THE HOST

Steve used to be a slave to his business, but when he moved to Sweden in 2015, he was forced to change how he worked. He switched to running his businesses remotely. After totally nailing this concept, he spent his time helping other small business owners do the same. Steve’s been investing in property since 2002, has a degree in Computing, and worked as a doctor in the NHS before quitting to focus full-time on sharing his systems and outsourcing Methodology with the world. He now lives in Sweden and runs his UK-based businesses remotely with the help of his team of Filipino and UK-based Virtual Assistants.

Most business owners are overwhelmed because they don’t know how to create systems or get the right help.

Our systems and outsourcing Courses and coaching programme will help you automate your business and work effectively with affordable virtual assistants. That way, you will stop feeling overwhelmed and start making more money.

...more

View all episodes

By Dr Steve Day

1010 ratings