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A lot of CPAs have had enough, and are looking to sell off parts or all of their business. They have options when it comes to selling. And the farther ahead they plan, the better deal theyβll create for themselves. Here today to talk with me about what he sees happening right now in the buying and selling of CPA firms is my guest Brannon Poe, owner of Poe Group Advisors. Highlights: β βFirms that have a large number of personal tax, not associated with a business, tend to have higher staff turnover, higher tax season hours, lower cash flow to owner.β β βStaffing is changing the accounting profession faster than anything. Because of staffing changes, people are having to make difficult pruning decisions.β β βAccounting firms are the slowest to change models. The cloud firm space, however, is definitely growing fast.β β βIf traditional firms don't keep up with the innovation, they're going to lose clients to innovative cloud firms.β β βThe full cloud firms sell for a higher multiple and they tend to sell faster.β Β ***Want one piece of business strategy delivered daily to your inbox?*** Subscribe here: https://www.geraldinecarter.com/subscribe-main-list Connect with BRANNON: Website: https://poegroupadvisors.com/ Virtual Workshop: http://accountingpracticeacademy.com Β Episode mentions: 162 How to Sell a CPA Firm for Optimal Price with Brannon Poe https://businessstrategyforcpas.com/162 Book mentions: Scaling Up: How a Few Companies Make It... and Why the Rest Don't by Verne Harnish https://scalingup.com/book/ Β
A lot of CPAs have had enough, and are looking to sell off parts or all of their business. They have options when it comes to selling. And the farther ahead they plan, the better deal theyβll create for themselves.
Here today to talk with me about what he sees happening right now in the buying and selling of CPA firms is my guest Brannon Poe, owner of Poe Group Advisors.
Highlights:
β βFirms that have a large number of personal tax, not associated with a business, tend to have higher staff turnover, higher tax season hours, lower cash flow to owner.β
β βStaffing is changing the accounting profession faster than anything. Because of staffing changes, people are having to make difficult pruning decisions.β
β βAccounting firms are the slowest to change models. The cloud firm space, however, is definitely growing fast.β
β βIf traditional firms don't keep up with the innovation, they're going to lose clients to innovative cloud firms.β
β βThe full cloud firms sell for a higher multiple and they tend to sell faster.β
Β
***Want one piece of business strategy delivered daily to your inbox?***
Subscribe here: https://www.geraldinecarter.com/subscribe-main-list
Connect with BRANNON:
Website: https://poegroupadvisors.com/
Virtual Workshop: http://accountingpracticeacademy.com
Β
Episode mentions:
162 How to Sell a CPA Firm for Optimal Price with Brannon Poe
https://businessstrategyforcpas.com/162
Book mentions:
Scaling Up: How a Few Companies Make It... and Why the Rest Don't by Verne Harnish
Β
Business Strategy for CPAs: work less and make more. You know how to be an accountant β itβs running your business you need help with. With guests interviews and solo episodes, you will get business strategy every week to help you simplify your practice, get out of the compliance trap, get your time back, and command higher fees. Stop missing out on life: start working less while adding the next six figures of income. Business Strategy for CPA's is the show for you!