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Welcome to Capitalizing Your Life—the podcast that shows you how to take control of your money, build lasting wealth, and create financial freedom using the Infinite Banking Concept. If you're ready to make your cash flow work for you instead of someone else… you’re in the right place.
“What was really obvious to me was that there is strategy, but then you need the execution. Right? Things have to happen or else it's kind of a fantasy. Truly understanding strategy, not just like the corporate buzzword types and execution is incredibly powerful.”
00:00:16
Glenn
Hello everyone, I'm Glenn Yaney, your host of The Millionaire Journey. The goal of this podcast is to guide and empower you on your journey towards financial independence. Today my guest is Ben Wann. Welcome Ben.
Ben
Hey, Glenn, I'm glad to be here. Happy, uh, happy to be on your show.
Glenn
Glad to have you on. We've had a little bit of uh. Back and forth, but I'm glad we could meet up our schedules and I'm looking forward to having this chat with you.
Ben
Absolutely.
Glenn
So if you could just tell us a little bit about your background up to where you're at today and we can talk about it after.
Ben
Sure. So, I'm a little bit of an odd bird in my career and my career trajectory. So I spent ten years in the corporate finance space, mostly in manufacturing. Really, if I describe, it helping to align people, processes, and systems to help give executives, you know, information to make decisions off of. So I did that progressively over the last few years. My last role was director of FP&A and cost accounting. And over that time, I also earned just about every credential you can get in accounting to add after my name.
So, I did the corporate sprint and made director in 10 years and I eventually knew I wanted to do something else. You know, the higher I went up in the corporate chain and the more closed-door meetings like you get to sit in, you think, wow, this isn't really all it's cracked up to be. So during this time of building my career, I built my first company, Beagle Run Publishing. And that's about four years old now. And that's all about courses, books; we have accountingprofessor.org website and a few others. And that was just going really well last year and towards the end the year was accelerating. I started adding team members while working my full-time job and it got to a point where the full-time jobs started turning a little bit sour. What they promised wasn't what it turned out to be. And I had something kind of really fortunate happen. Someone reached out to me through my website and said, “Hey, I'm a managing director at a private equity firm. I'm looking for someone that does what you do. Can you come work for us and this project?” Absolutely. So I started to do that. I made the jump full blast into entrepreneurship and then I started to get a few more requests from people looking to get my help. I thought, “Okay, let's go buy some capacity.” So then that led me to seeking out and buying an accounting firm that I closed on in June of this year, 2023.
00:02:36
Glenn
Awesome. And So what kind of accounting is that accounting firm cover?
Ben
Sure. So when you look at accounting firms, there's a wide gamut of operations. Some are just pure tax shops, a lot of them are just, you know, typical CPA firm and bookkeeping in taxes. And this one's a little bit different in that it wasn't structured as a CPA firm and the previous owner was a lot like me, a lot more entrepreneurial focused. So he was able to really help people from the business aspect of what these numbers mean, not just kind of “here are your numbers.” So we do everything from bookkeeping, bookkeeping advisory, controller and CFO, tax returns, tax planning, business evaluation and that pretty much covers it right now.
Glenn
Yeah. So I did see, man, there's so many… I did a little bit of research on you and I guess we can talk about the books first. How many books do you have?
Ben
So funny story… So I did one book and that led to a bunch of others and led to also a bunch of experiments. So the number of currently published books versus written books - I think we have eight….seven or eight published. We had written 15.
Glenn
So what triggers you to start writing a book?
Ben
Yeah… So I was working, I think in 2019, and the organization and I got to be in a lot more of these higher level discussions and you know, seeing how the organizations work and really get involved with strategy. And what was really obvious to me was that there is strategy, but then you need the execution. Right? Things have to happen or else it's kind of a fantasy. And I noticed this was happening in this organization and a lot of others. So kind of my curiosity, I wanted to learn more. So I put all my creative endeavors on pause for a full year; I researched everything about strategy, strategy execution, started drafting the book, hired a professional editor, professional illustrator and got the thing done. I was very happy with it… To answer your question, it was curiosity and an eagerness to kind of explore…unwrap this puzzle and then share what I learned with other people.
00:04:39
Glenn
Yeah, because when I… so I found you on Twitter and then I thought you had an interesting story. You were talking about buying another CPA firm and stuff like that. I thought that was interesting. And then I started researching you and I pulled it up on Amazon and I'm like, “Is this the same person?” I was like, “He's got all these books.” And so I started looking at the titles, and I'm just like, man, he does a lot of research.
Ben
Yeah, I'm also a bit of an odd bird in I actually read all the books I buy, right? You see those bookcases, everyone kind of has it for decoration, but I'm a prolific reader and it's always been a passion of mine. So being able to add some more knowledge of my own to the world…happy to do it. And that's - I kind of credit that book, at that point in time, with everything else I built and the two other companies and where I'm at today. Truly understanding strategy, not just like the corporate buzzword types and execution is incredibly powerful.
00:05:35
Glenn
So this has been a question I've been thinking about and I was going to put it on Twitter, but I didn't think anybody would respond, but I how…OK, so I buy books and I'll get probably - I might read 10% of the books that I buy. How do you, I guess, drive yourself to be able to read those books. Like, how do you set time out to actually read all those books that you buy?
Ben
That's a really good question. In the last few years, I got more into Audible and listening to some of the books. But before I guess, before I was working in like the director level type roles, I had more free time on nights and weekends and I would make time for it. Just part of my routine. I think that's best kind of built into a habit.
Glenn
Yeah, that was the other thing, I was like, I wonder if it's when people say they read the books, is it Audible or is it actually reading the books? Cause I literally will try to sit down and read and I'll read like there'll be one good time where I read like 20 to 50 pages and then I'll be like, “Man, this is a really good book.” And then I'll won't pick the book up for another like month. You know? Just cause of time. You know, just finding the time. But obviously Audible is the most efficient way because you're always able to listen.
Ben
Yeah. And I really like Kindle too, because then you can highlight pieces that you want to come back to and things that are memorable and export that later. So you have like, your best of notes of each book. Yeah, that way too. You can read it anywhere, your phone, your computer, wherever you're at.
00:06:55
Glenn
So I guess we could circle back to the business that you have….What I was listening to your story is… you actually were able to scale a business before leaving your own job, which actually was - sounded awesome. Like, it just sounds like the ideal situation. If you could like unravel that just a little bit just like, how did you get to - I'm working at this job and I'm gonna start outsourcing certain jobs to be able to grow a business over here. If you could just tell us how that worked?
Ben
Really he whole thing started with me learning and consuming a lot of this knowledge and then just seeing opportunities of things that were missing and things that, you know, other people want to know. But there's nothing out there. So I start with a course, putting a course together - PowerPoint - a couple of years ago in just nights and weekends, I stuck with it. We’ve designed the course a couple of times since then, but, you know, you got to make the commitment for it. You got to carve out time in your day to make these things happen.
And then for me, for my writing business, all of the original articles were written by me and I think what we do that really works is… it's because I built the process, and I understand the process, and I know what good looks like. And being able to have something that's repeatable if you bring other people in and you have the same level of quality is really important. And because I kind of built it first and I'm the master designer of it, you know, I have quality control as we scale. And then we started - we started small - I brought in two writers, then three, then four. And now I have six and then I have a director of content on the one side of the business. So seven people there now.
Glenn
And those people are writing for your… Is it like a website blog or…?
Ben
Yeah. So, we have several websites. We have CFO consultants.net, that's the small business I bought and we redesigned the whole website with that blog. But the main one is accountingprofessor.org now and really that one is all focused around cost accounting and manufacturing. But now it's been a little bit more broadly accounting, but our whole thing is we create really in-depth articles from the perspective of experts, right. If you go and Google a topic like “standard cost”, you'll see the top competitors are all saying the same textbook level stuff, just re-spinning it. So our whole thing was let's add in the expertise and experience of a practitioner to this content to really help people find what they're looking for and the audience just loved it. And Google loved it. And then that kind of took us to where right now that business.
Glenn
Yeah. So if you could, I guess, explain to me… a what did you call it? A stand in CFO?
Ben
It's called different things. Fractional, fractional controller.
Glenn
OK, so how what is that? How does that work? Because just because like for our business, we'll just, I'll just kind of give you an overview. If like we're a real estate business, we raise money, we buy real estate, we have an office, there's a lot of accounting that isn't incurred. We have a bookkeeper that is also like an accountant, and she puts it together at the end of the year. We get the P&L's every month and then I'm assuming like as an entrepreneur, what happens is, I think, you pretty much wear all the hats. So eventually I would imagine there's certain hats like. What I would imagine is like there's a CEO, a CFO, a like you know, Chief CTO, whatever you want to create and obviously the CFO is very important for finances and all the stuff that goes with it. What would this…through that business and what you guys would offer, what is that cover?
00:10:34
Ben
Sure. So. I guess I'll back up a little bit first. So, I've worked in all these big organizations, right? I've seen how they're able to succeed with the right level of expertise, technology and know-how. And when you look at small businesses, there's a huge gap between the haves and the have nots. So my thesis was let’s bring all that down to the small business community. Because typically what I've seen with the CPA and bookkeeping firms is that you get too little, too late, right? You get your monthly financials two weeks after they close. You're not gonna make a decision with that. So the fractional controller and fractional CFO, we are helping businesses to look forward and model out their businesses, and do cash planning, and KPI's and have them understand their business from the operational finance - financial aspect. So they they can actually grow their business and get the help they need. So we have two clients right now we're really involved with, and we go to their weekly meetings, and we're getting to know them and their team really as well as the owner does. So we are getting involved in their business and identifying things, you know, we're asking the right questions. We're suggesting ways that we can do things better and we're giving them the vision of how we can take what you have and make it run better. Bringing in all the things, they only know that they that they can or should have.
Glenn
I know that. Is there an example like something that you would find that would make it like that makes it more efficient?
Ben
Efficient. In which aspect?
00:12:06
Glenn
From what you were saying, as in, like something that you guys might see that somebody else would… I mean, as I know that we could do something better. Like I know for sure that I could do some better. I don't know what it is, but obviously being a - that CFO position - what is like something that you have seen in the past that's actually made it to where it's like, OK, this is something. It's like a low hanging fruit, but it's very important, you know, type thing.
Ben
I got 2 examples for you. So the first is -
Glenn
OK -
Ben
-Bookkeeping. So for one client, we're taking on all their bookkeeping before they had people doing it who weren't trained accountants, they weren't trained bookkeepers. To be clear, it's, it's a mess. So they kind of figured out the way to make it work. Kind of. Now we're transitioning it and I'm able to say we don't want them to train us how it IS being done. We want to step back, think how could and should it be done. So we're able, we're going to cut their accounting costs in half monthly by being able to understand what good looks like. And this is our business, we know how to do bookkeeping. Like I don't do my own bookkeeping. My, my, my staff yelled at me because I made such a mess of it. Like no business owner should be doing their own bookkeeping. So being able to bring experts who can help right identify what good looks like and set all the pieces in motion and make change happen is part of what we do. So right, we're not just going to continue the status quo.
And the second piece for the same client is we're helping them to build out a financial model. They didn't, when I showed up, they didn't even know if they were profitable. They didn’t know if they were gonna have to shut down. So their grants are going to end next year and they said, “Ben, help us. Do we - what do we have to do shut down or can we can we make it?” So I did the analysis, I built the financial model, and I showed them that they're on a trajectory to become profitable. And I broke it down into a number of orders. Break even orders and break even customers. And like to see it - and then those terms like, “Wow, that's very achievable. We can do that.” And you can see that the trend going in the right direction. I said, “Okay, cool. Now we're going to start where you want to be. We're going to cover your profit. We're going to cover your debt payments and we're going to break that down into monthly and weekly targets. We're gonna break it down to KPIs so that we're gonna achieve this thing. And we're going to know when we’re off and on track.” And that's - that's what we do.
00:14:20
Glenn
Yeah. It's like it's one of those things where it's like you can probably read about it but to actually implement it just it's a whole another, I guess, beast in itself. I'm just thinking about my own situation.
Ben
Right. I did this for 10 years like I had the experience. I've taken my lumps, I made the mistakes so you don't have to.
Glenn
We have, so we have a structure and I'm not saying it's good or bad. It's working, you know? But at the same time, I've had somebody else explain to me a certain way of doing it. And it's so hard to change. It's so hard because you're like, well, why would we do that? That sounds like it's going to be torture. And sometimes, it's like, you gotta rip the Band-Aid off to be able to get more efficiency and also clarity when you're looking through people's finances. So.
Ben
Absolutely. And part… So all my credentials, one of the most valuable ones is the PMP, the professional project management. So I drive change, right? Everyone knows what they could do, or they should do. Okay, let's get it done. Let’s get this thing over the line. Kicking or screaming, I'm going to get it done and people appreciate that.
00:15:26
Glenn
Awesome. Let's see. OK, so now you've started, you know, buying other CPA firms or accounting firms.
Ben
Correct.
Glenn
Tell us what that looks like. I've seen you on Twitter commenting on it - on values. It seems, you know, for me, I think real estate is possibly the easiest to analyze and then you get into business which is becoming super popular buying businesses and that it is also in, in my opinion it's the future with the you know, the baby boomers retiring. It's one of those things that these businesses are… need to be purchased somehow. They're - some of them can be monster businesses that just need to be… and they've been managed, a lot of them I'm sure, inefficiently. So you have to like poke holes through all that. But so I guess just tell us how you find those deals and then how you analyze them and how you think they are good ones to buy, to move forward with.
00:16:24
Ben
Yeah. Let me start back a little bit again. So I bought this business. I got into it in June and my whole thing was getting my hands around it. Seeing what we have again, getting things structured, getting things organized, people, processes, and systems. And what I realized was, when I bought it, it was a previous owner. He had a tax person and 3 ½ bookkeepers. And he was doing about $600,000 of revenue, a little over $200,000 in net profit. But he was doing all the consulting, all the evaluation, half the tax work, all the client interfacing, all the admin. It was unsustainable. So it was a real freaking school. So I hired now to build out focused areas of expertise in our business. So it's not reliant on me. And so that we have capacity and we have the systems of scale. And we're retooling and retraining and we’re getting really good at what we're doing. So now I have capacity, we're ready to grow.
And that's where it makes sense to look at other businesses to bring into ours that are also for sale. So knowing what I know about this process. Buying an accounting firm, I realize there's a lot of opportunity out there. Like you said, there's a lot of baby boomers retiring and they have great firms, but the great firm refers mostly to like long-term clients. If you look, the profitability is terrible. Technology is terrible. Like there's so much that has to be reworked, but if you can get that gem and bring it into your business, that's where the opportunity is at.
And right, I just bought a small accounting firm. I know no sane person is going to do what I did and step into this organization and have to work crazy hours - 3000 hours a year. To earn $100,000 - really getting paid $40.00 an hour for all that stress and effort. So I know there's a lot more buyers or a lot more sellers than buyers, which creates the opportunity… and right? So we have capacity and I just did an acquisition and I put this story together, made sense to me. I start talking to people and they wanted to invest. It makes sense to them. And then we've been talking different firms that are for sale. And then by this Friday I'll have two acquisitions locked down, two more in North Carolina to take us to about 2 million in revenue. And once you get to that level, things are a lot more stable well. You’ll have a ton of synergies and a lot of things scale.
Like I have one business evaluation consultant. If I add 2, 3, 4 firms I only need one and there's a lot of things like that, software and overhead. So it makes a lot of sense. And two, the way I'm building it is I do very little client billing. I'm not a key piece of the business. My whole thing is business development, growing it, making sure people have what they need. So my philosophy and my way of kind of doing this well and acquiring these firms and making that change happen, right, the project management piece.
00:19:08
Glenn
So I guess we could talk about funding like as in with you… I understand that you do raise some money to buy these deals, but how do you? Do you go to the bank to get any of the lending or are they doing seller financing? How does that work?
Ben
Yes. It's a combination of things. So seller financing especially 100% seller financing is rare. Looks like one of the deals I'm going to do, the smaller one is going to be seller financed, which is great because to do my first SBA loan, it took all six months. I've lost years of my life with the stress of that process. I could talk for hours about how angry it made me. Like I wake up and sweat. So I'd rather keep the bureaucracy to a minimum where possible. But some of these other deals, right, they're going to be a combination of SBA financing, part of them is going to have part seller note and part of that seller note will be adjustable on business performance. So if they sell you a bag of hot air, right, they're going to eat some of that. Of course, there's a capital injection. Typically 10 or 20%, and that's where I use my own funds initially. I put about at least $100,000 in this business already, but now I'm getting investor capital to fund the next stage of growth.
00:20:20
Glenn
So with that investor capital, we I think we did have a little bit of talk on Twitter as well about this, but it was a…so, what kind of expectations - not return wise but like time frame wise - I know that you were talking about that the plan is to not sell, so what does that look like to an investor that is buying then? I mean, even 7 years, 10 years? What would they expect and how do they partner into that? I know it's like a silent investor, but like as in…
Ben
Yeah, yeah. So the the way I structured the deal was that this whole thing's gonna be up or valued at 1.25 revenue. So the firm is going to be worth, you know we started 2 million, at best revenue times 1.25. So that's where we start and as we grow, OK, it's easy to calculate how much your investment has appreciated in value. Initially I had put after two years of being an investor, I can start to buy you out, but some of them have now said, “You know. I might want to do this longer. Is 5 years an option?” Sure. Let's figure out what makes sense to everyone. And also part of the structure is I guarantee 10% returns the dividends. And that scales all the way up to our net profit, which can be 40-50% once we get things settled. So the return is, they get 10% guaranteed that amount can scale up. Double, triple, right? And then they also get the value appreciation and I can buy them out at some point in time.
Glenn
So in that, and I talked for myself personally, is – how is that buyout determined? As in, so we say in you know… we'll just say the person's looking for a three to seven-year hold, you’re in year 4 - What kind of…? How do they, for one, get the valuation? But then also how does the buyout actually occur? Like the how does how does the valuation happen and really how do they get their money?
Ben
Sure. So say we have a $2,000,000 firm they're investing into, after three years we're doing 4 million in revenue. So we take 4 million times 1.25. That's the value. So your things doubled and you know in appreciation. And then I would pay them out -
Glenn
So you're saying, real quick, 4 million would be, we'll just say a four million would be worth $5 million? To the firm?
Ben
Yes.
Glenn
And that's gross revenue?
Ben
Yes
Glenn
Wow. And you've recently purchased one for $2,000,000? Is that what you're saying?
Ben
Well, between the current firm I have right now my 2 additions that's going to go to two million. 2 million times 1.25. I should know that off top my head. Whatever that number…
Glenn
So you're saying is it? Is it the goal revenue or is it the actual current revenue?
Ben
So we're valuing, we are going to evaluate it based on the combined revenue of when I put this all together and then at a later point in time.
Glenn
Ah, OK.
Ben
There's really three measurements.
00:23:27
Glenn
So that's the goal is the 2 million and then obviously… Do banks actually, can you borrow against your company when it's like that? Say it's a $2,000,000 company or $2,000,000 revenue company, are you able to go to the bank to go out and buy other, let's say another SBA loan against your own? Uh, company?
Ben
Yeah. The first ones, the riskiest because I was untested. They much prefer when you're already a firm owner, that you're, you know, you just complete our recent acquisitions. Good. You know what you're doing, you're serious. I look at this, the terms and a lot of them say, you know, if you already have a firm, we'll finance up to 100% of this thing because this is, this is your business model. So that's even more attractive.
Glenn
Yeah, we, we kind of had the same scenario and that's kind of like with the - I don't know if that would be the CFO role - but we had, from having, we had the property management company as one of the revenues of men owning real estate and the first year they don't, you know, they can give you small lines of credit and then after the uh, first, the second year of tax returns, then they can, they become a little bit more friendlier with you to be able to lend more. And we kind of just, we're past the, I think we're about a year and a half in with the property management. And it sounds like they're bit - it's like once you get past those two years tax returns they become a little bit easier to work with the banks.
Ben
Yeah. And two on the first deal, they have guarantees on everything. So my, my personal net worth is greater than the value of the business. And so they really like that. So equity and from my net worth and everything is tied into this, they see I'm investing. And then being able to get other investors shows that, you know, I'm serious. It makes sense to other people and we're not doing the minimum injection, I want to do 20% or something. It makes them more comfortable too.
Glenn
So then at that point they will do. They'll do 80%. The bank will do 80% of the revenue?
Ben
So, so. So say I buy a firm for a million. The way I'm going to structure it is… I would want $200,000 as a seller note - that's going to be adjustable. And then $100,000 to $200,000 of investor capital and the rest would be SBA. So in that just say it's two and two, so $600,000 with the SBA.
Glenn
OK. So then obviously the Bank's going to be a little bit more comfortable with that because generally when you buy a company, there's I think the right wording would be rescission? Where they you lose a little bit of the customers because they're loyal to the person, right? If it's certain companies?
00:26:12
Speaker 1
And to that that let me share something. So when I bought this firm, I didn't know what to expect. The banks were putting like a 10% haircut, 10% of my customers believe and previously before we did the hand off the other, the previous owner, was a bit burned out, a bit exhausted. He was turning… It was kind of annoying customers. They get frustrated with him. So even though that was the state I took it in and we had this transition, I was unknown. I lost, I would say, 1 or 2% of customers, which is incredible.
Glenn
Yeah, great.
Ben
And it's always, just so you know how sticky accounting firms are - and talking to a lot of firms many aren't taking new clients. So yeah, if you want to leave, where are you going to go? And two, to change accountants is a real pain.
Glenn
Yes, yes, it's 100% true. We have… I have experience.
Ben
So that is – So learning that and seeing that even though I’ve just experienced - I can do much better job on the second transition than the first. I've learned everything I need to know and the second one…the rest... Are gonna be cake, hopefully after this. I took my lumps.
Glenn
Yeah, that's great. So how do you where do you go? Do you find these from business brokers or where do you find the accounting firms?
Ben
Sure. So the firm I have now, I actually found on Biz Buy Sell. You know that they list all businesses. And then there's actually a few accounting specific listing sites and brokerages. So I've gotten to know those sites and the brokers. And have to get them to know who I am, and what I'm looking to do. And you know, it's just submitting inquiries and getting leads, checking things out, kicking tires. I must have looked at at least 12 to 15 firms here in last month. And you get to… Yeah, you get to take a look at them, see which ones are the right fit. I don't have to force anything too, which is beautiful. And then, you know, looks like the things the pieces come together when you're ready.
00:28:13
Glenn
And then really with the accounting, the crazy part, it's like I've never really thought too hard about it. I mean, I have a little bit, but what I would say the thing about accounting. Is that you have? If we're talking, let's say, like a recession and you think. The thing that happens during recessions is that people get behind on their taxes, and then the accounting firms become more important because you need somebody to help you to get navigate through the through the taxes, you know. And I've seen there's a lot of penalties, obviously fees and stuff that go with it. And I have my first accountant that I've ever used his specialty was uh. Tax. I don't know if it's what it's called, but like where some somebody that owes like $50,000 in taxes is gonna reach out to him and he's gonna assist him through that. And I think that's where the recession, well, quote unquote recession proof business comes in and for the downside. So and obviously when times are good, people are able to pay for accountants to do what they need to do so.
Ben
Yeah. And two, yeah. So good times are bad accountings in demand and there's a few other things are going for this business. There's a big shortage of new accountants, especially CPAs. So those are the people who would theoretically buy these firms. Those people aren't there. And part of the opportunity that we see is to take some of these accounting CPA firms just making an accounting firm. Yeah, we have CPA's that do CPA stuff, but I'm taking away a lot of the red tape and bureaucracy that helps nobody. So we're, uh, we're an accounting firm. We're not a CPA firm. Yeah, we have CPAs, but, you know, like getting people familiar with that and know there's other type of accounting experts aren't just CPAs and what they can do for your business, that's a differentiator for us.
00:30:05
Glenn
And then how do you deal with, say, you buy a company and I would have to, it would have to happen, but there has to be people that that are employed by the company and they decide to leave. How do? For one, retain and also with the shortages and everything that you're talking about, how do you fill those positions if somebody were to leave?
Ben
Yeah. So. In accounting. It's very interesting, especially public accounting. The industry - the industry is notorious for working long hours, low pay, a lot of stress. So as a field that typically it's hard to get people, and keep the ones you have, and develop them over the long term. And when I looked at this as part of my thesis, is well, that's a very fixable problem. These businesses do good work for the community and make good money. Why don't we treat the people better, and pay them better and incentivize a good piece of the action? And boy, I bet that's gonna work. So we're setting up our organization in a way where we address these challenges head on. So every two years we're doing a four week paid sabbatical, we're going to share up to 30% of the profits of the company. Everyone gets at least three weeks paid vacation, 10% annual bonus, like there's, like if I come in and you worked for someone else before, you just got a free upgrade. Why? Why would you leave?. And the same we say the same thing like it's gonna be the same thing when we acquire another business. You just got a free first-class upgrade. You now have more experts available to help you with your issues and everything. And, you know, you get the rest of our team for free. Yeah, it's a it's a win-win for everybody.
Glenn
Yeah. And from my experience, I mean this is not exactly the same workforce, but when we buy like mobile home parks, they come with park managers and the park managers are always afraid that we're going to let him go. But I'm like, “Look, we're going to make this place better, but you have…. We need somebody to oversee everything that's going on. There's so much going on when we buy these parks that we need boots on the ground and it's not going to be…” I mean, I'll be there once a week, once every other week, you know, ideally it can turn into once a quarter. And we need somebody available to oversee these mobile home parks and it's always, you know it's, I'm not saying this is for all previous owners, but it's like you want to give them pay raises and everything that goes with it because you're bringing the value up and it's something that's, you know, for the amount, you know it's worth, it's worth it. You know what it comes down to is having good people to work for you. It's like, why would it be -
Speaker 1
Having peace of mind – yeah.
00:32:52
Glenn
Do I wanna be doing their job? No, I don't wanna do their job. I want them to do a good job.
And I don't want to have to come here every week if I don't - If they're doing a good job, I have to come here once a month or quarter, you know. But if it turns into where I'm like, having to make sure they're working, you know, then it turns into a whole other story. So it's I can relate to that. And I think about it. I'm like man, I'm like, giving them an opportunity to really like they were making this. And now I'm literally probably a lot of times we'll like, almost double their pay. Maybe in different types of benefits, but at the same time it's always like we and we're. We'll make you know, certain times like their actual job roles was so spread thin you just had. And then with the efficiencies you're like, look, this is the only thing you're gonna have to do. You don't have to do all these extra things that you were doing before. All you have to do is just one thing and that's - that's the great thing about making the business better. You know, making, you know, really you're creating better workplace for, I guess the employees along with you know a more manageable amount of work as well because you're creating efficiencies is what you're doing.
Ben
Yeah. And the last thing you want is like someone to leave because of like a dollar an hour and like you find out they're just not there anymore. You got a backfill this causes all these headaches. It's not worth it. It's really not worth it. And you said all the pieces there all makes sense. It's like I can pay more in sleep at night, boy I'm gonna do that.
Glenn
Yeah, and and at the same time, it's the people that do end up leaving. It's kind of they made that choice themselves. A lot of times. You know, it's like. Look, we're willing to do this and we're, you know, we want it to be better. You know, it's just that there's going to be a lot of change. Kind of like the bookkeeper. You know, if you have the bookkeeping my I know there's always a better way of doing it, but it's like, do you want to struggle through the change to get there, you know, so.
Ben
Yeah. And to getting people to care, like, there's a lot of things you can't really see, but sometimes you get a glimpse of them like “Oh, man. They care. And I just saw what they did and our customers gonna appreciate us forever because of that.” They didn't have to do that, but they care. They want to be there. And it just makes the whole organization work better.
00:35:11
Glenn
So are there any things that I haven't asked or any questions, anything you have would like to go over or…?
Ben
Well, I think I'm getting deeper and deeper into this world of accounting firms and just understanding how many are for sale, why they're for sale, and what the opportunities are, what this looks like if like no one buys them, it's really fascinating to me. They're trying to think of how that's going to shape out, you know, for the accounting professional for the rest of the public and what the fallout is going to be. It's fascinating to me. So I'm looking to share a lot more information and insight and analysis with people and kind of bring this into light. Like I get to see behind this - the curtains. All of these deals and see their financials and this and that. I'm not going to anything confidential, but there's some clear trends I think we're talking about. And if I can get other younger professionals like myself able to see these opportunities and not have to do the corporate world they hate, and they can transfer their skills and abilities to these firms and you know, it's - it's a fantastic operation and opportunity for everyone. So that that if I could help a few people do that, you know, with Twitter and LinkedIn, I think that'd be amazing.
Glenn
Yeah, and me personally, I think that's always good to have, just to see different avenues, for one, income wise. Because you know the real estate, I feel like this would be - I believe in alternative investments - and you know putting your money into real estate is great, but it turns into where you can diversify yourself through a business that I believe has a lot of, I mean it's like a, it's like almost. I kind of look at them as like a toll road, like utility businesses, toll road businesses, type companies that are literally a necessity to operate for a lot of businesses. There's no like there's no way that I'm going to figure out a way to be a bookkeeper. Accounting for my company, like it would be a disservice to everybody involved in my company. So it's like one of those things where as long as you're offering a great service, it will show in revenue. And I'm excited to learn more about it, and I know we'll probably talk for a little bit after the call about just my own operation, just to see what Ben’s thoughts are. For all of Ben’s contact information - it will be listed in the description below. And I follow Ben regularly on Twitter. We'll add all of his other contact information and ways to reach out to him if you have any more questions that I haven't answered. And thanks for coming on, Ben, and we'll talk more.
Ben
All right, this is fantastic. Thank you, Glenn.
Glenn
All right, thanks for listening and make sure you rate, subscribe, like and comment below. Thank you.