Jason On Firms Podcast 583 He Sold His Accounting Firm To His Son (And It Actually Worked)
Feb 19, 2026
Mike Libbey, longtime employee turned owner who led tech and operational modernization and bought the firm. Ross Libbey, experienced CPA who founded YBL and transitioned leadership to his son. They recount a smooth father-to-son succession, setting work/family boundaries, structuring the buyout, navigating pricing and tech choices, and building a modern firm while winding down involvement.
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Basement Office Beginnings
- Mike joined Ross fresh out of college and started working upstairs in Ross's home office with two desks angled together.
- That early close collaboration let Mike learn by osmosis and shaped their long runway toward succession.
Give Succession A 3–5 Year Runway
- Allow at least a three-to-five-year runway for grooming a successor to transfer knowledge and build trust.
- Use that time to expose them to operations, HR, and client management so transition friction is minimized.
Paperwork Versus Reality
- A formal sale can change paperwork more than day-to-day operations when the successor already runs the business.
- Focus valuation and structure on tax efficiency and fairness, not symbolic control shifts.