Accountant's Flight Plan Purchasing an Accounting Firm - Experience Share with Ravi Patel
Jul 18, 2023
Ravi Patel, an experienced accountant, shares his experience of purchasing an accounting firm through Poe Group Advisors. Topics discussed include criteria for purchasing an accounting firm, the importance of full-service bookkeeping, establishing trust in the acquisition process, advice for buying an accounting firm, and maintaining confidence and scaling the business.
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Early Accounting Roots And Family Influence
- Ravi grew up in accounting with a CPA father and took college-level accounting in high school, then earned a bachelor's and his CPA.
- He later attended law school for additional credentials but did not intend to practice law.
Buy Firms That Fit Your Model
- Look for a full-service bookkeeping firm that matches your subscription model and client service level before buying.
- Prioritize firms serving small businesses that need deeper financial reporting beyond basic tax returns.
First Meeting Sets The Tone
- Ravi says the first in-person meeting with sellers set the tone and confirmed the cultural fit for the deal.
- He valued sellers who were open about strengths and weaknesses and realistic about needed improvements.