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Business Brokers of Texas

084: Buying and Selling an Accounting Practice – A Discussion with Business Brokers of Texas

In this episode of Life In Accounting: The Where Accountants Go podcast,  David Sweeten, CPA and Eric Arroyo, MBA from Business Brokers of Texas share their expertise on buying and selling accounting firms and businesses in general. We have discussed buying practices as a good way to begin or grow a business a few times before (see below), but today we will get into more details of how the process truly works. Buying Considerations Accounting practices are always very valuable, and they will sell. When you have a serious buyer, the sale will happen quickly. When buying a business, make sure to explore these factors: Age of seller Accounting and tax software used Geographical area of the clients What types of clients to you want Fees currently being charged Gross income desired Why Use a Broker? The benefit of using a broker like Business Brokers of Texas is they make sure the deal is fair for all parties. A broker is available to add objectivity to the process. The process can take a while sometimes, and the broker effectively serves as the matchmaker between the two parties. They are very experienced at structuring deals. They control all of the issues so you can continue working. They also maintain the confidentiality of the transaction, which is a big benefit. Another consideration is customer retention. If the transition between buyer and seller goes smoothly, you can retain the vast majority of clients (over 90% typically).   Other podcasts mentioned in this interview: Dale Ross, CPA and Mayor of Georgetown Debra Seefeld, CPA – Building a Practice & Insights on Peer Review, Derek Schriver of Schriver Carmona – The rest of the story… Chris Carmona – Building a Firm and the Importance of Family   To listen in on this interview with David and Eric, please use the player below:  

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Deborah Beams

083: Jeopardy Winner & CPA – Deborah Beams!

In this episode of Life In Accounting: The Where Accountants Go podcast,  we follow Deborah Beams, CPA through her professional journey from job shadowing with Kathy Kapka, to being a practice fellow, to being a two-time winner on the game show Jeopardy!! The Variety of Audit Deborah has always specialized in audit. She enjoys and has learned a great deal by going into the field to visit clients, which allows her to see what different companies are like. Auditors get to observe many different corporate environments and cultures. Her inventory stories are priceless! From diapers to slot machines to frozen goods, she’s counted them all! Jeopardy! The process for qualifying for the game show “Jeopardy” begins with an online test. Based on your score, you will be invited to then audition. The audition consists of another written test and a practice game where you show off your sparkling personality. Deborah had to get through five auditions in order to land a spot on the show. To be successful, you must be smart, charismatic, and to be honest... a little bit lucky. Some non-disclosure agreements are required by the game show as well as you would expect. You can tell friends that you will be on Jeopardy, and you can tell them the date of your initial game, but you absolutely cannot discuss your level of success on the show.  It’s important to the producers of Jeopardy that the final results are kept secret until the show has a chance to air. Being on Jeopardy was the fulfillment of one of Deborah’s life-long dreams. It’s really a great story… and she won twice! (Other podcasts mentioned in this interview: 015: TSCPA Chair Kathy Kapka – Finding What You Truly Enjoy.) To listen in on this interview with Deborah Beams, please use the player below:

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