How to Buy and Grow an Accounting Firm with Chris Williams of System Six

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Chris Williams, CEO and of System Six, provides an overview of the process of buying and growing a CPA accounting firm. This video will help you understand what to expect when acquiring a CPA firm and provide some tips on how to make the process smoother.


SHOW NOTES:
00:00  Intro
00:47  Starting in Private Equity
03:25  How he found his mentors and High Net worth Investors
05:47  Mentor recommendations - should I raise capital need help with down payment
08:25  Who did the sourcing
10:35  What was your search criteria -  $1m EBITDA or about
12:50  How he found his acquisition
14:01  Was seller motivated to sell?
15:24   What seller looking for?
17:19  How much seller financing with SBA loan?
18:03  Seller Note Downside
20:32   Participating preferred from Investor
21:09   How long did it take to land an investor
22:09   Working with Live Oak Bank for SBA loan
24:25  Why are accounting firms priced at 1X sales?
29:00  Overengineering the Reps & Warranties in APA
31:10  How was the seller handoff
32:30  Did anyone leave at sale - rage quit?
32:57  One year in,  do you like what you are doing?
34:08  How did you grow revenue 30%?
36:45  PE employee to CEO - how is it changed you - realizations
40:00  Why he wants to grow to 100 people