Acquiring Minds One Year Later: 60% Growth + 2 More Acquisitions
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Feb 9, 2023 Patrick Dichter shares his experiences and strategies in acquiring and growing a bookkeeping business. He discusses the factors that led to a 60% revenue increase in the first year, the shortage of accountants affecting the industry, and why rollups don't work in accounting. Patrick also shares insights on turning tax prep clients into year-round clients, the benefits of acquiring small businesses, and the challenges of offshoring tax prep. Additionally, he talks about the impact of marketing on acquiring new clients and the importance of accounting knowledge for successful acquisitions.
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Patrick's Positive Acquisition Experience
- Patrick Dichter feels grateful and excited about buying a business through acquisition entrepreneurship.
- Despite working harder than ever, he sees great upside and no regret in this path.
Commit Fully to Search Process
- Hang in there and commit to the acquisition search process; look at many deals to recognize a good one.
- Prioritize talking to owners early and sequentially work through the deal steps to succeed.
Accounting Faces Demand and Talent Crisis
- There's strong demand in accounting due to many clients being unhappy with their current accountants.
- There is a systemic talent shortage because fewer students enter accounting and many practitioners burn out or retire.