4-Star Cracker Barrel Waitress to Buying a CPA Practice with Della Kirkman
Sep 13, 2023
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Della Kirkman, former 4-star Cracker Barrel waitress, shares her incredible journey from waitressing to buying a CPA practice. Topics include creative deal structures, buying out her partner, and how her hard work impacted her daughters.
Dela Kirkman's journey from waitressing to buying a CPA practice highlights the importance of hard work and perseverance in achieving success.
Dela Kirkman's creative deal structures, such as using non-traditional payment methods, demonstrate the power of thinking outside the box in acquiring businesses.
Deep dives
Dela's Journey as a Waitress Turned Business Owner
Dela Kirkman shares her inspiring story of starting as a waitress and eventually becoming a successful business owner. She recounts her humble beginnings and how she worked her way up from being a four-star waitress at Cracker Barrel to buying and later selling a CPA practice. Dela emphasizes the importance of being the best at whatever job one does and highlights the value of hard work and perseverance in achieving success. She also discusses some of the creative deal structures she employed, such as seller financing and rev share, to make her acquisitions and exits possible. Dela's mission is to empower and support other women in becoming acquisition entrepreneurs.
Overcoming Challenges in Business Ownership
Dela Kirkman reflects on the challenges she faced as a business owner, including long hours, tight deadlines, and managing employees. She shares how she juggled running her tax practice and a pizza pub, making sacrifices to ensure her businesses thrived. Despite the hard work and occasional uncertainties, Dela's determination and resourcefulness helped her navigate those obstacles. She highlights the importance of understanding and analyzing the numbers in a business, as she observed that many business owners often lack that crucial knowledge. Dela believes that being familiar with the financial aspects of a business is essential for success.
Creative Deal-Making and Building Trust
Dela Kirkman exemplifies the power of creative deal-making by recounting a couple of ventures where she found unique solutions that benefited both parties involved. She describes how she structured an acquisition deal for her pizza pub, where the buyer didn't have cash or credit, by arranging a fencing job as a down payment. Additionally, she shares a story of helping her former waitress buy her practice by using referral fees from clients. Dela notes that building trust and maintaining solid relationships played a crucial role in forming these non-traditional deal structures. These examples demonstrate her ability to think outside the box and find win-win solutions.
Encouraging Entrepreneurship and Financial Awareness
Dela Kirkman shares her passion for inspiring and supporting aspiring entrepreneurs, particularly women, to consider business acquisitions as a viable option. She points out that many people overlook the possibility of buying existing businesses, assuming they need significant capital or expertise. Dela aims to challenge this misconception and encourages individuals to explore the world of entrepreneurship through acquisition. She emphasizes the importance of understanding financial matters in running a business, advocating for entrepreneurs to have a solid grasp of the numbers and their implications. Dela's goal is to empower others to pursue their entrepreneurial dreams and build a community of successful acquisition entrepreneurs.
Della Kirkman started young, so young that she was loaning her Mom money with interest. Years later she was a 4-Star waitress at Cracker Barrel before buying into a CPA practice at which she was an employee.
Huh? How does that work?....Yeah, insane.
Podcast Nuggies…
Insane journey from Waitressing to thinking she could and did buy a CPA firm
Creative Deal Structures to buy a business + Buying out her partner
How her hard work and creativity impacted her daughters (my fave part)