E162: Reconciled CEO Michael Ly Shares Lessons Learned from Acquiring Accounting Firms

"This episode was brought to you by Reconciled.com. Helping M&A Entrepreneurs just like you with Bookkeeping, CFO & Controller Services, Outsourced Enterprise Accounting and Tax Services. Reconciled.com"

Watch it on Youtube: https://youtu.be/PLobQZTd4vc

About The Guest(s): Michael Ly is the CEO of Reconciled, a company that provides bookkeeping and accounting services to small businesses and startups. With a background in accounting and finance, Michael has built his company through mergers and acquisitions, gaining valuable experience in the process.

Summary: Michael Ly, CEO of Reconciled, shares his journey in the accounting industry and how he built his company through mergers and acquisitions. He discusses the challenges and lessons learned from acquiring other firms and offers advice for business owners looking to buy or sell a business. Michael emphasizes the importance of seeking help and advice from others, highlighting the generosity of people in sharing their knowledge and experiences. He also stresses the value of reaching out to industry experts and business owners for guidance and insights.

Key Takeaways:

• Building a successful accounting firm requires providing affordable, accessible, and predictable bookkeeping services to small business owners.
• Acquiring other firms can be a strategic way to grow and expand your business, but it requires careful planning and integration.
• The transition period after an acquisition is crucial and should be given sufficient time to ensure smooth integration and cultural alignment.
• Seeking help and advice from experienced professionals and industry experts is essential when navigating the complexities of mergers and acquisitions.

Quotes:

• "Get help. Reach out to others and don't be afraid to ask for advice and guidance." - Michael Ly
• "Most accountants have never been through the process of acquiring a business or raising outside debt, so it's important to find someone with experience in those areas." - Michael Ly
• "The biggest impediment to culture change in an acquired business is often the previous owner, so it's important to transition them out as quickly as possible." - Michael Ly
• "Reconciled's vision is to serve 10,000 small businesses and impact 100,000 jobs in the communities they are in." - Michael Ly

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Contact Michael on
Linkedin: https://www.linkedin.com/in/michaelly/
Website: http://reconciled.com/
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▶️E94: Hans Sperling Discusses Mergers And Acquisitions Transactions And Provisions - https://youtu.be/VdFEZq13SpE

▶️E90: Christine McDannell of Magnolia Firm Helps Business Owners Achieve Seamless Exits - https://youtu.be/wyl358GKQ4Y

▶️E127: Kirk Michie Discusses His Role As A Business Advisor And The Secrets To Selling A Business - https://youtu.be/ahHQk5_CVuo

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