199 Selling Cloud-based vs Traditional CPA Firms with Brannon Poe

A lot of CPAs have had enough, and are looking to sell off parts or all of their business. They have options when it comes to selling. And the farther ahead they plan, the better deal they’ll create for themselves.

Here today to talk with me about what he sees happening right now in the buying and selling of CPA firms is my guest Brannon Poe, owner of Poe Group Advisors.

Highlights:

— “Firms that have a large number of personal tax, not associated with a business, tend to have higher staff turnover, higher tax season hours, lower cash flow to owner.”

— “Staffing is changing the accounting profession faster than anything. Because of staffing changes, people are having to make difficult pruning decisions.”

— “Accounting firms are the slowest to change models. The cloud firm space, however, is definitely growing fast.”

— “If traditional firms don't keep up with the innovation, they're going to lose clients to innovative cloud firms.”

— “The full cloud firms sell for a higher multiple and they tend to sell faster.”

 

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Connect with BRANNON:

Website: https://poegroupadvisors.com/

Virtual Workshop: http://accountingpracticeacademy.com

 

Episode mentions:

162 How to Sell a CPA Firm for Optimal Price with Brannon Poe

https://businessstrategyforcpas.com/162

Book mentions:

Scaling Up: How a Few Companies Make It... and Why the Rest Don't by Verne Harnish

https://scalingup.com/book/