Brannon Poe of Poe Group Advisors joins us today. Poe Group Advisors help accountants buy and sell firms. However importantly though Brannon helps firms owns create more valuable firms. Brannon is a CPA starting at Ernst & Young before working for several years in regional firm. He as a written a book – Accountants Flight Plan. Brannon makes his home in Charleston South Carolina.
The biggest impact on the sales value of a firm is that the firm is profitable and also provides a great quality of life. Today’s buyers now ask how many hours are worked.
Another important aspect is the the quality of the team.
The more narrow the focus the higher the profitability.
What you say no to is more important than what you say yes to.
Grow with intention. Prune regularly.
Challenges & Opportunities
Outsourcing – don’t get caught in low cost game. Focus on value.
Value pricing is a must.
Kill the timesheet – measuring the wrong things. Not connected to value.
- Big Picture – power of focus
- Key employee & partner issues
Quality of life is not a trade off.
If selling in next two years then –
- clean up accounts receivable.
- Develop kerb appeal
- Cleanup staff issues
Account receivable management is a key issue in too many firms. Change paying habits.
- Prune clients.
Website – Poe Group Advisors
Twitter – @poegroupadvisor