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Logan George comes back on the podcast for this bonus episode. This conversation covers the detailed process of purchasing an accounting firm, including the decision-making, due diligence, negotiation, challenges, and reflections on the final decision. It emphasizes the importance of timing and cash flow when purchasing a firm, and highlights the lessons learned from the experience.

Logan George | High Peak Accounting | LinkedIn

Resources Mentioned:

S1E2 Buying a Tax Firm w. Logan George | YoutTube | Apple Podcasts | Spotify

Quit by Annie Duke | https://a.co/d/0hBPS735

SBA Loans | https://www.sba.gov/funding-programs/loans

Chapters

00:00 Introduction and Background

08:28 The Letter of Intent and Due Diligence

17:10 Challenges and Concerns

26:29 Final Decision and Reflection

39:16 Transition Period and Financing

51:35 Launching a Firm and Lessons Learned

Content ID Code: CKKC2DILY76LPKKU

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The first season of the Life First Accounting Firm podcast concludes with a recap of the main takeaways from the interviews. The key themes include the flexibility of starting a firm while working, the importance of personal networks for acquiring clients, reevaluating one's relationship with accounting, the value of time and flexibility, the need for self-belief, and the significance of financial stability as a backstop.

Content ID Code: CKKC2DILY76LPKKU

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Andrew Parks | Momentum Strategic Advisors | LinkedIn

Resources Mentioned:

Aligned Accountants

Andrew Parks shares his journey from nonprofit work to starting his own accounting firm, highlighting the evolution of his career and facing burnout along the way. He discusses the process of self-reflection, networking, and the formation of his business with a partner, emphasizing the importance of listening and learning from others. Andrew Parks discusses his experience in managing a business, developing partnerships, and navigating the challenges of entrepreneurship. He shares insights on client acquisition, financial management, and the flexibility of running his own firm.

Chapters

00:00 Meet Andrew Parks

05:47 Experience in Accounting and Advisory Services

13:08 Engaging with the Network and First Client

20:43 Business Growth and Service Offerings

25:55 Adapting to Business Changes

32:52 Client Size and Revenue Target

39:09 Navigating Burnout and Decision-Making

Content ID Code: CKKC2DILY76LPKKU

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Monique Reece | Reece Accountancy

Resources Mentioned:

ProConnect

Calendly

Aligned Accountants

This conversation covers the journey of Monique Reese, a CPA, from starting her accounting firm as a side hustle to transitioning it into a full-time business. It explores the impact of the pandemic, client acquisition strategies, and the challenges of balancing a side hustle with a full-time job. Monique shares personal challenges and the importance of work-life balance in her entrepreneurial journey. It also delves into the significance of starting with referrals and the challenges of marketing a side hustle. The conversation provides valuable advice for individuals considering starting a side hustle and emphasizes the need for flexibility and adaptability in the journey.

Chapters

00:00 Introduction and Podcast Debut

07:11 Impact of the Pandemic on Business

15:16 Balancing Work Hours and Client Load

38:34 Advice for Starting a Side Hustle

Content ID Code: CKKC2DILY76LPKKU

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Alex Ostrov | Nomad CPA | LinkedIn | X (Twitter)

Resources Mentioned:

Aligned Accountants

HoldCo Conference

Alex Ostrov shares his journey from working in a traditional accounting firm to starting his own firm, Nomad CPA, while living a nomadic lifestyle. He discusses the challenges and rewards of remote work, building a global team, and the importance of work-life balance.

Chapters

00:00 Transition from Traditional Accounting to Nomad CPA

09:42 Client Base and Global Presence

18:36 Managing a Global Team and Time Zone Challenges

25:12 Professional Satisfaction and Growth

31:29 Advice for Aspiring Fractional CFOs and Controllers

Content ID Code: CKKC2DILY76LPKKU

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Katie Rau | Blessed Books LLC | LinkedIn | Facebook

Resources Mentioned:

Upwork

QuickBooks Online Accountant

The conversation covers the journey of starting a solo accounting practice, client acquisition through Upwork, work-life balance, long-term vision, and advice for aspiring entrepreneurs. Katie Rau shares insights into her experience and offers valuable advice for those considering a similar path in the accounting industry.

Chapters

00:00 Introduction and Personal Update

11:19 Client Acquisition through Upwork

18:38 Work-Life Balance and Future Plans

26:22 Long-Term Vision and Business Growth

33:09 Advice for Aspiring Entrepreneurs

Content ID Code: CKKC2DILY76LPKKU

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Steve Nay | Daybreak Tax | LinkedIn 

Resources Mentioned:

Business Strategies for CPAs podcast by Geraldine Carter

EA Journal

National Association of Enrolled Agents

Tax in Action podcast by Jeremy Wells

All the Money in the World by Laura Vanderkam

The conversation with Steve Nay covers his journey from a non-accounting background to starting a tax practice while working full-time. It explores the challenges and decisions involved in this transition, from becoming an enrolled agent to choosing tax software and managing the workload. The conversation covers the experience of balancing a side business with a full-time job, the growth and revenue of the business, client relationships, marketing, and the challenges of being a sole practitioner. It also provides advice for aspiring accountants coming from a different industry.

Chapters

00:00 Meet Steve

11:26 Choosing Tax Software and First Clients

17:01 Experience and Expertise

23:30 Client Relationships and Marketing

28:47 Challenges of a Sole Practitioner

Content ID Code: CKKC2DILY76LPKKU

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Resources Mentioned:

The 15 Hour Accounting (Erica’s free ebook)

Savannah Reynolds | Branch and Vine Accounting, LLC | Facebook | Instagram

Savannah Reynolds shares her journey from a corporate controller role to starting her own firm. She discusses the challenges of balancing motherhood, career, and entrepreneurship, as well as the lessons learned from her experiences. Savannah Reynolds discusses her experience transitioning from corporate accounting to running her own accounting firm, the challenges of setting pricing and finding the right clients, the impact of working from home on work-life balance, and the value of flexibility and autonomy in her new role.

Chapters

00:00 Career Transition and Corporate Dissatisfaction

07:30 Maternity Leave and Business Setup

14:37 Service Offerings and Client Engagement

20:08 Monthly Clients and Disjointed Work

25:21 Unwinding Corporate Habits

32:06 Learning and Experimentation

38:24 Career Transition and Encouragement

Content ID Code: CKKC2DILY76LPKKU

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Resources Mentioned:

Geraldine Carter

Michelle Weinstein

Logan George | High Peak Accounting | LinkedIn

The conversation covers Logan George's journey from being an employee to becoming a business owner, including the challenges and growth experienced in the first year of business. It explores his transition to entrepreneurship, merging and partnering with a firm, and the process of purchasing a tax practice. Additionally, it delves into the experiences and lessons learned during the first year of business and the subsequent growth. The conversation delves into the challenges of making tough business decisions, emphasizing the importance of flexibility and balance as key motivations. It also explores the natural human desire for growth and progress, even in a state of contentment.

Chapters

00:00 Introduction and Background

05:07 Growth and Merger

11:01 Financial Considerations

17:09 Business Growth and Transition

22:28 Revenue and Workload Management

29:27 Motivation and Enjoyment of Work

Content ID Code: CKKC2DILY76LPKKU

Erica Goode | LinkedIn

Season 1: "Starting Stories" aims to highlight the experiences of accountants who started their own firms, emphasizing the possibility of success without sacrificing personal life. Erica Goode shares her journey and the intentional, life-first approach to accounting firm ownership, promising diverse and transparent conversations with guests.

Takeaways

• Accounting firm owners can build successful careers without sacrificing their personal lives.
• The podcast aims to showcase the stories of everyday accountants who started their own firms.

Chapters

00:00 Introduction to Starting Stories

06:13 Intentional Living in the Accounting Industry

Content ID Code: CKKC2DILY76LPKKU

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