Chris Williams, CEO and of System Six, provides an overview of the process of buying and growing a CPA accounting firm. This video will help you understand what to expect when acquiring a CPA firm and provide some tips on how to make the process smoother.

SHOW NOTES:

00:00 Intro

00:47 Starting in Private Equity

03:25 How he found his mentors and High Net worth Investors

05:47 Mentor recommendations - should I raise capital need help with down payment

08:25 Who did the sourcing

10:35 What was your search criteria - $1m EBITDA or about

12:50 How he found his acquisition

14:01 Was seller motivated to sell?

15:24 What seller looking for?

17:19 How much seller financing with SBA loan?

18:03 Seller Note Downside

20:32 Participating preferred from Investor

21:09 How long did it take to land an investor

22:09 Working with Live Oak Bank for SBA loan

24:25 Why are accounting firms priced at 1X sales?

29:00 Overengineering the Reps & Warranties in APA

31:10 How was the seller handoff

32:30 Did anyone leave at sale - rage quit?

32:57 One year in, do you like what you are doing?

34:08 How did you grow revenue 30%?

36:45 PE employee to CEO - how is it changed you - realizations

40:00 Why he wants to grow to 100 people

LINKS

https://www.linkedin.com/in/chris-williams###-###-#### /

https://systemsix.com/

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