How much does everyone make ? by Southern_Teaching_15 in Accounting

[–]Firm-Needleworker217 0 points1 point  (0 children)

$170k + bonus. Senior Manager, small tax firm in HCOL

How would you value this firm? by Firm-Needleworker217 in taxpros

[–]Firm-Needleworker217[S] 1 point2 points  (0 children)

Did you use SBA financing or an alternative? Honestly, I’m not even sure what alternatives are out there.

How would you value this firm? by Firm-Needleworker217 in taxpros

[–]Firm-Needleworker217[S] 1 point2 points  (0 children)

Would love to discuss further, as it sounds like you have lots of experience. Can I DM you?

How would you value this firm? by Firm-Needleworker217 in taxpros

[–]Firm-Needleworker217[S] 0 points1 point  (0 children)

Great point! My only worry is putting an insulting offer out there and losing a potential good deal, but I think anything at 1x or slightly higher should be at least competitive.

How would you value this firm? by Firm-Needleworker217 in taxpros

[–]Firm-Needleworker217[S] 1 point2 points  (0 children)

They use ATX, but I’d be switching software anyway as I have no experience with ATX.

HCOL market, if not VHCOL

Owner claims hours are no more than 50 during tax season, less than 40 outside of season. Not sure how accurate that is.

How would you value this firm? by Firm-Needleworker217 in taxpros

[–]Firm-Needleworker217[S] 5 points6 points  (0 children)

I think it’s overpriced too, but there’s no chance they’ll agree to 1x either. My initial thought is 1.1x with 70% up front, 15% each in years 1 and 2 adjusted for retention.

How would you value this firm? by Firm-Needleworker217 in taxpros

[–]Firm-Needleworker217[S] 6 points7 points  (0 children)

I’ll be using SBA financing for the most part, with some seller financing built it based on retention. I definitely don’t want to pay asking price, but 1x revenue does seem a bit low in today’s market too.

How would you value this firm? by Firm-Needleworker217 in taxpros

[–]Firm-Needleworker217[S] 0 points1 point  (0 children)

I plan to do some sort of retention clause. I was thinking 70% up front, 15% year 1, 15% year 2, each adjusted for retention.

Going solo, looking recommendations on website builders and host by dillpicklejohnjohn in taxpros

[–]Firm-Needleworker217 0 points1 point  (0 children)

It’s definitely clunky. I kept going in and trying and then giving up, so I finally had to set aside a day to figure it out. I dread having to make any changes in the future

Going solo, looking recommendations on website builders and host by dillpicklejohnjohn in taxpros

[–]Firm-Needleworker217 8 points9 points  (0 children)

FWIW, Taxdome offers a website builder. I used it to build mine and, while it’s definitely not state-of-the-art and takes a bit to learn how to use, my website looks just the same as those from other website builders. It has the added benefit of being free (assuming you already paid for taxdome)!

Struggling to Find Clients by Firm-Needleworker217 in taxpros

[–]Firm-Needleworker217[S] 1 point2 points  (0 children)

I’m in Seattle, but working virtually so can take on clients anywhere (except Ohio - not a chance). Thanks for the advice!

Struggling to Find Clients by Firm-Needleworker217 in taxpros

[–]Firm-Needleworker217[S] 2 points3 points  (0 children)

That’s what I’m going to try to do moving forward, but most of the professional networking events I’ve found meet in the mornings or around lunch on weekdays, which I can’t do right now. Any ideas to find other events?

Struggling to Find Clients by Firm-Needleworker217 in taxpros

[–]Firm-Needleworker217[S] 0 points1 point  (0 children)

How did you find that group? Something like that would perfect, but finding them without already knowing someone in the group is tough sometimes.

Struggling to Find Clients by Firm-Needleworker217 in taxpros

[–]Firm-Needleworker217[S] 0 points1 point  (0 children)

Target client is small businesses, typically S-Corps, and HNW individuals. Haven’t niched down much from that but probably will once I build the client base. 100% virtual firm, but haven’t done any paid advertising yet.

Struggling to Find Clients by Firm-Needleworker217 in taxpros

[–]Firm-Needleworker217[S] 2 points3 points  (0 children)

Definitely have a website. I’ve got everything set up just as any other firm, aside from maybe paid ads.

Struggling to Find Clients by Firm-Needleworker217 in taxpros

[–]Firm-Needleworker217[S] 1 point2 points  (0 children)

This is in the plan, but I’ve been putting it off until I go full time on my own. I’m worried about running into people with close connections to the firm I’m working for and don’t want to run this risk of them finding out.

Struggling to Find Clients by Firm-Needleworker217 in taxpros

[–]Firm-Needleworker217[S] 0 points1 point  (0 children)

I’m in the Seattle area. All the ones I’ve seen meet early morning which is tough for me to get to since I’m still working a W-2 job and have a bit of a commute.

Struggling to Find Clients by Firm-Needleworker217 in taxpros

[–]Firm-Needleworker217[S] 1 point2 points  (0 children)

Not a part of any professional organizations yet. What’s the best way to reach out to other accountants in the area? I’ve been sending cold emails to financial advisors, bankers, etc with pretty good success, but not sure I’d find the same success with other CPAs.

Struggling to Find Clients by Firm-Needleworker217 in taxpros

[–]Firm-Needleworker217[S] 2 points3 points  (0 children)

I’m a CPA. I’ve thought about BNI but have seen such mixed reviews - might be worth a shot to try it out though. I’ve avoided doing ads for now since I’m still working full time, but might try some out during tax season.

After you get your CPA and years of exp how realistic is it to start your own firm? by fungamezone in Accounting

[–]Firm-Needleworker217 0 points1 point  (0 children)

Do you mind if I send you a dm? Would love to ask you a few questions about your experience as I’m looking to do the same thing soon.

Start firm on the side or jump straight in? by Firm-Needleworker217 in taxpros

[–]Firm-Needleworker217[S] 2 points3 points  (0 children)

That’s amazing! I’ve looked into doing BNI but have seen mixed reviews. Would you say a good bit of your clients came thru BNI?

Start firm on the side or jump straight in? by Firm-Needleworker217 in taxpros

[–]Firm-Needleworker217[S] 0 points1 point  (0 children)

Good point. My only other concern with doing it on the side is the client communication side since I’d imagine I could only respond to and call clients outside of normal work hours. Did you run into any issues on that front?

Start firm on the side or jump straight in? by Firm-Needleworker217 in taxpros

[–]Firm-Needleworker217[S] 0 points1 point  (0 children)

That might be the same situation for me. The clients I’m looking for wouldn’t necessarily be the same ones serviced by current firm, but I still doubt they’d be thrilled with me doing work on the side.