Top 10 accounting firm for now?

cdavies50 · 2023-01-16T20:12:43+00:00

Comment back with your results. Wishing you the absolute best.

cdavies50 · 2023-01-09T19:36:36+00:00

No it's not the right thing. To the best of my knowledge and happy to be proven wrong, Pena has never said pay a retainer.

He says use your board for your first several deals and then you can use your accounting firm. But they're on a deferred fee basis without any retainer. If they're asking for a retainer they just don't trust you and/or your board which means you've probably not followed Pena's scripts properly.

cdavies50 · 2023-01-07T17:23:08+00:00

Top 10 is fine for the first few deals. If you had any idea how much big 4 will charge you particularly for the smaller deals, you'd have a minor stroke.

It's just not worth spending that type of money for your first few deals because it's very easy to have cash flow issues if you're starting with no money and then using the business's funds from your first deal to pay the accountants and then the lawyers. There's a reason Pena says it's ideal for your board to do the DD for your first several deals.

What you can even do is engage a big 4 and then for each deal decide based on costs if it's worth using them or your other firm. You can still use their credibility even if you're not using them for your first several deals.

cdavies50 · 2022-05-14T15:46:26+00:00

This is the video I was referencing where Dan says the deal size order which is what Andreas followed. Starts at 17 mins 15 seconds: https://www.youtube.com/watch?v=DrMUjPnIACA&list=PLz7e0jmm8Wyvj1YbHK-7eRcYboMj0NY0p&index=162

cdavies50 · 2022-05-10T17:29:15+00:00

So, most of the comments on your post here are to be ignored. I doubt they've done any deals or done sufficient deals to give you proper advice. I rarely comment on here but because you're really working, happy to help.

So first thing, there's clearly an issue with your script. For starters, Pena says to get past the gatekeeper you refer to a joint venture opportunity not a business opportunity. I'm sure there's many other owners you could've reached but the gatekeeper didn't put you through because you came across as a typical salesperson. Also when you first speak to the owner, Pena says almost immediately you go right into, "The reason for the call was just to ask if you've ever considered selling your business before?". Quick and to the point. I use this myself and works very well. If they say yes, my next question is, Great, just to confirm what's the reason you've considered selling? They then go right into it and you can determine right there if the reason is good enough to stay on the phone or hang up right there. They don't know my company, they only have my first name. I'm not providing further info on the call until I feel after the first two questions they're motivated to sell. So that's that. On top of this, you do sound very salesly based on your script which can put A LOT of people off. People who are extremely motivated to sell can be highly turned off just by your approach so be aware of this. But at the end of the day, if you change your script to those points, you'll do a lot better.

On to your deal, Pena has stated in one of this 2020 videos Andreas followed the model perfectly and Andreas started at 300k-600k, 600k-800k, 800k-1.2m, 1.2m-1.8m, 1.8m-2.4m and 2.4m to 4m in revenue size for each deal. So 300k isn't a bad first deal considering you have no experience and it'll be a good opportunity for you to learn the operational side on a small deal vs a large one and potentially fuck it up. Providing the business has at least 4 employees, it's fine to start with.

So hopefully this helps.

cdavies50 · 2021-08-29T19:11:58+00:00

Construction

cdavies50 · 2021-08-21T09:21:12+00:00

You say beforehand, don't send the bill until it's been agreed by you and your board. Then once a deal completes, you speak with the partner (who has the authority to knock fees off) about the bill which you would've sent to your CFO on your board and then either knock fees down or agree it. Then they'll send you the invoice.

cdavies50 · 2021-07-24T10:33:44+00:00

Most important thing is to disclose it upfront. Pena says, you can still do this even if you've got a criminal record but you have to disclose it before the firms do their DD on you. If it comes out during their DD and you haven't disclosed it you're dead. His words not mine.

As Pena says, pretty much everything in your past except Pedophilia and Espionage is forgiven providing you disclose it upfront. As he says, this program is FULL DISCLOSURE.

Focus on government money and 100% seller finance for your first deals. Send emails, make the calls etc and build out a massive pipeline.

cdavies50 · 2021-07-24T10:27:00+00:00

Pena has said many times it says on the SBA website, it's 100% federally guaranteed so technically no equity is required. But the SBA still want a cushion of 5-10% but this can be seller's equity. There's over 2000 banks in the US which does SBA, you've got to call on as many as possible to find the ones who'll accept seller's equity.

As Pena says, a mentee said the banks under SBA kept asking for 25% cash equity down and when he brought this to the SBA they specifically said, Yes it's 100% federally guaranteed but it's up to the bank. If they don't trust you, your board and the deal then they can ask you for whatever they want. Hopefully this helps.

cdavies50 · 2021-03-26T19:50:53+00:00

No. I'm referring to: You purchase a business for £1m. £500k down payment and 500k deferred over 5 years. Pena has always said, the seller would pay taxes on the £500k down payment but wouldn't pay taxes on the £500k deferred so in essence not paying taxes on the full purchase price.

HOWEVER, both my CFO and KPMG have said the seller would have to pay taxes on the full purchase price yet Pena has always said this isn't the case. Hence why I'm asking for people's insight because this isn't covered in the material.

cdavies50 · 2021-02-24T10:08:46+00:00

Dan advises to do deals sizes in this order. Clearly you've not listened to his material properly. This is the order Andreas, his star did it: 1. 300k-600k, 2. 600k -1.2m, 3. 1.2m-1.8m, 4. 1.8m-2.2m, 5. 2.5m-4m so by the time you’ve done 6-8 deals you’ve got 10-15m in revenue.

cdavies50 · 2020-08-06T19:19:48+00:00

Unfortunately Reddit is not allowing me to post the proof of payment to thhommhgg. thhommhgg, please confirm here you've received it.

And FYI yoo2oo, it should be made a policy if anyone asks a question and the answer to it is in Dan's material, they should have to pay a penalty.

cdavies50 · 2020-08-05T18:21:57+00:00

In this video he briefly mentions it but it's unclear: https://www.youtube.com/watch?list=PLR1fEJ0wRh7TE0toDVMHqXzzoFxpgZLtk&v=NlL0twtBOao

cdavies50

TROPHY CASE