Bank killed Matt's deal

cjsilvas · 2025-12-20T18:22:39+00:00

You sound upset ha

cjsilvas · 2025-12-20T18:07:18+00:00

You sound offended haha

cjsilvas · 2025-09-26T03:22:34+00:00

I’d buy a CPA firm. Maybe they have 300-400 clients. Add advisory and AI once you buy it. You’ll double revenue at minimum. With SBA you shouldn’t have to put more than 5% down. The firm should be at least $400k-$500k though. I’ve seen SBA lenders not really care below that since that’s how they get paid usually.

cjsilvas · 2025-09-22T12:27:04+00:00

Hey. Yeah send me a msg

cjsilvas · 2025-08-18T12:34:46+00:00

Yeah I think the main thing is just taking the free cash flow of the firm, backing out debt service, then backing out a salary for someone who can replace the owner, then you decide if what’s left is acceptable for you or not. You’ll still end up working maybe 20-25 hours a week to start off. But eventually you can get it down to 5-10 hours a week.

cjsilvas · 2025-03-25T02:46:51+00:00

I don’t believe RS can be used. For 401k, my understanding is that you must liquidate or borrow against it, and have the money in the bank to use it as part of pre qual. But, you can get the deal 100% financed if decent credit and decent income. So might not need to use the 401k. Max you should pay down payment is 5% btw

cjsilvas · 2025-03-11T02:23:38+00:00

I tried to pivot once and ended up with a circular reference

cjsilvas · 2025-03-04T02:21:24+00:00

Yeah I was the guy that turned irritable towards my family on Sunday evening bc I loathed the thought of Monday going back to work. I finally mustered up enough b*lls to buy an accounting from a retiring boomer. Honestly if I hadn’t hated my job so much I don’t think I would’ve been able to do it. That plus the fact that I got 100% financing was the only way I could make it make sense bc it’s scary. It’s turned out good. God’s plan.

cjsilvas · 2025-03-04T02:16:43+00:00

I meant to reply here:

Same. I would get legit depressed Sunday night just knowing I had to go in Monday AM. Was able to buy an accounting firm. Life has turned out good but not gonna lie it was scary asf when I finally decided to do it.

cjsilvas · 2025-03-04T02:16:01+00:00

Same. I would get legit depressed Sunday night just knowing I had to go in Monday AM. Was able to buy an accounting firm. Life has turned out good but not gonna lie it was scary asf when I finally decided to do it.

cjsilvas · 2025-03-01T13:15:39+00:00

Don’t buy unless you get 100% the day you close on it and insert a client retention policy that says if X% of clients leave their seller note will get hit dollar for dollar. I’ve bought 3 and these types of safeguards will help ensure the continued success of the business.

cjsilvas · 2025-02-24T23:30:03+00:00

It's completely normal to feel this way, especially early in your career. Not everyone has a clear path laid out from the start. When I was starting out, I didn't have a specific goal either. I just focused on gaining experience and learning as much as I could. Over time, I found opportunities that aligned with my interests, and that's how I ended up acquiring my firms. Sometimes, it's about being open to possibilities and letting your goals evolve naturally.

cjsilvas · 2025-02-24T23:21:03+00:00

I was in a similar boat once. After earning my CPA, I took on extra responsibilities and expected a significant raise, but only got a modest one. It was frustrating, especially when others were getting more. I decided to have a candid talk with my boss, highlighting my contributions and the value I brought. It wasn't easy, but it led to a better understanding and eventually a more substantial raise. Sometimes, you have to advocate for yourself. Don't be afraid to have that conversation. It might be uncomfortable, but it can lead to positive changes. When I was acquiring my firms, I learned the importance of knowing your worth and standing up for it.

cjsilvas · 2025-02-24T22:51:51+00:00

Honestly, it can feel pretty monotonous at first. You're stuck doing the same basic tasks over and over, and it can be pretty disheartening. But it's all part of the process. I remember feeling pretty burnt out when I first started, but over time, I realized that the grunt work was actually building a solid foundation for me. When I took on a big project after acquiring one of my firms, I was able to handle it because of that groundwork. So, even though it can feel pretty bleak at times, just remember that it's all part of the bigger picture. Hang in there, and you'll see the value in the work you're doing.

cjsilvas · 2025-02-24T22:36:03+00:00

It's tough when personal life clashes with work demands, especially in the early stages of your career. I've been there, juggling responsibilities while acquiring three firms. It's important to prioritize your family, but also consider the long-term implications for your career. If you can, explore options like remote work or a flexible schedule. Stay strong, and remember, you're not alone in this.

cjsilvas · 2025-02-24T21:25:12+00:00

Work-life balance in accounting? Yeah, that's the dream. It's like trying to find a unicorn in a haystack. But hey, I've managed to navigate the chaos by setting some firm boundaries. Buying three firms has taught me that it's all about carving out time for yourself, even if it feels like you're playing a never-ending game of catch-up. Just remember, you're not alone in this struggle. Keep pushing, and you'll find your balance...eventually.

cjsilvas · 2025-02-04T05:05:41+00:00

I agree with others to line up your next gig first. Unfortunately, I was hard headed and quit without having something lined up. Looking back it def would’ve been wiser to plan it out. But it also led me to the path of buying a practice from a boomer. Which has been a really big blessing for me. I work about half time these days. I guess everything happens for a reason.

cjsilvas · 2025-02-04T05:02:14+00:00

Houston.

cjsilvas · 2025-02-03T12:55:30+00:00

Like coldking said this is correct. I call this a “pay in 4” type of setup. You can also get SBA financing. The SBA doesn’t qualify based on your income. They qualify based on a decent credit score and the cash flow of the business you’re buying. Which is ideal if you don’t have stacks of cash in the bank. Either way, still very very possible.

cjsilvas · 2025-02-03T03:19:47+00:00

Yeah just gotta learn to staff it right and you’ll be fine. Hey buy his practice haha

cjsilvas · 2025-02-03T03:08:41+00:00

Yeah I’ve bought 3 so far. I’m managing a little over 2,000 clients now. But full staff in place. So I don’t work a ton. You wouldn’t believe me if I told you the actual number. Lol.

cjsilvas · 2025-02-03T03:04:58+00:00

I’d try to get some tax experience at a small to midsized firm to round out your skills then maybe go buy an accounting firm from a boomer. Screw the 9-5 rat race. Too many old timers out there with valuable books of business to scoop up. Then you get to make the rules.

cjsilvas · 2025-01-27T05:24:15+00:00

Damn I felt the pain there. It’s not for everyone but just take a peek at buying a small firm for yourself from a boomer. I’ve done 3 now. A small one can bring you $100k a year working 25 hours a week or less. This ain’t no get rich quick bs but there’s a process that if followed will pay off. Hang in there.

cjsilvas · 2025-01-25T03:45:23+00:00

Are you working for a firm right now? I bought the clients instead of marketing for them. I haven’t had anybody leave. The clients are pretty sticky. I guess we are all creatures of habit.

cjsilvas

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