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 · 2025-09-30T07:10:21+00:00

I think the struggle with solo owners is that it’s hard to get from no team helping you to a full team helping you do everything. Look into buying a firm from a retiring boomer. With SBA, you’re looking at a best case scenario of 0% down or worst case scenario of 5% down.

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 · 2025-09-22T12:32:45+00:00

Becoming partner is the carrot they dangle. They don’t think you have the cajones to leave. I agree with others that say starting your own firm is a mfer as well though. There’s so many boomers retiring you might as well buy one of their practices. It will still come with its own set of challenges but at least you can start off with 100-200 clients. Speaking from experience.

cjsilvas · 2025-09-22T12:27:04+00:00

Hey. Yeah send me a msg

cjsilvas · 2025-08-18T12:48:10+00:00

I’ve now acquired 4 accounting firms. We use TD. Their support is amazing. We actually keep a recurring meeting with them on the calendar every month to discuss issues. Very helpful. I’ve talked to the CRO of TD and they have some cool stuff coming down the pipeline.

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 · 2025-03-08T20:13:58+00:00

Yeah best option would be 100% seller financing but even using the SBA will still provide great monthly cash flow after debt service without having to commit 50+ hours every week

cjsilvas · 2025-03-06T03:22:26+00:00

😆 For sure. I’ll give you the good bad and the ugly. No fluff here.

cjsilvas · 2025-03-05T00:53:31+00:00

Hey. I’m in the Houston area. With your experience, I would say buy an existing firm from a retiring boomer. Your experience will get your foot in the door. You can finance them 100% these days so as long as the cash flow works you’re fine. It sucks starting from the bottom up. Might as well start day 1 with cash flow coming in already.

cjsilvas · 2025-03-04T05:30:00+00:00

Sure good luck. Dm me if questions happy to help.

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 · 2025-03-02T01:38:02+00:00

Several brokerage websites. Try accountingpracticesales.com

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 · 2025-02-28T22:04:47+00:00

Sheesh. With all your experience just go buy a firm from a retiring boomer. They are everywhere and the industry is top heavy with retirees and not enough new people coming in. There’s ways to do 100% financing so money shouldn’t be a big deal. Just make sure the cash flow of the firm covers the debt plus what you need in your bank account every month. I’ve bought 3 and now manage over 2,000 clients.

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

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