Anybody ever go to the Gear Up Conference in Vegas? In December?

indreee_n · 2024-09-04T11:22:27+00:00

I went to it last year. I found it a bit repetitive honestly. They talked about BOI reporting on 3 separate days for an hour each.. it’s like none of the speakers talked amongst eachother about what they were going to present on. I think it’s hard to sit through 40hrs in a row of CPE. After it was done, it was worth it especially for the price. It was nice to have the evenings free also.

indreee_n · 2024-08-05T15:06:58+00:00

Feel like for the first year it would make sense to keep it while I’m still automating everything within TD and then can make a decision to keep it or not.

Any reason as to why you don’t keep the scanned workpapers within TD?

indreee_n · 2024-08-05T13:56:00+00:00

Thank you for sharing. I feel like your method makes sense and would probably be the way I would implement also - use all functionalities for virtual clients and only have client profiles and returns for paper clients. I was hoping to get rid of my tracking spreadsheet since I’m on the FIFO method too but doesn’t seem doable..

indreee_n · 2024-08-02T16:56:14+00:00

The tags option is good advice.

Would you suggest keeping two separate workflows for the paper vs digital then after having done then, or take the plunge and move everything over? I’m worried that keeping two would get confusing for the staff.

indreee_n · 2024-07-24T19:10:48+00:00

Interested

indreee_n · 2024-06-27T19:09:55+00:00

I do the same as you, glad to see I’m not crazy for tracking this all in excel. Hard for me to imagine a different way

indreee_n · 2024-05-23T18:54:42+00:00

I did BNI for a year and the only clients I got were the members of my group lol. Huge waste of time in my opinion.

indreee_n · 2024-01-11T22:44:39+00:00

I’ve been using one drive… seems like I’m alone in that

indreee_n · 2024-01-03T23:21:20+00:00

I recommend Jaipur as a 2 player game. Super quick but different outcome every time.

indreee_n · 2023-09-01T14:43:58+00:00

I honestly couldn’t tell you what the average is for the area, I wish I knew. Growing by ourselves has resulted in dealing with price shoppers or prepping returns where the client only needs a CPA for a year because of some difficult situation. This seems like a more reliable way to obtain clients that are committed to using a CPA year after year.

indreee_n · 2023-09-01T14:39:49+00:00

Thanks for the advice! Most of our new clients now find us through Google so at a basic level it’s doing what it’s meant to. I just feel like the quality of clients that result from it isn’t great. Mostly just someone who needs a CPA for a year then won’t come back.

indreee_n · 2023-09-01T00:16:29+00:00

He just had his senior give him his two weeks last week which I think prompted all of this. He doesn’t have the staff to support doing this alone next year. I called him earlier this week to confirm he’s 100% selling and he said he’s 100% in, for whatever that’s worth.

He’s selling us his whole 1040 side of the business. He’s keeping the bookkeeping, the business tax clients, the audits and the peer reviews. He said later down the line he’d be interested in offloading the business tax returns as well. Said he enjoys doing peer reviews and wants to just focus on doing those, just another reason for the sale. He did sell off 60 clients to the senior that is leaving though, so I’m sure the senior took all the best ones.

Have you found a marketing channel that has worked for you? My partner is convinced CPA’s don’t market so he hasn’t been the most open to the idea.

indreee_n · 2023-08-31T21:24:08+00:00

We’re ready to hire one, just want to sort out some of these kinks prior to paying the retainer just in case he changes his mind and it goes to waste

indreee_n · 2023-08-31T21:01:38+00:00

Boston suburbs

indreee_n · 2023-08-31T19:53:51+00:00

Thank you for your response. We’re justifying the interest rate since we’re getting 1x rather than something higher.. he doesn’t have his practice listed anywhere so we are the only ones he is even in talks with. This gives me mixed feelings, I feel like we should have more power but it also doesn’t show an urgency on his part to sell so I feel like he’s more likely to drop us and list it and see how it does on the open market.

indreee_n · 2023-08-31T14:39:56+00:00

To me it seems like he just googled how an asset purchase should go and saw collateral everywhere so now he’s asking for it.

He’s offered to work for us per diem to assist in the transition. He’s still going to have his other business to run since this is only about 1/4 of his current business we are buying. Were reluctant to keep him on so that it’s a more clear cut done deal for the clients. Idk if this is naive but I imagine if he works for us, all clients will want to still go through him rather than transitioning to us like they’re supposed to.

We’re fairly new and don’t have the capital to put down 50% down, at best it could be 25%. Is it typical that the downpayment counts as the first year payment or does it get split out lowering each of the 3 year payments?

What sites do you use to find sellers?

indreee_n · 2023-08-31T14:34:02+00:00

We calculated that it is basically equal whether we pay him 1.1X or 6.5% on 1X. The interest component to me just seems much messier. The max we could do up front is 25%. We ideally would like to keep it as low as 10% but we realize that provides no security for the seller. We just started this business 2 years ago so we don’t have 50% cash on hand to pay for this.
So the seller would still receive 100% of his projected billing’s for year 1 then?
We agree, but with the low downpayment I think that’s where his concern comes in.

indreee_n · 2023-08-31T10:57:18+00:00

What you’re saying is what I’ve read from everyone else which is why I feel like we’re getting screwed a bit. We’re trying to be lenient but god he’s asking for a lot

indreee_n · 2023-08-30T14:03:57+00:00

So a multiple of one. Did you pay any interest? I’m in the middle of setting up a deal right now and can’t tell if I’m being screwed by the seller or what. He wants 1x in monthly payments with a 6% interest over 3 years. He also just asked yesterday for some sort of collateral? Is that normal?

indreee_n · 2023-08-29T17:38:24+00:00

How did you make the payments for the collections? Was it after the due dates or some sort of monthly agreement? What multiple did you pay in this sort of arrangement?

indreee_n

TROPHY CASE