38. How to buy an accounting firm with Michael Ly of Reconciled | Earmark Podcast

Michael Ly, founder and CEO of Reconciled, shares his advice for accountants, CPAs, and fellow entrepreneurs who are interested in purchasing a firm, based on his own experience as a buyer in three deals so far.
01:56 What is the focus of your firm?
02:55 How do you buy a accounting Firm?
05:38 How do you find the firms to buy?
09:02 Why you need a broker
13:20 What kind of firms are you buying?
15:41 How do you finance theses deals?
20:17 How to value an accounting firm
25:49 Why understanding the firm's customers is so important
27:23 What does your team look like?
28:49 Equity vs. asset purchase
31:48 How do you introduce this kind of change to the staff?
35:46 Can you do a deal and then go finance it?
36:35 What is the biggest mistake you have made?
39:35 What is Michael most proud of?
40:45 Risks for the seller

[@shannonhay3107]

Great work gentlemen. Thank you for sharing.

[@earmark]

Thank you!

[@innesska2]

Thank you for sharing. Very valuable

[@zhangyanjenny]

Do you have buying broker to recommend?