#AccountingShowLA: Things you need to know if you want to sell (or buy) an accounting firm!

Sponsor Accounting & Finance Show: http://cloudaccountingpodcast.promo/accountingshowla Show Notes 00:32 -- Greetings from sunny L.A. and the Accounting and Finance Show! 01:33 -- Podcasting - Blake's gift to the world! 01:49 -- Meet Shannon Hay, VP at Live Oak Bank 02:44 -- Meet Dr. Curtis Cochran, President/CEO of Cochran Consulting 03:42 -- Why Cochran gives every new client a thorough exam 05:45 -- What are the key considerations for selling your accounting firm? 06:44 -- Are you worth less if you don't have your head, or your book of business in the cloud? 07:09 -- Shannon talks valuation and the many variables involved 09:27 -- Evaluating an accounting or bookkeeping firm's worth is an art, not a science 10:37 -- It's a numbers game. The gentlemen discuss multiples 11:55 -- Curtis argues that annual cash flow is a better determinant of value than gross revenue 13:26 -- Why sell? Shannon talks about the various reasons firm owners want out 15:59 -- One-stop shopping is not just for Amazon. Accounting and bookkeeping clients want more than just the basics 17:37 -- Want to start your own accounting firm? Odds are stacked in your favor, if you have the right combination of knowledge, tech, and exceptional customer service 18:25 -- Buyer's market or seller's market? Our guests have differing points of view 19:33 -- Shannon believes many boomer firm owners still haven't decided to take their leave yet 20:26 -- The young guns aren't buying up accounting firms. A growing consensus of younger accountants thinks it's easier to just steal clients away 22:25 -- Don't wait til it's too late. Even if you didn't start your firm with the finish line in mind, now is the time to get that exit plan in place! 24:21 -- Buyers need to see the potential, not the past 27:01 -- If you are sans exit plan, you're not alone. A fair number of large and small companies don't have one either Connect with Our Panelists Dr. Curtis Cochran (President/CEO of Cochran Consulting): https://www.linkedin.com/in/ccochranconsulting/ Shannon Hay (Vice President, Accounting and Tax at Live Oak Bank): https://www.linkedin.com/in/shannon-hay-1b6bb88/ Get in Touch Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary . Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes , or Podchaser . Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus . Subscribe Apple Podcasts: http://cloudacctpod.link/ApplePodcasts Spotify: http://cloudacctpod.link/Spotify Google Play: http://cloudacctpod.link/GooglePlay Stitcher: http://cloudacctpod.link/Stitcher Overcast: http://cloudacctpod.link/Overcast