This gent, one Chris Kimbell, decided a good way to get a lead on an accounting firm to buy would be to turn to the artist formerly known as Twitter and put his feelers out. Simple enough query, right?
I’m officially starting my hunt for acquiring an accounting firm.
— Chris Kimbell (@MeChrisKimbell) May 6, 2024
General Filters:
* $0.7M – $1.5M revenue
* None to <2% tax audits
* >10% bookkeeping and payroll (more the better)
*Any state excluding CA & NY, but prefer TX
What do you think?
Know anyone interested?
I’m not normally a Star Wars fan but pic.twitter.com/bTXZtw8uke
— Robert Sterling (@RobertMSterling) May 7, 2024
You’ll note Chris is not a CPA nor is he formerly (or informally) trained in the art of accounting. This comes up quite a lot in the responses.
You have nothing without the accountants and they are all exiting.
— S~a~r~a~h (@Sarah238213) May 7, 2024
How do you seriously think you will run accounting/tax firm with no experience in actual accounting or tax?
Don’t let people feed you the but but CPA…
— S~a~r~a~h (@Sarah238213) May 7, 2024
Guys what has CPA done for you?
Middle class slave labor & most don’t see their kids & no pension or equity
AICPA isn’t even trying to stop offshoring to India & the work is terrible.
ALL Big 4 are outsourcing to India.
Unless you have a great system and a plan for staffing don’t do it – no one wants to be an accountant anymore
— gldoha (@gldoha) May 7, 2024
Do you have an accounting background and know what it takes to run a firm? I’m afraid that it’s not as easy as simply having a manager to run your business, while you focus on sales.
— Parker Lathrop (@travelwithparkr) May 7, 2024
Maybe with a brick and mortar type business you could do that! Accounting firms require hands-on…
So you think you would convince a CPA to be a manager at a small version of some Liberty Tax type of company? 😂
— Brandon Brock (@brandonbrock24) May 7, 2024
This is a formula for increasing costs to consumers and decreasing service then competency. But the lipstick looks good, kinda like an @DRHorton house.
— Aaron Sundstrom (@AA_ron1975) May 7, 2024
I purchased 3 firms. If you are not an accountant, I highly recommend reconsidering
— Benjamin Wann, CMA, CSCA, MBA, PMP (@BenWann_CMA) May 7, 2024
Bonus points to this person who did the math on an accounting firm for sale.
Don't buy this firm. Avg 1040 $295. They want 4 times earnings. No way. pic.twitter.com/VQNJej8fWS
— stop bunting now (@SSCougFan) May 7, 2024
There are currently 3,460 other practices listed for sale on accountingpracticesales.com, surely he can find one or two worth entertaining there.
We’ll be sure to check back in on him in a year.