Peter Vander Wall argues that accounting firm owners have better options than selling to a competitor, handing the business to family, or shutting down. Private equity firms have the operational tools to manage transitions successfully, and building your firm around PE checklist criteria makes the business more enjoyable to run.
Chapters
Here's what most accounting firms used to do as their exit strategy. They basically either had to sell to the other local guy who's trying to, like, build his local empire. They had to pass it down to their kids, or they had to just, like, close up shop. You don't sell for a premium to the other local guy who's trying to build his empire because he knows, like, a bunch of the clients are going to churn, a bunch of the employees are not going to like the new management. All this stuff. Right. Private equity has the tools in their pocket to make that transition successfully. If you can just look at what they want, kind of their checklist or their shopping list of what they're looking for in a firm, and plan it out that way. And by the way, if you set yourself up that way, you're going to love your business way more.