Who's Really the BOSS?

Tim Abbott shares his journey from merging his small practice into MJ Vanden Brook in 2012 to becoming the third-generation owner of the 50-year-old firm. He discusses two major acquisitions, including modernizing operations from clipboards to cloud technology, and reveals why keeping previous owners around for 2-3 years led to high client retention rates.Introducing Collective by DBAhttps://collective.cpahttps://www.linkedin.com/company/collectivebydbaLearn More About Dillon Business Advisorshttps://www.dillonadvisors.comhttps://www.linkedin.com/company/dillonbusinessadvisorsSign up to get free CPE for listening to this podcasthttps://earmarkcpe.comDownload the Earmark CPE AppApple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app(00:00) - Introduction and Welcoming Tim Abbott (01:08) - Tim Abbott's Background and Firm Overview (02:50) - Team Structure and Work Environment (04:12) - Personal Life and Family (05:22) - Best Advice Received (06:48) - Journey to Business Ownership (08:13) - First Acquisition and Modernization Efforts (11:34) - Second Acquisition and Transition Challenges (18:49) - Client Transition and Relationship Management (20:49) - Lessons from Recent Acquisitions (22:15) - Challenges with Referral Sources (24:31) - Surprises Post-Acquisition (28:55) - Evaluating Buy vs. Build (33:51) - Current Goals and Initiatives (41:48) - Importance of Peer Relationships (45:53) - Looking Ahead: Future Plans (48:05) - Conclusion and Contact Information

Rachel and Marcus share their approach to "improvement season" - the strategic summer months between tax deadlines when most accounting firms slow down. They break down their four-part framework of recharge, review, refocus, and refine, revealing how they used this time to tackle everything from cybersecurity upgrades to team candor training after completing a firm acquisition. The duo candidly grade their own performance while discussing the challenges of maintaining momentum when team members are taking well-deserved vacations.Introducing Collective by DBAhttps://collective.cpahttps://www.linkedin.com/company/collectivebydbaLearn More About Dillon Business Advisorshttps://www.dillonadvisors.comhttps://www.linkedin.com/company/dillonbusinessadvisorsSign up to get free CPE for listening to this podcasthttps://earmarkcpe.comDownload the Earmark CPE AppApple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app(00:00) - Welcome to Who's Really the Boss (00:55) - Family Updates (03:01) - Accounting Firm's Busy Season (03:44) - Improvement Season Concept (07:51) - Recharge: Rest and Relaxation Strategies (15:54) - Review: Analyzing Feedback and Performance (22:49) - Refocus: Aligning with Mission and Vision (24:56) - Refine: Setting Goals and Execution Plans (30:09) - Technology and Security Enhancements (36:29) - Soft Skills and Team Dynamics (40:41) - Client Alignment and Service Models (45:00) - Growth Strategies and Future Planning (51:12) - Conclusion and Final Thoughts

Matt Kidd joins us and shares how he transformed a traditional 1040 firm into a hybrid practice offering both tax services and wealth management after acquiring a $400K firm at age 26. He breaks down the practical steps of adding an RIA to your CPA practice, from choosing between broker-dealers and registered investment advisories to navigating compliance requirements and team buy-in. Matt also discusses his strategy of trading high-volume tax clients for higher-value financial planning relationships and why the "good enough" mentality has been crucial to his firm's evolution.Connect with Matt Kiddhttps://www.blundenkidd.com/who-we-are/matthew-s-kiddhttps://www.linkedin.com/in/matthewkiddcpaIntroducing Collective by DBAhttps://collective.cpahttps://www.linkedin.com/company/collectivebydbaLearn More About Dillon Business Advisorshttps://www.dillonadvisors.comhttps://www.linkedin.com/company/dillonbusinessadvisorsSign up to get free CPE for listening to this podcasthttps://earmarkcpe.comDownload the Earmark CPE AppApple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app(00:00) - Welcome to Who's Really the Boss (01:39) - Matt Kidd's Background and Firm Acquisition (03:08) - Challenges and Changes in the Firm (04:34) - Social Director and Best Advice (08:45) - Firm Structure and Remote Work (10:37) - Expanding Services: Financial Planning and Wealth Management (13:48) - Client Conversion and Relationship Building (24:17) - Navigating Financial Advisor Relationships (29:46) - Understanding Financial Planning Routes (31:02) - Broker Dealers vs. RIAs (32:04) - Turnkey Asset Management Providers (TAMPs) (33:10) - Choosing the Right Financial Model (44:20) - Growth and Client Retention Strategies (47:49) - Networking and Professional Development

Rachel and Marcus share their journey of learning when and how to delegate responsibilities as their firm grew from $400K to over $3M in revenue. They break down specific tasks that should be delegated at different revenue milestones, from administrative work in the early days to entire service lines as the business scales. The conversation covers common delegation mistakes, the importance of building processes before handing off responsibilities, and why thinking in terms of roles rather than individual people creates better outcomes for everyone.Introducing Collective by DBAhttps://collective.cpahttps://www.linkedin.com/company/collectivebydbaLearn More About Dillon Business Advisorshttps://www.dillonadvisors.comhttps://www.linkedin.com/company/dillonbusinessadvisorsSign up to get free CPE for listening to this podcasthttps://earmarkcpe.comDownload the Earmark CPE AppApple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app(00:00) - Welcome to Who's Really the Boss (02:19) - Transitioning to Empty Nesters (04:54) - Mastermind Group Insights (06:04) - The Art of Delegation (08:35) - Delegation Strategies and Examples (15:34) - Growth and Organizational Changes (17:31) - Early Delegation Experiences (28:53) - The Importance of Role-Based Org Charts (31:03) - Streamlining Operations for Better Client Service (36:09) - Shadowing and Training for Effective Delegation (38:59) - Evolving the Interview Process (45:22) - Onboarding Evolution and Best Practices (49:41) - The Role of Structure and Processes in Delegation (53:26) - Final Thoughts on Delegation and Growth

Shawn Gubler of Kinexus CPAs shares how he transformed his approach to firm ownership by taking vacations during tax season, building meaningful partnerships, and creating systems that allow his team to thrive without him. He discusses the challenges of growing from $1-3 million in revenue, the importance of hiring people who will challenge you, and why giving more than you take has been the foundation of his success. Shawn also opens up about the value of one-on-one advisory relationships and how stepping back as an owner has actually improved client service and team development.Connect with Shawnhttps://stgcpas.com/https://www.linkedin.com/in/shawn-gubler-10a92b5Introducing Collective by DBAhttps://collective.cpahttps://www.linkedin.com/company/collectivebydbaLearn More About Dillon Business Advisorshttps://www.dillonadvisors.comhttps://www.linkedin.com/company/dillonbusinessadvisorsSign up to get free CPE for listening to this podcasthttps://earmarkcpe.comDownload the Earmark CPE AppApple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app(00:00) - Introduction and Guest Welcome (00:57) - Shawn's Personal Background (04:35) - Best Advice Received (05:36) - Kinexus CPA Team and Firm Structure (08:02) - Growth and Client Services (22:04) - Hiring Trends and Market Shifts (25:07) - Current Goals and Initiatives (28:01) - Breaking Through Plateaus (35:23) - Client Relationships and Succession Planning (43:36) - Starting a Firm: Lessons Learned (50:27) - The Importance of Advisory Relationships (54:47) - Conclusion and Final Thoughts

Nate Goodman shares his remarkable journey from starting a church bookkeeping practice in 2019 to building a $1.7 million CPA firm by age 29. He opens up about the challenging early years that included eating rice and beans to survive, studying for the CPA exam with a newborn during COVID, and making crucial pivots that transformed his struggling practice into a thriving business.Connect with Natehttps://goodmancpa.llc/Introducing Collective by DBAhttps://collective.cpahttps://www.linkedin.com/company/collectivebydbaLearn More About Dillon Business Advisorshttps://www.dillonadvisors.comhttps://www.linkedin.com/company/dillonbusinessadvisorsSign up to get free CPE for listening to this podcasthttps://earmarkcpe.comDownload the Earmark CPE AppApple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app(00:00) - Welcome to Who's Really the Boss (01:04) - Nate's Personal and Professional Background (02:03) - Starting the Firm and Early Challenges (05:53) - Advice and Inspirations (07:45) - Connecting with Collective by DBA (10:21) - Firm Growth and Acquisitions (21:58) - Hurricane Helene and Overcoming Adversity (24:46) - Firm's Work Setup: In-Office, Remote, and Hybrid (27:00) - Challenges and Successes in Hiring Remote Talent (33:01) - Mentorship and Team Dynamics (36:36) - Advice to Younger Self and Current Focus (39:59) - Client Metrics and Performance Bonuses (43:00) - Sales Team Structure and Compensation (44:55) - Client Focus and Work-Life Balance (49:20) - Building a Peer Network and Community (52:59) - Final Thoughts and Contact Information

After spending 20 and 30 years respectively at their previous firm, Anna and Gwen made the leap to start Hodges and Hergenrader in October 2023, and the results speak for themselves. In just 18 months, they've built a thriving practice with 177 new clients, $1.7M in revenue, and a team that doesn't work overtime during tax season. They join Rachel and Marcus to share the real story behind their dining room table planning sessions, why they chose to open two offices from the start, and how focusing on monthly services instead of just tax returns transformed their approach to client relationships.Connect with Anna and Gwenhttps://www.handhadvisors.com/ Introducing Collective by DBAhttps://collective.cpahttps://www.linkedin.com/company/collectivebydbaLearn More About Dillon Business Advisorshttps://www.dillonadvisors.comhttps://www.linkedin.com/company/dillonbusinessadvisorsSign up to get free CPE for listening to this podcasthttps://earmarkcpe.comDownload the Earmark CPE AppApple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app(00:00) - Welcome to Who's Really the Boss (01:50) - Personal Backgrounds of Gwen and Anna (05:13) - Best Advice Ever Received (07:55) - Starting a New Firm: Challenges and Successes (08:39) - Firm Operations and Client Services (15:57) - Team Building and Hiring Practices (21:00) - Early Days and Setting Up the Firm (30:30) - Securing Office Space in Raleigh and Wilmington (33:19) - Balancing Work and Personal Life (35:45) - Reflecting on Business Challenges (37:47) - Learning from Experience (46:57) - Future Goals and Initiatives (50:10) - The Value of Community Support (54:23) - Final Thoughts and Gratitude

Rachel and Marcus dive into planning their upcoming Mexico retreat for all 26 Dillon Business Advisors team members and spouses. After surveying their team using Patrick Lencioni's Five Dysfunctions framework, they discovered areas for improvement in conflict resolution and peer accountability that will shape their four-day agenda. The conversation covers everything from budget-friendly international retreats to turning team weaknesses into connection opportunities. Introducing Collective by DBAhttps://collective.cpahttps://www.linkedin.com/company/collectivebydbaLearn More About Dillon Business Advisorshttps://www.dillonadvisors.comhttps://www.linkedin.com/company/dillonbusinessadvisorsSign up to get free CPE for listening to this podcasthttps://earmarkcpe.comDownload the Earmark CPE AppApple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app(00:00) - Welcome to Who's Really the Boss (05:15) - Summer Plans and Team Retreats (06:22) - Planning the Mexico Retreat (09:03) - Team Building and Improvement Initiatives (16:05) - Five Dysfunctions of a Team (26:32) - Planning the Retreat Agenda (27:58) - Team Transparency and Goals (30:09) - Mid-Year Check-In (34:55) - Turning Conflict into Connections (39:52) - Cell Phone Security (41:37) - Client Categorization (46:09) - Permission for Peer Accountability (48:13) - Team Building Activities (50:48) - Final Thoughts and Logistics

The traditional 1X revenue multiple for accounting firms is becoming a relic of the past, with some firms now commanding 4-6X EBITDA valuations. This episode explores the difference between selling a client block versus a true business, the rise of private equity platforms, and what really drives firm valuations in today's market. From acquihires to equity rolls, Marcus and Rachel break down deal structures, share real examples, and discuss what sellers need to watch out for in purchase agreements.Introducing Collective by DBAhttps://collective.cpahttps://www.linkedin.com/company/collectivebydbaLearn More About Dillon Business Advisorshttps://www.dillonadvisors.comhttps://www.linkedin.com/company/dillonbusinessadvisorsSign up to get free CPE for listening to this podcasthttps://earmarkcpe.comDownload the Earmark CPE AppApple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app(00:00) - Welcome to Who's Really the Boss (00:34) - Reflecting on Milestones and Emotions (01:57) - Transition to Empty Nesters (02:07) - Celebrating Life's Seasons and Looking Ahead (03:14) - Discussion on Mergers and Acquisitions (M&A) (06:23) - Valuation and Growth Strategies (08:14) - Challenges and Opportunities in Acquisitions (09:38) - Owner's Role Post-Acquisition (21:03) - Employment Contracts and Budget Considerations (25:25) - Building Sustainable Businesses (27:29) - Understanding Firm Valuation and Cash Components (29:31) - Equity Roll and Future Growth Potential (32:31) - Private Equity and Strategic Buyers (35:28) - Marketing and Sales Considerations for Selling (37:03) - Navigating Deal Terms and Guarantees (38:23) - Organic Growth and EBITDA Challenges (40:34) - Acquisition Strategies and Personal Experiences (44:35) - Building Relationships and Learning from Others (49:36) - Final Thoughts and Encouragement

Rachel and Marcus recap their recent RECHARGE conference, an in-person event for accounting firm owners that fostered deep discussions on KPIs, firm valuations, and incentivizing team performance. They highlight key takeaways including how current M&A deals are structured, the importance of optimizing Google Business Profiles, and practical automation tools that attendees implemented within days. The hosts emphasize the value of prioritizing one or two meaningful improvements rather than attempting everything at once, reflecting on how the collective wisdom of the community continues to shape growth for everyone involved.Introducing Collective by DBAhttps://collective.cpahttps://www.linkedin.com/company/collectivebydbaLearn More About Dillon Business Advisorshttps://www.dillonadvisors.comhttps://www.linkedin.com/company/dillonbusinessadvisorsSign up to get free CPE for listening to this podcasthttps://earmarkcpe.comDownload the Earmark CPE AppApple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app(00:00) - Welcome to Who's Really the Boss (01:04) - Recap of Recent Events and Busy Schedules (02:40) - The Impact of Recharge Conference (05:14) - Day 1 Highlights: Welcome Reception (08:38) - Day 2 Highlights: Breakfast and Morning Sessions (16:55) - Key Performance Indicators (KPIs) Session (23:04) - Mergers and Acquisitions (M&A) Insights (30:56) - Understanding Business Valuation (32:22) - Automation AI, and IT (43:39) - Marketing Strategies and Google Business Profiles (50:38) - Team Incentives and Performance (53:53) - Recruiting and Hiring Best Practices (56:41) - Final Recap and Future Plans

Rachel and Marcus are joined by Amy McCarty to discuss DBA's recent acquisition of a St. Louis-based accounting firm on January 31st - right in the middle of tax season. They explore the challenges of integrating different technology systems, managing team expectations, and maintaining client relationships during this critical period. Despite the timing challenges, the team shares how they've already recouped their down payment in revenue and gained valuable insights about client service, team integration, and technology transitions that will shape their future growth strategies.Introducing Collective by DBAhttps://collective.cpahttps://www.linkedin.com/company/collectivebydbaLearn More About Dillon Business Advisorshttps://www.dillonadvisors.comhttps://www.linkedin.com/company/dillonbusinessadvisorsSign up to get free CPE for listening to this podcasthttps://earmarkcpe.comDownload the Earmark CPE AppApple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app(00:00) - Welcome to Who's Really the Boss (01:15) - Amy's Background and Role at DBA (05:02) - Insights and Advice from Amy (07:45) - Acquisition Update: Overview and Initial Steps (09:28) - Acquisition Details and Integration Challenges (13:51) - Why We Did This During Tax Season (23:54) - Technology Transition and Future Plans (32:03) - Client Communication and Software Integration (34:40) - Team Member Updates and Roles (36:03) - Challenges and Reflections (42:10) - Client Feedback and Retention (45:19) - Biggest Challenges and Wins (53:14) - Aligning with Company Values (56:32) - Final Thoughts and Future Plans

Rachel and Marcus discuss the critical period between April 15th and August 15th, which they call "improvement season" for accounting firms. They outline a structured approach to maximizing this time, starting with intentional rest and recovery, collecting team feedback while experiences are fresh, refocusing on core values, and refining processes and client relationships. They emphasize making hard decisions early during this period to test changes during extension season and set the firm up for greater success in the following year.Get Our Free Improvement Season Resource Guidehttps://collective.cpa/improvement-season-downloadIntroducing Collective by DBAhttps://collective.cpahttps://www.linkedin.com/company/collectivebydbaLearn More About Dillon Business Advisorshttps://www.dillonadvisors.comhttps://www.linkedin.com/company/dillonbusinessadvisorsSign up to get free CPE for listening to this podcasthttps://earmarkcpe.comDownload the Earmark CPE AppApple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app(00:28) - Welcome and Family Updates (06:07) - Dylan Business Advisors: Improvement Season (10:49) - Rest and Recharge After Tax Season (21:39) - Collecting Feedback and Celebrating Team (27:08) - Team Incentives and Remote Work Challenges (29:44) - Transforming Team Structure and Celebrations (32:21) - Planning Retreats and Celebrations Mindfully (35:24) - Importance of Improvement Season (40:17) - Making Hard Decisions for Team and Client Management (48:02) - Refining Processes and Team Structure (52:19) - Improvement Season Guide and Final Thoughts

Rachel and Marcus discuss the practical steps they took at Dylan Business Advisors to move from 70-hour workweeks to a sustainable 36-hour workweek year-round. They explore how evaluating and exiting non-ideal clients, refining service offerings, and implementing their "team of three" structure created significant capacity in their firm. The conversation covers both immediate relief strategies for overwhelmed firm owners and long-term structural changes that transformed their business while increasing profitabilityIntroducing Collective by DBAhttps://collective.cpahttps://www.linkedin.com/company/collectivebydbaLearn More About Dillon Business Advisorshttps://www.dillonadvisors.comhttps://www.linkedin.com/company/dillonbusinessadvisorsSign up to get free CPE for listening to this podcasthttps://earmarkcpe.comDownload the Earmark CPE AppApple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app(00:00) - Welcome to Who's Really the Boss (00:51) - Dylan Business Advisors Firm Update (01:53) - Acquisition of Remote Accounting Firm (02:20) - Challenges and Adjustments Post-Acquisition (04:53) - The Bottleneck Issue in Small Accounting Firms (08:39) - Team Structure and Efficiency Improvements (12:34) - Capacity Management and Client Prioritization (16:02) - Implementing Changes and Overcoming Challenges (19:27) - Reflecting on Progress and Future Plans (29:18) - Balancing Work and Personal Life (31:03) - Identifying Ideal Clients and Setting Boundaries (34:17) - Team Collaboration and Recap (36:03) - Client Bottlenecks and Solutions (46:06) - Exiting Non-Ideal Clients (52:43) - Evaluating Service Lines (57:24) - Final Thoughts and Resources

Rachel and Marcus discuss the common problem of owners becoming the bottleneck in accounting firms under $3 million. They share their experience implementing their "Team of Three" structure to delegate work effectively, improve client service, and increase capacity without working more hours. They provide practical strategies for identifying your firm's constraints and restructuring your team to break through capacity limitations.Introducing Collective by DBAhttps://collective.cpahttps://www.linkedin.com/company/collectivebydbaLearn More About Dillon Business Advisorshttps://www.dillonadvisors.comhttps://www.linkedin.com/company/dillonbusinessadvisorsSign up to get free CPE for listening to this podcasthttps://earmarkcpe.comDownload the Earmark CPE AppApple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app(00:00) - Welcome to Who's Really the Boss (06:27) - Main Topic Introduction: Identifying Bottlenecks in Accounting Firms (07:32) - Common Bottlenecks: The Owner's Role (08:51) - Delegation and Team Structure (18:30) - Reorganizing the Team: Overcoming Capacity Issues (21:10) - Team Structure and Collaboration (24:50) - Implementing the Team of Three (29:36) - Challenges and Benefits of Role Allocation (32:34) - Delegation and Capacity Management (37:41) - Transitioning and Elevating Roles (45:26) - Final Thoughts and Recommendations

Doug Lewis of The Visionary Group shares insider knowledge on the current accounting firm M&A landscape, revealing how valuation truly works and what buyers prioritize. He debunks common misconceptions about firm valuations and discusses why talent development, fee structure optimization, and understanding your top clients' goals are critical for maximizing your firm's value. The episode delivers practical advice for firm owners considering succession options and emphasizes that every accounting firm eventually transacts in one of three ways: external sale, internal succession, or closing the doors.Connect with Doug Lewishttps://www.linkedin.com/in/dlewis715https://thinkvisionary.com/team/doug-lewis/Introducing Collective by DBAhttps://collective.cpahttps://www.linkedin.com/company/collectivebydbaLearn More About Dillon Business Advisorshttps://www.dillonadvisors.comhttps://www.linkedin.com/company/dillonbusinessadvisorsSign up to get free CPE for listening to this podcasthttps://earmarkcpe.comDownload the Earmark CPE AppApple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app(00:00) - Welcome to Who's Really the Boss (01:48) - Doug Lewis: Professional Background (04:08) - Doug Lewis: Personal Life (05:25) - The M&A Landscape in Accounting (08:57) - The Best Advice You Ever Recieved (12:23) - The Evolution of Visionary Group (16:13) - Current Trends in M&A (23:21) - Valuation and Growth Strategies (26:36) - What Buyers Are Looking For (34:36) - Identifying Current Buyers in the Market (36:46) - Types of Business Transactions: Acquisition, Merger, and Hybrid (39:48) - Increasing Firm Value: Key Strategies (47:46) - The Importance of Client Relationships (53:50) - Biggest Misconceptions on Seller Side (56:24) - Future of M&A in the Accounting Profession (01:00:11) - Final Thoughts and Recommendations