The polarization of PE in the accounting industry. Outrage of the day? Perhaps.
When I was in my 20’s and looking for a job post public accounting, I came back from an interview and called a mentor. I told him I wasn’t sure if I wanted the job and had a list of things I didn’t see as positives.
My mentor had advice that has stuck with me for 30 years, “Shannon, don’t turn down the job until you get the offer.” Great advice... that I have passed on through the years when appropriate. This advice is very relevant to the accounting industry today.
Don’t turn down the offer until you get it!
I appreciate the tracks to transition a firm. Upstream merger, outright sell, merger of equals, internal transition or sell to PE (insert daily outrage) to name a few.
My point is that all the tracks have one thing in common, you need to have something to sell and that someone wants to buy.
It’s business, folks, and that starts with having a profitable, cash flow positive business with bench strength. Easier said than done.
Some Renew metrics to consider (we don’t trade in fluff):
We also advise firms that there’s no such thing as a lifestyle practice. You should make your $$ as you go. Again, don’t assume someone’s going to come along at the end and set you up for life. Don’t turn down the offer until you get it.
Before you turn down the offer create a firm and business that someone wants to buy.
If your numbers aren’t where they need to be then keep at it (we can also help – you’re welcome to schedule a call to discuss). Renew has significant experience in helping firms transition. Discover more about our structured approach on our website.
