If that’s you, you don’t have a business—you have created a job. (With a terrible boss).
Contrast that with this text we received from Bobby Medlin, a Renew Member, who runs a terrific firm in Missouri:
Hi Shannon and Colin
I’m going home every night about 5:30 or 6:00. Then looking forward to coming in the next day.
Such a tremendous change from yesteryear when it was 1:00 am!
Thank you for the help along the way!!
Private equity and investors love the accounting profession right now—in our combined 50 years’ experience, we’ve never seen more liquidity. But most firms aren’t even an option.
If transition is on your mind in the next 5 years, here’s what you need to do now:
Most firms are stuck because the owner is still the:
If there’s no profit left after paying partners, your firm is worthless to a buyer.
PE firms and sophisticated buyers will likely assign a notional $150K per partnerto replace you. If there’s no profit left after that, there’s nothing to sell.
Renew’s 24-Month Business Model Transformation Program will help you:
In two tax seasons, your firm will be transformed—and your options will open up.
Put a call on the calendar NOW (even if it’s post-4/15). You’ll be glad you did.
