Lending Insights when Buying an Accounting Practice (podcast)

Check out our latest podcast episode with Shannon Hay!

Shannon is the Vice President of lending for accounting and tax professionals at Live Oak Bank. He can provide loans in all 50 states of the US. He was recruited to launch the accounting and tax vertical in 2017 after successfully launching a similar program at another top 25 SBA lender. Shannon has over two decades of banking experience and has worked in a number of small business initiatives. He spent the beginning part of his career in the special assets group of a niche lending division at one of the nation’s largest banks, assisting in the sale of professional practices. This knowledge helps him understand the importance of the deal flow and striving to always keep the deal moving forward. As well, he is committed to the accounting profession, attending all major accounting trade shows annually, meeting with industry experts and constantly staying in front of trends in the accounting world. To learn more, please visit the Live Oak/Poe Group landing page.

Brannon and Shannon discuss many of the key concerns buyers have when searching for financing to acquire or merge an accounting practice. They cover down payment sources, timing and length of financing and what banks look for in a buyer. Also included are a few pleasant surprises about SBA financing that help make buying an accounting firm a reality.



Notable moments:

5:08 – What banks look for in a buyer

7:28 – Merger Synergies

10:03 – SBA Pain Points & Solutions

15:08 – Getting prepared to buy a CPA practice, down payments and “side” businesses

18:23 – Timeline for the loan process

20:45 – How much down payment is required and how long is the repayment period

23:55 – Transition points

29:18 – Opportunities for the profession

32:35 – Shannon’s Book Recommendations

Accountant’s Flight Plan

 –The Personal CFO

32:35 – Diversification vs. Verticalization

39:31 – How you can connect with Shannon Hay



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