Purchasing an Accounting Firm – Experience Share with Ravi Patel

In this episode of Accountant’s Flight Plan, we got to chat with one of our recent firm buyers, Ravi Patel. Ravi  purchased his latest firm in 2022 through Poe Group Advisors. He shared his insights through the process!  We chatted about key things that buyers look for, and what sellers should be keeping top of mind when going through the sales process with prospective buyers.  

This podcast touched on:

  • How do determine what value you’ll bring to the firm you’re purchasing
  • The importance of finding a mentor and how to leverage their insight
  • Best practices for sellers to follow when updating their existing clients about the sale
  • How to retain staff after an acquisition  
  • The untold pros that sellers experience after selling the firm
  • The #1 personality trait Ravi believes you should have as a buyer 

Ravi and I chatted about why sellers should be open in discussions with buyers about not only the pros & cons of their firm but also practice improvement opportunities. Ravi also shares mistakes he’s made on previous acquisitions and what future buyers can learn from them.

Learn how Ravi is scaling his current practices & process, and his #1 recommendation to buyers!   

We know you are going to gain a lot from this conversation whether you’re looking to acquire a new firm or a seller looking to optimize your firm for an exit. 

You can watch the podcast here or listen to the player below.

Time stamps: 

00:37- Introduction 

01:48- How Ravi chose public accounting 

03:37- When Ravi knew the firm was a good fit 

06:00- What was on Ravi’s mind with his first seller meetings 

07:57- How Ravi felt right before close

10:09- The skill set you need to be a buyer

12:56- Advantages of growth through acquisition 

1529- Staff retention after acquisition 

17:40- Book recommendations and advice

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