Last year, approximately 15% of our CPA practice sales were bought by clients who had purchased from us before.
We are really proud of that fact because it means we are doing things right. I wanted to reflect on why this happens at Poe Group Advisors.
Here are some of the things that came to mind:
- Challenge client thinking
Clients who have gone through a deal with us before appreciate the fact that we encourage them to look at things differently, and reach a better understanding. Intuition about transitioning a practice can be incredibly misleading. Experience is the only reliable teacher. We like to help our clients think through these challenges to avoid mistakes that are all too common on these deals. This helps to remove risk for the client.
- Speak the truth
I have talked about this before, and it is one of our core values. Sometimes this can be difficult for me, but I find that telling someone our honest opinion and past experience can be kinder in the long run. We are going to tell you gently, but honestly, the good, the bad and the ugly. (We promise you will appreciate it in the end).
- Focus on adding value for the client
One of the most important goals we have is that the buyer is successful and the seller is able to move on to their next adventure. This means that we have to do more than just complete the transaction. We look to serve our community with the information we’ve learned after closing hundreds of deals. We provide valuable content on our blog. We help practice owners get their practices ready to sell years in advance, and we work with buyers and sellers before and after the closing with transition planning. These activities mean that our clients have more successful transactions, and we get to help people more than once. It also means we get a lot of referral business and experience positive word-of-mouth in the marketplace.
- Have a good process
Buying and selling a business can be stressful and exciting at the same time. We are here to minimize the stress and find more of the exciting for our clients. We have created a unique process that is tested and proven. We know it works, but we also know there are always ways to improve. We want our clients to know where things stand and what to expect. We close a lot of deals every year, our clients probably do not, so we are here to make sure you know what we know. If clients have questions or concerns we are there to walk and guide them through each step.
- Make it personal
We attract good clients that we enjoy working with throughout the process. We value good relationships. We ask early in the process what is important to the seller. We ask buyers their goals for buying. I love hearing about wild retirement adventures because the seller felt comfortable turning over clients and staff to a successful buyer. I also love to hear about wild success stories from buyers because they were educated on the best ways to transition clients and staff.
- Empower the whole team
Our entire team is invested in each client. We know what is happening on every deal and this means that we can help each other when something new or different arises. We collaborate on all parts of the business, which means that when someone is out of the office, things keep moving. It also means that you get the best of all of us.