The Authentic Advisor Mindshop

Neal Morrison, partner at McInerney Saunders in Dublin, Ireland, shares insights on successfully selling an accounting firm. He discusses the background of his firm and the factors that led to their decision to sell. Neal emphasises the importance of culture, succession planning and alignment when choosing a buyer and highlights the benefits of partnering with a private equity firm. He also advises practitioners to get their own house in order before considering a sale and to ensure that key team members are incentivised. Neal concludes by offering his tips for others considering selling. 



Takeaways 


Culture and alignment are crucial when choosing a buyer for your accounting firm. 


Partnering with a private equity firm can provide opportunities for growth and a second exit. 


Get your own house in order before considering a sale, including working capital management and debtors. 


Ensure that key team members are incentivised and motivated to stay after the sale. 


Consider the long-term vision for your firm and whether remaining independent or selling is the best path forward. 



Chapters 

00:20 Introduction and Background 

09:20 Choosing a Buyer: Culture and Alignment 

13:39 Preparing for the Sale: Getting Your House in Order 

27:42 Final Tips for Selling Your Accounting Firm 

In this episode of the Authentic Advisor, James Mason interviews Tony Szczepaniak, the global CEO of LEA Global, about the pathway to partner in accounting firms. They discuss the challenges faced by firms, the attributes of high-performing leaders, programs for developing future partners, building business advisory skills, and tips for building a strong pathway to partnership. 

 

Takeaways 


The biggest challenge for firms is attracting, developing, and retaining talent. 


High-performing leaders focus on culture, visualization, and execution. 


Firms should have clear career paths and development programs for employees. 


Building business advisory skills is crucial for future partners. 


A people-first culture and clear alignment with organizational goals are essential for a strong pathway to partnership. 



 

Chapters 

01:00 Introduction and Background 

04:54 Challenges Faced by Firms 

11:38 Attributes of High-Performing Leaders 

13:07 Programs for Pathway to Partner 

22:28 Building Business Advisory Skills 

24:33 Tips for Building a Strong Pathway to Partnership 

In this episode of the Authentic Advisor, James Mason interviews Peter Lucas from Kestrel Solutions about turning around underperforming businesses. They discuss the challenges faced by business owners and managers, the early warning signs of a troubled business, and the use of technology for early identification.



Peter shares his approach to starting the turnaround process, including conducting waste audits and involving the team. He also shares a case study of a successful turnaround in the timber windows and doors industry. The episode concludes with Peter offering final tips for advisors seeking to help their clients in similar situations. 



Takeaways 


Cash flow is the number one factor to focus on in turning around a business. 
Advisors should have knowledge of insolvency laws and directors' duties. 
Implementing waste audits and involving the team can help identify areas of improvement. 
Constant involvement and evolution, along with constructive guidance, can prevent businesses from slipping back into bad habits. 
Advisors should consider requesting upfront payment and avoiding time-based billing to maintain trust and accessibility.



Chapters 

01:10 Introduction and Background 

03:20 Challenges for Business Owners and Managers 

05:45 Early Warning Signs of a Troubled Business 

10:22 Using Technology for Early Identification 

12:23 Starting the Turnaround Process 

16:00 Waste Audits and Involving the Team 

21:01 Case Study 

22:43 Constant Involvement and Evolution 

25:58 Final Tips for Advisors 

Business Health Checks are a great foot-in-the-door business advisory offering for professional service firms wanting to add client value and bridge the gap between 'the numbers' and more intensive advisory services such as strategic planning workshops & implementation.  

 

But where do you start? Sharing her playbook, Lisa Wilson talks about how professional service firm Morrows design, price, deliver, promote and resource business health checks and why using Mindshop diagnostics, the Now-Where-How methodology and one page plans are integral to their success. Touching on how to generate internal referrals, Lisa also talks about capacity issues, reveals the power of 'BAMFAM' and shares ideas on how to use business health checks as a springboard into further advisory work. 

 

 

Time Codes 

00:00:51 Lisa's background and business advisory journey 

00:02:40 Morrow's business advisory service range 

00:03:41 Maturity of client base wanting business advisory services 

00:04:47 Who's delivering business advisory services at Morrows? 

00:05:38 Types of Business Health Checks 

00:06:15 Pricing Business Health Checks  

00:08:13 Weaving in financial insights 

00:09:27 Internal referrals & marketing 

00:12:22 Getting further advisory work 

00:15:38 Managing capacity 

00:16:33 Emerging demand for advisory services 

00:18:47 Final tips & thoughts 

Can a business get away with operational deficiencies if they're run by a passionate group of people? Jason Langford-Brown shares his experience as a senior business advisor and coach as to whether culture is a bigger contributor to success than a winning strategy (as the well-known aphorism suggests). 

Do most organisations have an accidental culture? How is it businesses with seemingly toxic cultures still succeed? 

Jason and James Mason discuss what problems arise if a business holds onto staff that don't align with core values and how culture can be fit for purpose, ultimately posing the question, 'can culture be too perfect?'  

 

Time Codes 

00:00:42 Jason's background and business advisory journey. 

00:02:27 Is culture a bigger contributor to success than a winning strategy? 

00:04:54 Can you succeed with an amazing culture but poor strategy? 

00:06:17 Can having a deep passion for what you do compensate for a lack of execution? 

00:07:24 What are the keys to a high performing culture? 

00:10:26 Is culture the fashionable silver bullet? 

00:12:13 Poor performance v bad behaviour. 

00:13:22 What are the first steps an advisor should take with a client when addressing culture and strategy? 

00:19:17 Aligning core values throughout an organisation. 

00:20:32 Can a culture be too perfect? 

00:23:22 Does culture eat strategy for breakfast? 

Should a business seek growth at any cost, or has there been a greater shift towards profitability and purpose in recent years?

Independent advisor Rod Willers and Mindshop's James Mason debate the assumption that growth means more revenue, and profit. Talking about growth strategy from a business advisor's perspective, they discuss the impact of purpose, business values and economic sustainability on client growth strategies.

What's the difference between high and low growth organisations?

Is it okay to follow a strategy of consolidation?

How does one balance operational efficiency with strategic evolution? And importantly,

What tips does Rod have for advisors when helping clients sustain a passion for growth and change?