How to buy and turn around a
distressed business or 'roll-up' competitors

On this site you’ll read real life stories of how 23 entrepreneurs find, fix and then sell small companies on the edge of failure. Sometimes we buy our weak competitors in a roll-up and get new clients cheaper by acquisition then organic growth. If you like these concepts, come to the next workshop. Learn how we...

✓  Find distressed companies that are worth saving for capital gains
✓  "Roll-up" your competitors for rapid growth with little cash or risk  
✓  Why buying a distressed business is the BEST way to do a start up

From KC Truby Lonesome Cowboy Publishing Inc. 301 Thelma Drive #426, Casper WY 82609 (760) 207-6385

5 reasons why it is time to quit accounting and 2 ideas on what to do next

By on May 29, 2014

5 reasons why it is time to quit accounting and 2 ideas on what to do next

We are in a harsh business -> the hours are long, the work is hard and if we get sick and have to take a month off, the paychecks stop. In our family, my wife was tired of not being home for dinner with our children during tax season.
Then to add insult to injury, every one of us has clients that aren’t half as smart as we are, making far more money, without 12-hour days.
Now if you found those two paragraphs offensive, you should stop reading this article because the list below is really going to jerk your chain.
Here are six reasons to consider leaving even if you’re over 60 years old like me.
1. The average income for self-employed accountants was $64,000 in 2012. That’s terrible.
2. The tax code is becoming so complex it is impossible to assure clients of accuracy.
3. The justice department is taking criminal action against accountants at the highest rate in history – there are more CPA’s in prison today than at any time in 100 years.
4. Bill Gates announced last month that in 10- 20 years the entire accounting industry will be 100% computerized as EDI becomes common place. We believe him.
5. Your kids don’t want to take over the family business. They may be smarter than you think.
6. Selling out is easy, it’s getting paid on an earn out that seems to kill our retirement dreams.
I have been in and around the industry for 44 years and I can tell you that it is a thankless profession, that quite frankly, doesn’t have a bright future.
My wife and I left accounting. You might want to leave as well. Here are two ideas on what to do. These are based on our experience and people we know in the industry. You are skilled at both of these jobs and will find them easy.
1. We discovered it was more fun to deliver M&A support work like loan packaging and valuations then to do tax returns. Then once we saw how much money was being made by turn-around guys we decided it was even bigger money to move away from fee-for-service and into capital gains. So we started buying distressed small companies ourselves, fixing the obvious problems the owner did not want to see and then reselling the company for capital gains.
2. If that seems a little scary, you may want to start looking for a CEO or CFO position in the resurging manufacturing sector or energy. Those two industries are ripe for long term employment at high pay, often with stock options.
I cannot provide you with advice on looking for a job. However, you may want to consider acquisitions. We generated an average of $200,000 in new equity in the 5 deals we did over the past 2 years. Nothing was rocket science, we saw it all over the decades of working with clients.
To learn more attend one of our M&A seminars. In 2 days you’ll meet dozens of accountants, entrepreneurs and startups that are buying distressed companies for fast capital gains.

About KC Truby

From their ranch in Wyoming, KC and his wife Linnea have bought or started 21 companies as a side line to their accounting business leading them into M&A as a full time business in 2012. These companies are located all over the Western Rocky Mountains, London and India. Since 1969 through their accounting and training companies, KC has taught 18,000 business owners how to improve cash flow and find more customers by installing standardized systems in their small business. Since 1989 KC has presented over 1,000 seminars and training classes to the small business owner.

One Comment

  1. Gerome

    June 24, 2014 at 7:20 pm

    M&A support does sound like a lot more fun then taxes…

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