Thinking about selling your firm someday, or wondering what's driving all the private equity deals in professional services? Sarah, Lynda, and Steve sit down with Randy Crabtree, CPA, co-founder and partner of Tri-Merit Speciality Tax Professionals and his son Matt Crabtree of Breakaway Advising for a candid, father-and-son look at the M&A world. Matt brings the advisor's perspective, and Randy shares what it's really like to go through a transaction after pivoting from the specialty tax firm he founded 20 years ago.

They talk about why due diligence has gotten so much tougher since COVID, the $3.7 trillion in private equity "dry powder" fueling today's deals, why professional services firms are such hot targets, and why the right buyer can matter more than the highest offer. Matt also shares his "Four T's" of preparing to sell (Time, Talent, Traction, and Transparency), plus why you should start getting ready about five years before you go to market.

Along the way, the group digs into AI, training the next generation, and why change in the profession is more exciting than scary.

00:25 Introduction to the Crabtree Family and Their Expertise
03:17 The Current State of Mergers and Acquisitions
06:13 The Impact of COVID-19 on M&A Dynamics
09:14 Preparing for Sale: Timing and Strategy
12:06 Personal Experiences in Business Transitions
15:02 The Role of Culture in M&A Transactions
17:55 Navigating Post-Sale Challenges
20:57 The Future of M&A in Professional Services
23:42 The Influence of AI on Business Valuation
27:26 Private Equity and Market Dynamics
28:22 The Wild West of AI in Business
29:37 Navigating the Private Equity Landscape
32:21 Generational Shifts in Work Ethic
33:15 Embracing Change in Professional Services
38:17 Preparing for Business Transactions
40:21 The Four T's of Selling a Business
44:29 Building a Strong Advisory Team

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Accountants Law Pod is hosted by Lynda Artesani, Sarah Prevost, and Steve Libhart and directed, produced, and edited by Teaira Burge and The Proper Trust. Music by ComaStudio from Pixabay

Disclaimer: The content presented in this podcast is for informational purposes only and should not be considered as legal, financial, or professional advice.

The stories we share from the field are meant to educate, never to shame. We have deep respect for attorneys and the complexity of running a firm, and we recognize that many of the mistakes we discuss happen simply because no one ever explained the rules.