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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📩 Have a question or topic idea? Email us at info@accountantslawpod.com

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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.

"Do you have time for a quick question?" might be the most loaded phrase in professional services. In this episode, Sarah Prevost and Steve Libhart dig into client communication and boundaries from both sides: how attorneys manage their own clients, and how accountants and bookkeepers manage their attorney clients.

They talk through why attorneys are trained to question everything (and why that isn't personal), a better alternative to the "quick question," and how unexpected requests like class accounting can become a scope creep conversation and a new revenue opportunity. Steve shares how posting unexplained transactions to owner's draw finally got a busy attorney's attention, and Sarah explains why she keeps an eye on client threads when a new CFO or COO enters the picture.

They also cover sending preliminary reports when answers don't come in, supporting team members who feel stuck in the middle, working backward from the solution before asking for help, knowing when to let a client go, and the rise of "expandable deadlines" with a new generation of business owners.

00:25 Introduction and overview of communication challenges
02:18 Differences between legal and accounting communication styles
04:26 The importance of setting boundaries and expectations
06:22 Handling quick questions and managing scope creep
08:24 Tools for respectful and effective communication
10:28 Onboarding processes and managing client relationships
12:25 Dealing with difficult clients and boundary setting
14:21 The impact of generational communication differences
16:23 Managing emotional responses and scope creep
18:18 The role of organization and SOPs in communication
20:24 Using proactive tools to address communication issues
22:29 The importance of patience and strategic responses
24:22 Handling internal team dynamics and client interactions
26:17 Adapting communication for different practice areas
28:11 The future of communication with younger generations

🔔 Subscribe for weekly episodes covering law firm bookkeeping, legal tech, and accounting practice tips.

📩 Have a question or topic idea? Email us at info@accountantslawpod.com

🧑‍💼 Join the Accountants Law Lab Mastermind: accountantslawlab.com

🌐 Visit us at accountantslawpod.com

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.

Engagement letters aren't just paperwork, they're your best defense against scope creep. In this episode, Sarah and Lynda dig into what makes a strong engagement letter for legal bookkeepers and accountants working with law firms.

They cover why signature authority matters (and what happens when it's ignored), how to define the entity and responsible party up front, and why listing out bank accounts, IOLTA accounts, and loans by name protects you when a client suddenly opens ten more accounts.

They also talk through start dates versus signing dates, weekly versus monthly billing, cancellation and termination clauses, and what happens to records when an engagement ends.

Along the way, they share real stories, including one that almost ended in a client asking for a full refund after work was already completed, plus practical advice on client responsibilities and deadlines, trust account language, software access and confidentiality, and why tools like Ignition can save you from chasing down expired credit cards.

Whether you're just starting to work with law firms or you've been at it for years, this episode is full of the practical, hard won lessons every legal bookkeeper needs in their contract.

00:25 Introduction and Engagement Letters Overview
03:26 The Importance of Engagement Letters
06:23 Defining Scope and Responsibilities
09:33 Handling Changes and Cancellations
12:22 Client Responsibilities and Deadlines
15:21 Software and Technology in Engagements
18:28 Trust Accounts and Compliance

🔔 Subscribe for weekly episodes covering law firm bookkeeping, legal tech, and accounting practice tips.

📩 Have a question or topic idea? Email us at info@accountantslawpod.com

🧑‍💼 Join the Accountants Law Lab Mastermind: accountantslawlab.com

🌐 Visit us at accountantslawpod.com

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.