A revolution is underway in the Accounting World for small and medium-sized businesses. Private Equity began buying firms like mine a couple of years ago.
This change easily quadrupled the price of most firms. In some instances, the prices have become astronomical.
Competition to purchase our companies has become ridiculous.
Five years ago, I might have received an email or a postcard asking to buy my companies four or five times every year. I now get that many solicitations every week.
And we thought about it. We gave it serious consideration and always reached the same conclusion…
No.
My research consistently showed that when this happens, clients always pay the price. These larger firms never service clients properly and always double or triple fees to cover the increased purchase price.
I share this info so you know that as long as there is breath in these lungs what we do, how we do it, and how our clients are serviced will not change.
My soul is not for sale.
Just this past week, three clients who had great accountants moved their business to my firm. Their former accountants sold out to large PE Firms, and they found themselves overcharged for bad work, and underserviced.
Worst of all, since smaller customers aren’t valued in a large accounting firm setting, the people they worked with changed every quarter. Imagine the waste of time this creates when needing to explain your business to a new set of accountants every 90 days.
Ridiculous.
If you and your company find yourselves in this predicament, I’m waiting for your call.
I wrote the following almost twenty years ago. It seems even more relevant today than ever before given what is happening in our industry.
All of our new employees must agree to this before joining my team. I leave you with our…
Team Ethos
I am a Sentinel. My job is to watch over the financial systems of the United States, keeping things fair, reasonable, and lawful. Without me, the system breaks down into lawlessness and anarchy. I am a common citizen with an uncommon desire to succeed at my God-given calling; which is to protect my fellow Americans, their families, and their businesses. On my worst day, I am equal to this task.
Each and every day I’m called upon to enforce the laws of our great nation and to somehow please my clients. My job is impossibly difficult. But I protect my clients through properly enforcing those laws. Without that enforcement, their lives and their businesses would be in peril. I will always do whatever I can to protect my clients.
I perform my profession in an ever-changing environment. Though it’s impossible to know every tax law, I strive to do exactly that. My education never ends. As the laws change, my job is to know them so thoroughly, that I can explain the most complicated code section to even the youngest and most inexperienced entrepreneur. I will continue to study, making sure that my clients are always put into the best possible positions.
I work every day to not only save them as much money as is legally possible, but to not be overly aggressive. I will not put my clients into a position that might jeopardize them or their businesses. Although perfection is impossible, I will do everything possible regardless of time or cost, to try to reach that standard.
I realize that doing the best bookkeeping, accounting, and tax work is only a part of my job. Providing the best customer service possible is equally important. Helping clients navigate and understand my complicated world is not only necessary but imperative.
My loyalty to my team and my country is beyond reproach. I realize that I’m just a small part of a group of hard-working professionals who share my goals and beliefs. I understand that my job is to help my team in any way possible and to make it better every day. Being a part of my team makes me stronger.
I humbly serve as a guardian to my fellow Americans, always ready to defend those who cannot defend themselves. I do not help thieves steal or cheat. I will only serve those who are honorable and will only serve them in an honorable fashion.
The ability to control my emotions and my actions, regardless of circumstance, sets me apart from others. Uncompromising integrity, independence, and professionalism is my standard. My character and honor are steadfast. My word is my bond. I lead by example, always.
Professionals who came before me, established the principles that guide my actions. They taught me to be the best. I know that I’m part of a long and proud tradition where I’m bound to maintain the highest possible professional reputation. In the worst of conditions, the legacy of my Teammates steadies my resolve and silently guides my every deed.
I will not fail my Brothers and Sisters who have gone on before me. I will not fail my Teammates. I will not fail my clients. I will not fail my Country.
I am that Citizen, so help me God…
Chris Amundson
President
I really am waiting for your call.
We’re all going to get through this. Let’s get through it together…
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Payroll Services, Accounting and Tax Work, Tax Planning, or Tax Representation, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300
www.AccountingSolutionsLtd.com
Disclaimer: The content on our website or newsletter is provided solely for general informational purposes and should not be construed as tax, accounting, legal, investment, or professional advice of any kind. Accessing this information does not create, and is not intended to create, an accountant-client relationship. This information may not reflect the most current tax laws, accounting standards, or regulatory developments and may not apply to your specific jurisdiction or circumstances. It is not a substitute for consulting qualified professionals. Before making any decisions or taking any actions, you should seek advice from a professional who is fully informed of all relevant facts pertaining to your situation.
Tax-related content on this site is not intended, nor may it be used by any taxpayer, to avoid penalties that may be imposed under applicable tax laws. To comply with IRS requirements, we inform you that any U.S. federal tax advice contained herein is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties or promoting, marketing, or recommending any transaction or matter addressed herein.
All information is provided “as is,” without any guarantee of completeness, accuracy, or timeliness, and without any warranty, express or implied, including but not limited to warranties of performance, merchantability, or fitness for a particular purpose. We disclaim all liability for any loss or damage arising from reliance on this information.
Links to third-party websites are provided for convenience only; we do not endorse or assume responsibility for their content. All materials are the property of our firm and may not be reproduced without prior written consent.