S2 Ep 8: Lessons from 3 Bookkeeping Firm Acquisitions with Sarah Parkinson

In this episode, Sarah Parkinson walks us through three different acquisitions she’s made. 

We discuss:

• [07:02] The story of Sarah’s buying into a bookkeeping firm 
• [10:00] - why Sarah became interested in acquisitions 
• [14:35] A breakdown of the 1st acquisition - buying a book of fees from Bean Ninjas 
• [22:00] Why Sarah believes a retention clause is critical and how to negotiate it with the seller
• [28:14] Acquisition No 2 and the pros and cons of buying through a broker
• [38:34] Transitioning clients and an unexpected factor that can make the transition difficult 
• [47:29] Acquisition No 3 and lessons from three very different acquisitions 

Sarah Parkinson the owner of Diverse Business Consultant, a remote 25-person bookkeeping firm based in Australia.

Sarah lives on a farm with her husband and three children and their closest town has a population of 100 people.

Diverse won Xero’s Australian Bookkeeping Firm of the Year award for FY23.

You can connect with her on LinkedIn or via the Diverse Business Consultants website.

This episode of the podcast is brought to you by sponsors 

TaxValet: Sales Tax Done For You

Electrafi:  Blockchain Training and Consulting for Accountants

Teamup: Hire top Filipino accountants without ongoing BPO fees. 

The Lifestyle Accountant Show is a podcast that helps today’s accounting firm leaders build successful businesses while living healthy, happy lives hosted by Meryl Johnston. 

For more information or to get in touch with us, head over to our website lifestyleaccountant.co