S3 Ep14 - A Sea Change and Downsizing From 800 Clients To 30 with Electra Frost, The Crypto Accountant

This week’s guest is Electra Frost who has scaled an accounting firm and sold it down again, in the process moving out of the city and getting to spend more time on the things she’s interested in: blockchain, crypto and Web3.

Electra Frost is a public accountant specializing in accounting systems, processes, and tax planning for SME businesses and start-ups. As a co-founder of an Australian charity focused on technology adaptation for those most at risk of falling behind, she encourages accountants to study and apply Bitcoin and open blockchain technologies. With 16 years of continuous innovation within her own practice, Frost is now not only at the forefront of merging decentralization technologies with accounting but also pivoting her practice to ElectraFi, with services to help accountants navigate their clients' transitions into digital asset business models. 

In this episode, we cover:

• [10:36] Why Electra decided to start her own firm
• [13:35] What did the transition look like for her team and clients when she moved out of the city?
• [23:40] How did she go about repricing clients?
• [30:30] Selling down from 800 to 30 clients and what that process was like - the broker, finding buyers, negotiation strategies, retention clauses
• [36:10] After selling and freeing up more time, beginning of Electrifi in the blockchain space
• [41:20] If a business comes to you needing crypto accounting expertise, what does that engagement look like?
• [48:30] Crypto software for accountants
• [51:50] Planning for a successful trade show - designing a booth, budgets, swag and timelines

You can connect with Electra on Linkedin or via her website.

This episode of the podcast is brought to you by sponsors:

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.