In this episode, host Barrett Young interviews Jarom Rogers, a partner at Legacy Hearing Professionals. They discuss Jarom's experience in taking over and revitalizing a struggling business, navigating financial crises, and dealing with underperforming partners.

Background and Initial Challenges
Jarom describes the early stages when his friend, who owned the hearing aid company, faced severe issues due to a non-contributing partner. This partner neglected financial obligations, resulting in unpaid rent and looming eviction. Jarom and his business partner intervened to buy out the troubled partner, settle debts, and take control of the company.

The Buyout Process
Jarom elaborates on how he and his partner negotiated the buyout. They capitalized on the partner’s desperation, securing a favorable deal by paying less than the business's potential value. This strategic move involved a thorough review of revenue, net profit, and liabilities. The buyout was executed swiftly to prevent further disruption.

Key Lessons on Partnership Oversight
The discussion emphasizes the importance of financial transparency and routine oversight in partnerships. Jarom shares that if a partner overlooks financial details or relies solely on another’s assurances, it can lead to serious issues. He recommends partners share the responsibility of reviewing finances regularly to avoid unexpected crises.

Jarom’s story is a testament to the value of proactive leadership, the importance of due diligence before engaging in partnerships, and the benefits of having trusted advisors and integrators in business operations.

Listeners can learn more about Jarom Rogers by connecting with him on LinkedIn.

___________________
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.

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📡 Also distributed on
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Spotify https://open.spotify.com/show/7uhogBxFKWAAetAbD8TVQR
Apple Podcasts https://podcasts.apple.com/us/podcast/the-art-of-succession/id1742796896

📧 Prefer to get the Art of Succession in your inbox? Subscribe to the mailing list to be notified of new episodes: https://mailchi.mp/566bff6410fc/aos-podcast-rss

🖥️ Find out more about the show at https://gwcpas.com/podcast

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

How do you strike the balance between the professional and the family relationships, especially when your employees are watching? How do you set a valuation on a business that you were instrumental in building? And how do you transform a traditional service business, and position it to scale for the next phase?

In this episode of The Art of Succession podcast, host Barrett Young interviews Mike Libbey, the Chief Operating Officer of YBL, an accounting firm based in Ontario, Canada. Mike shares his journey of joining the family business, which was founded by his father, and discusses the transition of leadership and the growth of the firm over the years. Listeners will gain valuable insights into the challenges of balancing family and professional relationships, succession planning, and scaling a business.

The Origins of YBL and Mike's Entry into the Business
Mike's father, a CPA, started YBL (formerly known as Your Bottom Line) as a side business while working full-time in corporate finance. Over time, YBL grew, and in 2010, Mike joined the firm as its first official employee. Interestingly, there was no grand plan for Mike to take over the business. Initially, he considered working elsewhere after college, but after multiple job interviews, he realized the potential of his father's firm and decided to join. This natural evolution led to Mike working alongside his father, slowly taking on more responsibilities in bookkeeping, personal and corporate taxes, and operations.

Growing the Firm and Scaling Operations
Under Mike’s leadership, YBL has grown significantly since he joined in 2010. When he started, the firm was a small, sole proprietorship with only a handful of subcontractors. Over the years, YBL expanded from working out of his father's living room to having its own office space. By implementing new systems and embracing technology, Mike helped streamline operations, allowing the firm to scale effectively. Today, YBL is a team of about 30, with plans for further expansion through natural growth and acquisitions.

Balancing Family Dynamics and Business Growth
A key theme in the interview is the balance between family relationships and business growth. Mike shares that neither he nor his father initially pushed for him to take over the business, and they were more focused on making thoughtful decisions for the company's future. This approach has allowed them to maintain a healthy personal relationship while successfully running and growing YBL. Mike also reflects on the importance of not forcing succession on his children, emphasizing that it should happen naturally, much like his own journey with the firm.

Listeners can learn more about Mike Libbey by connecting with him on LinkedIn and online at ybl.ca.

___________________
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.

🎙️ Become a Guest https://bit.ly/AOSBeAGuest
✍️ Leave your feedback for the show: Google Forms

📡 Also distributed on
Transistor.fm https://artofsuccession.transistor.fm/
Spotify https://open.spotify.com/show/7uhogBxFKWAAetAbD8TVQR
Apple Podcasts https://podcasts.apple.com/us/podcast/the-art-of-succession/id1742796896

📧 Prefer to get the Art of Succession in your inbox? Subscribe to the mailing list to be notified of new episodes: https://mailchi.mp/566bff6410fc/aos-podcast-rss

🖥️ Find out more about the show at https://gwcpas.com/podcast

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

What are the unique issues faced in acquiring a third-generation business? What challenges arise when an owner doesn’t want to discuss succession? How do you balance the health of the business with family relationship dynamics?

In this episode of The Art of Succession podcast, host Barrett Young interviews Amber Kendrick, the owner of Pete's Auto Parts, an auto parts recycling yard near Grand Rapids, Michigan. Amber’s journey through the family business provides an insightful perspective on modernizing a legacy while honoring its history—offering valuable lessons for those navigating similar paths in family-owned enterprises.

The Origins of Pete's Auto Parts
Amber's grandfather founded Pete's Auto Parts in the 1950s when he was struggling to make ends meet as a farmer. Starting with a homemade tow truck, he began towing abandoned cars, eventually turning the growing collection into an official salvage yard. Pete’s Auto Parts originally operated as a salvage and towing operation, evolving into a full-service used auto parts recycling facility. Amber shares how her grandfather’s persistence laid the foundation for a multi-generational family business and how her father eventually focused the business entirely on used parts, ending the towing services to streamline operations.

Growing Up in the Family Business
Amber recounts her early years working at Pete’s Auto Parts. Like many children in family-run businesses, she was tasked with some of the least appealing jobs—sweating it out in warehouses and handling inventory. Despite these initial hardships, Amber gained invaluable experience, which later helped her professionally. After completing her degree and spending time in condominium management, where she learned essential financial and management skills, Amber realized her passion lay in growing businesses and leading teams, experiences that indirectly prepared her for returning to her family's business.

Transforming the Business Model
When Amber officially joined Pete's Auto Parts in 2006, she noticed several inefficiencies, such as sending all financial records to an external accountant instead of hiring in-house. She introduced significant changes, focusing on modernizing inventory processes and improving internal operations. The yard transitioned from a simple pick-and-pull junkyard into a professional used auto parts recycling facility. Amber highlights how they now manage inventory, photograph parts, and use trained technicians to ensure that each part meets quality standards before being sold. Under Amber’s leadership, Pete’s Auto Parts has tripled in size, focusing on customer service and transforming their salvage yard into a full-service, professionally managed recycling center.

Listeners can learn more about Amber Kendrick by connecting with her online and follow Pete's Auto Parts on FB.

___________________
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.

🎙️ Become a Guest https://bit.ly/AOSBeAGuest
✍️ Leave your feedback for the show: Google Forms

📡 Also distributed on
Transistor.fm https://artofsuccession.transistor.fm/
Spotify https://open.spotify.com/show/7uhogBxFKWAAetAbD8TVQR
Apple Podcasts https://podcasts.apple.com/us/podcast/the-art-of-succession/id1742796896

📧 Prefer to get the Art of Succession in your inbox? Subscribe to the mailing list to be notified of new episodes: https://mailchi.mp/566bff6410fc/aos-podcast-rss

🖥️ Find out more about the show at https://gwcpas.com/podcast

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

How can business owners prepare themselves in the good times for an eventual downturn?

How do we distinguish between signs that a business is not working, or we’re just one more week of persistence away from breaking through?

When our self-identity is challenged, how can we hold onto what’s important in order to make it through to the other side?

In this episode of "The Art of Succession" podcast, host Barrett Young interviews Lisa Dare, an executive coach and leadership practitioner based in Calgary, Alberta. Lisa shares her candid story about purchasing a family-owned travel and tour agency in 2016 and the valuable, painful lessons she learned from ultimately closing the business.

#artofsuccessionpodcast #lisadare #successionplanning #successionpodcast #podcast

The Decision to Buy
Lisa and her husband bought the travel agency in 2016 after discovering it was up for sale by the founding family. With over 40 years of history and a strong client base, the business seemed like a solid investment. Lisa recounts her initial excitement about becoming a business owner and diving into the travel industry, but the reality of running a legacy business soon surfaced.

Challenges with Inherited Liabilities
One of the biggest challenges Lisa faced was the inherited liabilities. While the business had pre-sold tours and booked sales, it was carrying significant financial burdens beneath the surface. The outdated business model, combined with the rise of online competition and social media marketing, made it increasingly difficult to keep up with the changing landscape of the travel industry. Lisa reflects on the hard truths she uncovered and the obstacles that made profitability almost impossible.

The Tough Decision to Close
Ultimately, after years of navigating these challenges, Lisa made the tough decision to close the business. She opens up about the emotional struggles that come with closing a company and the stigma of business failure. However, she views this experience as an important learning opportunity, and she hopes that sharing her story will help other entrepreneurs avoid some of the same pitfalls.

Listeners can learn more about Lisa Dare by connecting with her on LinkedIn

Sign up for her newsletter: https://mailchi.mp/telus.net/subscription-sign-up

___________________
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.

🎙️ Become a Guest https://bit.ly/AOSBeAGuest
✍️ Leave your feedback for the show: Google Forms

📡 Also distributed on
Transistor.fm https://artofsuccession.transistor.fm/
Spotify https://open.spotify.com/show/7uhogBxFKWAAetAbD8TVQR
Apple Podcasts https://podcasts.apple.com/us/podcast/the-art-of-succession/id1742796896

📧 Prefer to get the Art of Succession in your inbox? Subscribe to the mailing list to be notified of new episodes: https://mailchi.mp/566bff6410fc/aos-podcast-rss

🖥️ Find out more about the show at https://gwcpas.com/podcast

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

How do we balance the plans we have for our future and the opportunities that surprise us?

How do we shepherd existing clients towards new and better services while also reassuring them we have their best interests in mind?

And when we’re in partnership, how do we both shoulder the burden and support each other, while also move towards working in our strengths?

In this episode of The Art of Succession podcast, host Barrett Young interviews Dr. Tatiana Barrera and Dr. Michael Vega, the engaged couple behind Move Forward Chiropractic in Tampa, Florida. They share their story of unexpectedly purchasing and transforming a chiropractic practice, highlighting their journey from employees to business owners.

#artofsuccessionpodcast #mikevega #tatianabarrera #successionplanning #successionpodcast #podcast

*From Employees to Entrepreneurs*
Tatiana and Michael both worked in different chiropractic practices before deciding to take the leap into business ownership. Tatiana, initially content with her job, received a text from a friend about a practice for sale at an incredibly low price. Despite having no previous intention of owning a practice, she decided to check it out. The offer was too good to pass up, leading her to buy the practice with Michael’s support.

*Challenges in Starting Up*
Tatiana had only 30 days to learn and do everything necessary to take over the practice, all while still working full-time at her previous job. She quickly realized that the business knowledge she had gained in school was not sufficient, and she had to rely heavily on her CPA, mentors, and real-world experience to navigate the transition.

After acquiring the practice, they discovered that the original name was causing confusion due to its similarity to another nearby chiropractic clinic. This prompted them to rebrand the practice as Move Forward Chiropractic. The rebranding process was rapid, driven by their desire to establish a unique identity and avoid further confusion. Within a short period, they developed a new brand identity that resonated with their patients and community.

*Partnership and Future Plans*
Tatiana and Michael emphasize the importance of organic growth and maintaining control over their practice's direction. They partnered with Honeybadger, a group of coaches and business owners who helped them tailor their business model to their vision. This partnership allowed them to grow their practice without compromising their values or approach to patient care.

Listeners can learn more about Tatiana Barrera and Michael Vega by visiting http://moveforwardchiropractic.com or connecting with them on social media.

___________________
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.

Become a Guest https://bit.ly/AOSBeAGuest
Leave your feedback for the show: Google Forms

Also distributed on
Transistor.fm https://artofsuccession.transistor.fm/
Spotify https://open.spotify.com/show/7uhogBxFKWAAetAbD8TVQR
Apple Podcasts https://podcasts.apple.com/us/podcast/the-art-of-succession/id1742796896

Prefer to get the Art of Succession in your inbox? Subscribe to the mailing list to be notified of new episodes: https://mailchi.mp/566bff6410fc/aos-podcast-rss

Find out more about the show at https://gwcpas.com/podcast

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

What unique challenges might we face when we buy into a company founded by a grandparent?

What can we learn from our predecessor, while also balancing our desire to make start our own?

As we start to consider and author our core values, how do we show both continuity and clarity to our existing clients?

In this episode of The Art of Succession podcast, host Barrett Young interviews Curtis Hardwick, who shares his journey of taking over his grandfather's CPA firm in Georgia. Curtis provides insights into the challenges and rewards of inheriting a business and making it his own.

#artofsuccessionpodcast #curtishardwick #successionplanning #successionpodcast #podcast

Beginning the Journey
Curtis's grandfather, Joe "Pop" Hardwick, started the CPA firm in 1974, and Curtis began working there in 2010 while still in college. Initially aiming to become a civil engineer, Curtis had switched paths after struggling with calculus, guided into accounting by his grandfather. Curtis enjoyed the work and excelled in his accounting courses, with both his professor and grandfather mentoring him toward the CPA route.

Mentorship and Transition
As Curtis progressed in his career, his grandfather provided him with significant autonomy, allowing Curtis to implement new ideas and modernize the firm. The firm was small, with only four employees, and was using outdated accounting software. Curtis led efforts to transition clients to QuickBooks Desktop and eventually to their cloud-based QuickBooks Online, despite initial resistance from his grandfather.

Curtis proposed additional significant changes, such as increasing prices and focusing on value-based pricing instead of hourly billing. His grandfather was initially hesitant, reflecting the generational gap between them. However, over time, Curtis earned his grandfather’s trust, and he was given more responsibility in running the firm.

The Transition to Leadership
By 2019, Curtis was making key decisions about the firm's direction, focusing on reducing the number of clients while deepening relationships and increasing profitability. This approach required difficult conversations and strategic decisions, but Curtis was determined to create a sustainable business model that aligned with his vision.

Listeners can learn more about Curtis Hardwick and his CPA firm by connecting with him on LinkedIn, or at Hardwick CPA.

BONUS CONTENT: Barrett and Curtis go through the Client Assessment that Curtis used for his client list, and Curtis has kindly allowed me to provide this Assessment to our listeners.

___________________
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.

Become a Guest https://bit.ly/AOSBeAGuest
Leave your feedback for the show: Google Forms

Also distributed on
Transistor.fm https://artofsuccession.transistor.fm/
Spotify https://open.spotify.com/show/7uhogBxFKWAAetAbD8TVQR
Apple Podcasts https://podcasts.apple.com/us/podcast/the-art-of-succession/id1742796896

Prefer to get the Art of Succession in your inbox? Subscribe to the mailing list to be notified of new episodes: https://mailchi.mp/566bff6410fc/aos-podcast-rss

Find out more about the show at https://gwcpas.com/podcast

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

How do you assign a purchase price to an established intellectual property?

Where do you focus your attention on improvement without downplaying the value of the property you’ve just acquired?

How do you market in a way to attract a customer back who may have purchased from your predecessor years before?

In this episode of "The Art of Succession" podcast, host Barrett Young talks with Peter Wietmarschen, a partner at The Author’s Voice. Peter shares the story of how he and his partners took over and transformed a self-publishing support business.

The Origins of The Author’s Voice

Peter Wietmarschen’s journey began about eight years ago when his mother, Colleen, took the Certified Professional Author Assistant Course. At the time, Colleen was looking to pivot from medical transcription to a new career path. She applied for and received a scholarship to take the course, which laid the foundation for their first business, Your Literary Pros. Together, they helped self-published authors with services traditionally provided by publishing companies, such as editing, book design, and marketing.

In 2021, Peter and Colleen were offered the chance to purchase the courses they had once taken. Recognizing a unique opportunity, they acquired the intellectual property and began rebranding the courses as The Author’s Voice. This acquisition included not just the courses but also the established user base and reputation.

Challenges and Changes

One of the major challenges they faced was re-engaging the existing user base. The list of potential course participants was extensive but not actively engaged. They had to reconnect with previous participants and update them about the new ownership and course enhancements. This required substantial effort in marketing and communication to rebuild trust and interest.

A pivotal moment was bringing on Candy, a long-time colleague and experienced marketer. Candy’s expertise in marketing and her own experience as an author added valuable insights to their team. Together, they aimed to update and expand the course offerings to better serve the needs of self-published authors and professional author assistants.

Updating and Enhancing the Courses

Their first major step was migrating the courses to a more advanced platform, Go High Level, which provided better tools for course management and user engagement. This new platform allowed for more automation and a self-guided experience, making it easier for participants to track their progress and complete certifications.

Listeners can learn more about Peter Wietmarschen and The Author’s Voice by visiting https://theauthorsvoice.org/ or connecting with Peter on https://www.linkedin.com/in/peterwietmarschen/.

___________________

The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.

Become a Guest https://bit.ly/AOSBeAGuest
Leave your feedback for the show: Google Forms

Also distributed on
Transistor.fm https://artofsuccession.transistor.fm/
Spotify https://open.spotify.com/show/7uhogBxFKWAAetAbD8TVQR
Apple Podcasts https://podcasts.apple.com/us/podcast/the-art-of-succession/id1742796896

Prefer to get the Art of Succession in your inbox? Subscribe to the mailing list to be notified of new episodes: https://mailchi.mp/566bff6410fc/aos-podcast-rss

Find out more about the show at https://gwcpas.com/podcast

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.