atrick Dichter bought a bookkeeping & tax business just over a year ago, at the end of 2021.
I had him on Acquiring Minds shortly thereafter, and I invited him back on now to update us on how things have gone.
Spoiler: quite well.
Patrick's acquisition was small, with $330k SDE on $1.2m in sales. A year later, sales are up 60%.
We get into how Patrick has done that, plus lots of other topics:
- why he bought small;
- his key advice for other searchers;
- the viability of rolling up accounting & tax firms;
- and growing by acquisition versus growing organically (Patrick made 2 more tuck-in acquisitions in 2022).
We also discuss lots of elements of the bookkeeping & accounting industry, and specifically from the perspective of a buyer of businesses in that industry.
This episode is a nice follow-up to my episode with Chris Williams of a few weeks ago — which was also an update with a former guest, and also a searcher who acquired a business around bookkeeping.
So if you're interested in this space — and it is appealing — you've now got 4 episodes to sink your teeth into about searchers who acquired bookkeeping businesses. The other 3:
- First episode with Patrick:
Shut Out by Industry Brokers, an Entrepreneur Finds a Way - First episode with Chris Williams:
Stay Open to the Many Flavors of Search - Second episode with Chris Williams:
1 Year Later as Buyer of a $1m EBITDA Business
Here is Patrick Dichter, owner & CEO of AppleTree Business Services 👇👇👇
