Show notes
Tim Abbott shares his journey from merging his small practice into MJ Vanden Brook in 2012 to becoming the third-generation owner of the 50-year-old firm. He discusses two major acquisitions, including modernizing operations from clipboards to cloud technology, and reveals why keeping previous owners around for 2-3 years led to high client retention rates.Introducing Collective by DBAhttps://collective.cpahttps://www.linkedin.com/company/collectivebydbaLearn More About Dillon Business Advisorshttps://www.dillonadvisors.comhttps://www.linkedin.com/company/dillonbusinessadvisorsSign up to get free CPE for listening to this podcasthttps://earmarkcpe.comDownload the Earmark CPE AppApple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app(00:00) - Introduction and Welcoming Tim Abbott(01:08) - Tim Abbott's Background and Firm Overview(02:50) - Team Structure and Work Environment(04:12) - Personal Life and Family(05:22) - Best Advice Received(06:48) - Journey to Business Ownership(08:13) - First Acquisition and Modernization Efforts(11:34) - Second Acquisition and Transition Challenges(18:49) - Client Transition and Relationship Management(20:49) - Lessons from Recent Acquisitions(22:15) - Challenges with Referral Sources(24:31) - Surprises Post-Acquisition(28:55) - Evaluating Buy vs. Build(33:51) - Current Goals and Initiatives(41:48) - Importance of Peer Relationships(45:53) - Looking Ahead: Future Plans(48:05) - Conclusion and Contact Information