Bill and Chris Murphy increased their firm's value by half a million dollars in six months. They weren't desperate to sell, just ready to work reasonable hours with clients they liked. So they did something about it. They fired almost all their individual tax clients and more than doubled their fees.

The result? They gained revenue and clients happily paid for the valuable work they provided. Their firm had the capacity to provide even better service to their remaining clients. . And when they sold their firm with us back in 2022, they closed for $500,000 more than their original listing price.
This is a husband-and-wife team who merged their separate practices, worked themselves into the ground, and then made the hard decisions that transformed everything. They cut unprofitable clients, raised prices dramatically, restructured staff workload through weekly meetings, and learned to trust the process even when it felt uncomfortable.

Bill and Chris didn't just sell their firm. They sold a better firm, a more profitable firm, a firm that didn't depend on them working unreasonable hours. And they did it by firing clients who don't fit, charging what they're worth, and trusting that the revenue will come back.
This episode is for firm owners who know there is a better way to build a balanced practice, but haven’t known how to get there. This is a success case study on the power focus!

Key Timestamps:
02:21 - Bill's biggest roadblock: staying in the weeds and not developing staff
04:18 - The mental, spiritual, and physical toll of holding onto all the work
07:12 - The big move: firing almost all individual tax clients
08:35 - How the first APA lesson paid for the entire workshop
09:57 - The biggest obstacle to letting clients go: themselves, not the clients
12:49 - How pruning clients created capacity for everything else
13:21 - Doubling fees and the apology that worked
14:37 - "I'm sorry for undercharging you before."
16:02 - You have to put the work in, APA isn't passive
17:14 - Monday morning meetings: agenda, time limit, workload reallocation
19:16 - Driving the bus vs. riding in the back seat
24:24 - Book recommendation: Walk Away Wealthy by Mark Tepper

Part of the Power of Focus Mini-Series

What really separates great accounting firms from the rest?

That question is what led Brannon Poe and Ian Brennan to put together this mini-series. And after years of working with firm owners across the country, lifting up the hood on hundreds of practices, the answer kept coming back to the same thing: focus.

Welcome to the Power of Focus, a mini-series produced in partnership with Accounting Practice Academy. Throughout the series, you'll hear from APA alumni, members of our Poe Group team, and other industry voices sharing real-world perspectives on what happens when firm owners get deliberate about where they put their energy. Whether that's focusing on the right clients, the right staff, the right type of work, or simply on where you as the owner add the most value, the firms that get this right see results that compound over time.

THE CONVERSATION COVERS:

• Why 80% of accounting firms are underperforming, and what the top 20% are doing differently
• Two distinct models for a highly profitable practice (high complexity/high value vs. high volume/high efficiency) and why most firms get stuck between them
• The "closet analogy": why pruning before you can grow is the move most owners resist
• How client selection may be the single biggest lever in your practice
• The fear behind price increases, and why most firm owners are sitting on more pricing power than they realize
• What it looks like when a younger, entrepreneurial owner grabs hold of these concepts and runs with them

Timestamps:
00:00 Introduction and episode overview
01:49 Where Brannon's thinking on focus began: the 80/20 Principle
02:50 What the Pareto Principle is and why it shows up everywhere
04:43 How reviewing hundreds of CPA firm financials revealed the pattern
06:24 A real-world example: $2.3M revenue, $1M owner cash flow, 3 months off
08:06 Two models for a highly profitable CPA firm
10:40 Niching down as a focus strategy, and why it scales faster
12:01 Delivering value as the core of everything
13:04 The closet analogy: you can't add until you prune
16:19 APA alumni spotlight: Bill and Chris Murphy and the first domino
20:09 Why creating capacity through price increases often doesn't work the way you'd hope
21:52 The shortage of CPAs and what it means for your pricing power
23:45 How to identify your right clients (the answer is already in your practice)
25:24 Asking your staff who they love working with
27:40 The mindset obstacle: the belief that you already know it all
28:25 Why change usually waits for a crisis, and how to change before one arrives
29:26 Greg Toner: what happens when a younger owner grabs the vision and runs

Download Now: https://poegroupadvisors.com/accounting-practice-academy/increase-letter/

Price increases are nothing to fear. The real challenge is effectively informing clients of these changes. Our templates will help you demonstrate your value and help clients understand the increases necessary to keep your firm afloat.

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- (1) Major Fee Increase Letter Template
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Barbara Agerton flunked retirement. After selling her California CPA practice, she thought she'd ride off into the sunset with her husband. Instead, she got bored, picked up the phone, and asked if she could come work for the company that sold her firm.

Now she's an intermediary at Poe Group Advisors, which means she gets to help other firm owners navigate the exact journey she just completed. Barbara knows what it feels like to let go of the practice you built, to wonder if you're doing the right thing, and to discover that the transition you were dreading turned out easier than expected.

Barbara sold her practice after running it remotely from Texas for eight years. She transitioned to the cloud back in 2013, before that was the standard playbook, and built systems that allowed her team to run everything without her in the room. When it came time to sell, her buyer barely called during the transition. Barbara's feelings were a little hurt, but that's actually when she knew she'd done everything right.

The conversation covers:

• How losing two key team members to relocations forced a pivot to cloud-based practice in 2013, and why the trust challenge of going remote was harder than expected
• The emotional reality of selling: "It's like cutting your arms off" when you stop interacting daily with people you've worked with for years
• Why her buyer barely called during transition (which hurt her feelings but proved she'd built systems that didn't need her)
• The One Minute Manager Meets the Monkey approach: stop solving every problem yourself and teach your team to find their own answers
• Why she wishes she'd sold sooner instead of waiting, and how most sellers wait until illness or family situations force the decision

Barbara's biggest lesson? Most sellers wait too late. They wait until illness, family situations, or burnout force the sale. The best exits happen when you're selling from a position of strength, not desperation. The firms that sell the easiest are the ones where the owner has already slowly, gradually let go over years of building systems and empowering their team.

The irony? Barbara prepared so well for retirement that she got bored and came back to work. But now she gets to use everything she learned to help other firm owners prepare for their own exits, whether they actually retire or, like her, discover they're not quite done yet.

This episode is for firm owners wondering when to start preparing for an exit, leaders trying to figure out how to let go without losing control, anyone considering a move to a remote or cloud-based accounting practice, and sellers who think their practice isn't "perfect enough" to take to market yet.

Timestamps:

• 00:00 Introduction to Barbara Agerton
• 01:34 Preparing for the Sale of a CPA Practice
• 03:39 Transitioning to a Cloud-Based Accounting Practice
• 07:00 Client Experience During a CPA Firm Transition
• 08:50 Deciding to Sell Your CPA Firm: Personal Motivations
• 09:58 Emotional Challenges of Selling a Tax Practice
• 11:01 The Importance of Team Dynamics
• 13:30 Preparing Your Team for a Sale
• 16:03 Reflections on Timing and Selling any bookkeeping, CPA, or CAS practice
• 18:30 Book Recommendations and Closing Thoughts

Book Recommendation:

Unreasonable Hospitality