In today’s episode, I’m going to talk about a personal subject, namely why I sold my online accounting firm, and then relate it to some of the challenges firm owners are facing today.
0:37 – I was exposed to entrepreneurship at an extremely young age through my father, who owned a small business.
1:27 – Following my family’s path, I started Xen Accounting. It was one of the first online accounting firms in North America when I started my career in business ownership in my 20’s.
3:22 – Within a few years of being in business, I began receiving approaches from firms that wanted to acquire, merge, and/or partner with us.
4:00 – With all these options on the table, I was more confused than ever with what to do next.
4:30 – All kinds of pros and cons lists were created, lots of conversations with my wife and family were held, and all the details were overanalyzed.
5:00 – For clarity about my next step, I tried a different approach by simply writing down what I want in life in bullet points.
6:22 – Through this exercise, I was able to define what I really want in life. Then I knew that my goal was to start Future Firm ® from scratch and design it to be aligned with my personal goals.
6:58 – I knew that I had to act when Equiom, the company that acquired Xen Accounting, made me a great offer.
8:00 – Premature selling is common with a lot of firm owners. So first, make a list of your ideal life, decide what is your purpose, and figure out if you’re on the right path to achieve it.
8:27 – For more clarity with these matters, check out episode 32 titled Enough, and episode 27 titled Run a Firm you Love By Defining Your Personal goals.
