And so it would really be okay for a controller to do that or what we call a client lead and accounting manager now to do that work, you didn't need to be a CFO and then move the CFOs to doing more CFO level work. So we had to restructure the teams as well at the time. Right. And so all this disruption is really, especially for accountants.
Acquiring Minds
When a $2.8m Acquisition Is More Like Zero-to-One
Excerpts · 360 segments · ~1:15:05 long
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You know, certain industries, certain people are adaptive to change and certain people are not. And accountants do not like change, right? They do not like to have things changing all the time.
They like to have structure and they like to have consistency. And so us coming in and realizing, okay, we need to make some changes for profitability. But also this is structured wrong and where we want to go in order to get there, we need to make some changes for operations, for the structure of the team.
So we had to completely redo the structure of the team. So to give you an idea, we have had, you know, we had about 20 employees when we bought the company. We have two that are left from when we bought the company.
This is a service based organization, right? So what that means is it's not like we can change that overnight or we would lose all of our clients. Right? Why? Well, because it's relationship based.
Right? It's like if I'm your CFO or if I'm your accountant and I'm doing your books, it's not just about, it's not just transactional, right. I can do your ap, I can do your payroll, I can forecast for you, I can help you raise capital. Um, but you also probably like working with me too.
And so if I leave, there's a certain portion of you like, yeah, I like proven or I like this company or this company and they do a good job and they have a good process and they have good tech, which we do. Right, we have good process and good tech. But I also really like working with Dave and if Dave leaves, you know, that's going to question whether or not I want to leave.
And so with the service and that's a strike I guess Dave, in against kind of white collar services businesses. Recall at the top we talked about how you were drawn to white collar versus blue collar tradesy businesses. But this would be a strike because on the blue collar side clients don't necessarily have the same relationship with the plumber that they do with the fractional.
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So we had to completely restructure the team to be what we needed it to be and to be what the clients thought they were getting and to give them improved value, increased efficiency. And that just took time and it also caused turnover. And so I had to be very meticulous about how much time we could do that, how long it would take, who we needed to do that.
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