When Getting It Wrong Teaches You to Get It Right 

Nicole’s voice still cracks a bit when she talks about her first acquisition. "Worst business decision of my life," she says without hesitation. And she's not exaggerating. 

Here's the thing about buying an accounting firm: it looks deceptively simple on paper. Client fees, recurring revenue, a solid book of business. What could go wrong? 

Everything, as it turns out. 

The First Mistake: Going It Alone 

Nicole had been a senior accountant and decided it was time to venture into business ownership through acquisition. She was smart enough to navigate her first acquisition without paying for advisory services, right? 

The firm she bought into looked perfect on the surface. 50% of equity alongside a seasoned and proven sole practitioner. The revenue multiples made sense. The client list was solid. The vendor/seller seemed genuine enough. 

What the numbers didn't tell her was that she'd just acquired a practice with completely incompatible director behaviour and dysfunctional systems, a client base that expected a level of service at pricing no one could deliver, and a culture so different from her own that every day felt like walking into someone else's house wearing shoes that didn't fit. 

Six months in, she was working long days trying to innovate with a team, a partner and clients who didn't want this. Her own clients started feeling neglected. Staff morale tanked. The dream of growth through acquisition had become a nightmare of managing chaos. 

The Hard Truth About M&A in Accounting 

I've seen this movie too many times, and it never ends well when people go it alone. 

The accounting industry has this peculiar challenge: we're not buying widgets or real estate. We're buying relationships, trust, and systems that took years to develop. Cultural fit matters more than the P&L statement. Client compatibility trumps client fees. Team dynamics can make or break everything. 

These are the factors that only become obvious when you know what to look for. When you've guided hundreds of these transitions. When you've seen what works and, more importantly, what doesn't. 

The Cost of Learning the Hard Way 

Nicole eventually extracted herself from that first acquisition, but not without significant financial and emotional cost. The experience left her questioning everything she thought she knew about business growth. 

But here's what I've learned over twenty-five years in this industry: the people who recover from failure and try again with the right guidance often build the most extraordinary outcomes. 

Nicole was one of those people. 

Taking the Right Approach: Education First 

When Nicole contacted Best Practice Group, she wasn't looking for someone to just "find her another deal." She had already learned that lesson. She was looking for education, guidance, and expertise that would help her understand what she'd missed the first time. 

This is why I'm an Educator and Coach first, M&A consultant second. 

Before we even started looking at potential acquisition targets, we spent time helping Nicole understand her actual needs, not just her wants. We worked through what her future needed to look like, what kind of culture would complement her own, what type of clients would integrate smoothly with her existing practice. 

We helped her ask the right questions: 

• What do I actually want my working life to look like in three years? 

• What kind of team do I want to build and lead? 

• What values are non-negotiable in my practice? 

• What systems and processes do I need for sustainable growth? 

The Triple-Win Philosophy in Action 

My philosophy has always been simple: the buyer must win, the seller must win, and the clients must win. If any of these conditions aren't met, we haven't done our job properly. 

For Nicole, this meant finding an opportunity where: 

• She could invest in a firm that aligned with her vision and values 

• The existing practice owner could exit with dignity and fair value 

• The clients would receive equal or better service through the transition 

But there was another dimension to Nicole's situation: she also needed to exit her own practice to fully commit to this new opportunity. 

A Dual Strategy: Exit and Entry 

This is where proper M&A guidance becomes invaluable. 

We developed a dual strategy for Nicole: 

1. Guide her through selling her existing practice in a timely manner. 

1. Simultaneously identify and facilitate her equity investment in the right firm 

The timing had to be precise. The valuations had to be fair. The transitions had to be managed carefully to protect client relationships on both sides. 

We guided her through every twist and turn. When due diligence revealed concerns, we helped her ask the hard questions. When negotiations got tense, we helped her stay focused on long-term fit rather than short-term wins. When integration planning began, we ensured systems and processes were documented and clear. 

The Result: Getting It Right 

Nicole's exit from her own practice delivered a premium result. The buyer was genuinely the right fit for her clients, and the transition was smooth because we'd done the groundwork properly. 

More importantly, her equity buy-in to the new firm was everything her first acquisition wasn't: 

• Cultural alignment from day one 

• Compatible client bases that appreciated similar service approaches 

• Systems that integrated rather than clashed 

• A team she genuinely enjoyed working with 

• A future she was excited about rather than dreading 

"After buying the wrong firm, I turned to John and the team," Nicole reflects. "Not only did they find the right firm for me to invest in, but they also guided me through selling my own firm, every twist and turn, and delivered a premium result on both my practice sale and equity buy-in. My future has never been brighter." 

The Lesson for Every Buyer 

Here's what Nicole's story teaches us about M&A in the accounting industry: 

Going it alone is expensive. The cost of getting it wrong far exceeds the investment in proper guidance. Nicole learned this the hard way, but at least she learned it. 

Numbers don't tell the whole story. Cultural fit, client compatibility, systems alignment, team dynamics - these factors are just as critical as the financial metrics, yet they're invisible on a P&L statement. 

Education precedes execution. Understanding what you're really looking for is more important than moving fast. Taking time to get clarity on your vision prevents years of regret. 

Expert guidance changes outcomes. There's no elevator to M&A success. There are only the stairs, and those stairs go a lot faster when you have an experienced guide walking beside you. 

Your Next Step 

If you're considering buying or selling an accounting practice, Nicole's story should give you pause. Are you repeating her first mistake, or are you ready to do it right the first time? 

The difference between a transaction that transforms your future and one that derails it often comes down to having proper guidance through the process. 

We've helped hundreds of accounting professionals navigate these transitions successfully. We know what to look for beyond the numbers. We understand the cultural dynamics that make or break these deals. We've seen what works. 

Talk to us in confidence about your M&A aspirations. Whether you're buying, selling, or merging, let's ensure you get it right the first time. 

John Peterson 
Founder, Best Practice Group 
Educator, Coach & Mentor 

About the Author 

John Peterson has facilitated 157 successful accounting practice transactions over the past 25 years, including mergers, acquisitions, and strategic partnerships across Australia. As the Founder of Best Practice Group, John is known for combining deep industry knowledge with a coach’s mindset, guiding practitioners through some of the biggest decisions in their professional lives. Currently leading a $13M accounting practice roll-up across five Australian cities, John is actively proving that the strategies he teaches work at scale. His Triple Win Philosophy, where the buyer, seller, and clients all benefit, is at the core of every deal he helps structure. 

"We don’t just facilitate acquisitions, we help buyers make smart, strategic moves that set them up for long-term success.”