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Michael Ly, founder and CEO of Reconciled, shares his advice for accountants, CPAs, and fellow entrepreneurs who are interested in purchasing a firm, based on his own experience as a buyer in three deals so far. 01:56 What is the focus of your firm? 02:55 How do you buy a accounting Firm? 05:38 How do you find the firms to buy? 09:02 Why you need a broker 13:20 What kind of firms are you buying? 15:41 How do you finance theses deals? 20:17 How to value an accounting firm 25:49 Why understanding the firm's customers is so important 27:23 What does your team look like? 28:49 Equity vs. asset purchase 31:48 How do you introduce this kind of change to the staff? 35:46 Can you do a deal and then go finance it? 36:35 What is the biggest mistake you have made? 39:35 What is Michael most proud of? 40:45 Risks for the seller