Personal Investments

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#1
Posts:
14
Joined:
14-May-2018 8:54pm
Location:
Midwest
Aside from building equity in one's practice, does anyone here leverage their skills (e.g., tax planning, accounting, business, &c.) or contacts to build a side business or invest? Examples could be real estate investing, fast food franchises, &c.?
 

#2
Posts:
275
Joined:
11-Oct-2016 2:59am
Location:
California
I offer consulting with my practice. Some start ups that are cash poor may offer equity for my services so I have a stake in my clients comapnies. Other than that there's an occasional TIC I have with a client.

I've had several colleagues who do franchises with their clients. Those have been hit or miss. I won't do a franchise despite being offered to buy into some Popeyes Chicken locations.
 

#3
ATSMAN  
Posts:
2094
Joined:
31-May-2014 8:34pm
Location:
MA
When I was still doing payroll processing a client in the medical billing business starting up offered an equity position instead of paying tax consultation and prep fees each year. I discussed this offer with my attorney and came to the conclusion that I may not be able to wear two hats at the same time and be objective and the risk to my business far outweighed any $value that company had at that time. After 2 years that company folded and the lady who was running the billing business went to work for a doctor's group.
 

#4
Posts:
14
Joined:
14-May-2018 8:54pm
Location:
Midwest
CreditMyDebit wrote:I offer consulting with my practice. Some start ups that are cash poor may offer equity for my services so I have a stake in my clients comapnies. Other than that there's an occasional TIC I have with a client.

I've had several colleagues who do franchises with their clients. Those have been hit or miss. I won't do a franchise despite being offered to buy into some Popeyes Chicken locations.


You turned down Popeyes? Unthinkable! If you don't mind my asking, what was the story behind that?
 

#5
smtcpa  
Posts:
515
Joined:
28-Jul-2014 5:16am
Location:
Richmond, VA
I will be moving heavily into business coaching/fractional CFO services with the idea to have less of a tax season than I do and even out my revenues more.
 

#6
Posts:
2887
Joined:
21-May-2018 7:50am
Location:
Northern MI and Coastal SC
My focus remains less tax, more controllership/CFO functions, though tax has increased hugely this year. I still do some IT work, but mostly consulting these days instead of hands-on (few exceptions).

As for taking an equity stake in exchange for accounting/tax services, it would certainly depend on the client, their business model, cash flow, and to what degree they would allow me to interject or control certain functions. I can only think of one I would currently be interested in, should the subject arise.
 


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