Looking for some guidance/mentorship:
Two reputable CPAs who own a CPA firm outside of Cleveland approached me because they are looking to retire. One, in the next 12 months. The other, probably in 3 years. Deal is that they would hire me as Principal in year one, pay a wage comparable to what I make now and give me 50% of everything *new* I bring in. I would handle 60% of the bookkeeping/tax prep and be responsible for practice development. *New* because I have a non-compete where I am at now.
In year 2, I would buy-out the 50% member at 100% of his average billings spread over 3 years.
In year 5, I would buy the other 50% member at the equivalent cost.
I have crunched the numbers, asked questions and I would make 4-5x what I am making now in year 5.
I realize losing clients is inevitable, although I do pride myself in offering connoisseur like service, so my hope is that I can retain 90%.
I am also stuck as the sole Tax Manager where I am now, with no succession plan, no room to grow (I keep 10% of the profit that I bring in).... as the owner is 54 years old and will die here....alone.
Nonetheless, I'm losing sleep over this. Losing an immense amount of sleep. I have brought in clients, but I also have lost more in meetings as soon as I bring up fees (our average billing rate is $145/hour). I am NOT a rainmaker, but I do enjoy meeting people and I am 100% ok with having to pound the pavement. I haven't had to do bookkeeping in many years (I'm 38, so maybe 8 years), but I can handle it. Tax compliance, audit, special engagements I can hold my own.
I can stay where I am, be content (miserable at times), overworked and underpaid or I can take a chance and make this thing work.
Any thoughts?