Hi all. My father owns a bookkeeping company and asked me to continue the business. But I am not an accountant/bookkeeper. Currently he's the accountant/bookkeeper and has a couple of employees under him. If I accept, the only way that I can do it, is by hiring a new head accountant/bookkeeper and one or two regular bookkeepers. Do you think that I can continue the business, just by doing that, and managing them, not closing the company, and letting them do all the work for good salaries?
A local firm of Chartered accountants is owned/run by the unqualified son of the founder. I guess he must have some of the chartered accountants who work for it as partners as they are registered with the ICAEW to practice. (I think the ICEAW only allow 25 or 33% non members to still allow registration to practive).
The firm is pretty big, as they have been there for a long time and most people I know locally use the firm. He does all the marketing for the firm, which he is very good at and attends all the networking events etc. He does not tell any he is not qualified unless they ask. I would be surprised if many of the clients realized he was not a qualified accountant. Of course his name is included in the title of the firm.
At the moment,
I have calculated that with this many clients that the company is giving service to,
there is enough money to pay the new lead accountant, two entry level bookkeepers ,
and myself (as the: owner, manager and marketing person).
And the client number is slowly going up.
I'm not planning the make the lead accountant a partner, but I will reward everyone's hard work.
I am planning to do the marketing, finding new clients, visiting seminars etc...
My name will be included in the title firm/ business cards...
Also what came to my mind, is , is it possible for the new accountant , after few years of working, to open his accounting/bookkeeping company , and take all the clients with him ?
Because the current/future clients don't/won't need me, or my non existent expertise...
I guess for now they will stay with this company, out of respect to my father that ran the company, they would expect the same service in the future.
Or I should try and sell the company, like an exit strategy if nothing else...
I wouldn't hire a 'lead accountant', why not use two or three part time sub contractors. They get paid for the work done, if they're no good, get rid and by spreading the clients amongst them there is less chance of your clients getting nicked. On that point it is possible to have some kind of clause in an employment contract for 'non compete' basis but not sure how effective they are. The important thing is for you to have the relationship with the clients.
Never thought of sub contractors, I'll pass the idea. Thanks.
Yes, I was thinking the same thing, to separate and spread the clients and few more changes in the way of doing business.
Being a company dealing with 40+ small business clients, I know my dad has a close relationship with the clients.
