Should I continue bookkeeping business as a manager, (without bookkeeping knowledge)

Discussion in 'Off-Topic Lounge' started by Rocket, Sep 30, 2014.

  1. Rocket

    Rocket

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    Hi all.
    My father owns a bookkeeping company and asked me to continue the business.
    But I am not an accountant/bookkeeper.
    (I have 10 years of experience as an IT Tech, and inventory data analyst, so I think I'll learn the basics quickly)

    Currently he's the lead 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 to replace him, and be the legally authorized 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's doors, and letting them do all the work for good salaries?
    It's a really good source for nice income, since he's owned the company for 20 years so far.

    Thank you all for your inputs!
     
    Rocket, Sep 30, 2014
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  2. Rocket

    Samir VIP Member

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    I think one of the big questions you need to find the answer to is why he's wanting out of the business--age, retirement, work stress, etc.

    I would work with him for a smooth transition, with him remaining as the lead for now, but you handling all the business organization nitty-gritty. Once you have the business organization where you want it, you can source a new lead together. Then you can manage the new lead, and your dad can be retained as needed as a consultant.
     
    Samir, Sep 30, 2014
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    Rocket likes this.
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  3. Rocket

    Rocket

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    He's retiring.
    Great thinking Samir, thank you so much!
     
    Rocket, Sep 30, 2014
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  4. Rocket

    Samir VIP Member

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    You're welcome. For the last two years, I've been doing the same with my parents. Good luck!
     
    Samir, Sep 30, 2014
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  5. Rocket

    kirby VIP Member

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    Hi Rocket
    First off, you have something of value so it makes sense to keep it going.
    If you can hire a new lead bookkeeper at a cheaper price than what your Dad earned, if all else stays the same you should continue to earn a profit (if indeed the business was earning a profit at your Dad's salary).
    So keep this going and if you find it to be something you do not want to keep, sell the business. Maybe sell to the new head bookkeeper.
     
    kirby, Oct 2, 2014
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  6. Rocket

    Onestopbrokers Directory

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    Hi,
    Do you like accounting, I mean, accounting, bookkeeping is something that fascinates you? Do you like to do it for living.
    If yes, and your Dad's office is going ok in business then absolutely go for it. I agree with above members for a smooth transition. The succession in family business is a big matter.
     
    Onestopbrokers Directory, Oct 13, 2014
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