Business CPAs recommendations

[mycrew143]

Hi All,
First time poster.
I am looking to by a donut shop. The numbers provided do not seem great in that the GrossRev is about $300k but cashflow is about $6k.
Looking for an accountant to help determine if this is a good "opportunity". I believe there is a lot of overhead that could be reduced for better return on investment.
Can anyone recommend an hourly accountant that I can consult with?

Thanks

 

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[HabitsCampaigner]

Hi @mycrew143

I am often wondering who are the best CPAs and where to find them too, but for a different reason.

I personally would not consult a CPA on whether or not a business opportunity is good. My past experience has taught me that CPAs are GREAT for taxes but I cannot let them make big business decisions for me. They have a different talent set.

Have you read MJ's three books? If not - if you have read 1 or less of them, I highly recommend you start there. And I am not kissing up to the teacher. They really are the best starting place.

On first glance, those numbers do not look good to me, and I would not get a donut shop myself - unless maybe it was one of those novelty donut shops where they make crazy works of art and charge an arm and a leg.... then you're selling something of more unique value than a donut which I can get anywhere.

 

[mycrew143]

Hi @mycrew143

I am often wondering who are the best CPAs and where to find them too, but for a different reason.

I personally would not consult a CPA on whether or not a business opportunity is good. My past experience has taught me that CPAs are GREAT for taxes but I cannot let them make big business decisions for me. They have a different talent set.

Have you read MJ's three books? If not - if you have read 1 or less of them, I highly recommend you start there. And I am not kissing up to the teacher. They really are the best starting place.

On first glance, those numbers do not look good to me, and I would not get a donut shop myself - unless maybe it was one of those novelty donut shops where they make crazy works of art and charge an arm and a leg.... then you're selling something of more unique value than a donut which I can get anywhere.

Yeah the numbers are not ideal, but.... I kind of think of it like a real estate flip. It looks like it is in distressed and needs help. Buy it, go in and make changes for the better like reduce costs, add specialty product, expand to other shops(it has the ability to produce more), etc. I see it more advantages then starting a new business from scratch.

 

[ZCP]

post the numbers here and let business people weigh in ....

cpa's do what the tax code and you tell them to do.... how would they know if a business made sense for you?

need to learn to read a P&L / Balance sheet and 'read between the lines' to value the business. post the info

 

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[mycrew143]

post the numbers here and let business people weigh in ....

cpa's do what the tax code and you tell them to do.... how would they know if a business made sense for you?

need to learn to read a P&L / Balance sheet and 'read between the lines' to value the business. post the info

Hi ZCP.
I would love to but I am under NDA. Can I send PM or is there someone on in this forum that consult/hr?

 

[ZCP]

dm me ... we can take a look together ... just gray out names / etc.