How Justine Lackey Turned a Focused Bookkeeping Firm Into a Successful Exit

Justine Lackey built a sellable bookkeeping firm by staying hyper focused on one service, one platform, recurring revenue, documented systems, and ethical leadership. Long before selling in 2023, her firm was structured to operate independently, making the transition successful for clients, employees, and buyers.

Introduction

Building a sellable accounting firm is not about chasing scale or adding services. It is about long term decisions that create stability, clarity, and trust. Justine Lackey, founder of Good Cents Management, spent over fifteen years intentionally shaping her bookkeeping firm before exiting in 2023. Early on, she made a decision that guided everything that followed.

This focus became the foundation of a firm that buyers could easily understand and integrate. Rather than becoming a generalist practice with fragmented systems, Good Cents was built around repeatable processes, consistent tools, and predictable outcomes. As Lackey explained,

reinforcing how discipline, not expansion, made the firm more valuable.

Why Focus Made the Firm More Sellable

One of the strongest drivers of Good Cents’ successful exit was specialization. The firm resisted the temptation to offer tax, payroll, or multiple accounting platforms. This decision simplified operations and reduced complexity for both staff and future buyers.

A focused service model improves sellability because it:

• Creates consistent service delivery

• Reduces onboarding and training time

• Lowers operational risk

• Clarifies positioning during due diligence

Buyers value predictability. A firm that does one thing well is easier to evaluate, price, and transition than one offering many loosely connected services.

Recurring Revenue and Payment Discipline

Revenue structure played a major role in the firm’s stability. After losing a large client early in her career, Lackey shifted away from delayed billing and unpredictable cash flow.

The firm prioritized:

• Monthly recurring revenue

• Credit cards or ACH on file

• Prepaid or completion based billing

• Clear payment expectations

This approach reduced financial volatility and protected the business during economic shifts. For buyers, consistent revenue signals lower risk and stronger long term viability.

Systems That Transferred Without the Founder

A sellable firm cannot rely on the owner to keep things running. Good Cents invested heavily in documentation and standardized workflows so the business could operate independently.

Key system elements included:

• Documented bookkeeping processes

• Standardized client onboarding

• Clear internal handoff procedures

• Cloud based tools that supported remote work

These systems ensured continuity during the transition and helped maintain client confidence after the sale.

Building a Team Buyers Could Trust

Team structure was another critical factor. Lackey intentionally hired for character, coachability, and long term fit rather than short term output. She invested in training, certifications, and collaborative problem solving.

Strong team practices included:

• Ongoing platform certifications

• Group based problem solving sessions

• Clear expectations around quality and accountability

• Paid internships and ethical hiring standards

This approach reduced dependency on the founder and reassured buyers that the team could sustain operations post acquisition.

Ethical Leadership and Transition Planning

Ethical leadership shaped how the sale unfolded. Rather than exiting abruptly, Lackey planned extensively for both employees and clients. Transition guides, internal communication, and buyer alignment were all part of the process.

Effective transitions are supported by:

• Advance planning and documentation

• Transparent communication once permitted

• Respect for client and employee relationships

• Alignment between buyer and seller values

These steps reduced disruption and preserved goodwill, which directly impacts deal success.

Conclusion

Looking back on the sale, Lackey emphasized that success was measured by outcomes for everyone involved, not just the transaction itself.

That philosophy guided years of decisions and ultimately made the firm truly sellable.

Her experience shows that exits are not created at the negotiation table. They are earned through focus, discipline, systems, and leadership long before a sale ever begins.

These elements reduce risk and make firms easier to transfer and grow.

Frequently Asked Questions

What makes a bookkeeping or accounting firm sellable?
Sellable firms have predictable recurring revenue, documented systems, focused services, and teams that operate independently of the owner.

Does specializing in one service increase firm value?
Yes. Specialization reduces complexity and risk, making firms easier to evaluate and integrate.

When should firm owners prepare for an exit?
Preparation should begin years in advance by building systems, stabilizing revenue, and reducing founder dependency.

Can small firms still attract buyers?
Yes. Buyers prioritize structure, clarity, and operational maturity over sheer size.

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