Selling an Accounting Firm: How Mike Payne Scaled, Merged, and Planned His Next Chapter

Selling an accounting firm is about more than finding the highest bidder. It is about finding the right strategic partner.

In this episode of the Growing Your Firm podcast, Mike Payne shares how he grew Boss Advisors into one of Arizona’s first multidisciplinary CPA and law firms, scaled it to approximately $2 million in revenue, and ultimately merged with one of the nation’s largest single-owner CPA firms. Along the way, he explains why partnerships matter, what buyers really look for, how to prepare your firm for acquisition, and why preserving culture was more important than maximizing the purchase price.

Why Mike Payne Chose to Sell His Accounting Firm

Most accounting firm owners dream about scaling to eight figures.

Mike Payne had that goal too.

After building Boss Advisors into a successful multidisciplinary practice, he reached a point where another realization became impossible to ignore.

The skills that helped build a $2 million firm would not necessarily build a $10 million firm.

Rather than forcing the next stage alone, he started looking for the right strategic partner.

That mindset became the catalyst for one of the biggest decisions in his career.

Instead of viewing the sale as an ending, Mike viewed it as the next stage of growth.

Building One of Arizona’s First Multidisciplinary Accounting Firms

Long before mergers became a popular growth strategy, Mike was already combining professional services.

When he launched his CPA firm in 2017, he simultaneously operated a law firm.

Arizona later became the first state to allow Alternative Business Structures (ABS), enabling lawyers and CPAs to operate together under one firm.

Mike immediately embraced the opportunity.

Boss Advisors evolved into one of Arizona’s first multidisciplinary firms, offering clients:

• Tax planning
• Tax compliance
• Legal services
• Business advisory
• Fractional CFO services

Rather than sending clients to multiple providers, everything could be handled under one roof.

For business owners, this simplified communication, reduced delays, and created a better overall client experience.

Why the Multidisciplinary Model Became a Competitive Advantage

Many accounting firms refer clients to attorneys.

Many law firms refer tax work elsewhere.

Mike believed that created unnecessary friction.

His vision was different.

Instead of asking clients to coordinate conversations between multiple advisors, the professionals handled those conversations internally.

That created a smoother experience while strengthening client relationships.

More importantly, it became one of Boss Advisors’ biggest competitive advantages.

When acquisition discussions began, preserving this model became non-negotiable.

Mike recalls several interested buyers who wanted to separate the accounting practice from the legal services.

Those offers were immediately rejected.

For Mike, the multidisciplinary structure was not simply another service offering.

It was the firm’s identity.

Choosing the Right Business Partner Before Choosing the Right Buyer

One of the most valuable lessons Mike shared had nothing to do with acquisitions.

It involved partnerships.

Before bringing on a new equity partner, Mike recommends working together first.

He compares it to an engagement before marriage.

Rather than immediately signing operating agreements, he believes partners should first experience an entire business cycle together.

For accounting firms, that often means:

• Fall tax planning
• Busy season
• Year-end reporting
• Advisory projects
• Client reviews

Only after experiencing both successes and challenges should partners formalize ownership.

This approach allows both parties to evaluate:

• Communication style
• Leadership approach
• Decision making
• Client relationships
• Operational compatibility

According to Mike, one business cycle usually provides enough information to know whether the partnership is built to last.

The Three Qualities Mike Payne Looks for in a Business Partner

Technical ability alone is no longer enough.

Mike believes every serious business partner should contribute in three areas.

1. Technical Expertise

This is the baseline.

Every partner should be capable of delivering high-quality client work.

2. Operational Leadership

A true partner should reduce the owner’s workload by helping manage the business itself.

That includes:

• Team leadership
• Internal operations
• Process improvements
• Strategic planning

3. Business Development

Perhaps the most overlooked skill is bringing in new business.

Mike explains that while firms can hire technical talent or administrative support, finding someone who also generates growth is significantly more valuable.

When those three strengths come together, partnerships become true growth multipliers.

As Mike puts it, the right partner creates far more value than either person could achieve independently.

How Boss Advisors Reached a Turning Point

After years of steady growth, Boss Advisors reached approximately $2 million in annual revenue.

Growth had slowed.

The multidisciplinary model was working.

Clients were happy.

The team was strong.

Yet Mike recognized something important.

The next phase required a different level of experience, infrastructure, and operational sophistication.

Rather than trying to reinvent everything himself, he began exploring merger opportunities with firms that already operated at a much larger scale.

This shift in thinking transformed the conversation from “selling a business” to “finding the right growth partner.”

How Mike Payne Evaluated Potential Buyers

Finding a buyer was never Mike’s biggest concern.

Finding the right buyer was.

To help navigate the process, he worked with a business broker who specialized exclusively in accounting firm transitions. While multiple firms expressed interest, Mike quickly realized that not every offer aligned with his long-term vision.

Several buyers wanted to separate the accounting and legal practices after the acquisition.

For Mike, that was a deal breaker.

His firm had been intentionally built around integrated services, and preserving that model mattered more than simply accepting the highest offer.

The ideal buyer needed to understand the value of multidisciplinary services and share the same vision for the future.

What Buyers Really Look for in an Accounting Firm

Many firm owners assume buyers focus primarily on revenue.

Mike’s experience was different.

The eventual buyer concentrated on a handful of key areas:

• Financial performance
• Service offerings
• Client base
• Team quality
• Long-term strategic fit

Because the buyer had completed dozens of acquisitions, the due diligence process was surprisingly straightforward.

Instead of requesting every possible document, the buyer knew exactly what information mattered.

The experience reinforced an important lesson for accounting firm owners.

Well-organized firms with clear financials, consistent services, and stable operations are far easier to evaluate and acquire.

Why Cultural Fit Was More Important Than Purchase Price

Acquisitions often focus on numbers.

Mike focused on people.

Throughout the process, he continually asked himself three questions:

• What is best for the team?
• What is best for the clients?
• What is best for me?

That order mattered.

Rather than maximizing the immediate payout, he wanted confidence that employees would have opportunities to grow after the transaction.

He also wanted clients to continue receiving the integrated services that made the firm successful.

Those priorities ultimately led him to Haga Comer, a firm whose long-term vision closely matched his own.

The ESOP Opportunity Changed Everything

One conversation ultimately made the decision much easier.

Mike learned that Haga Comer planned to transition into an Employee Stock Ownership Plan (ESOP).

That meant employees would eventually receive ownership in the business.

For Mike, this transformed the acquisition.

Instead of simply selling his firm, he was giving his employees access to long-term wealth creation.

Knowing his team could benefit from future ownership made the transition significantly more meaningful.

It was no longer just an exit strategy.

It became an opportunity for everyone involved.

What Happened After the Sale

Many owners worry that selling their accounting firm means losing control.

Mike’s experience was different.

Rather than disappearing after closing, he remained heavily involved in leadership.

His role expanded into innovation, helping the larger organization improve technology, advisory services, and operational processes.

The scale had changed dramatically.

Instead of managing a 10-person firm, he was now contributing to an organization with more than 200 employees and nearly $40 million in annual revenue.

The challenges were different.

The opportunities were much bigger.

Integrating Into a Larger Accounting Firm

One of the biggest adjustments involved technology.

After the acquisition, Mike’s office immediately adopted the acquiring firm’s systems before tax season.

Looking back, he admits the transition happened faster than ideal.

Learning entirely new workflows during one of the busiest times of the year created unnecessary pressure.

His advice for firms preparing for integration is simple.

Whenever possible, allow sufficient time for:

• Staff training
• Software implementation
• Workflow adjustments
• Internal testing

Technology transitions affect every employee.

Planning them carefully can reduce disruption and improve adoption.

Why Clear KPIs Matter More Than Ever

One operational improvement immediately stood out after the merger.

Performance expectations became incredibly clear.

Every team member understood:

• Revenue expectations
• Production goals
• Performance reviews
• Career progression

There were no surprises.

Instead of relying on subjective evaluations, employees could clearly see how performance translated into raises, promotions, and new opportunities.

Mike appreciated the transparency.

It gave employees flexibility while rewarding contribution rather than tenure.

For growing accounting firms, clarity creates accountability.

And accountability supports sustainable growth.

Innovation Never Stops

Selling his firm did not slow Mike down.

If anything, it accelerated innovation.

His team immediately began evaluating new technology, including:

• AI-powered solutions
• Tax planning software
• Billing platforms
• Advisory systems
• Practice management improvements

Rather than changing everything overnight, they chose a more deliberate approach.

Arizona offices became testing grounds where new processes could be refined before being rolled out across the organization.

It was a reminder that even large firms benefit from starting small, testing carefully, and scaling proven systems.

Lessons Every Accounting Firm Owner Can Learn

Mike’s journey offers practical lessons for firms of every size.

Build Systems Before You Need Them

Strong processes make firms easier to scale and easier to acquire.

Protect Your Culture

Not every buyer is the right buyer.

Finding alignment is just as important as negotiating valuation.

Choose Partners Carefully

Spend time working together before formalizing ownership.

Compatibility matters just as much as technical expertise.

Prioritize the Team

Successful transitions consider employees, clients, and owners together.

Long-term success depends on all three.

Continue Innovating

Growth does not stop after an acquisition.

The best firms continually improve technology, workflows, and client experience.

Conclusion

Selling an accounting firm is not simply a financial transaction.

It is a strategic decision that shapes the future of employees, clients, and the owner.

Mike Payne’s story demonstrates that the best acquisitions are built on shared values, operational excellence, and long-term vision.

By focusing on culture, partnerships, and sustainable growth, he positioned Boss Advisors for a successful transition while preserving everything that made the firm unique.

For accounting firm owners considering growth, partnerships, or an eventual exit, the biggest takeaway is clear:

Build a business that someone wants to buy, not just a business that you want to sell.

Frequently Asked Questions

What should accounting firm owners consider before selling their firm?

Accounting firm owners should consider their team, clients, culture, service model, valuation, and long-term goals before selling. The right buyer should support the future of the firm, not just offer a strong purchase price.

Why did Mike Payne sell his accounting firm?

Mike Payne recognized that the next stage of growth required more infrastructure, experience, and support. He wanted to scale beyond his current level while preserving the multidisciplinary model his firm had built.

What made Boss Advisors attractive to buyers?

Boss Advisors had a strong multidisciplinary model, established client relationships, advisory services, legal services, and a clear growth vision. Its integrated CPA and law firm structure made it unique in the market.

What is a multidisciplinary accounting firm?

A multidisciplinary accounting firm offers multiple professional services under one roof, such as accounting, tax, legal, advisory, wealth management, or CFO services. This model can simplify the client experience and create stronger advisor collaboration.

What role did culture play in Mike Payne’s firm sale?

Culture was a major factor. Mike rejected buyers who wanted to break apart the firm’s integrated model because preserving the team, client experience, and multidisciplinary identity mattered throughout the sale process.

How can accounting firms prepare for acquisition?

Firms can prepare by documenting processes, organizing financials, clarifying service offerings, tracking client relationships, building a strong team, and reducing dependence on the owner.

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