James Masotti: First 90 Days of Buying a Bookkeeping Business

Show Summary

In this episode of the Grow My Accounting Practice Podcast, we were joined by James Masotti, the owner of Our Team Accounting. James discusses the strategic decision to acquire a bookkeeping company and how it aligns with their growth vision. He shares insights from the first 90 days post-acquisition, emphasizing the smooth transition and integration strategies.

One highlight is the adoption of Profit First, a transformative financial management approach, and its positive impact on Our Team Accounting. James also touches on implementing the Entrepreneurial Operating System (EOS) for efficient operations and how it enhances productivity and accountability.

James emphasizes the significant role of a positive organizational culture, underscoring its value in talent retention and business success. Overall, the episode provides valuable insights into financial methodologies, operational frameworks, and the importance of fostering a strong culture in accounting practices.

James is currently the owner of Our Team Accounting, which he acquired in April 2023. OTA is a US based remote team of 7, soon to be 8 outstanding accounting professionals serving 75 clients. OTA currently focuses primarily on booking in Quickbooks Online, but the team is looking forward to leveraging their skills to provide more advisory and business consulting services to our current and future clients.

The first 15 years of James career was spent in corporate supply chain positions where he worked for both small and large companies including Campbell Soup Company and Amazon.

When he left his corporate career, he was Vice President of Supply Chain for Charcuterie Artisans, one of the largest producers of charcuterie meats in the US. James entrepreneurial endeavors started in 2016 when he started acquiring rental real estate. Then after several failed attempts at using third party property managers, my business partner and I decided we would start our own property management company, which we did in May 2019.

James is married to his wife Kaitlyn, and they have an almost 5-year-old daughter Keira and a dog CJ. When not supporting his team and small business owners James is most likely to be found running ultramarathons in the mountains (when hes not injured) or at the bowling alley where hes not only a 215+ average bowler but a USBC Bronze level bowling coach.