A good bookkeeper can be hard to come by. And that’s a problem that one entrepreneur learned throughout the course of his career, leading to him starting his own bookkeeping brand — Legacy Advantage.
Read more about the company and what sets it apart in this week’s Small Business Spotlight.
What the Business Does
Provides bookkeeping services in a trustworthy way.
Legacy Advantage President Bob Wang told Small Business Trends, “At the core, we are a bookkeeping company, but our vision is so much more! The bookkeeping industry is fragmented, and the overall client experience is poor at best. Our desire is to become the most trusted bookkeeping brand in the world.”
Associates who provide great service.
Wang says, “Our associates are super engaged because they love being here. We have a huge mission we’re all fighting for and they all want to be a part of this journey.”
How the Business Got Started
By noticing a couple of different opportunities.
Wang explains, “Opportunity #1 – It was really hard for business leaders to find a good bookkeeper! Bad bookkeeping is frustrating for everyone involved, so I wanted to create an awesome bookkeeping business that would create a win win win relationship between the accountants, the business owner, and us.
Opportunity #2 – There isn’t a name brand that is known for bookkeeping. Most of the time, when people ask for bookkeeping, they usually ask for a referral from their accountants, lawyers, friends, and family. There isn’t a specific “place” to go, to find a bookkeeper. So we want to be the first thing people think of when they think ‘bookkeeping.’ When people are looking for a bookkeeping solution, I want them to think Legacy.”
Completing an acquisition in late 2016.
Wang says, “We had may inquiries from businesses in the Fraser Valley, but we couldn’t service them because people didn’t want to cross the bridge. I knew I wanted to expand into the Valley, so I reached out to numerous bookkeepers for coffee to get an idea on what the market is like. It’s a strange thing. When you put your words into the universe, it makes it happen! One of the people I reached out to said that are actually looking to retire and sell their business. So we started talking and decided to make it happen. Now we have 2 locations with the ability to service all of lower mainland. We have 2 locations, and double the number of super star team members.”
Taking a chance on that acquisition.
Wang says, “We are a startup company and bootstrapped the whole thing. The only cash injection we got was the inheritance that my Grandparents gave to me. My grandparents penny pinched their whole lives and saved $75K. They wanted to give it to me to give me a head start. Instead of buying a car, or investing in stocks, I decided that the best way I can use their money is to invest in this company. I poured some funds into marketing, but most of that went to paying for this acquisition.”
How They’d Spend an Extra $100,000
Promoting the business.
Wang says, “[I’d] spend more on marketing & PR so we can generate more awareness about our bookkeeping brand and offer more benefits to our staff.”
Everything rises and falls on Leadership – John Maxwell
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Images: Legacy Advantage; First Image: (left to right) Michelle Wang – Board Member, Anne Wang – Executive Assistant, Jerry Tang – Senior Manager, Sofiya Pylypenko – Associate, Bob Wang – President, Davies Town – Board member; Second Image: (left to right) Lorna Jones – Senior Manager, David Nguyen – Associate, Vicky Kahara – Associate, Dylan Johnson – Junior Associate, Jerry Tang – Senior Manager; Third Image: Davies Town – Board Member, Michelle Wang – Board Member, Bob Wang – President, Sofiya Pylypenko – Associate, Wayne Lam – Associate, Jerry Tang – Senior Manager, Anne Wang – Executive Assistant