What it really takes to grow through acquisition

Wondering what it’s like to grow your firm through acquisition? Rachel Dauchy, owner and founder of NetDeposited, has done just that. And in today’s Q&A, she’s taking us behind the scenes to reveal what it’s like to buy an existing business, navigate the financing process and support employees and clients throughout the journey. Get ready to be inspired by Dauchy's bold moves as she builds the firm of her dreams.  

—Interview by Lauren Ward, edited by Bianca Prieto

You began your self-employment journey as a bookkeeper. How did you transition from that solo role into starting your own firm?

I have worked in banking operations and accounting my whole career. I stopped working when my kids were little and was a full-time parent for about five years, and then I went back to work, starting as a QuickBooks online solopreneur. I always had a knack for picking up different accounting software, and I knew Intuit had a great community of bookkeepers and accountants, so I started small and eventually grew to many clients. 

I ultimately realized I needed help and started to hire some more bookkeepers and eventually an accounting manager, so I could focus more on software operations. I also had several clients who were struggling with their inventory, and so I really started to spend more time on that: cloud-based inventory apps and connectivity to QBO. At NetDeposited, we utilize lots of automation tools, which are helpful for data entry, but we still put lots of time in to ensure the complex parts are accurate: balance sheet reconciliations, outside sales tax apps and more. 

After launching NetDeposited, what steps did you take to grow the business?  

Although I spent so much time investing in understanding the tech and flow of financial data, I was still having a hard time with growth. All of my business came from referrals, but I wasn't really able to get in front of the larger, more established brands that could utilize my offerings: real-time bookkeeping, accounting and reporting with my team that I had trained.  

I had known some other peers who had acquired firms, and I felt confident that I had the know-how to do it.  My processes are streamlined, efficient and our data is uncompromised. I ended up being approached by a fellow woman firm owner who thought that I would be a great fit to purchase her business. She is an expert at firm growth and optimization, and utilized modern tech as I do. In fact, we used many of the same apps, so it turned out to be a pretty painless process.

Can you describe the acquisition process for other firm owners who may be considering growing in this way? 

The timeline of acquisition was very long. It took many, many months of back and forth with the bank because I got an SBA loan and had started the process before the lengthy government shutdown at the end of 2025. There were more threats of shutdown after that, and the SBA was painfully slow to catch up. All in all, I am grateful for the SBA's loan, but it was so darn painful that I don't know if I want to do that again. Hopefully, next time I won't have to go through the SBA.  

My advice for other firm owners: Don't acquire a firm if you are in a hurry! It takes forever.  

How has the transition process been with employees and clients from the firm you acquired? Was anything easier or more difficult than anticipated?

I got to know the employees first, and because the former owner was a peer of mine, I was able to get to know the team. For me, that was really important because I needed to really get to know them and how they work, and what their abilities are and where they can grow. Right now, I have to put a lot on them, but I want them to know that their growth is just as important as mine. We are a team that will get better every day, and I want them to know that. I don't know if I would have felt as empowered or supported if the team I got were strangers. 

With clients, it’s been both easy and hard. We lost a few clients along the way, and I have to make that revenue back up. It’s also been easy because we have a team that is VERY tech-savvy, so I know we are in good hands.

What are the benefits of opening and growing your own accounting business?  

If I wanted a paycheck, I would get a job. I think this is an incredible time to own an accounting firm, and we have an opportunity to be leaders in this space to advance this industry.  

The best part of owning a remote firm, however, is that I can literally work from anywhere I can get WiFi. I am no longer shackled to someone else's set business hours, and I have the freedom to work as little or as much as I want. Obviously, I want to do well, so I have worked very hard for the past seven years since I started NetDeposited. But now I finally have a great team that I can let work IN the business, so I can now work ON my business. I am very much looking forward to that, so I can spend some more time with my kids, who are 13 and 16.   

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The Net Gains is curated and written by Lauren Ward and edited by Bianca Prieto.