Connor Abene
@ConnorAbene
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Fractional CFO & Bookkeeping services helping $1m-$40m SMBs streamline their financials & accelerate growth | Tweets on business & finance | DM’s wide open
Frisco, TX
Joined March 2020
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Last Seen Profiles
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For those of you that have no idea what I do, this is it lol:
I’m a fractional CFO and I work with clients in the $1m-$50m million in annual revenue.
Here’s what I offer clients:
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The most predictable way to get wealthy ($10m-$50m) in my opinion is with rollups.
Here’s what they are and how they work:
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I think 50%+ of boomer businesses will shut down instead of selling.
If you want to capitalize on this problem, I’ve got 10 ideas for ya:
🧵👇
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The
#1
reason why businesses fail is poor cash flow management (actual statistic).
“Bank balance accounting” is not going to cut it.
Here’s the 13 step guide of how you SHOULD manage your cash flow: (save this)👇
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Buying businesses is the opportunity of a lifetime.
And Twitter is a goldmine for business buyers.
Here are 17 people who share valuable M&A info in the SMB space:
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Buying businesses is the opportunity of a lifetime.
And the Twitter SMB community is a goldmine of expert knowledge.
Here are 7 incredible threads to get you started (from deal ideas, to diligence and step-by-step playbooks):
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The most predictable way to build a net worth of $10M+:
Roll-ups.
Institutional investors try to keep this technique a secret.
So let me explain what they are (and how they work):
A roll up is when you buy two or more of the same type of business then “roll them up” into one…
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Most boomer businesses won’t sell.
They’ll shut down.
Here are 11 ways to capitalize on these businesses (as well as the ones that will sell):
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If you own a business this is a photo worth saving. Found this on the internet.
Need to know metrics based on industry.
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If you want to buy a business, Twitter is a goldmine of expert knowledge.
But most people don’t know where to look.
Here’re 20 accounts sharing incredible ideas in the SMB M&A space (for free):
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After managing $300m in cash flows for over 45 clients, I’ve realized most small businesses make the SAME mistakes.
Here’re the top 5 business “killers” you need to avoid at all costs:
(A Small Business Finance 101 Thread)
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I oversee $60+ million in annual revenue as a fractional CFO.
Whenever I take on a new client, there's almost always "low-hanging fruit" (to increase revenue & profit).
These are some of the most common: (mini 🧵)
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I recently asked 22k people "what's the highest ROI book you've read?" (money, happiness or other)
Here are the 7 that showed up most often:
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The most predictable way to get wealthy is to marry rich.
The second most predictable way might be with roll-ups.
Here’s what they are (great for net worth goals of $10m+):
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In the next 5 years, over 50% of boomer businesses will SHUT DOWN instead of selling...
This creates a massive opportunity… if you’re ready to act on it.
Here're 7 ways you can get wealthy using this "problem":
(I'm doing
#4
)
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Business owners who don't understand basic accounting have a MAJOR disadvantage.
But thankfully, you don't need to know it all to avoid ruin.
Here're 5 accounting KPIs you need to know to get started:
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I manage $500m in revenue as a Fractional CFO.
Whenever I take on a new client, they’re almost always making the SAME “big mistakes”.
Here’re the top 3 you need to avoid at all costs:
(A Small Business Finance 101 Thread)
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The business finance order of operations:
1. Bookkeeper
2. CPA
3. Fractional CFO
4. FT controller
5. FT CFO
Here’s why I chose this order and how much each role should cost:
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What industries can you roll up?
More than you can list in one tweet. But here’s some I’ve heard of:
• Dentist offices
• FBA
• Shopify stores
• Content sites
• Micro-SaaS sites
• Home-services companies
• Foundries
• Car washes
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What are we reading today?
Picked this one out after listening to the
@lexfridman
podcast with
@BillAckman
50 pages in - really detailed but very helpful. Teaches you as you go.
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Net Income vs Free Cash Flow (FCF)
Quick, over-simplified breakdown of what each is good for: (mini 🧵)
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The
#1
business killer:
Poor cash flow management.
82% of failed small businesses fail due to cash flow problems.
If you want your business to survive, avoid these 10 common mistakes:
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One thing I've learned from managing the financials from 45+ companies...
You’re only as good as what you track.
Here are 7 cash KPIs every business owners needs to know:
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I oversee $250+ million in cash flows as a Fractional CFO.
With every new client I take, there’s always “low hanging fruit” (to easily increase revenue and profit).
These 7 are the most common ones:
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My favorite book on how to be a great small business CEO:
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A rollup is when you buy 2+ of the same type of business (roll them up).
Think private equity firms buying auto-repair shops, FBA stores, etc.
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A surprising fact is that many business owners don't understand their numbers.
The best way to learn is with a few books.
But I've also curated some of the best finance threads.
Here's 7 finance threads to help you master the basics:
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Creating this for my clients is my goal for Q1. This is an amazing chart that is so useful.
Wow!
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Buying great businesses is the most predictable way to get wealthy.
But if you don't understand how to run due diligence, it can lead to disaster.
Here's my 5 question checklist to get you started:
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The most predictable way to kill your business is poor cash flow management.
If you want to avoid that fate, start tracking these 7 cash KPIs today (learned from helping 45+ SMB clients):
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Name your business model below and I'll tell you the 5 KPIs most worth tracking
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There are 3 core advantages to rollups:
1. Multiple increase
2. Operational efficiencies
3. Financing efficiencies
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Revenue a company *should* be doing when they hire each financial role:
Bookkeeper: $0-$100k
CPA: $0-$100k
Fractional CFO: $1m-$2m
Controller: $2m-$10m
FT CFO: $10m-$50m
Here's the full break down: 🧵
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What the heck do I actually do? 😂
I run a business called Scalable CFO. I work with 10-15 clients as a high-touch Fractional CFO that is a dedicated long-term partner.
🧵 Here is why, what and how:
⬇️
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My CFO-services agency does mid 6 figures.
I’m the only employee.
And I choose when and how much I work (usually 20-30 hours per week).
Here’s a detailed guide on how I made that happen: (1/x)
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I majored in finance.
But if I went back, I'd major in accounting.
If there's any college students who follow me and want to become a fractional CFO, that's what I'd recommend doing.
You have to understand how companies work before adjusting their direction.
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Gross margin is CRITICAL for your business.
Increasing it is not easy.
But it's possible.
And a tiny change in gross margin will have a huge impact across your business.
Try these 8 strategies to increase gross margins:
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I started Scalable CFO 2 years ago.
We now have 5 team members and over 25 clients.
And I'm thrilled to say that we’re expanding into two new service categories 🎉
I’ll be partnering with
@scalablerev
to make it happen.
Here’s the 2 categories & what they’ll look like: 🧵
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Unpopular opinion:
The “Silver Tsunami” is a LIE…
Over 50% boomer businesses will shut down instead of sell.
But in this thread, I'll share 10 ways you can STILL capitalize on this problem:
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It’s shocking how many business owners don’t understand their numbers…
The smartest way to learn?
From other expert’s experiences.
Here’re 7 incredible finance threads that’ll get you started on accounting, fin. statements, EBITDA, and more:
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Multiple Increase
The bigger the revenue/profit, the better the multiple.
Ex. you can buy one company at a 3x EBITDA multiple but if you buy 5 companies of the same size, you’d have to pay 5x+ EBITDA.
Why? Institutions can play with bigger companies. And they're less risky.
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My goal in life is to be this kind of CFO. There is something about this, that makes me intensely happy. I bet this guy can’t use excel but is a wizard in the boardroom.
(Not my pic unfortunately)
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What % of boomer business owners do you think will shut down their business instead of selling it?
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I manage $50m+ of cash flow across a dozen industries.
Every company I work with benefits from a few simple actions.
6 needle-moving actions to apply to your business:
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How much finance roles cost:
• Bookkeeper: $200-$2k/mo
• CPA: $1k-$5k/yr
• Fractional CFO: $3k-$8k/mo
• FT Controller: $8k-$15k/mo
• FT CFO: $15k-$30k+/mo
Exceptions exist, but those represent the standard prices I’ve seen.
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If you read & learn from 3-5 financial books, you'll be in the top 10% of business owners (which is good enough for 99% of businesses).
Here's my top 3 books:
1. Financial Intelligence
2. Measure What Matters
3. Simple Numbers, Straight Talk, Big Profits
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If your business is under $1M in annual revenue and you don’t want to hire a full time CFO yet, try this:
(The 80/20 of DIY business finance)
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82% of small businesses fail due to cash flow problems.
It’s the
#1
small business killer.
If you want your business to survive, make sure to avoid these 7 common cash flow mistakes:
(A Small Business Finance 101 Thread)
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Capex vs Opex (save this)
Found on LinkedIn - super helpful.
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Why are rollups a reliable path to wealth?
If you are a good operator this is likely the most reliable way to get meaningfully wealthy.
You’re not inventing new technology.
You’re arbitraging multiples and operating companies better than other people do. That’s it.
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Someone recently asked me:
"What're your top 3 books for biz owners looking to learn finance?"
I'll do you one better - here are my top 5 books (that’ll put you in the top 10% of biz owners on finance knowledge):
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Most $1m-$50m businesses can boost revenues and profits with some simple tweaks
I've talked about a lot of the "low-hanging fruits"
Here's 7 quick ones I wish more businesses would focus on:
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33% of CEOs don't trust their CFOs to be able to do their jobs (recent KPMG survey).
I don't want you to be one of them.
So if you're new or struggling to find what to focus on...
Steal these 6 areas I focus on for the first 120 days with my new clients:
1) Invest Time To…
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I bought my first business 18 months ago.
Buying a business is an opportunity to build generational wealth.
And Twitter is the best place to learn how.
Here are 21 accounts to learn from:
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As a Fractional CFO, I’ve helped 45+ SMBs clean up their finances.
Most of them made this ONE obvious, but massive mistake…
Here’s what it is and how to avoid it (with my ‘Orders of Operation’ framework):
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I manage cash flow for companies that do $70m+ in sales.
It's one of my core tenants.
These are the 6 things I do regularly to manage cash flow:
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Revenue a company *should* be doing when they hire each financial role:
Bookkeeper: $0-$100k
CPA: $0-$100k
Fractional CFO: $1m-$2m
Controller: $2m-$5m
FT CFO: $10m-$50m
Lots of caveats, but this can serve as a guide.
Let me know if you want a full break down (why, etc.)
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Using the previous example, for every $1 you add in EBITDA with a normal company you'd add $3 in enterprise value.
But with a rollup for every $1 you add, you're adding $5+ in enterprise value.
It's a double whammy.
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Many cash flow issues comes down to ONE thing:
Not understanding the Cash Conversion Cycle (CCC).
Here’s what it means:
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If you want to capitalize on the M&A wave, you need to understand due diligence.
Here are 5 crucial questions to get you started:
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If you want to accelerate your growth, here's my SMB finance "order of operations":
1. Bookkeeper
2. CPA
3. Fractional CFO
4. FT controller
5. FT CFO
Here’s why you NEED to hire in this order and how much each role costs:
Hire a Bookkeeper first.
Because you can’t do anything…
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In 18 months, I’ve gone from managing $50M in revenue to $500M in revenue.
My one-person business is now a 9-person team.
Here’s how it all started for me:
I interned with an investment firm during my sophomore year of college.
During Christmas break the following year, I…
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In the next 3-7 years many businesses will trade hands as boomers retire.
Now's a great time to save capital, make investments, and learn how to buy a business.
Quick primer for people that want to get involved with acquisitions: (mini 🧵)
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My top priorities as CFO when I start working with a new client:
1. Drive cost savings
2. Improve financial processes
3. Understand the business deeply
4. Optimize cash flow management
5. Develop a strategic financial plan
6. Communicate financial insights effectively
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As a Fractional CFO I get to see what works across industries.
After working with dozens of clients across 10+ industries (managing $200M+ in cash flows), here are 5 actions that can transform your business:
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What Fractional CFOs do:
• Forecasting
• Capital allocation
• Pre acquisition prep
• Cash flow management
• Solve financial problems
• Post acquisition assistance
• Pricing strategy experiments
• Align biz & personal finance goals
• Coordinate finances w/ ops and sales
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Welp this is a new addition to the car that happened this weekend. (Base to the car seat)
3 weeks til I have a new passenger lol
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Why boomer businesses will shut down instead of selling:
• There’re no true “operations”
• Sales purely through owner relations
• They don’t know they can sell their biz
• No expertise other than grinding it out
But it doesn't mean you can't capitalize on this "problem".
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🎉 Major life update 🎉
@StephenOlmon
and I have closed on our first company!
It’s been 2 years coming and we finally got it done.
Here’s what the company is and how the deal went down: 🧵👇
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What the first 90 days should look like after you hire a CFO to scale your SMB:
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Buying businesses is the opportunity of a lifetime.
But it can be a disaster if you buy the wrong one.
Here’s my simple 5-step checklist to minimize buyer’s risk (before paying $$$ for consultants):
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Small business finance order of operations:
1. Bookkeeper
2. CPA
3. Fractional CFO
4. FT controller
5. Full time CFO
The 80:20 of SMB finance.
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Operational Efficiencies
The traditional holdco model is buying good businesses. It’s industry agnostic.
Many people have done it well (Buffett as the prime example).
But if you only buy & operate one type of business, you’re going to dial in the operations.
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My top 5 books to learn finances:
1. Financial Intelligence by Karen Berman and Joe Knight
2. Accounting Made Simple by Mike Piper
3. Simple Numbers, Straight Talk, Big Profits! by Greg Crabtree
4. Profit First by Mike Michalowicz
5. Measure What Matters by Katie Delahaye Paine
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My top 5 finance book recommendations for business owners:
- Profit First
- Financial Intelligence
- Measure What Matters
- Accounting Made Simple
- Simple Numbers, Straight Talk, Big Profits!
Read these to get in the top 10% of owners with finance knowledge.
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The
#1
reason why SMBs fail:
Cash flow problems.
I’ve helped 45+ SMBs survive and thrive using my 3-stage “SMB cash flow mastery” framework.
[Bookmark this 🧵]
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The
#1
reason why businesses fail is poor cash flow management...
“Bank balance accounting” is NOT going to cut it.
Instead, here's the 13-step guide of how I manage my client's cash flows:
(bookmark this one)…
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By 2030, billions of dollars will be made in the upcoming M&A wave.
If you want to take advantage, you MUST be able to evaluate deals.
Here’re 5 simple questions to ask the seller to learn if their business is the real deal:
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I am going to piggyback off this tweet.
What advice would you give a dad who is 7 days out from having his first kid?
I’m extremely excited but also really nervous.
Older men of Twitter, what advice would you give your younger self?
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I have been wanting to dig into this for a while. It’s finally time. Any thoughts before I do?
@AswathDamodaran
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We recently hit $600M in revenue managed.
2 years ago we were at $50M.
Follow your passion.
I know it's cliche, but trust me it’s worth it.
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🚨 Major Business Update 🚨
After endless requests, Scalable CFO now offers bookkeeping services!
@joshkiefercpa
and I have been cleaning books for 6 months in private. Now we're opening our shop to the public.
Here's what we do differently (and who this is for):…
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Accounting + finance both play crucial roles.
I work in strategic finance but good accounting has to be in place first.
Can’t tell you how many times I start to work with a company but can’t do much until they get bookkeeping in order.
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As a CFO overseeing roughly $45m of annual revenue among clients one thing that is almost never discussed is PRICING.
I work with all of my clients on pricing because it is massively underutilized.
Here is how: (mini-🧵)
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What’s an asset heavy business that’s still an awesome business?
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My wife and I have 99 days until our son gets here.
What should I/we make sure we do before then?
Serious & not serious accepted 🤝
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Small business owners, which is better:
Net Income or Free Cash Flows (FCF)?
If you're not sure, don't worry - you're not alone...
Most owners don't know the answer to this simple question.
So let me break it down for you (and what each metric is good for):
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Most boomer businesses won’t sell.
They’ll shut down.
There are dozens of ways to capitalize on these businesses (as well as the ones that will sell).
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Do you agree that this is the most viable path if you're aiming for $10m-$50m net worth?
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In the last 2 years, I:
• Got married
• Bought my first business
• Built a team of 6 incredible people
• Grew from 0 to 14k Twitter followers
• Started & scaled my Fractional CFO biz to $200m+ in managed cash flows
Here are 7 lessons I’ve learned from this wild ride:
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3 shocking but common reasons why SMBs fail:
• They don't hire a bookkeeper
• They don't hire a bookkeeper early enough
• They don't hire a bookkeeper that actually keeps the books clean
Hire a bookkeeper.
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If you’re under $1M & don’t want a full time CFO yet, try this:
• Hire a bookkeeper & CPA
• Build monthly fin. statements
• Choose 5-10 high impact KPIs
• Build a simple rolling cash flow forecast
• Review weekly & drive decisions from data
The 80/20 of DIY biz finance
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Bookkeeper vs Fractional CFO
• What they do
• When to hire them
• Why you need them
• How much they cost
Here's the difference & details: (mini 🧵)
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Accounting is the language of business.
That's why I encourage every business owner to learn the basics.
Nothing crazy, just 30 days and 3-5 books to be in the top 10%.
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I’m excited to launch my newsletter :)
I want to share everything I have learned managing $300M of Revenue across multiple businesses, industries and sizes.
I will share templates, best practices and ideas to help you manage your business better.
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What Fractional CFO’s do:
• Forecasting
• Capital allocation
• Pre acquisition prep
• Cash flow management
• Solve financial problems
• Post acquisition assistance
• Pricing strategy experiments
• Align biz & personal finance goals
• Coordinate finances w/ ops and sales
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