Episode#38

Peter Knight is a straight-shooting accountant who has established an enviable reputation as a key thought leader in accounting and financial education for the franchise sector, and in particular for franchise owners. 

In Episode#38 - While many might look to focus on larger corporate clients such as brand head office type consulting, Peter has zeroed in especially on helping individual franchise owners to ensure they are making the right decision BEFORE they buy a franchise.

He came to this through a wide and varied career path.

Having a father who was a national figure, a TV personality, Doctor and renowned philanthropist,  has given him key traits.

A double-major degree in Accounting and Psychology saw Peter magnetically drawn instead to the certainty of accounting and numbers. 

Several years as a junior in a top firm, followed by a highly lucrative transition to sales in accounting software at the boom of personal computers, and the pre-cursor to MYOB SaaS software, Peter eventually found himself drawn back to professional accounting practice.

Within 12 years, the firm was rated the 25th largest in Australia by BRW, and with offices in New Zealand as well.

A desire to slow down the pace, and move back to a more boutique agency approach to accounting services, and away from the high volume client approach, saw Peter move to establishing a number of businesses and brands in accounting and financial support, primarily focused on the franchise sector.

The Franchise Accountant is where he lands right now...

0:00 Intro

1:09 Degree qualified double majoring in Accounting and Psychology and the preference for certainty in Accounting

2:25 Deciding to focus solely on accounting and getting a job with a big firm and becoming a Chartered Accountant

3:30 What it was like as a young graduate into a big accounting firm after going to a small high school and track of Technical Tax focus that Peter worked on.

4:45 Exposure and finding a different career path to being an accountant in a big firm - a move into sales in software as a very early precursor to Xero and MYOB.

6:47 Developing skills in sales processes and broader life skills and becoming an award winning sales person.

8:23 Deciding to move back into accounting practice after having enough of sales as a manager in a small firm in Campbeltown with just 6 in the firm.

9:27 Growing the business and the plan going into the accounting practice and soon a goal to open a new office every year, eventually 10 in Australia and 2 in New Zealand.

10:58 Becoming the 25th largest Accounting practice in Australia, and how the growing accounting business was structured and ran.

12:31 The keys to growth in growing a business of that size. 

13:13 Tiring of high volume approach to accounting and looking to step back to smaller boutique model, fewer clients, like a part-time CFO role. 

14:48 Peter's famous father and the story of Dr James Wright (Dr John Knight).

17:44 The impact and impression on Peter by his dad.

18:36 How Peter tracked toward such a focus on franchising and how he looks at supporting the sector. 

21:00 Helping franchise business owners with their numbers.

21:29 What Peter has developed in the franchise sector for helping with conferences, Franchise Accountants Network (FAN), financial education and training.

24:21 Accountants that philosophically do not like franchising.

25:28 Writing a book on franchising with working title '37 things I wish knew before I bought a franchise'

27:26 How Peter learns from LinkedIn engagement in writing his book.

28:07 The main challenges in franchise financial education in the sector and some solutions.

29:58 Not seeing the whole picture when it comes to financial understanding in bigger corporates, and the impact of the 'tax man'.

30:53 Financial education and the role and responsibility of the franchisor.

31:45 ATO chasing debt right now and the appetite is strong for collecting the debt.

33:23 Message to franchisors as the Franchise Accountant to help franchise partners in being successful.

34:36 Wrap up

Podcast Produced by: magnetic business media

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