San Diego CA— Jennifer Barnes has sold her shares of PBO Advisory Group. Michael Ford, who owns 45% of PBO, and Scott Palka, who owns 10%, bought out Barnes’ 45% interest in the company for an undisclosed amount.
Barnes co-founded PBO Advisory Group (then named Pro Back Office) in 2012 with Ford and grew the company to become one of the most successful outsourced accounting firms in San Diego, earning it a spot on the Inc. 5000 list in 2017 and 2018.
A serial entrepreneur, Barnes is growing her second company, Optima Office, into the region’s top firm, with the highest retention in the industry. Optima offers outsourced/fractional accounting, human resources, and consulting services on an hourly basis. Optima has already grown to 67 employees in 14 months and brought in $3.3 million in revenue the company’s first year in business. The company anticipates revenues of between $5-6 million in their second year in business and has plans to reach $10 million in revenue by year five.
Barnes plans to use the funds from selling her first company to further invest in building her second company, Optima Office. Barnes shares, “I made a massive investment in hiring over 40 employees within 90 days and taking on a 2400 square foot office lease. I knew that it was not without risk, so I am elated to be completely debt-free and a 100% female-owned business. And now, I can finally focus on building a company that is focused on people over profits, and where providing an extraordinary service delivered by people who love what they do, is the goal.”