The CPAdvantages Story
Unlike most of you, I made a mistake with my first college degree and majored in Math. Quickly realizing that the opportunities for a Math major are limited, I went back to school and received a Masters degree in Accounting in 1973.
Getting Started With A National Firm
After graduating (the 2nd time) I began my career with Price Waterhouse in their audit department. Looking back, I knew the first day on my job that auditing was not what I wanted to do with the rest of my career. I did love PW and the other employees so I stayed around for 3 years before going with Peat Marwick in their Tax department. I loved both Peat Marwick and tax, but my desire to go in business for myself and to be my own boss grew stronger & stronger.
Most of you have probably heard the old saying about the national firms ‘The good quit, the bad get fired, and the mediocre stay and make partner’. I hope that means that I was good because I quit to begin a career of public accounting in my OWN practice in my hometown – Tallahassee, Florida.
Growing My Own Practice
It was an exciting time and probably all of you remember how exciting it was to buy furniture, get that tax library, rent an office, etc. It was also exciting to tell family, friends, and relatives about the decision. But if you were like me, you either had to take money out of your savings or get a home equity loan.
I was not prepared for the next thing that happened – my first day of work. I can remember it like yesterday when it hit me like a ton of bricks. I had no job, no work to do, no income and worst than having no clients was no marketing strategy to get new clients. For the first time I thought ‘What have I done?'
Another problem that all Florida CPAs had in the early ’80’s was a law which did not allow a CPA to have face-to-face solicitations for accounting services.
My Marketing Strategy – Wait And Hope For Referrals
By default, my marketing strategy was based on referrals. Because of my math background and a system oriented personality, I developed a proactive referral system that allowed me to build the fastest growing CPA firm in the history of Tallahassee, Florida (this is still part of the ultimate marketing strategy for most CPA firms).
After 3 years and developing a successful CPA firm, I probably should have been content. However, I began feeling frustrated and wondered if I was truly making a difference in the success of my small business clients. I remember one day specifically when a client who had become a personal friend received his financial statements. He picked them up, and like most clients immediately turned to the third page, the income statement. I saw a confused and frustrated look on his face as he declared, "Something must be wrong! You keep telling me that I'm making all this income, yet I don't have any cash! Where's my cash?" At that moment my frustrations as a CPA became clear. I realized that my fees were more than my client and friend could really afford; moreover, he did not even understand the reports the CPA profession required me to give him. Further, my client was not receiving vital financial and business consulting to help him succeed in his business. At this point I decided to change careers to find a profession where I was truly helping others to achieve their dreams.
This career change led me to create a business that allowed my clients to gain control of their personal finances to become financially independent. As this required providing seminars throughout the state of Florida, I had a great deal of time to reflect on the CPA profession. Consequently, I questioned why there was not a profitable way to provide the necessary services to small business clients. At this time, my brother, Tom, was working with me on a unique recordkeeping concept which I implemented into my personal financial planning seminars for individuals. It allowed individuals to easily track personal receipts and disbursements in an understandable manner.
One night I was reflecting on several things: my personal financial planning business, the CPA profession, and the recordkeeping system that was working so well for my individual clients. Suddenly, I had a vision and realized my destiny. I was going to revolutionize accounting for small businesses by providing meaningful financial records at an affordable price. More importantly, since I could use a para-professional to produce those financial records, I was going to be able to provide the financial and business consulting services those clients really needed at no additional charge. My excitement was overwhelming as I called my wife, "Arden, we're getting back into the accounting profession."
Helping Small Businesses Succeed Financially
Before I could share my vision with other accountants, I first had to prove that my system was both efficient and effective. This meant creating a model accounting practice based on my system. Within six months, my model practice was servicing 59 monthly business clients – a benchmark unheard of in the accounting profession. Even more impressive than the number of clients was the fact that I was now truly making a difference to the success of those clients.
Helping Accountants Succeed Financially
In the last 18 years, I have helped over 250 accountants build the practice of their dreams – and I can help you do the same. My goal now is to help more accountants succeed financially. I know that doing this will only help more small businesses become and remain successful. I’m looking forward to the next 18 years more than ever!