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The Earmark Podcast

The Fun CPA Shares How to Work No More Than 40 Hours In Tax Season

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For many accountants, working just 40 hours a week during tax season sounds like a fantasy.Tax pros often work 60+ hours for months straight, wearing those long hours as a “badge of honor” in a profession that glorifies the grind.

Yuri Kapilovich, known as “The Fun CPA,” has rejected that model entirely. He’s built a practice where he works just 40 hours during tax season and just 10-15 hours per week the rest of the year. His firm generates roughly $225,000–$250,000 annually, giving him time for family, fitness, and hosting memorable networking events.

Earn CPE for this episode: You can earn Continuing Professional Education credit by listening to the podcast and then taking a brief quiz in the Earmark app.

Escaping the Public Accounting Treadmill

After 12 years and seven different firms, Yuri kept encountering the same frustrating culture: pressure to bill more hours, looking busy for appearance’s sake, and efficiency being punished.

“I would look at these partners who are in the office more than I am. I’m leaving and they’re still there,” he recalls. “They have a boss, just like I have a boss. If I can make $800,000 and work 10 to 2, I would have stayed. But you can’t.”

Yuri decided to break free by purchasing a small block of clients from a friend. That deal unexpectedly fell apart, but he decided to move forward anyway. He contracted part-time with two CPA firms, working two or three days a week while gradually building his client base. This bridge approach kept his income steady and let him say “no” to prospective clients who weren’t a good fit.

The Economics of Premium Pricing

The foundation of Yuri’s business model is simple but powerful: charge more, serve fewer clients, and provide exceptional value. He started with a minimum fee of $800 and now won’t take on any tax-only client for less than $2,000.

Yuri emphasizes that working fewer hours doesn’t mean delivering less value. It’s about charging enough to serve clients well without drowning in low-fee work. He explains the difference between accepting hundreds of returns at $300–$500 each—earning decent revenue but shouldering an avalanche of busywork—and serving fewer clients at a much higher minimum fee.

Here’s how the math works when comparing traditional high-volume practices to his approach:

Traditional Model:

  • 300 clients at $500 per return = $150,000 revenue
  • At least 1 hour per client (realistically more with admin, communication, etc.)
  • 300 hours over just 8 weeks (Feb 15 – Apr 15) = 37.5 hours weekly at a minimum
  • Reality: Information arrives late, questions pile up, schedule compresses
  • Result: 60+ hour weeks, constant administrative chaos

Yuri’s Model:

  • 100 clients at $2,000+ per return = $200,000+ revenue
  • Higher-value clients with more complex needs
  • Work spread more evenly, better boundaries
  • Result: 40-hour weeks max, even during tax season

That doesn’t simply triple his revenue per client—it dramatically changes his day-to-day life. He feels in control of his workload, and his clients benefit from more personalized attention.

The most surprising discovery? Yuri says, “As the price went up and as you’re dealing with somebody who’s seeing your value, you know what goes down? The number of questions, the number of bothers.”

Service Packages That Create Value for Both Sides

Beyond standalone tax returns, Yuri offers:

Quarterly Package: Starting at $1,500 per quarter ($6,000 annually)

  • Tax preparation for business and personal returns
  • Proactive tax strategy discussions
  • Quarterly planning meetings (approximately one hour each). Having this regular touchpoint helps avoid unpleasant surprises in April.

Monthly Package: The “full service” option

  • Everything in the quarterly package
  • Bookkeeping (outsourced locally in Brooklyn)
  • He still maintains a quarterly meeting schedule rather than monthly. This structure keeps everyone on track but prevents excessive demands on his time.

Life by Design: What Freedom Looks Like

In large firms, partners can earn very high incomes—sometimes $800,000 or more a year. But from Yuri’s perspective, those partners often trade away family time, mental health, and control of their schedules to hit those numbers. Many are still at their desks long after younger staff have gone home.

Yuri has optimized his practice to support his priorities: 

  • family time with his two young children (ages 2 and 6), 
  • fitness, and 
  • enjoying life.

His summer schedule is particularly enviable. “My friends make fun of me, and it’s partially true—I don’t really work. Especially in the summertime, it’s like 2 to 3 hours a day at most. And we can do it from anywhere.”

He’s accessible to clients (they can text him directly), but because he’s selective about who he works with, this accessibility doesn’t become overwhelming. He even occasionally takes client calls while at the gym.

Yuri also hosts creative networking events to bring business owners together. When asked what he gets from these events, he answers simply: “I have no goal. I literally am here to put these people together so they can interact and do business together.”

Breaking Free: Advice for Building Your Practice

If you’re considering a similar path, Yuri offers these tips:

  • Start with Contract Work
    “My advice to anybody looking to go out on their own—try to find a contracting gig. Those 2 to 3 days will keep the lights on while you build your firm the way you want to with the other 2 or 3 days.”
  • Start with Higher Fees Than You Think

“If you’ve already built a firm with a lot of volume but want to get to the value aspect, it is extremely difficult to just all of a sudden say, ‘By the way, I know I was charging you $500, it’s $1,000 now.’ Not only will you lose the client, but you’ll lose reputation and street cred.”

  • Be Ruthlessly Selective About Clients
    “Here’s how the conversation typically goes with a prospect looking for cheaper returns: ‘Hey, are you taking on clients like me?’ And I’ll say, ‘Are you a business owner?’ And they’ll say, ‘No, I have a W-2 only.’ I’m like, ‘I’m happy to work with you W-2 only. My minimum fee is $2,000.’ Then I stop talking.”
  • Create a Memorable Brand

Whether intentional or not, having something that makes you stand out helps attract the right clients and sets expectations about your approach to accounting.

Building the “Fun CPA” Brand

Establishing a personal brand was a key part of Yuri’s strategy. His Instagram handle and hashtag—#thefunCPA—emerged almost by accident. But it quickly set him apart in an industry that often feels stiff. He showed up at events with “Fun CPA” banners, printed T-shirts, and a big smile, which made people do a double take.

Yuri also hosts networking events that don’t feel anything like typical “mixers.” He might invite business owners on a boat outing or to a local hangar party where private jets are on display. His main purpose is to connect people and let them create business opportunities together. If they want to talk taxes or accounting, they’ll ask.

Rethinking Success in Accounting

The accounting profession often measures success by top-line revenue and billable hours—metrics Yuri calls “trash” and “imaginary.”

“I think as a profession we need to refocus. And especially if we want to fix this pipeline problem, the way we do that is by focusing on the people—your number one asset,” he says. “When you neglect that and just grind them for billable hours that mean absolutely nothing, it is of no surprise to me that people are leaving.”

Yuri’s model shows that building a profitable, sustainable practice that prioritizes accountant and client well-being is possible. By serving the right clients at the right price, you can transform accounting from a seasonal grind into a genuinely rewarding career—one with time for birthday celebrations, family dinners, and maybe even the occasional boat day.

Want more details? Listen to the full Earmark Podcast episode with Yuri Kapilovich, and don’t forget you can earn CPE credit by downloading the Earmark app and taking a quick quiz after you listen.

Building a Successful International Tax Practice: Lessons from Japan

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Nearing his 30th birthday, California CPA and former English teacher Eric Azevedo found himself at a career crossroads. Having spent years in rural Japan teaching English, he longed for a profession with greater stability and higher earning potential. Rather than pursuing law school as he once planned—or even a career in software—Eric ultimately chose accounting. Little did he know that studying at California community colleges for the CPA Exam would pave the way for a thriving international tax practice serving American expatriates across Japan.

In a recent interview on the Earmark Podcast, Eric opened up about his unique journey from philosophy major to accounting professional, revealing the practical realities of working in a different culture and navigating complex dual-tax systems.

From Santa Monica College to Tokyo: A Career-Changer’s Leap

Eric’s decision to become a CPA began when he returned to California after several years in Japan. Enrolling at Santa Monica College and Irvine Valley College, he completed the accounting courses required to sit for the CPA Exam—often taking advantage of online classes to balance work and study. Within about four years of taking his very first accounting class, Eric earned his license.

Opportunity knocked almost immediately: a single Skype interview led to a job offer at a Tokyo-based firm. Eric moved back to Japan on short notice, eager to gain experience in both U.S. and Japanese tax systems.

Bridging Two Tax Systems—And Two Cultures

Once in Tokyo, Eric encountered very different tax structures. 

The United States is one of only two countries in the world—alongside Eritrea—with a citizenship-based tax system. Americans living in Japan must still file U.S. tax returns, including complex forms like 5471 (for owners of foreign companies) and FBAR (for foreign bank accounts over $10,000). Meanwhile, most Japanese rarely file returns at all—employers handle year-end payroll adjustments. 

Understanding these differences—and guiding clients through them—is now Eric’s specialty.

Cultivating Cultural Fluency

Eric says that in Japan, communication styles tend to be less direct. Understanding when and how to speak up can determine whether a meeting proceeds smoothly or grinds to a halt.

Audits tend to be less adversarial. Eric says, “If you push too hard, you risk prolonging the process. It’s about staying polite and finding a solution.” This contrasts with the more confrontational style some CPAs experience in U.S. audits.

“I’m basically the only American in the office,” Eric says. “We have staff from Korea, China, the Philippines—all with a focus on serving foreign residents. It’s important to adapt culturally to make clients comfortable.” (Since our interview, Eric’s firm has added another US accountant to the team.)

Regarding the work culture, Eric’s firm’s founder intentionally avoided “salaryman” traditions of endless overtime and obligatory after-work gatherings, making the environment more appealing to foreign hires. 

Life in Rural Japan: Remote Work, Bullet Trains, and Big Windows

After eight years in Tokyo, Eric relocated to the countryside. He now works as a contract employee for his old firm while also handling his own U.S. tax clients. Living among forests and mountains, he’s built a home office full of natural light—complete with high-speed internet that makes remote work seamless.

  • Commute: Eric travels to Tokyo twice a month, taking a 70-minute ride on the bullet train.
  • Daily Routine: A self-described “not super early riser,” Eric starts his workday around 9 or 10 a.m., relying on video calls and remote access to firm software.
  • Nature & Wildlife: Bears and wild boars roam nearby—quite a change from Eric’s Tokyo apartment.
  • Cultural Hobbies: Weekends are reserved for hobbies and relaxation; onsens (hot springs) are among Eric’s favorite escapes.

Fees, Growth, and Training the Next Generation

Eric’s firm charges fixed fees aligned with client revenue, reflecting typical local practice. For his U.S. expat services, he charges per form but keeps fees moderate—aware that many expats must file only because of America’s unique rules.

Word of mouth has fueled steady growth. He’s now training a colleague—a Chinese national finishing her U.S. CPA credentials—to handle returns for more straightforward clients. This arrangement frees Eric for higher-complexity cases while positioning the practice for further expansion.

“I don’t advertise,” Eric explains. “Clients tend to find me through referrals. My challenge is managing time and figuring out how to scale.”

Advice for Prospective Expat CPAs

For aspiring accountants who are interested in working abroad, Eric’s journey serves as a valuable guide:

  1. Focus on Fundamentals First: Attaining a U.S. CPA license can be done flexibly through community college coursework and exam prep—even if you’re overseas.
  2. Leverage Your Language Skills: Fluency in the local language is invaluable. Eric’s Japanese helped him land work in Tokyo more easily.
  3. Adapt to Local Norms: Understand that professional etiquette, social expectations, and communication styles vary greatly. Listen first, then speak.
  4. Stay Open to Opportunity: Eric’s entire career launched from one Skype call and a willingness to move back to Japan on short notice.

Making the Most of Japan: Travel Tips

Whether you plan to work in Japan or just visit, Eric recommends:

  • Tokyo: An endless array of districts, restaurants, and cultural sites.
  • Historic Towns: Kurashiki in Okayama Prefecture offers a glimpse into samurai-era architecture.
  • Onsen Retreats: For a restorative experience, explore hot spring destinations off the beaten path.
  • Autumn Visits: Fall foliage in rural Japan rivals any scenic backdrop, and cooler weather makes the onsen even more inviting.

Conclusion: Merging Cultures, Mastering Tax

Eric Azevedo’s journey proves that building a successful international tax practice requires more than technical knowledge. Cultural competence, flexible communication, and a willingness to adapt to new ways of doing business are critical. In navigating both U.S. expat tax complexities and Japan’s distinct work culture, Eric shows how melding two worlds can create a uniquely rewarding career path.

To hear Eric’s full story listen to his interview on the Earmark Podcast.

The Bitcoin Debate: CPA Skeptic vs. CPA Believer

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When Bitcoin hit $100,000 in December, I knew it was time to explore this controversial asset further. So, I invited Noah Buxton, co-founder and CEO of The Network Firm LLP, onto the Earmark Podcast for a fascinating discussion about Bitcoin’s true value.

As a CPA who first learned about Bitcoin when it was worth just $1, I’ve always approached it with healthy skepticism. Call it a professional habit—we accountants are trained to question everything.

Why Should Bitcoin Be Worth Anything? 

Here’s what keeps nagging: Bitcoin produces no earnings, pays no dividends, and seems mainly useful for speculation (and sometimes less-than-legal activities). So why should it be worth $100,000, or $1,000, or even $1?

Noah acknowledged my concerns about speculation driving prices. But he made an interesting case for Bitcoin as “digital gold,” arguing that its fixed supply and independence from central control make it appealing in our inflation-prone world.

The Network Effect Is Real

One question I often hear is: “Why Bitcoin? Can’t anyone create a cryptocurrency?”

Noah pointed out something I hadn’t fully appreciated – the massive infrastructure built around Bitcoin. We’re talking thousands of businesses facilitating payments and billions invested in mining equipment. That’s not easily replicated.

But here’s the thing: being first doesn’t guarantee staying first. (Remember Myspace?) While Bitcoin has a strong lead, its dominance isn’t guaranteed forever.

The Government Bitcoin Play

Here’s where things get interesting. Crypto lobbyists are pushing for the U.S. government to start buying Bitcoin as a national reserve—billions of dollars worth annually.

As a skeptical CPA, this makes me nervous. It’s like early Bitcoin hold are pushing for taxpayers to become their exit liquidity. When you consider that roughly 10,000 wallets control a huge portion of Bitcoin, this starts looking like a massive wealth transfer waiting to happen.

The Real Promise: Blockchain

Despite my Bitcoin skepticism, I’m bullish on blockchain technology. Noah called it “the biggest accounting innovation since double-entry bookkeeping,” and I think he’s onto something there.

His firm, The Network Firm LLP, is doing fascinating work in digital asset auditing. They’ve even built their own software called Ledger Lens to tackle the unique challenges of verifying blockchain transactions.

What This Means for Accountants

As CPAs, we’re in an interesting position. While we need to maintain our professional skepticism about Bitcoin’s value proposition, we can’t ignore the growing importance of blockchain technology in our field.

The skills needed to audit and verify blockchain transactions will only become more valuable. Whether Bitcoin remains the dominant digital asset or not, the underlying technology is here to stay.

My Take

After my conversation with Noah, I’m still skeptical about Bitcoin’s current valuation. But I’m also more appreciative of the complexity of the debate.

As accounting professionals, we need to tread a careful line: maintaining healthy skepticism while remaining open to genuine innovation. The future of our profession might depend on achieving this balance.

Want to hear my complete discussion with Noah? Check out Episode 83 of the Earmark Podcast.

How Sikich Is Transforming the Accounting Firm Model—And Putting Employees First

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Private equity is flowing into CPA firms at a record pace. That’s great for partners, but what does it mean for everyone else?

To find out, I spoke with Ryan Spohn, CFO of Sikich, a professional services firm headquartered in Chicago. Sikich ranks 27th on Accounting Today’s Top 100, employs more than 1,900 people worldwide, and posts $364 million in annual revenue. 

Ryan told me how Sikich departed from the traditional partnership model, opening the door to outside investment, expanding employee ownership, and creating a culture where wellness and flexibility matter as much as the bottom line.

Why the Traditional Partnership Model Is Losing Appeal

Many CPA firms are still structured as partnerships, with all the profits distributed among the partners each year. Unfortunately, this model often leaves little to no funds for investing in new technology, acquiring other companies, or hiring new talent.

“Firms pass the hat around to fund any major initiative,” Ryan told me. “If someone is close to retirement, they may not see a reason to reinvest in the business. That becomes a big obstacle for growth and innovation.”

Alternative Practice Structure: Splitting Assurance from Advisory

Sikich addressed these challenges by implementing an alternative practice structure. This arrangement separates the firm’s attestation work, conducted under Sikich CPA, from its consulting and advisory services offered through Sikich LLC. The CPA side complies with state ownership regulations, while Sikich LLC can secure outside funding.

“An alternative practice structure solves the financing problem for CPA firms,” Ryan said. “It lets us bring in outside capital for our consulting and advisory lines without the usual regulatory hurdles on the assurance side.”

$250 Million from Bain—But Retaining Control

With its new structure, Sikich secured a $250 million minority investment from Bain Capital’s Special Situations Group. Unlike some private equity deals that grant majority control to investors, Sikich maintained control.

“A majority investment was a nonstarter,” Ryan explained. “We want this to be a place where people can build long-term careers, and we need to preserve our culture and client relationships.”

The result? Sikich has the cash to “supercharge” growth, including larger acquisitions, tech investments, and employee development. They’ve averaged 20% annual growth over the past five years and aim to accelerate.

Expanding Equity from 5% to 30%

One of the boldest moves was expanding equity ownership in the firm. Traditionally, only partners who made a sizable buy-in received a share, often waiting decades for any payout. Sikich changed that approach.

“Before, maybe 5% of employees were partners with K-1s,” Ryan said. “We eliminated the complex buy-in, automated the reinvestment of net income into the firm, and now around 30% of our people have units. There’s also a discretionary bucket for rising stars. It’s a big shift in how we reward and retain top talent.”

Since the firm operates outside a strict partnership model, employees don’t struggle with K-1 distributions. They also aren’t required to borrow money to gain ownership—equity is granted based on performance and potential.

Putting People First: Wellness and Work-Life Integration

Sikich’s equity strategy is just one piece of its employee-first philosophy. The firm also invests heavily in mental health, flexible schedules, and a results-driven environment:

  • Mental Health Coverage: Every employee automatically receives coverage for mental health support at no extra cost.
  • No Office Mandates: Sikich embraces “work-life integration.” Employees come into the office only if it makes sense for them or their teams.
  • Trust Over Timesheets: Rather than counting total hours or nonbillable time, Sikich focuses on client satisfaction, deliverables, and meeting deadlines. “Happy employees lead to happy customers,” Ryan said, “and we see that play out again and again.”

Beyond “Book of Business”: Measuring Contribution Margin

Instead of organizing around individual partner “books,” Sikich divides the firm into business units—such as transaction advisory, forensic accounting, marketing services, ERP implementations, and more. Each unit is measured by contribution margin rather than hours:

“We don’t waste time allocating partial overhead or micromanaging nonbillable hours,” Ryan said. “Leaders know who their top performers are based on outcomes, not on how many hours they clock. That fosters collaboration and innovation.”

Internal Mobility and the Emerging Professionals Council

With dozens of specialized service lines, Sikich encourages employees to explore new roles across the firm. Ryan even credits their Emerging Professionals Council for pushing leadership to eliminate strict hour tracking.

“These younger professionals wanted more value-based billing,” he explained. “We want them to move from audit to transaction advisory—or marketing to consulting—if that’s what drives their passion. It keeps our people engaged, and clients get well-rounded expertise.”

Technology and AI as Tools for Growth

Sikich replaced outdated time-and-billing software with a robust, enterprise-level ERP system—one that it also implements for clients. Now, the firm is exploring AI for tasks like summarizing meetings, automating support queries, and analyzing data.

“AI is more evolutionary than revolutionary,” Ryan said. “It speeds up routine work so we can spend more time on strategic thinking and problem-solving. Human judgment remains essential, especially in regulated industries like accounting.”

Ryan Spohn’s Corporate Background

Unlike many firm leaders who rose through the partnership ranks, Ryan built his career in corporate finance—serving as Controller, CFO, and head of shared services in both public and private companies. That perspective helps shape Sikich’s approach today.

“When you’ve been the client, you understand the day-to-day challenges of closing the books or dealing with compliance,” he said. “It influences how we deliver solutions and organize our teams.”

Key Takeaways

1. Reinvesting for the Long Haul – Retaining net income, rather than distributing all profit to partners, ensures funds for talent, technology, and acquisitions.

2. Minority PE Deals Can Preserve Control—Getting outside capital doesn’t have to mean giving up majority ownership if the deal is structured carefully.

3. Broader Ownership Drives Retention – Eliminating massive buy-ins while awarding equity to high performers attracts ambitious talent.

4. Culture and Well-Being Matter – Flexible work, mental health support, and removing excessive time-tracking reduce burnout and raise morale.

5. Technology and AI Enhance—not Replace—Human Expertise. Automating routine tasks frees professionals to focus on complex, value-added services.

By separating assurance from advisory, securing a minority stake from Bain Capital, and making equity more accessible to employees, Sikich exemplifies how professional services firms can modernize without losing sight of people.

If you’d like the whole story, check out my interview with Ryan Spohn on the Earmark Podcast.

The Human Element: The Key to Successful Accounting Firm Mergers

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When Craig and Lynnette Connell decided to merge their boutique accounting practice with Sweeney Conrad, they weren’t just selling a business—they were navigating a complex web of relationships, emotions, and expectations. In an industry where mergers and acquisitions are increasingly common, the human element often gets lost amid balance sheets and valuations. Yet, as Craig and Lynnette’s story reveals, this human element can make or break a transition.

On a recent Earmark Podcast episode, Craig and Lynnette shared their journey of merging their boutique Client Accounting Services (CAS) practice with Sweeney Conrad, a larger regional firm. Their experience offers a masterclass in the oft-overlooked aspects of accounting firm transitions. Despite merging during busy season and managing parallel systems, they achieved 150% revenue growth post-acquisition. How? By prioritizing the human side of the equation.

The key to a smooth accounting firm transition lies in maintaining strong relationships, fostering open communication, and addressing the emotional aspects of change for both clients and staff. These human elements determine whether clients stay, staff thrive, and the new entity flourishes.

The Power of Relationships in Finding the Right Buyer

Your network is your net worth in accounting, especially when finding the right buyer for your firm. Craig and Lynnette’s story is a testament to the power of nurturing professional relationships over time.

Craig and Lynnette had both previously worked at Sweeney Conrad, the firm that would eventually acquire their practice. Despite moving on to start their own boutique firm, they maintained good relationships with their former colleagues. As Craig explained, “Throughout our careers, they actually became a source of clients for us because they didn’t have a CAS department. We just made sure to keep good relations with everybody and not burn bridges.”

This relationship maintenance paid off. When Craig was exploring options for the future of their firm, he reached out to his contacts at Sweeney Conrad. He learned that a director at the firm was retiring. Seeing an opportunity, Craig boldly proposed himself as a replacement.

Craig recalled, “I said, ‘Let me throw my name in the hat.'” This moment, born from years of relationship building, set the wheels in motion for the acquisition. Their existing reputation and relationships made the process smoother, as Craig already knew about three-quarters of the partners at the firm.

Communication: The Linchpin of Successful Transitions

Once the deal is struck, the real work begins. For the Connells, this meant navigating a complex transition during the busiest time of the year for accountants. Their experience underscores a crucial lesson: in times of change, there’s no such thing as overcommunication.

The timing of their transition was far from ideal. Lynnette recalled, “Craig started December 1st, 2022. I and our two employees started in January 2023, which in a CAS practice is throwing everybody into busy season—1099s.” This timing created additional stress and challenges for everyone involved.

Adding to the complexity, they had to manage parallel systems temporarily. As Lynnette explained, “We were operating parallel using different systems because they’re using a lot of tax software.” This meant juggling different workflows and technologies while ensuring client needs were met seamlessly.

In the face of these challenges, the Connells’ strategy was clear: communicate. They were transparent with their clients about the changes, explaining the benefits and addressing concerns proactively. This meant frequent check-ins, detailed explanations of new processes, and patiently guiding clients through necessary administrative changes like updating QuickBooks subscriptions.

They also prioritized clear communication with their staff, ensuring everyone understood their roles in the new structure and felt supported through the change. As Craig noted, “It was a testament to my employees, Lynnette, and our intentional relationship building with clients, and the high level of communication we had during the transition.”

This approach paid off—they retained all but one client in the first year. The lesson? Clear, frequent, and honest communication can be the difference between a smooth transition and a chaotic one. It helps manage expectations, allay fears, and build trust during uncertainty.

But communication alone isn’t enough. Successfully navigating a firm transition also requires addressing the emotional aspects of change for both clients and staff.

Addressing the Human Element: Emotions and Cultural Fit

While the numbers may drive the deal, it’s the human element that determines its success. The Connells’ experience highlights the critical importance of addressing emotions and ensuring cultural fit throughout the transition process.

For clients, a firm transition can be unsettling. They’ve built relationships with their accountants, trusting them with sensitive financial information. The prospect of change can trigger anxiety and uncertainty.

Staff face emotional challenges during transitions. The Connells supported their team by being transparent, addressing concerns promptly, and ensuring staff understood their roles in the new structure. This approach helped maintain team morale and productivity during a potentially turbulent time.

Lynnette offered advice: “Don’t take a deal out of fear. Be true to what’s best for you.”

This advice underscores the importance of finding the right cultural fit when choosing a buyer. While financial considerations are important, they shouldn’t be the only factor. Craig emphasized the need for autonomy and alignment of vision. He ensured the freedom to implement new technologies and processes, maintaining the innovative spirit of their boutique firm within a larger organization.

Craig stressed, “You don’t have to do it all yourself. You shouldn’t do it all by yourself. You should have partners in this conversation.”

By addressing the emotional aspects of the transition and ensuring a good cultural fit, the Connells were able to navigate the challenges successfully. Their story serves as a reminder that in the world of accounting, it’s not just about the numbers—it’s about the people behind them.

The Human Touch: Key to Successful Firm Transitions

The Connells’ journey from boutique firm owners to larger regional player offers valuable lessons for accounting professionals contemplating similar transitions. Their story underscores that successful firm transitions hinge on the human element.

Throughout their experience, three key themes emerged:

  1. The power of relationships in finding the right buyer and facilitating a smooth transition
  2. The critical role of clear, frequent communication in managing change
  3. The importance of addressing emotional aspects and ensuring cultural fit

Despite challenges like transitioning during busy season and managing parallel systems, their human-centric approach led to success. They retained all but one client and achieved 150% revenue growth post-acquisition.

These lessons have broader implications for the accounting industry. As consolidation continues to reshape the landscape, firms of all sizes must recognize that mergers and acquisitions are not just financial transactions—they’re complex human processes that require careful navigation.

For small firm owners, their experience offers hope and a roadmap. It shows that with the right approach, you can transition your practice while preserving the relationships and values you’ve built. For larger firms, it highlights the importance of considering the human element in integration strategies.

Ultimately, their story reminds us that accounting is a people business. Numbers are our tools, but relationships are our foundation. As you contemplate your firm’s future, remember: the key to a successful transition lies in the human connections you nurture along the way.

Want to dive deeper into Craig and Lynnette’s journey and gain more practical insights on navigating accounting firm transitions? Listen to the full Earmark Podcast episode here.