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The Art of Succession

The Art of Succession

Barrett Young | GWCPA

Stepping into the role of business owner is one of the most challenging endeavors you'll undertake. Buying that business from someone you already know amplifies the risk of mistakes. On The Art of Succession Podcast, you'll hear from entrepreneurs who've successfully transitioned from employee to owner by acquiring businesses from parents, former bosses, or co-founders. Together, we'll explore how they navigated the complex blend of emotions and strategic decisions required to honor the past while forging a new and vibrant future. Your host, Barrett Young, a fellow traveler in the succession story of a 75+ year CPA firm himself, invites his guests to reflect on the mindset shifts, challenges, and triumphs that have empowered them to build on their established foundations. Whether you're just starting out or already envisioning your own succession plan, you will find insights and actionable advice to guide your journey.
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Goodpods has curated a list of the 10 best The Art of Succession episodes, ranked by the number of listens and likes each episode have garnered from our listeners. If you are listening to The Art of Succession for the first time, there's no better place to start than with one of these standout episodes. If you are a fan of the show, vote for your favorite The Art of Succession episode by adding your comments to the episode page.

What are the unique issues faced in acquiring a third-generation business? What challenges arise when an owner doesn’t want to discuss succession? How do you balance the health of the business with family relationship dynamics?

In this episode of The Art of Succession podcast, host Barrett Young interviews Amber Kendrick, the owner of Pete's Auto Parts, an auto parts recycling yard near Grand Rapids, Michigan. Amber’s journey through the family business provides an insightful perspective on modernizing a legacy while honoring its history—offering valuable lessons for those navigating similar paths in family-owned enterprises.

The Origins of Pete's Auto Parts
Amber's grandfather founded Pete's Auto Parts in the 1950s when he was struggling to make ends meet as a farmer. Starting with a homemade tow truck, he began towing abandoned cars, eventually turning the growing collection into an official salvage yard. Pete’s Auto Parts originally operated as a salvage and towing operation, evolving into a full-service used auto parts recycling facility. Amber shares how her grandfather’s persistence laid the foundation for a multi-generational family business and how her father eventually focused the business entirely on used parts, ending the towing services to streamline operations.

Growing Up in the Family Business
Amber recounts her early years working at Pete’s Auto Parts. Like many children in family-run businesses, she was tasked with some of the least appealing jobs—sweating it out in warehouses and handling inventory. Despite these initial hardships, Amber gained invaluable experience, which later helped her professionally. After completing her degree and spending time in condominium management, where she learned essential financial and management skills, Amber realized her passion lay in growing businesses and leading teams, experiences that indirectly prepared her for returning to her family's business.

Transforming the Business Model
When Amber officially joined Pete's Auto Parts in 2006, she noticed several inefficiencies, such as sending all financial records to an external accountant instead of hiring in-house. She introduced significant changes, focusing on modernizing inventory processes and improving internal operations. The yard transitioned from a simple pick-and-pull junkyard into a professional used auto parts recycling facility. Amber highlights how they now manage inventory, photograph parts, and use trained technicians to ensure that each part meets quality standards before being sold. Under Amber’s leadership, Pete’s Auto Parts has tripled in size, focusing on customer service and transforming their salvage yard into a full-service, professionally managed recycling center.

Listeners can learn more about Amber Kendrick by connecting with her online and follow Pete's Auto Parts on FB.

___________________
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.

🎙️ Become a Guest https://bit.ly/AOSBeAGuest
✍️ Leave your feedback for the show: Google Forms

📡 Also distributed on
Transistor.fm https://artofsuccession.transistor.fm/
Spotify https://open.spotify.com/show/7uhogBxFKWAAetAbD8TVQR
Apple Podcasts https://podcasts.apple.com/us/podcast/the-art-of-succession/id1742796896

📧 Prefer to get the Art of Succession in your inbox? Subscribe to the mailing list to be notified of new episodes: https://mailchi.mp/566bff6410fc/aos-podcast-rss

🖥️ Find out more about the show at https://gwcpas.com/podcast

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

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The Art of Succession - The Art of Succession Trailer

The Art of Succession Trailer

The Art of Succession

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06/28/24 • 1 min

Stepping into the role of business owner is one of the most challenging endeavors you'll undertake. Buying that business from someone you already know amplifies the risk of mistakes. On The Art of Succession Podcast, you'll hear from entrepreneurs who've successfully transitioned from employee to owner by acquiring businesses from parents, former bosses, or co-founders.

Together, we'll explore how they navigated the complex blend of emotions and strategic decisions required to honor the past while forging a new and vibrant future. Your host, Barrett Young, a fellow traveler in the succession plan of a 75+ year CPA firm, invites his guests to reflect on the mindset shifts, challenges, and triumphs that have empowered them to build on their established foundations.

Whether you're just starting out or already envisioning your own succession plan, you will find insights and actionable advice to guide your journey.

___________________

The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.

Become a Guest https://bit.ly/AOSBeAGuest

Also distributed on
Transistor.fm https://artofsuccession.transistor.fm/
Spotify https://open.spotify.com/show/7uhogBxFKWAAetAbD8TVQR
Apple Podcasts https://podcasts.apple.com/us/podcast/the-art-of-succession/id1742796896

Prefer to get the Art of Succession in your inbox? Subscribe to the mailing list to be notified of new episodes: https://mailchi.mp/566bff6410fc/aos-podcast-rss

Find out more about the show at https://gwcpas.com/podcast

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

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The Art of Succession - He Bought Dad's CPA Firm And Built A Powerful Community
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07/16/24 • 54 min

What does it take to stay the course as an entrepreneur for the long haul?

How do we use both our failures and our successes to grow us as business owners?

And how do we keep coming back to the work ahead when the bright and shiny wears off?

In this debut episode of The Art of Succession podcast, host Barrett Young interviews Jason Blumer, CEO of Blumer CPAs and the Thriveal CPA Network, to discuss his journey of taking over his father's bookkeeping firm and transforming it into a specialized accounting firm for design, marketing, and creative agencies.

The Early Days: Joining and Leading the Family Firm

Jason's father started a small bookkeeping firm in 1997, a year before Jason entered public accounting. By 2003, Jason decided to join his father in running the firm. Despite his father's lack of funds to pay him, Jason was eager to bring in new clients and grow the business. His entrepreneurial spirit led him to introduce new strategies and higher-value services, marking the beginning of significant changes in the firm.

Challenges and Changes in Leadership

Jason faced numerous challenges, including managing clients who were accustomed to his father's way of doing business. He focused on rebranding the firm, raising prices, and enhancing the firm's image with new logos and letterheads. This period of transition required Jason to balance maintaining existing clients with attracting new ones who aligned with his vision. Over time, he gradually took over more of the firm's operations and ownership, eventually leading to his father's retirement around 2010.

Establishing Thriveal: A Community for Entrepreneurial CPAs

In 2010, Jason founded Thriveal, a network for entrepreneurial CPA firms. This initiative stemmed from his need for a supportive community of like-minded professionals. Thriveal provided a platform for CPAs to connect, learn, and grow together. The community's success highlighted the importance of collaboration and shared knowledge in the accounting industry.

Partnership and Growth with Julie

A significant turning point in Jason's journey was forming a partnership with Julie, who initially joined Blumer CPAs to handle administrative tasks. Recognizing her capabilities and complementary skills, Jason made Julie a partner. Their partnership allowed them to divide responsibilities effectively, with Jason focusing on visionary leadership and Julie on operations. This dynamic helped the firm grow exponentially, leveraging their combined strengths to build a robust and innovative organization.

Listeners can learn more about Jason Blumer and Blumer CPAs by visiting https://blumercpas.com/ or connecting with Jason on LinkedIn https://www.linkedin.com/in/jasonblumer/.

For more information on Thriveal, visit https://thriveal.com/

___________________

The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.

Become a Guest https://bit.ly/AOSBeAGuest
Leave your feedback for the show: Google Forms

Also distributed on
Transistor.fm https://artofsuccession.transistor.fm/
Spotify https://open.spotify.com/show/7uhogBxFKWAAetAbD8TVQR
Apple Podcasts https://podcasts.apple.com/us/podcast/the-art-of-succession/id1742796896

Prefer to get the Art of Succession in your inbox? Subscribe to the mailing list to be notified of new episodes: https://mailchi.mp/566bff6410fc/aos-podcast-rss

Find out more about the show at https://gwcpas.com/podcast

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

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How do you strike the balance between the professional and the family relationships, especially when your employees are watching? How do you set a valuation on a business that you were instrumental in building? And how do you transform a traditional service business, and position it to scale for the next phase?

In this episode of The Art of Succession podcast, host Barrett Young interviews Mike Libbey, the Chief Operating Officer of YBL, an accounting firm based in Ontario, Canada. Mike shares his journey of joining the family business, which was founded by his father, and discusses the transition of leadership and the growth of the firm over the years. Listeners will gain valuable insights into the challenges of balancing family and professional relationships, succession planning, and scaling a business.

The Origins of YBL and Mike's Entry into the Business
Mike's father, a CPA, started YBL (formerly known as Your Bottom Line) as a side business while working full-time in corporate finance. Over time, YBL grew, and in 2010, Mike joined the firm as its first official employee. Interestingly, there was no grand plan for Mike to take over the business. Initially, he considered working elsewhere after college, but after multiple job interviews, he realized the potential of his father's firm and decided to join. This natural evolution led to Mike working alongside his father, slowly taking on more responsibilities in bookkeeping, personal and corporate taxes, and operations.

Growing the Firm and Scaling Operations
Under Mike’s leadership, YBL has grown significantly since he joined in 2010. When he started, the firm was a small, sole proprietorship with only a handful of subcontractors. Over the years, YBL expanded from working out of his father's living room to having its own office space. By implementing new systems and embracing technology, Mike helped streamline operations, allowing the firm to scale effectively. Today, YBL is a team of about 30, with plans for further expansion through natural growth and acquisitions.

Balancing Family Dynamics and Business Growth
A key theme in the interview is the balance between family relationships and business growth. Mike shares that neither he nor his father initially pushed for him to take over the business, and they were more focused on making thoughtful decisions for the company's future. This approach has allowed them to maintain a healthy personal relationship while successfully running and growing YBL. Mike also reflects on the importance of not forcing succession on his children, emphasizing that it should happen naturally, much like his own journey with the firm.

Listeners can learn more about Mike Libbey by connecting with him on LinkedIn and online at ybl.ca.

___________________
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.

🎙️ Become a Guest https://bit.ly/AOSBeAGuest
✍️ Leave your feedback for the show: Google Forms

📡 Also distributed on
Transistor.fm https://artofsuccession.transistor.fm/
Spotify https://open.spotify.com/show/7uhogBxFKWAAetAbD8TVQR
Apple Podcasts https://podcasts.apple.com/us/podcast/the-art-of-succession/id1742796896

📧 Prefer to get the Art of Succession in your inbox? Subscribe to the mailing list to be notified of new episodes: https://mailchi.mp/566bff6410fc/aos-podcast-rss

🖥️ Find out more about the show at https://gwcpas.com/podcast

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

bookmark
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In this episode of The Art of Succession podcast, host Barrett Young interviews Alanna Thomas, founder of Aligned Recruitment and Thomas Media Agency. The discussion dives into Alanna’s impressive journey, from founding a recruitment company to scaling it for rapid profitability, bringing in a business partner, and successfully exiting—all within 13 months. Listeners will gain valuable insights on growth strategies, partnership dynamics, and building systems for seamless transitions.

Starting from Scratch to Rapid Growth
Alanna shares her early career experiences in recruitment and project management, which laid the foundation for her entrepreneurial journey. Inspired to create a scalable, team-driven business model, she founded Aligned Recruitment in April 2023. The company quickly gained traction by leveraging existing networks and a strategic focus on tech recruitment. Within just four months, she brought in a partner, Julia, to complement her operational expertise with sales acumen.

Strategic Partnerships and Complementary Roles
The partnership allowed the company to grow rapidly, reaching six employees and aiming for seven-figure revenue in its first year. Alanna and Julia’s complementary strengths—Alanna’s operational efficiency and Julia’s sales leadership—were key to the company’s success. However, their equally strong leadership ambitions led to challenges in decision-making, eventually prompting Julia to propose buying out Alanna’s shares.

A Smooth Exit and New Beginning
Despite initial plans to co-lead for the long term, Alanna recognized the benefits of an amicable split. Her systems-oriented approach had already set the company up for sustainable operations, making the transition seamless. Shortly after exiting, Alanna launched Thomas Media Agency, fulfilling her passion for social media management and content creation. With a team of seven, she’s thriving in her new venture.

Listeners can learn more about Alanna Thomas by connecting with her on LinkedIn or visiting Thomas Media Agency's website.

___________________
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.

🎙️ Become a Guest https://bit.ly/AOSBeAGuest
✍️ Leave your feedback for the show: Google Forms

📡 Also distributed on
Transistor.fm https://artofsuccession.transistor.fm/
Spotify https://open.spotify.com/show/7uhogBxFKWAAetAbD8TVQR
Apple Podcasts https://podcasts.apple.com/us/podcast/the-art-of-succession/id1742796896

📧 Prefer to get the Art of Succession in your inbox? Subscribe to the mailing list to be notified of new episodes: https://mailchi.mp/566bff6410fc/aos-podcast-rss

🖥️ Find out more about the show at https://gwcpas.com/podcast

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

bookmark
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share episode

How can business owners prepare themselves in the good times for an eventual downturn?

How do we distinguish between signs that a business is not working, or we’re just one more week of persistence away from breaking through?

When our self-identity is challenged, how can we hold onto what’s important in order to make it through to the other side?

In this episode of "The Art of Succession" podcast, host Barrett Young interviews Lisa Dare, an executive coach and leadership practitioner based in Calgary, Alberta. Lisa shares her candid story about purchasing a family-owned travel and tour agency in 2016 and the valuable, painful lessons she learned from ultimately closing the business.

#artofsuccessionpodcast #lisadare #successionplanning #successionpodcast #podcast

The Decision to Buy
Lisa and her husband bought the travel agency in 2016 after discovering it was up for sale by the founding family. With over 40 years of history and a strong client base, the business seemed like a solid investment. Lisa recounts her initial excitement about becoming a business owner and diving into the travel industry, but the reality of running a legacy business soon surfaced.

Challenges with Inherited Liabilities
One of the biggest challenges Lisa faced was the inherited liabilities. While the business had pre-sold tours and booked sales, it was carrying significant financial burdens beneath the surface. The outdated business model, combined with the rise of online competition and social media marketing, made it increasingly difficult to keep up with the changing landscape of the travel industry. Lisa reflects on the hard truths she uncovered and the obstacles that made profitability almost impossible.

The Tough Decision to Close
Ultimately, after years of navigating these challenges, Lisa made the tough decision to close the business. She opens up about the emotional struggles that come with closing a company and the stigma of business failure. However, she views this experience as an important learning opportunity, and she hopes that sharing her story will help other entrepreneurs avoid some of the same pitfalls.

Listeners can learn more about Lisa Dare by connecting with her on LinkedIn

Sign up for her newsletter: https://mailchi.mp/telus.net/subscription-sign-up

___________________
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.

🎙️ Become a Guest https://bit.ly/AOSBeAGuest
✍️ Leave your feedback for the show: Google Forms

📡 Also distributed on
Transistor.fm https://artofsuccession.transistor.fm/
Spotify https://open.spotify.com/show/7uhogBxFKWAAetAbD8TVQR
Apple Podcasts https://podcasts.apple.com/us/podcast/the-art-of-succession/id1742796896

📧 Prefer to get the Art of Succession in your inbox? Subscribe to the mailing list to be notified of new episodes: https://mailchi.mp/566bff6410fc/aos-podcast-rss

🖥️ Find out more about the show at https://gwcpas.com/podcast

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

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The Art of Succession - Working With His Grandfather Was This CPA's Unfair Advantage
play

08/20/24 • 62 min

What unique challenges might we face when we buy into a company founded by a grandparent?

What can we learn from our predecessor, while also balancing our desire to make start our own?

As we start to consider and author our core values, how do we show both continuity and clarity to our existing clients?

In this episode of The Art of Succession podcast, host Barrett Young interviews Curtis Hardwick, who shares his journey of taking over his grandfather's CPA firm in Georgia. Curtis provides insights into the challenges and rewards of inheriting a business and making it his own.

#artofsuccessionpodcast #curtishardwick #successionplanning #successionpodcast #podcast

Beginning the Journey
Curtis's grandfather, Joe "Pop" Hardwick, started the CPA firm in 1974, and Curtis began working there in 2010 while still in college. Initially aiming to become a civil engineer, Curtis had switched paths after struggling with calculus, guided into accounting by his grandfather. Curtis enjoyed the work and excelled in his accounting courses, with both his professor and grandfather mentoring him toward the CPA route.

Mentorship and Transition
As Curtis progressed in his career, his grandfather provided him with significant autonomy, allowing Curtis to implement new ideas and modernize the firm. The firm was small, with only four employees, and was using outdated accounting software. Curtis led efforts to transition clients to QuickBooks Desktop and eventually to their cloud-based QuickBooks Online, despite initial resistance from his grandfather.

Curtis proposed additional significant changes, such as increasing prices and focusing on value-based pricing instead of hourly billing. His grandfather was initially hesitant, reflecting the generational gap between them. However, over time, Curtis earned his grandfather’s trust, and he was given more responsibility in running the firm.

The Transition to Leadership
By 2019, Curtis was making key decisions about the firm's direction, focusing on reducing the number of clients while deepening relationships and increasing profitability. This approach required difficult conversations and strategic decisions, but Curtis was determined to create a sustainable business model that aligned with his vision.

Listeners can learn more about Curtis Hardwick and his CPA firm by connecting with him on LinkedIn, or at Hardwick CPA.

BONUS CONTENT: Barrett and Curtis go through the Client Assessment that Curtis used for his client list, and Curtis has kindly allowed me to provide this Assessment to our listeners.

___________________
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.

Become a Guest https://bit.ly/AOSBeAGuest
Leave your feedback for the show: Google Forms

Also distributed on
Transistor.fm https://artofsuccession.transistor.fm/
Spotify https://open.spotify.com/show/7uhogBxFKWAAetAbD8TVQR
Apple Podcasts https://podcasts.apple.com/us/podcast/the-art-of-succession/id1742796896

Prefer to get the Art of Succession in your inbox? Subscribe to the mailing list to be notified of new episodes: https://mailchi.mp/566bff6410fc/aos-podcast-rss

Find out more about the show at https://gwcpas.com/podcast

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

bookmark
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share episode

How do you keep a family business going in the middle of a health crisis, when the personal takes center stage?

How does a new owner make the decision to specialize in a business while also honoring the parent that established those relationships?

And how do you learn to trust your own instinct and learn on your own even if it might fail rather than travel the tried and tested route that you’ve stepped into?

In this episode of The Art of Succession podcast, host Barrett Young sits down with Jim Morrow, the CEO of Agency CPAs. Jim's story offers a compelling look at the complexities and triumphs of succession planning, particularly within a family-run business. Agency CPAs specializes in tax planning, CFO, and accounting services for digital agencies, but the journey to this niche was filled with personal and professional challenges.

Taking Over the Family Business

Jim's path to leadership began unexpectedly. His father, who ran a small bookkeeping firm, encouraged Jim to enter the field of accounting. After starting his career at Big Four firms, Jim's direction changed when Superstorm Sandy led him to reassess his career goals. He returned to help his father's business, a move initially driven more by familial duty than financial interest.

In 2017, Jim's father received a severe cancer diagnosis, which catalyzed Jim's deeper involvement in the firm. This period was marked by Jim's realization that the business needed a strategic overhaul. His father had managed the firm more as a social endeavor, often prioritizing relationships over profitability. Jim recognized that to ensure the firm's survival, he needed to implement more rigorous financial management practices.

Jim's initial steps involved collecting outstanding accounts receivable and shedding clients who were not financially viable. This shift allowed the firm to stabilize its cash flow and begin growing. Jim's focus on turning the firm around led to the introduction of higher-level services, including CFO advisory work, which differentiated the firm from its competitors.

Rebranding and Niching Down

A pivotal moment in the firm's transformation was the decision to rebrand as Agency CPAs, focusing on digital marketing agencies. This niche focus allowed Jim to tailor services specifically to the needs of these clients, creating a competitive edge. Jim attended a marketing conference to promote the new brand, which quickly garnered interest and led to significant growth.

Jim's leadership was bolstered by a key partnership with Tiffany, an employee who had been with the firm through its toughest times. Recognizing her contributions, Jim made Tiffany a partner, creating a strong leadership team. Together, they fostered a culture of support and experimentation, which was crucial for the firm's evolution.

Lessons in Profitability

Throughout this journey, Jim learned valuable lessons about balancing high-level advisory work with essential bookkeeping services. Initially focusing solely on advisory services proved unprofitable, highlighting the need for a stable revenue base from consistent bookkeeping work. This balance was key to maintaining the firm's financial health and growth.

Looking ahead, Jim and Tiffany are committed to growing the firm's client base in this deeper niche. They focus on creating a sustainable, supportive environment for their team and clients. Jim emphasizes the importance of life insurance and succession planning to ensure continuity in case of unforeseen events. He also discusses the potential for hiring internationally, particularly from the Philippines, to support growth.

Listeners can learn more about Jim Morrow and Agency CPAs by visiting https://agencycpas.com/ or connecting with Jim on LinkedIn https://www.linkedin.com/in/jimmmorrow/.

___________________

The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.

Become a Guest https://bit.ly/AOSBeAGuest
Leave your feedback for the show: Google Forms

Also distributed on
Transistor.fm https://artofsuccession.transistor.fm/
Spotify https://open.spotify.com/show/7uhogBxFKWAAetAbD8TVQR
Apple Podcasts

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How do we balance the plans we have for our future and the opportunities that surprise us?

How do we shepherd existing clients towards new and better services while also reassuring them we have their best interests in mind?

And when we’re in partnership, how do we both shoulder the burden and support each other, while also move towards working in our strengths?

In this episode of The Art of Succession podcast, host Barrett Young interviews Dr. Tatiana Barrera and Dr. Michael Vega, the engaged couple behind Move Forward Chiropractic in Tampa, Florida. They share their story of unexpectedly purchasing and transforming a chiropractic practice, highlighting their journey from employees to business owners.

#artofsuccessionpodcast #mikevega #tatianabarrera #successionplanning #successionpodcast #podcast

*From Employees to Entrepreneurs*
Tatiana and Michael both worked in different chiropractic practices before deciding to take the leap into business ownership. Tatiana, initially content with her job, received a text from a friend about a practice for sale at an incredibly low price. Despite having no previous intention of owning a practice, she decided to check it out. The offer was too good to pass up, leading her to buy the practice with Michael’s support.

*Challenges in Starting Up*
Tatiana had only 30 days to learn and do everything necessary to take over the practice, all while still working full-time at her previous job. She quickly realized that the business knowledge she had gained in school was not sufficient, and she had to rely heavily on her CPA, mentors, and real-world experience to navigate the transition.
After acquiring the practice, they discovered that the original name was causing confusion due to its similarity to another nearby chiropractic clinic. This prompted them to rebrand the practice as Move Forward Chiropractic. The rebranding process was rapid, driven by their desire to establish a unique identity and avoid further confusion. Within a short period, they developed a new brand identity that resonated with their patients and community.

*Partnership and Future Plans*
Tatiana and Michael emphasize the importance of organic growth and maintaining control over their practice's direction. They partnered with Honeybadger, a group of coaches and business owners who helped them tailor their business model to their vision. This partnership allowed them to grow their practice without compromising their values or approach to patient care.

Listeners can learn more about Tatiana Barrera and Michael Vega by visiting http://moveforwardchiropractic.com or connecting with them on social media.

___________________
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.

Become a Guest https://bit.ly/AOSBeAGuest
Leave your feedback for the show: Google Forms

Also distributed on
Transistor.fm https://artofsuccession.transistor.fm/
Spotify https://open.spotify.com/show/7uhogBxFKWAAetAbD8TVQR
Apple Podcasts https://podcasts.apple.com/us/podcast/the-art-of-succession/id1742796896

Prefer to get the Art of Succession in your inbox? Subscribe to the mailing list to be notified of new episodes: https://mailchi.mp/566bff6410fc/aos-podcast-rss

Find out more about the show at https://gwcpas.com/podcast

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

bookmark
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How do you assign a purchase price to an established intellectual property?

Where do you focus your attention on improvement without downplaying the value of the property you’ve just acquired?

How do you market in a way to attract a customer back who may have purchased from your predecessor years before?

In this episode of "The Art of Succession" podcast, host Barrett Young talks with Peter Wietmarschen, a partner at The Author’s Voice. Peter shares the story of how he and his partners took over and transformed a self-publishing support business.

The Origins of The Author’s Voice

Peter Wietmarschen’s journey began about eight years ago when his mother, Colleen, took the Certified Professional Author Assistant Course. At the time, Colleen was looking to pivot from medical transcription to a new career path. She applied for and received a scholarship to take the course, which laid the foundation for their first business, Your Literary Pros. Together, they helped self-published authors with services traditionally provided by publishing companies, such as editing, book design, and marketing.
In 2021, Peter and Colleen were offered the chance to purchase the courses they had once taken. Recognizing a unique opportunity, they acquired the intellectual property and began rebranding the courses as The Author’s Voice. This acquisition included not just the courses but also the established user base and reputation.

Challenges and Changes

One of the major challenges they faced was re-engaging the existing user base. The list of potential course participants was extensive but not actively engaged. They had to reconnect with previous participants and update them about the new ownership and course enhancements. This required substantial effort in marketing and communication to rebuild trust and interest.

A pivotal moment was bringing on Candy, a long-time colleague and experienced marketer. Candy’s expertise in marketing and her own experience as an author added valuable insights to their team. Together, they aimed to update and expand the course offerings to better serve the needs of self-published authors and professional author assistants.

Updating and Enhancing the Courses

Their first major step was migrating the courses to a more advanced platform, Go High Level, which provided better tools for course management and user engagement. This new platform allowed for more automation and a self-guided experience, making it easier for participants to track their progress and complete certifications.

Listeners can learn more about Peter Wietmarschen and The Author’s Voice by visiting https://theauthorsvoice.org/ or connecting with Peter on https://www.linkedin.com/in/peterwietmarschen/.

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