Welcome to The Art of Succession Podcast. Host Barrett Young chats with Lesle Lane, Photographer and owner of Studio 13, Inc. Lesle shares her journey of growing up in a family of photographers, taking over her stepfather's business at 21, and how she turned challenges into success. She talks about legacy, adapting to industry changes, and her shift to becoming a business owner who prioritizes strategy alongside creativity.
Lesle isn’t just a photographer; she now helps creatives run profitable, balanced businesses. Her journey from taking over her stepfather’s studio at 21 to building her own successful brand taught her the importance of strategy and creativity. By sharing her experiences, she shows how adapting to change and prioritizing business alongside art can lead to lasting success without burning out.
Lesle spent years growing her photography business before becoming a mentor to fellow creatives. Her advice comes from real challenges and successes in building a business. With a focus on balance, mindset, and smart planning, she helps others create profitable businesses, avoid burnout, and lead with clarity and confidence.
Key Takeaways:
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Join Lesle Lane as she shares how her real-life experiences, business strategies, and focus on balance are helping creatives build profitable businesses, lead with clarity, and find success without burning out.
Episode Highlights
[00:00] - Teaser
[00:00] - Intro & Why Creatives Must Think Like Business Owners
[03:58] - Lesle’s Family Legacy and the Shift to Color Photography
[07:54] - Embracing digital and seeing AI as the next big change
[10:46] - How each generation brought business innovation
[14:01] - Growing up in a home studio and early expectations
[16:49] - Why she chose corporate work over wedding photography
[19:12] - Brothers as potential heirs and how she stepped in
[20:45] - Taking over at 21 after her stepdad’s stroke
[23:05] - Early challenges, learning admin and client trust
[26:00] - Building trust with clients and earning her place
[30:53] - Big risks: digital gear, 9/11, recession, and COVID
[38:01] - Mentors, lessons, and building a business that lasts
[42:20] - From Bankruptcy to Breakthrough
[44:11] - How Loss Led to a Scalable Photography Business
[48:55] - Lessons from Legacy and Innovation
[55:28] - Facing the AI Future in Photography
[59:35] - Lightning Round: Cake, Travel, and Impact
[63:08] - Gratitude and Generational Wisdom
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Welcome to The Art of Succession Podcast. Host Barrett Young talks with Emily McDonald, a business Strategist and mentor in EKM Strategy and Founder of TheStylist LA. Emily shares how she turned a dress rental idea into a fashion business, raised venture capital, and later shifted to coaching female founders. She talks about burnout, learning from failure, and building a business that supports your life.
Emily isn’t just a founder; she’s now focused on helping women build strong, balanced businesses. Her journey from renting dresses in her living room to raising over $1M shaped how she mentors others today. By sharing her wins and struggles, she shows that growth, honesty, and boundaries can lead to success without burning out.
She spent over 10 years building TheStylist LA before becoming a mentor to female founders. Her advice comes from real wins and hard lessons in growing a business. With a focus on honesty, mindset, and clear plans, she helps women grow strong businesses, avoid burnout, and lead with purpose and confidence.
Key Takeaways:
Additional Insights:
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Join Emily McDonald as she shares how real-life lessons, honest coaching, and a focus on balance are helping women grow strong businesses, lead with purpose, and build success on their own terms.
Episode Highlights
[00:00] - Teaser
[01:14] - Intro and Emily’s passion
[02:33] - Early Dream & Launching TheStylist LA in 2009
[08:22] - Sorority trunk shows and scrappy early marketing
[10:04] - Steady growth and first showroom in Venice
[13:11] - Angel investor support and Bachelor media boost
[16:23] - Expanding to San Francisco and managing both cities
[17:56] - Raising $1.2M through Jason Calacanis and VC firms
[22:54] - Burnout, pregnancy, and money struggles before COVID
[26:43] - Pandemic shutdowns, closing stores, and going online
[28:42] - Lessons on hustle culture, balance, and founder health
[31:46] - Setting Boundaries & Rethinking Hustle Culture
[34:51] - Taking VC money too late
[37:27] - Struggles of post-COVID recovery
[39:55] - Post-COVID: Starting a new, simple business
[42:50] - Coaching Women to Set Clear 90-Day Goals
[45:39] - Revisiting - Redefining Success with or without Co-Founders
[51:14] - What makes a great coaching client
[52:40] - How Emily views failure and growth
[55:29] - Building focus through rest and planning
[57:38] - First retreat and what’s next for Emily
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https://www.skool.com/money-moves-free-8097/about?ref=8021ec33afb74f77bcfe695a34c54e08
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Welcome to The Art of Succession Podcast. Host Barrett Young, a Tax and Marketing Partner at GWCPA, shares a personal and behind-the-scenes look at GWCPA’s succession journey. In this solo episode, Barrett talks about leadership change, future planning, and how his team is using EOS to build a lasting and modern firm. He reflects on company values, innovation, and how they’re preparing both staff and clients for a future beyond tax returns.
Barrett isn’t just a partner; he’s focused on helping the next generation lead well. His path through public accounting shaped his vision for GWCPA. By using real lessons and new tools like EOS, he shows how clarity, care, and planning can turn a firm’s future into a lasting legacy for both staff and clients.
He spent over 15 years in public accounting before shaping GWCPA’s future as a visionary leader. His tools mix real lessons on values, systems, and growth. With a focus on clarity and innovation, he turns deep firm knowledge into real support that helps teams lead better, plan ahead, and build lasting success.
Key Takeaways:
Additional Insights:
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Join Barrett Young as he shares how clear systems, strong values, and future-focused thinking are helping teams grow, lead with purpose, and build firms that last beyond just tax returns.
Episode Highlights
[00:00] - Teaser
[01:01] - Intro & GWCPA’s Succession Story
[02:50] - Why EOS Is a Game-Changer for the Firm
[03:56] - Innovation + Legacy: Defining the Target Client
[08:13] - Speaking to Future Leaders, Not Just Owners
[10:34] - Visionary vs Integrator: EOS in Action
[14:00] - Preparing for Sam’s Retirement in 6 Years
[15:44] - Staff Transitions & EOS Clarity
[17:44] - Why Barrett Left Public Accounting
[21:00] - Passion, Skills, and Long-Term Career Choices
[23:56] - AI, Tax Returns, and the Future of the Firm
[30:19] - Pricing Values: Empathy, Empowerment, Foresight
[32:57] - Barrett’s CVA & Business Value Conversations
[35:53] - EOS + CEPA: Tools to Help Clients Prepare
[38:30] - New: Ownership Mindset Scorecard Launch
[41:14] - Why Taking Over a Business Takes Grit
[46:44] - Big Client Projects & System Upgrades
[50:34] - Renewals, Pricing, and Client Conversations
[54:15] - Competing on Value, Not Volume or Speed
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In this episode of The Art of Succession podcast, host Barrett Young interviews Mark Vincent, an executive advisor and co-founder of Teal Vincent Enterprises who successfully built Design Group International over 23 years before strategically exiting to return to his consulting roots. Listeners will discover how to navigate complex succession planning through process consulting while avoiding the common trap of letting their business embrace become a destructive chokehold.
The Challenge of Organizational Dysfunction
Mark's journey began when he noticed that real decisions happened in parking lots after formal meetings ended, undermining the work people prepared to deliver. This informal power was derailing the formal processes, creating dysfunction in organizations where passionate, committed people couldn't effectively collaborate. He discovered that wherever complex decision-making occurred, especially involving money, succession planning brought out the worst organizational dysfunction. This led him to develop process consulting methods that helped the informal interactions inform the formal ones rather than unwind them.
Building and Scaling Process Consulting
Mark founded Design Group International in 2000, creating a platform that proved process consulting could be a sustainable career path rather than just an between-jobs assignment. He used a simple framework of why, who, what, when, where, and how to facilitate complex organizational decisions, keeping his head up to read the room rather than buried in notes. The company grew by attracting experienced consultants who wanted high client impact without the administrative burden of running their own platforms. Over 23 years, they brought on six generations of consultants, proving the model's sustainability and creating a business that wasn't dependent on Mark's personality alone.
Strategic Exit and Return to Roots
Mark strategically exited Design Group International in 2023, selling his stake when the vision of proving process consulting as a viable career was complete. Rather than riding the business to maximum financial return, he chose succession planning that prioritized business continuity and the development of new leadership. He returned to private practice as an executive advisor, focusing on helping longtime successful executives and their boards navigate succession planning. Mark emphasizes that succession is harder than starting a business, requiring owners to recognize when their protective embrace becomes a chokehold that bleeds talent, money, and time.
🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-mark-vincent
✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.
If you've enjoyed this episode, please share it with others. It truly helps.
Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!
In this episode of The Art of Succession podcast, host Barrett Young interviews Brando Guerrero, owner of Made in the Shade NorCal, who shares his complete journey from a 17-year corporate insurance career to acquiring and scaling a custom window coverings franchise. Listeners will discover how corporate experience translates into entrepreneurship through acquisition, and why even the best business plans require major adjustments when reality hits.
After relocating across the country multiple times for insurance giants like Nationwide, MetLife, and Liberty Mutual, Brando found himself wanting more family time and community involvement. His corporate role supporting independent insurance agents taught him valuable lessons about being a trusted advisor and understanding customer segmentation - skills that would prove essential in his entrepreneurial journey. Rather than starting from scratch, he chose the franchise acquisition route, discovering Made in the Shade through online business listings and being attracted to its flexible model, healthy margins, and established five-star reputation in rapidly growing Northern California.
The Reality of Business Ownership
Brando's initial assumption that doubling Google ad spend would double results proved completely wrong within weeks of taking over. He faced his biggest leadership challenge when a design consultant made critical measurement errors over two months, resulting in thousands of dollars in custom products that didn't fit. Since custom window coverings require precision down to an eighth of an inch, these mistakes were discovered weeks later during installation, creating a devastating financial burden that nearly closed the business.
Strategic Recovery and Growth
Rather than give up during sleepless nights of uncertainty, Brando made difficult decisions to contract the business before growing it, cutting overhead to create a leaner operation. He learned to focus on higher-margin product lines where his team's consultative expertise could shine, rather than competing in oversaturated markets. His corporate background in relationship building now helps him leverage vendor partnerships, leading to exclusive opportunities with major distributors nationwide.
Building Systems and Culture
Brando successfully transitioned from the previous husband-and-wife operation by hiring specialized design consultants and installation teams while focusing on his strengths as CEO and chief revenue officer. He maintains the business's five-star reputation through rigorous quality standards and has ambitious goals to become a ten-million-dollar operation and the number one custom window coverings provider in Northern California.
🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-brando-guerrero
✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.
If you've enjoyed this episode, please share it with others. It truly helps.
Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!
In this episode of The Art of Succession podcast, host Barrett Young interviews Max Emma, CEO of Franchise with Max, who shares his remarkable journey from corporate finance to business failure and ultimate success in the franchising industry, proving there truly is light at the end of the tunnel.
The Rise and Fall of a Construction Empire
Max left his promising corporate finance career at Qualcomm in 2002 to join his father's three-employee landscaping company. As a Soviet immigrant family starting from scratch, Max brought business education and ambition to transform the maintenance operation into a thriving construction company. He obtained construction licenses and grew the business to 96 employees during Southern California's real estate boom, specializing in track home landscaping. However, the 2008-2009 housing crisis devastated the over-leveraged company. Despite his finance background, Max was too focused on rapid growth to monitor warning signs, leading to both business and personal bankruptcy with two young children at home.
Strategic Pivot and Discovery of Franchising
Unable to find employment during the recession, Max rebuilt with a smaller landscaping maintenance company while simultaneously launching a bookkeeping business. The bookkeeping idea emerged from recognizing market inefficiencies after receiving quotes ranging from $200 to $2,000 for identical services. This venture led to serving franchise brands and eventually growing into one of the largest bookkeeping providers for franchisors, working with over 100 franchise brands including Sport Clips and Fast Signs. Through these relationships, Max discovered the collaborative nature of the franchising industry and decided to franchise his own bookkeeping company.
Building a Franchise Empire Through Systems and Service
Max's approach to franchising centers on comprehensive systems development, transforming 35 pages of internal knowledge into over 900 pages of detailed operational guidance. He expanded into franchise brokerage to help candidates find suitable opportunities among over 630 available franchises, specializing in E2 visa programs for international investors and corporate professionals seeking entrepreneurial freedom. His unique value proposition includes sharing commissions with buyers and providing extensive training including accounting education, sales coaching, and executive mentoring, emphasizing that successful franchising balances proven systems with operational freedom.
🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-max-emma
✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.
If you've enjoyed this episode, please share it with others. It truly helps.
Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!
In this Bonus episode of The Art of Succession podcast, host Barrett Young interviews Jonathan and Renee Harris, who discovered that their family business's greatest value wasn't in transferring ownership—it was in training their nine children to become entrepreneurs.
The Midlife Pivot That Changed Everything
When Jonathan left his corporate career in 2009, he and Renee made a radical decision. Instead of building a business empire to pass down, they would use their small skincare company as a training ground to develop their children's entrepreneurial skills. What started as a simple farmers market venture selling lotion bars became an unexpected laboratory for raising self-reliant, business-minded kids.
From Minecraft to Marketable Skills
The Harris family developed a unique approach to parenting that merged their children's natural interests with real business applications. When their son spent hours playing Minecraft, they challenged him to bring value to that community by writing plugins—a gateway that eventually led to his career as a lead software developer. Their daughter's love for photography became product photography for the business, while another child's interest in voice acting evolved into podcast editing services.
Building Independence, Not Dependence
Rather than creating jobs for their children within the family business, Jonathan and Renee focused on developing transferable skills that would serve their kids regardless of their chosen path. They established clear standards, charged rent to adult children still living at home, and required each child to find ways to bring value to others through their talents. The result? Nine young adults who understand money, respect customers, and aren't afraid to take calculated risks.
🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-harris-bonus
✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.
If you've enjoyed this episode, please share it with others. It truly helps.
Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!
In this episode of The Art of Succession podcast, host Barrett Young interviews Stephanie Hayes, exit strategist and investor in multiple businesses. Listeners will discover how to transform their business from a revenue-chasing hamster wheel into a valuable asset that can eventually be sold.
The Revelation That Changed Everything
Stephanie's journey began during a client retreat in Texas when she had a powerful realization while staring at a wall of her accomplishments. Despite years of consulting experience and advanced degrees, she felt like she wasn't building anything of lasting value. After losing her house in a divorce and facing expensive real estate markets, she recognized that her service-based business left her constantly chasing revenue without creating transferable wealth. This moment sparked a complete shift in how she approached business building.
From Revenue Focus to Asset Building
Rather than continuing the exhausting cycle of trading time for money, Stephanie developed a framework around nine types of business assets that most owners completely overlook. She discovered that businesses could build valuable assets through productized services, creative work, audience lists, recurring revenue streams, intellectual property, strategic partnerships, and brand value. This wasn't just theory - Stephanie began acquiring businesses herself, including purchasing a company from one of her former clients for strategic assets rather than traditional equipment.
The Nine Assets That Transform Business Value
Stephanie's approach helps business owners identify hidden value within their existing operations. A content creation agency's internal processes become licensable frameworks. Marketing materials transform into sellable creative assets. Client relationships become valuable audience assets. Even a simple subscriber list represents eyeballs that buyers will pay for. The key insight is shifting every business decision through the lens of asset creation rather than just immediate revenue generation.
🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-stephanie-hayes
✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.
If you've enjoyed this episode, please share it with others. It truly helps.
Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!
In this episode of The Art of Succession podcast, host Barrett Young interviews David Forster, a serial entrepreneur who successfully built and sold three companies ranging from landscaping services to a retail bike shop. Listeners gain valuable insights into how relationship-focused leadership, proper systems, and life transitions drive successful business exits and career pivots.
From The Farm to First Business Exit
David's entrepreneurial journey began with his farm upbringing, leading him naturally into the landscape industry. His first real business was a landscape maintenance and design company started in his early twenties to provide for his new family. Despite having no formal exit strategy, David built the company through exceptional work ethic and a relational approach, treating employees and customers as equals. After four successful years, an unexpected dream led to selling the business to a local competitor who valued their unique customer relationship approach and company culture over just the contract base.
Learning and Growing Through Multiple Ventures
After working for someone else and maturing personally, David started a second landscape company focused on residential design and build projects. This venture taught him to price properly, think systematically, and build intentional processes from the start. The business grew to similar team size but double the revenue of his first company. Around the four-year mark, feeling burned out, David discovered cycling during a week off and realized he wanted to share that stress-relief experience with other business owners, leading him to open a bike shop.
The Bike Shop Years and Life-Changing Events
David ran his bike shop for over seven years, learning retail operations, inventory management, and building community around cycling. However, his world changed dramatically when he became a father at 40 after discovering he and his wife had the MTHFR gene mutation affecting fertility. Tragedy struck when his wife's sister died unexpectedly two weeks after their daughter was born, followed by David's father's death nine months later. These profound losses forced David to reevaluate priorities, recognizing that retail hours weren't compatible with being the father and husband he wanted to be.
Transition to Fractional COO
David sold the bike shop to another dealer and eventually embraced fractional COO work after initially resisting the idea. His approach typically begins with a 6-12 week deep dive to establish core systems, followed by either training internal team members or providing ongoing part-time support. David focuses on overcoming team resistance by addressing consultant skepticism upfront, emphasizing he's there to make lives better through systems that create freedom rather than restrictions. His philosophy centers on checklists and processes that allow both new employees to learn and experienced ones to maintain focus when interrupted.
🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-david-forster
✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.
If you've enjoyed this episode, please share it with others. It truly helps.
Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!
In this episode of The Art of Succession podcast, host Barrett Young reflects on a year of transformation and previews the future of both the show and GWCPA. Listeners will gain real-world insights into how succession planning is being put into practice inside an 80-year-old, multi-generational CPA firm.
Facing the Realities of Succession
Barrett shares the ongoing challenges GWCPA has faced in leadership transition, from unexpected health events to the loss of key staff and the pressures of staying independent in a market increasingly dominated by private equity. He discusses the importance of having a robust succession plan—not just for the business, but for the peace of mind of employees and families.
Strategies for Sustainable Business Transition
This season, Barrett and his team experimented with new approaches to client engagement, pricing, and internal systems. He details how GWCPA implemented engagement letters for every client, shifted to project-based profitability, and restructured roles to better serve clients and prepare for future leadership. The firm also began adopting the Entrepreneurial Operating System (EOS) to systematize processes and ensure the business can thrive beyond its current leaders.
Lessons Learned and the Road Ahead
Barrett reveals the outcomes of these changes, including improved client retention, higher revenue, and a renewed focus on building a business that can outlast any one individual. He announces that future episodes will provide quarterly updates on GWCPA’s real-time succession journey, offering listeners a transparent look at the challenges and victories of preparing the next generation of leaders.
For more resources and to follow GWCPA’s ongoing succession story, subscribe to our show.
🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-season-2-wrap
✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.
If you've enjoyed this episode, please share it with others. It truly helps.
Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!
In this episode of The Art of Succession podcast, host Barrett Young interviews Nick Garofalo, founder of OpenHanded Wealth and former executive at Court Solutions, a payment processing company for traffic court fines that was successfully sold in 2017.
Building a Business That Solves Real Problems
Nick's father, though not tech-savvy himself, built an innovative payment processing company that transformed how people paid traffic tickets. "This internet thing is really cool," Nick recalls his father thinking, "it makes so much sense for people to be able to file court paperwork online instead of having to come stand in line." The company's success came from deeply understanding their customers' unique challenges and creating solutions that made court clerks' lives easier. "The real money comes from rich relationships with those customers, knowing the nuance of their particularities," Nick explains.
The Acquisition Journey
After Nick and his brother decided against taking over the family business, they prepared for an external sale. "We had to do a lot of cleanup and structure building to make the company appealing to an acquirer," Nick shares, noting they needed to formalize many aspects of the business that were previously based on handshakes. After rejecting an unfavorable initial offer, they connected with a consolidator who purchased the entire operation. Nick stayed with the acquiring company for nearly seven years, developing valuable skills in a corporate environment while supporting his growing family.
The Entrepreneur's Retirement Gap
Nick's experience watching his father bet everything on the business sale led him to identify a critical problem many business owners face: the post-sale income gap. "You're company's making 5 million, you're taking home 500,000... you sell it for two or three million and now you're going to have 80 or 120 grand a year in 4% income. What are you going to do?" This realization, combined with seeing his father miss opportunities for retirement planning, ultimately inspired Nick to launch his financial planning practice focused on helping entrepreneurs. "If you got into business, it wasn't so that you could work 90 hours a week at the expense of your family and friends," he advises.
🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-nick-garofalo
✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105
I'm looking to hear from 5 listeners via Zoom as I start to plan for Season 3 https://calendly.com/beygwcpas/aos-feedback
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.
If you've enjoyed this episode, please share it with others. It truly helps.
Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!
In this episode of The Art of Succession podcast, host Barrett Young interviews Charles Read, CEO of Get Payroll in Dallas, Texas, who shares his 30-year entrepreneurial journey and succession planning strategy. Listeners will gain valuable insights into business transitions, strategic specialization, and creating a meaningful exit plan.
From Corporate World to Business Ownership
Charles, a CPA with 47 years of experience, spent 15 years in the corporate world before purchasing an accounting franchise called Financial Express in 1991. When the franchise company went bankrupt a year later, Charles simply changed the name and continued operations independently. He and his wife built the business together, primarily serving business clients rather than individual tax returns, and eventually brought on a partner named Robert to handle the increasing workload.
Strategic Specialization and Business Division
About ten years ago, Charles made the strategic decision to split the business, selling the accounting practice to his partner while retaining the payroll operations. Unlike most CPAs who typically shed payroll services, Charles found payroll more interesting and complex. The transition was amicable, with both parties continuing to refer clients to each other and even sharing office space for years afterward.
Get Payroll specifically targets businesses with fewer than 20 employees, which represent 95% of all US businesses. Charles avoids competing with industry giants like ADP and Paychecks for larger clients, criticizing their aggressive sales tactics and price increases. Technological advancements have made payroll processing more efficient and profitable, allowing the company to handle more clients with fewer staff.
Marketing Evolution and Succession Planning
Despite being a CPA with limited marketing experience, Charles recognized his limitations and hired marketing professionals. The company now focuses on digital marketing through social media platforms and email campaigns rather than traditional methods. For succession, Charles plans to transition ownership to his employees by the end of next year, preferring this approach over selling to a competitor. After 25 years with some staff members, he wants to give them the opportunity to own the business while he receives an income stream for life.
🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-charles-read
✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105
I'm looking to hear from 5 listeners via Zoom as I start to plan for Season 3 https://calendly.com/beygwcpas/aos-feedback
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.
If you've enjoyed this episode, please share it with others. It truly helps.
Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!
In this episode of The Art of Succession podcast, host Barrett Young interviews Nesha Pai, founder of Pai CPA and international public speaker. Nesha shares her journey of building a successful CPA firm and her decision to turn down an acquisition offer despite receiving her asking price, revealing important lessons about business value beyond financial metrics.
Building a Valuable Business
After being denied a raise due to a "mom gap" in her resume, Nesha quit her job at a local CPA firm in 2011 and started her own practice. Over 14 years, she built a firm serving 75 clients with monthly bookkeeping and advisory services. With remote operations, recurring revenue, and established processes, her business became an attractive acquisition target, especially after experiencing significant growth during the pandemic.
The Decision to Stay
When approached by a broker in early 2024, Nesha received her asking price of two times revenue but declined when the deal required a 10-year seller financing note. Shortly after, personal tragedies—her sister's sudden death and a breast cancer diagnosis—transformed her perspective. Her business became her anchor during these difficult times, providing stability when pursuing her speaking career alone would have been unsustainable.
Renewed Vision and Strategy
Nesha now plans to invest 8-10 more years in growing her firm before considering selling again, focusing on expanding advisory services and ending her three-year hiring freeze. Her experience taught her to trust her gut when evaluating buyers and prioritize culture fit over the highest offer. She's found balance between running her firm and pursuing speaking opportunities, recognizing that sometimes the best succession decision is choosing to stay and build further value.
🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-nesha-pai
✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105
I'm looking to hear from 5 listeners via Zoom as I start to plan for Season 3 https://calendly.com/beygwcpas/aos-feedback
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.
If you've enjoyed this episode, please share it with others. It truly helps.
Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!
In this episode of The Art of Succession podcast, host Barrett Young interviews Mike Ritsema, CEO of i3 Business Solutions in Grand Rapids, Michigan. Listeners gain valuable insights into business acquisition, strategic pivots, and leadership succession planning.
Surviving Economic Turbulence
Mike purchased 21st Century Computer Specialists in January 2001, just before the dot-com bust and 9/11 economic crisis. After mortgaging his house and depleting resources, the company nearly failed until two large orders in October 2001 saved the business. This experience taught Mike valuable lessons about entrepreneurial resilience.
Business Model Transformation
During the 2007-2008 recession, Mike pivoted from IBM hardware and consulting to a managed services provider (MSP) model with recurring revenue. This transformation positioned i3 to become the IT department for over 100 small businesses in West Michigan. The company later shifted focus from cloud services to cybersecurity, adapting to evolving industry trends.
Growth and Leadership Evolution
Strategic acquisitions fueled i3's growth to 44 employees today. As the company expanded, Mike faced the challenge of transitioning from hands-on owner to strategic leader. Working with an EOS coach, he's navigating the difficult process of "letting go" while developing a management layer. Mike candidly discusses working with his son in the business, taking a measured approach to succession planning.
The Power of Peer Networks
Throughout his journey, Mike emphasizes the importance of finding mentors and joining peer groups. His participation in industry-specific technology peer groups for over 15 years provided valuable benchmarking and strategies that guided his company through multiple economic cycles.
🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-mike-ritsema
✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105
I'm looking to hear from 5 listeners via Zoom as I start to plan for Season 3 https://calendly.com/beygwcpas/aos-feedback
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.
If you've enjoyed this episode, please share it with others. It truly helps.
Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!
In this episode of The Art of Succession podcast, host Barrett Young interviews Tom Gledhill, a former business owner, broker, and author who has successfully built and scaled four businesses. Listeners gain valuable insights into business scaling, valuation, and exit planning from his decades of experience spanning from early technology adoption to sophisticated exit strategies.
From Engineer to Software Entrepreneur
Tom shares his journey from electrical engineer to software entrepreneur in the healthcare industry during the 1970s, when computers were still large and uncommon. His company developed administrative software for outpatient clinics, facing initial challenges selling technology to medical practices unfamiliar with computers. Tom describes overcoming the "selling a rifle to a caveman" challenge through persistent cold calling and building referrals. The introduction of the IBM PC in 1980 was transformative, allowing smaller practices to afford their networked systems. By focusing on recurring revenue through maintenance contracts and continuously improving their product based on customer feedback, they eventually grew to 3,000 clients across the Northeast.
The Business Broker Perspective
After selling his software company (which was later acquired by a private equity group and eventually General Electric), Tom transitioned to business brokerage. During his first year, he spoke with nearly a thousand business owners, quickly learning that approximately 80% of businesses that go to market don't sell. Tom explains the common disconnect between what owners believe their businesses are worth versus market reality. Many owners base their valuation on what they need for retirement rather than what buyers are willing to pay—an "inside-out" perspective that leads to disappointment.
Creating Transferable Business Value
Tom distinguishes between different buyer types: corporations seek innovative systems and synergistic products; private equity groups want good management and recurring revenue; while lifestyle buyers look for businesses they can operate themselves. Creating a sellable business requires developing systems that can operate without the owner's constant involvement. Tom emphasizes that businesses heavily dependent on the owner's relationships or technical expertise are significantly less valuable. He recommends cleaning up financial statements, developing management teams, and creating documented processes that allow the business to run independently—ideally starting this preparation years before selling.
🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-tom-gledhill
✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.
If you've enjoyed this episode, please share it with others. It truly helps.
Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!
In this episode of The Art of Succession podcast, host Barrett Young interviews Garrett Noach, president of Lamothermic, a casting manufacturer in New York. At age 25, Garrett unexpectedly took over the family business following his father's passing in 2022, offering valuable insights into both emergency succession and intentional business transformation.
Navigating Sudden Succession
Without a formal succession plan in place, Garrett transitioned from manufacturing engineer to company president of the $12 million operation. Despite having no formal business leadership training, he maintained stability by leveraging experienced management teams and focusing on learning critical business operations. Remarkably, the company retained all customers and employees during this challenging transition.
Implementing Strategic Changes
Garrett's first major decision involved a $750,000 investment in modernizing their production facility, requiring a ten-day shutdown. This bold move, though initially stressful, proved successful and established his leadership capability. He's now pursuing ISO 9001 certification and implementing new quality management systems, marking a significant evolution from traditional manufacturing practices.
Building a Culture of Excellence
Under Garrett's leadership, Lamothermic is developing a culture focused on continuous improvement and employee development. His approach emphasizes hiring "hungry, humble, and smart" team members while creating an environment where people want to come to work. This cultural transformation, combined with enhanced customer service standards and strategic planning, positions the company for sustainable growth.
🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-garrett-noach
✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.
If you've enjoyed this episode, please share it with others. It truly helps.
Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!
In this episode of The Art of Succession podcast, host Barrett Young interviews Nakeia Mack, who transitioned from an accounting degree to owner of Oliver Mack Insurance through an unexpected opportunity to purchase an established insurance agency. Her story offers valuable insights into succession planning, leadership development, and building a sustainable insurance business.
Despite having no prior insurance experience, Mack purchased a 36-year-old insurance book of business in 2021. The transition began with a single four-hour meeting with the previous owner, followed by a rigorous carrier approval process. Her accounting background, while seemingly unrelated, provided a strong foundation for understanding risk management and policy details.
From day one, Mack prioritized building an all-female team focused on client education and support. She implemented a unique management approach, working directly with clients during morning hours while dedicating remaining time to strategic planning and team development. This balanced approach has proven successful, with less than 2% client turnover during the ownership transition.
Her client-centered philosophy emphasizes protection over sales, demonstrating how combining professional expertise with genuine care for clients and employees can create a successful business transition. Looking ahead, Mack plans to expand her business while maintaining her commitment to both insurance and accounting services.
🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-nakeia-mack
✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.
If you've enjoyed this episode, please share it with others. It truly helps.
Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!
In this episode of The Art of Succession podcast, host Barrett Young interviews Adam Shay, who shares his comprehensive journey from founding a CPA firm in 2010 to its successful sale in 2023 and his subsequent transition. This conversation offers valuable insights into the full lifecycle of entrepreneurship, from startup through exit and beyond.
Building and Scaling the Business
Starting his firm just weeks before his first child was born, Adam grew the practice from a solo operation to nearly 20 employees. The firm established itself in Wilmington, NC through early digital marketing adoption, strong networking, and reputation building. Over time, they evolved from purely transactional tax work to include advisory services and recurring revenue streams.
As the firm expanded, Adam faced increasing challenges with staffing and retention, particularly during the pandemic. The constant cycle of hiring, training, and managing staff began taking its toll, though he didn't recognize his burnout until after the sale. When his minority partner expressed interest in leaving the tax practice, it catalyzed the decision to explore exit options.
The Exit Process and Transition
After entertaining multiple acquisition offers, Adam sold to a searcher through an SBA-backed deal in 2023. The transition included staying on as Director of vCFO and Advisory Services to ensure a smooth handover and maximize the earnout potential. This period brought unexpected challenges as he adjusted to no longer being the ultimate decision-maker.
Post-Exit Insights and New Direction
Only after the sale did Adam recognize signs of burnout that had been present for years, including unhealthy coping mechanisms he had previously rationalized as normal entrepreneurial behavior. He's now developing a new venture focused on helping other business owners maintain better work-life balance and avoid the pitfalls he encountered.
🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-adam-shay
✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.
If you've enjoyed this episode, please share it with others. It truly helps.
Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!
In this episode of The Art of Succession podcast, host Barrett Young interviews Joe Bogdan, a retired Chief Master Sergeant in the US Air Force, who shares insights on leadership transitions from military to civilian contexts.
After transitioning from an intense Korean assignment to leading 600 people in Germany, Joe faced unexpected challenges when reduced workload led to personnel issues. He discovered four capable but disconnected managers working inefficiently, creating an unintentionally toxic environment.
Joe's approach balanced adaptability with consistent standards through his "two-but rule" for handling disagreements and the "Protect the Family Name" campaign to unify the team. He implemented a 90-day change strategy, emphasizing making people feel "seen, heard, understood, and valued" (SHUV) while creating sustainable processes and data-driven tracking systems.
The transformation resulted in improved team engagement and more effective leadership time allocation, demonstrating that successful organizational change requires clear communication and measurable goals.
🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-joe-bogdan
✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.
If you've enjoyed this episode, please share it with others. It truly helps.
Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!
In this episode of The Art of Succession podcast, host Barrett Young interviews Manasa Nadig, a cross-border tax expert and owner of MN Tax and Business Solutions. Listeners will gain valuable insights into transitioning from employee to specialized practice owner while navigating the complexities of succession planning and niche development.
Selling Off Your Way To A Niche
After moving from India to the US, Manasa discovered her passion for tax preparation while helping friends with their returns. She partnered with mentor Kay Harris in 2016, managing both a traditional tax practice (Harris Nadig LLC) and her specialized cross-border tax firm (MN Tax). By 2021, the overwhelming volume of work led her to realize she needed to restructure her practice to maintain quality and focus on her international tax specialty.
Becoming The Subject Matter Expert
Manasa built her expertise through strategic content creation, launching the "Buzz About Taxes" blog in 2013 and co-hosting the "International Money Cafe" podcast. She carefully structured the sale of her traditional tax practice, including formal agreements and non-compete clauses. Her focus on cross-border taxation, particularly with India, UK, and Germany, allowed her to develop deep expertise while building strong referral relationships with other professionals. The implementation of FATCA regulations created increased demand for her specialized services.
It's Yours, Now What?
The journey revealed important lessons about control, professional growth, and the value of specialization. Manasa learned that while specialization offers distinct advantages, it requires careful planning and the wisdom to know when to take on clients versus referring them to other specialists. She emphasizes that success comes not from trying to do everything yourself, but from building efficient systems and delegating effectively.
🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-manasa-nadig
✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.
If you've enjoyed this episode, please share it with others. It truly helps.
Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!
