1 00:00:00,599 --> 00:00:04,920 welcome to the art of succession podcast 2 00:00:02,639 --> 00:00:07,319 with Barrett young join us as we explore 3 00:00:04,920 --> 00:00:08,679 the strategies stories and insights that 4 00:00:07,319 --> 00:00:10,679 shape the Journey of leadership 5 00:00:08,679 --> 00:00:12,240 Transitions and business success no 6 00:00:10,679 --> 00:00:13,839 matter where you find yourself along the 7 00:00:12,240 --> 00:00:15,759 journey this is the podcast where you'll 8 00:00:13,839 --> 00:00:17,800 find the tools to make it happen feel 9 00:00:15,759 --> 00:00:20,000 like at that point you're married to a 10 00:00:17,800 --> 00:00:22,080 job while at the same time have a ton of 11 00:00:20,000 --> 00:00:24,560 other people dependent upon you and I 12 00:00:22,080 --> 00:00:26,279 always take this call to just learn 13 00:00:24,560 --> 00:00:28,519 information see who's thinking about 14 00:00:26,279 --> 00:00:30,480 coming what they value what they don't 15 00:00:28,519 --> 00:00:31,759 value like what culture is 16 00:00:30,480 --> 00:00:33,879 at some point we're going to need to 17 00:00:31,759 --> 00:00:35,800 sell so you might as well like establish 18 00:00:33,879 --> 00:00:38,239 and build the relationships I was 19 00:00:35,800 --> 00:00:40,000 stressed out but like I don't think I 20 00:00:38,239 --> 00:00:42,600 really realized it until after I'd 21 00:00:40,000 --> 00:00:44,320 actually like sold the business my name 22 00:00:42,600 --> 00:00:46,559 is Barrett young and this is the art of 23 00:00:44,320 --> 00:00:50,360 succession podcast my guest today is 24 00:00:46,559 --> 00:00:52,160 Adam Shay who started a CPA firm in 2010 25 00:00:50,360 --> 00:00:54,399 and then took an exit in 26 00:00:52,160 --> 00:00:56,399 2023 and today he's going to tell us 27 00:00:54,399 --> 00:00:57,760 what he's been doing since Adam thank 28 00:00:56,399 --> 00:01:00,000 you for being a guest on the artistic 29 00:00:57,760 --> 00:01:04,040 session thank you for having me on and 30 00:01:00,000 --> 00:01:06,560 looking forward to it sure so uh to get 31 00:01:04,040 --> 00:01:08,360 started what's I guess what's going 32 00:01:06,560 --> 00:01:09,960 through your mind what's the impetus for 33 00:01:08,360 --> 00:01:12,159 wanting to be a guest on the arst 34 00:01:09,960 --> 00:01:15,200 succession and talk to other people that 35 00:01:12,159 --> 00:01:17,040 might be in your position I think like 36 00:01:15,200 --> 00:01:20,159 in a lot of what I've also been doing on 37 00:01:17,040 --> 00:01:23,280 LinkedIn is just sharing lessons I 38 00:01:20,159 --> 00:01:25,079 learned about business and both building 39 00:01:23,280 --> 00:01:27,200 and growing the business but also the 40 00:01:25,079 --> 00:01:31,159 exit process and then afterwards and 41 00:01:27,200 --> 00:01:36,640 then kind of decompressing and realizing 42 00:01:31,159 --> 00:01:39,880 you know how burn burnout I was um how 43 00:01:36,640 --> 00:01:41,560 much I've been neglecting my health um 44 00:01:39,880 --> 00:01:44,600 and just wanted to kind of share that 45 00:01:41,560 --> 00:01:47,479 message and tell people there are you 46 00:01:44,600 --> 00:01:49,640 know you're not if you feel stuck in 47 00:01:47,479 --> 00:01:52,079 your business there's a couple ways to 48 00:01:49,640 --> 00:01:54,960 you know get unstuck one of which is an 49 00:01:52,079 --> 00:01:56,520 exit but uh you know that there are 50 00:01:54,960 --> 00:01:59,520 opportunities out there you don't have 51 00:01:56,520 --> 00:02:02,479 to hold your business until you're you 52 00:01:59,520 --> 00:02:04,759 know 70 years old or you pass it on to 53 00:02:02,479 --> 00:02:06,280 your kids or whatever sometimes you know 54 00:02:04,759 --> 00:02:09,319 maybe a heads scratcher to people 55 00:02:06,280 --> 00:02:13,480 externally as to why I sold my firm a 56 00:02:09,319 --> 00:02:16,160 successful firm at 50 years old or so 49 57 00:02:13,480 --> 00:02:17,800 um but you know it's just kind of 58 00:02:16,160 --> 00:02:22,120 building the right move at the right 59 00:02:17,800 --> 00:02:25,440 time awesome all right so let's get into 60 00:02:22,120 --> 00:02:27,560 the firm uh you started it in 2010 did 61 00:02:25,440 --> 00:02:29,599 you start it with anybody had you been 62 00:02:27,560 --> 00:02:31,760 self-employed before did you start it up 63 00:02:29,599 --> 00:02:33,360 from scratch going out on your own walk 64 00:02:31,760 --> 00:02:36,519 me through that just a little bit 65 00:02:33,360 --> 00:02:39,599 started from scratch on my own um three 66 00:02:36,519 --> 00:02:41,560 weeks before my first son was born kind 67 00:02:39,599 --> 00:02:44,400 of knew I needed to take the leap then 68 00:02:41,560 --> 00:02:48,440 or I was going to be too um scared or 69 00:02:44,400 --> 00:02:50,720 have too many obligations to do so also 70 00:02:48,440 --> 00:02:52,200 like it was good from a timing and 71 00:02:50,720 --> 00:02:54,239 family perspective because I 72 00:02:52,200 --> 00:02:57,480 unfortunately wasn't super busy that 73 00:02:54,239 --> 00:03:00,000 first year um and so I had time for my 74 00:02:57,480 --> 00:03:01,760 son and my family and my wife like like 75 00:03:00,000 --> 00:03:04,040 that first sort of spring where when he 76 00:03:01,760 --> 00:03:06,799 was born like basically in January right 77 00:03:04,040 --> 00:03:09,640 at the start of tax season and that's 78 00:03:06,799 --> 00:03:12,840 was my initial Focus was was doing tax 79 00:03:09,640 --> 00:03:14,680 work so okay and you'd been in public 80 00:03:12,840 --> 00:03:16,360 accounting for a number of years at 81 00:03:14,680 --> 00:03:18,519 other firms or did you come out of the 82 00:03:16,360 --> 00:03:22,959 big four like had you been in a small 83 00:03:18,519 --> 00:03:24,840 business before I I ended up so when I 84 00:03:22,959 --> 00:03:27,640 got out of college I was a software 85 00:03:24,840 --> 00:03:32,799 developer designer tester like business 86 00:03:27,640 --> 00:03:34,239 analyst um and fintech space um decided 87 00:03:32,799 --> 00:03:38,799 that really wasn't what I wanted to do 88 00:03:34,239 --> 00:03:42,080 for the rest of my life and um relocated 89 00:03:38,799 --> 00:03:43,280 took a buyout from my job relocated um 90 00:03:42,080 --> 00:03:44,680 was trying to figure out what I was 91 00:03:43,280 --> 00:03:46,439 going to do I thought I wanted to do 92 00:03:44,680 --> 00:03:47,760 something business-wise running my own 93 00:03:46,439 --> 00:03:51,319 business kind of had always been an 94 00:03:47,760 --> 00:03:53,079 interest of mine um my mom suggested 95 00:03:51,319 --> 00:03:55,200 that you know I just find a temporary 96 00:03:53,079 --> 00:03:59,000 seasonal job doing taxes I was good at 97 00:03:55,200 --> 00:04:00,840 math you know that stuff and I ended up 98 00:03:59,000 --> 00:04:04,799 um managing 99 00:04:00,840 --> 00:04:08,920 what was started as six Jackson hwi Tax 100 00:04:04,799 --> 00:04:13,200 locations and we grew it to I think 13 101 00:04:08,920 --> 00:04:14,959 or 14 um over a couple year period and 102 00:04:13,200 --> 00:04:15,799 then it was kind of at that time I was 103 00:04:14,959 --> 00:04:19,840 you 104 00:04:15,799 --> 00:04:22,240 know really under selling myself and my 105 00:04:19,840 --> 00:04:25,479 value and either it was like Buy in 106 00:04:22,240 --> 00:04:27,199 there or go out on my own and kind of do 107 00:04:25,479 --> 00:04:29,919 something on my own and I really decided 108 00:04:27,199 --> 00:04:33,320 I wanted to take that bed on myself um 109 00:04:29,919 --> 00:04:35,600 and also just not retail T I want to 110 00:04:33,320 --> 00:04:37,800 focus more on planning and being 111 00:04:35,600 --> 00:04:39,960 proactive in the business advisor than 112 00:04:37,800 --> 00:04:43,400 just you know cranking out tax returns 113 00:04:39,960 --> 00:04:45,720 to retail customers gotcha okay and I 114 00:04:43,400 --> 00:04:47,759 presume you became a CPA while you were 115 00:04:45,720 --> 00:04:49,919 there at Jackson huitt then to launch on 116 00:04:47,759 --> 00:04:52,520 your own when I went on my own I did not 117 00:04:49,919 --> 00:04:54,840 have my license so I had a new baby new 118 00:04:52,520 --> 00:04:57,840 business and I was also studying for the 119 00:04:54,840 --> 00:05:00,240 CPA exam so I did not 120 00:04:57,840 --> 00:05:03,479 sleep all right awesome 121 00:05:00,240 --> 00:05:05,440 and I I did you did you have any clients 122 00:05:03,479 --> 00:05:07,039 come over from the previous was there a 123 00:05:05,440 --> 00:05:09,440 non-compete there how how did that 124 00:05:07,039 --> 00:05:12,280 launch go yeah I mean it was pretty much 125 00:05:09,440 --> 00:05:14,039 from scratch maybe I don't know if a 126 00:05:12,280 --> 00:05:15,759 customer two tracked me down but I 127 00:05:14,039 --> 00:05:19,000 wasn't soliciting wasn't supposed to 128 00:05:15,759 --> 00:05:22,560 solicit had a vague sort of 129 00:05:19,000 --> 00:05:25,120 non-compete um and really the clientele 130 00:05:22,560 --> 00:05:27,160 that a previously been working with 131 00:05:25,120 --> 00:05:28,840 probably generally wasn't what I wanted 132 00:05:27,160 --> 00:05:31,440 to be working with moving forward with 133 00:05:28,840 --> 00:05:34,720 just complexity and just those looking 134 00:05:31,440 --> 00:05:37,160 for advice versus just say an income tax 135 00:05:34,720 --> 00:05:39,840 return that they need to file gotcha 136 00:05:37,160 --> 00:05:42,520 okay awesome uh I mean we're we're 137 00:05:39,840 --> 00:05:44,479 skipping over a lot of the founder piece 138 00:05:42,520 --> 00:05:47,319 here but I assume a couple of years of 139 00:05:44,479 --> 00:05:50,440 that how talk me through growth and how 140 00:05:47,319 --> 00:05:52,199 you got that to a position 13 years 141 00:05:50,440 --> 00:05:58,080 later where you had something of value 142 00:05:52,199 --> 00:05:59,840 to sell yeah um so kind of took a couple 143 00:05:58,080 --> 00:06:03,080 years to really get to the point point 144 00:05:59,840 --> 00:06:06,080 where I felt I was ready to hire someone 145 00:06:03,080 --> 00:06:10,000 hired you know an admin hired a 146 00:06:06,080 --> 00:06:12,160 intern and then um eventually hired a 147 00:06:10,000 --> 00:06:15,520 CPA and then just kind of continued to 148 00:06:12,160 --> 00:06:18,880 hire and grow from there um did a lot of 149 00:06:15,520 --> 00:06:21,319 you know grew through one back in 2010 150 00:06:18,880 --> 00:06:23,360 no accounting firms in our area really 151 00:06:21,319 --> 00:06:26,840 had websites so that was an easy way to 152 00:06:23,360 --> 00:06:29,599 grow um you know Google go Google Maps 153 00:06:26,840 --> 00:06:30,720 and stuff was pretty easy picking um and 154 00:06:29,599 --> 00:06:33,199 so people would search starting to 155 00:06:30,720 --> 00:06:36,039 search up yet the competition wasn't 156 00:06:33,199 --> 00:06:37,759 there and then two just doing good work 157 00:06:36,039 --> 00:06:40,520 and Word of Mouth from your clients and 158 00:06:37,759 --> 00:06:42,120 three getting out and you know shaking 159 00:06:40,520 --> 00:06:44,840 hands kissing babies doing all the 160 00:06:42,120 --> 00:06:46,639 networking uh lots of time doing that 161 00:06:44,840 --> 00:06:48,960 and just kind of getting to know people 162 00:06:46,639 --> 00:06:51,400 and developing the name and reputation 163 00:06:48,960 --> 00:06:54,560 and we're fortunate enough like our 164 00:06:51,400 --> 00:06:56,680 Town's not tiny but it's also not huge 165 00:06:54,560 --> 00:07:00,080 so kind of once you develop a good name 166 00:06:56,680 --> 00:07:01,840 it just was pretty easy to you know get 167 00:07:00,080 --> 00:07:04,319 referrals and just people know if 168 00:07:01,840 --> 00:07:05,840 someone asks hey who do I know who do I 169 00:07:04,319 --> 00:07:09,240 need to help me with my accounting and 170 00:07:05,840 --> 00:07:10,680 tax stuff they say Adam sh um even if 171 00:07:09,240 --> 00:07:12,400 they didn't know me because they knew 172 00:07:10,680 --> 00:07:16,680 someone who knew me or had just heard 173 00:07:12,400 --> 00:07:20,599 that we were good or whatever Goa okay 174 00:07:16,680 --> 00:07:23,759 and and go and we at the peak I think 175 00:07:20,599 --> 00:07:27,240 pre pandemic we were maybe close to 20 176 00:07:23,759 --> 00:07:30,840 folks on our staff oh wow so somewhere 177 00:07:27,240 --> 00:07:35,039 between 15 and 20 and then 178 00:07:30,840 --> 00:07:38,039 um you know pandemic accountants like 179 00:07:35,039 --> 00:07:40,039 were in even more shorts and Plies than 180 00:07:38,039 --> 00:07:41,800 they were previously just because they 181 00:07:40,039 --> 00:07:43,680 could work anywhere and get a big city 182 00:07:41,800 --> 00:07:46,120 pay living here working here in 183 00:07:43,680 --> 00:07:49,879 Wilmington NC people just were 184 00:07:46,120 --> 00:07:52,199 reprioritizing things and so I mean 185 00:07:49,879 --> 00:07:53,520 I I don't know you don't you never know 186 00:07:52,199 --> 00:07:55,319 what would happened if I'd still be a 187 00:07:53,520 --> 00:07:56,960 fir owner if the pandemic hadn't hit and 188 00:07:55,319 --> 00:07:59,479 the world hadn't to change like it did 189 00:07:56,960 --> 00:08:01,919 from an employment and priority persp 190 00:07:59,479 --> 00:08:04,120 perspective but um it definitely you 191 00:08:01,919 --> 00:08:07,680 know changed and had an impact on things 192 00:08:04,120 --> 00:08:10,960 and um kind of made it more challenging 193 00:08:07,680 --> 00:08:13,199 and where it really wasn't that I mean I 194 00:08:10,960 --> 00:08:17,280 liked the business before liked what I 195 00:08:13,199 --> 00:08:19,520 was doing VI business as a game and um 196 00:08:17,280 --> 00:08:21,759 it just stopped being it's fun and 197 00:08:19,520 --> 00:08:24,120 that's you know hard you feel like at 198 00:08:21,759 --> 00:08:25,919 that point you're married to a job while 199 00:08:24,120 --> 00:08:28,960 at the same time have a ton of other 200 00:08:25,919 --> 00:08:30,520 people depending upon you um at the same 201 00:08:28,960 --> 00:08:33,080 time and other people being the 202 00:08:30,520 --> 00:08:35,519 employees that were working for us 203 00:08:33,080 --> 00:08:38,000 gotcha pre pandemic had you guys were 204 00:08:35,519 --> 00:08:40,560 you guys remote were you in office I 205 00:08:38,000 --> 00:08:43,080 know being local there's a tendency to 206 00:08:40,560 --> 00:08:46,160 take local business in office so mostly 207 00:08:43,080 --> 00:08:48,279 in office but we did have like bpn 208 00:08:46,160 --> 00:08:50,320 access and some remote access and people 209 00:08:48,279 --> 00:08:53,240 could do stuff here and there we 210 00:08:50,320 --> 00:08:56,440 actually like adjusted that 211 00:08:53,240 --> 00:08:58,800 and 2018 our our area got hit really 212 00:08:56,440 --> 00:09:00,800 badly by a hurricane and there's power 213 00:08:58,800 --> 00:09:02,839 outage for week or two right around the 214 00:09:00,800 --> 00:09:05,640 extension you know the September 15th 215 00:09:02,839 --> 00:09:08,200 extension deadline and so it got me to 216 00:09:05,640 --> 00:09:10,279 rethink like what contingency plans look 217 00:09:08,200 --> 00:09:13,120 like so that we had all these people 218 00:09:10,279 --> 00:09:15,120 that were had left town I think everyone 219 00:09:13,120 --> 00:09:17,959 but me had left town but they couldn't 220 00:09:15,120 --> 00:09:21,440 do anything because our server wasn't 221 00:09:17,959 --> 00:09:23,000 accessible um you know because power was 222 00:09:21,440 --> 00:09:26,240 out in our 223 00:09:23,000 --> 00:09:28,000 office um over those th those 10 years 224 00:09:26,240 --> 00:09:29,959 at least leading up to the pandemic how 225 00:09:28,000 --> 00:09:32,959 much of it was how much of your work 226 00:09:29,959 --> 00:09:35,200 that you were doing was annual 227 00:09:32,959 --> 00:09:38,320 transactional um versus how much of it 228 00:09:35,200 --> 00:09:40,480 was kind of recurring income yeah a lot 229 00:09:38,320 --> 00:09:43,240 of it started out transactional and then 230 00:09:40,480 --> 00:09:46,519 we kind of shifted like we 231 00:09:43,240 --> 00:09:48,399 shifted probably around 2018 as well to 232 00:09:46,519 --> 00:09:49,760 where we weren't going to do like if 233 00:09:48,399 --> 00:09:51,760 someone if we were going to do an income 234 00:09:49,760 --> 00:09:54,360 tax return for someone we were also 235 00:09:51,760 --> 00:09:56,000 going to um do income tax projections 236 00:09:54,360 --> 00:09:59,399 and planning with them so that gave us 237 00:09:56,000 --> 00:10:00,480 at least two two touch points um or more 238 00:09:59,399 --> 00:10:03,240 during the year depending on the 239 00:10:00,480 --> 00:10:05,079 frequency of what they did there um so 240 00:10:03,240 --> 00:10:07,600 we really kind of tried to shift a 241 00:10:05,079 --> 00:10:09,680 little bit from the transaction side 242 00:10:07,600 --> 00:10:13,079 transactional side of things but it took 243 00:10:09,680 --> 00:10:15,880 us a while it probably wasn't 244 00:10:13,079 --> 00:10:18,279 until 2020 or somewhere around there 245 00:10:15,880 --> 00:10:20,160 like prior to that we were not doing any 246 00:10:18,279 --> 00:10:22,760 you know your typical residual work or 247 00:10:20,160 --> 00:10:25,040 ongoing work is accounting work on our 248 00:10:22,760 --> 00:10:27,279 side we were not doing any of that we 249 00:10:25,040 --> 00:10:29,720 were kind of strictly tax and forensic 250 00:10:27,279 --> 00:10:31,320 accounting and tax resolution and didn't 251 00:10:29,720 --> 00:10:34,240 really add accounting and bookkeeping 252 00:10:31,320 --> 00:10:37,279 until much later in the life cycle of 253 00:10:34,240 --> 00:10:40,079 the business okay uh between the 254 00:10:37,279 --> 00:10:42,560 pandemic and between when you sold then 255 00:10:40,079 --> 00:10:43,959 in those three years yeah probably 256 00:10:42,560 --> 00:10:45,720 somewhere in that time frame maybe a 257 00:10:43,959 --> 00:10:48,440 little bit before the pandemic but it 258 00:10:45,720 --> 00:10:51,279 took us a little bit to just get going 259 00:10:48,440 --> 00:10:53,880 because anytime you have a new line of 260 00:10:51,279 --> 00:10:56,000 business you know you're making an 261 00:10:53,880 --> 00:10:58,959 investment before kind of the revenue 262 00:10:56,000 --> 00:11:01,079 gets there we probably initially and 263 00:10:58,959 --> 00:11:02,639 I've did this multiple times and 264 00:11:01,079 --> 00:11:05,160 hopefully people can learn from this I 265 00:11:02,639 --> 00:11:06,959 always tell people like hire more senior 266 00:11:05,160 --> 00:11:09,959 than you think you need and you can 267 00:11:06,959 --> 00:11:12,320 afford um because it's just in the long 268 00:11:09,959 --> 00:11:14,079 run it's cheaper than hiring someone 269 00:11:12,320 --> 00:11:16,399 who's not senior enough that doesn't 270 00:11:14,079 --> 00:11:18,240 work out or that doesn't carry as much 271 00:11:16,399 --> 00:11:21,160 of the load as they showed from you the 272 00:11:18,240 --> 00:11:23,000 business owner and stuff like that I I 273 00:11:21,160 --> 00:11:25,480 mean that leads into my next question 274 00:11:23,000 --> 00:11:28,639 was going to be going 275 00:11:25,480 --> 00:11:30,120 into the the the years leading up to the 276 00:11:28,639 --> 00:11:32,800 burnout 277 00:11:30,120 --> 00:11:35,839 how much of the work came across your 278 00:11:32,800 --> 00:11:38,760 desk how much of it was dependent on you 279 00:11:35,839 --> 00:11:41,079 um out of 20 and I assume during the 280 00:11:38,760 --> 00:11:43,600 pandemic you said some people took other 281 00:11:41,079 --> 00:11:45,760 jobs so what's what size were you in 282 00:11:43,600 --> 00:11:49,000 2023 when you when you sold the company 283 00:11:45,760 --> 00:11:50,959 probably around 15 or so people okay so 284 00:11:49,000 --> 00:11:52,800 about a quarter but not like half or 285 00:11:50,959 --> 00:11:55,560 more you didn't shrink the firm 286 00:11:52,800 --> 00:11:57,680 drastically so uh so how much of that 287 00:11:55,560 --> 00:11:59,480 work was around you and falling on your 288 00:11:57,680 --> 00:12:01,040 shoulders in those three to five years 289 00:11:59,480 --> 00:12:03,639 leading up to the 290 00:12:01,040 --> 00:12:06,320 acquisition not that much as far as 291 00:12:03,639 --> 00:12:08,040 specifically like client work but like 292 00:12:06,320 --> 00:12:10,600 and we had built out our model where we 293 00:12:08,040 --> 00:12:12,320 had our our accountants we viewed them 294 00:12:10,600 --> 00:12:13,920 as relationship managers and so we 295 00:12:12,320 --> 00:12:15,760 weren't a model where our partner would 296 00:12:13,920 --> 00:12:19,199 do all the communications to the clients 297 00:12:15,760 --> 00:12:21,160 like our our staff would do that um but 298 00:12:19,199 --> 00:12:23,760 at the end of the day it was still like 299 00:12:21,160 --> 00:12:26,160 more complex stuff I I 300 00:12:23,760 --> 00:12:29,600 think if I had to do ever again I would 301 00:12:26,160 --> 00:12:32,040 have taught people how to fish better 302 00:12:29,600 --> 00:12:33,320 and and problem solved better and you 303 00:12:32,040 --> 00:12:35,639 know you kind of if you're not 304 00:12:33,320 --> 00:12:37,800 intentional about it can build a culture 305 00:12:35,639 --> 00:12:39,639 of like people coming to you when you 306 00:12:37,800 --> 00:12:41,240 have when they have a problem and 307 00:12:39,639 --> 00:12:43,560 instead of coming to you with a 308 00:12:41,240 --> 00:12:46,079 potential solution or solutions to 309 00:12:43,560 --> 00:12:47,800 consider they just kind of dump their 310 00:12:46,079 --> 00:12:50,920 problem on your plate and then you're 311 00:12:47,800 --> 00:12:53,760 you're carrying that burden and stress 312 00:12:50,920 --> 00:12:55,839 so not really the traditional problem in 313 00:12:53,760 --> 00:12:57,519 our profession of you had to sign every 314 00:12:55,839 --> 00:12:59,760 tax return you had to review everyone 315 00:12:57,519 --> 00:13:01,920 you had to do every client meeting but 316 00:12:59,760 --> 00:13:04,279 there were other stresses there that 317 00:13:01,920 --> 00:13:05,720 that were involved is that right that 318 00:13:04,279 --> 00:13:07,920 and yeah and I was just spending a lot 319 00:13:05,720 --> 00:13:10,560 of time like between you know just 320 00:13:07,920 --> 00:13:12,040 turnover hire like really what kind of 321 00:13:10,560 --> 00:13:14,240 burned me out most was probably just 322 00:13:12,040 --> 00:13:15,959 dealing with HR and hiring and feeling 323 00:13:14,240 --> 00:13:18,079 like I was always like that's all I was 324 00:13:15,959 --> 00:13:19,519 ever doing and by the time I was like oh 325 00:13:18,079 --> 00:13:21,959 this person's greater we're finally 326 00:13:19,519 --> 00:13:24,920 smooth sailing for a bit and you know 327 00:13:21,959 --> 00:13:28,199 the next day like some more people quit 328 00:13:24,920 --> 00:13:30,519 yeah and and and the size business we 329 00:13:28,199 --> 00:13:32,440 had we were like 330 00:13:30,519 --> 00:13:35,279 big enough for a little bit of burden to 331 00:13:32,440 --> 00:13:37,560 spread when someone left but really not 332 00:13:35,279 --> 00:13:40,360 and we didn't have any like extra 333 00:13:37,560 --> 00:13:42,480 capacity I mean again I if I had to do 334 00:13:40,360 --> 00:13:44,880 over the growth kind of cycle again I I 335 00:13:42,480 --> 00:13:47,399 probably would have invested a little 336 00:13:44,880 --> 00:13:50,720 bit more and having that additional 337 00:13:47,399 --> 00:13:53,680 capacity um you know earlier than I 338 00:13:50,720 --> 00:13:55,880 needed it or more often than I needed it 339 00:13:53,680 --> 00:13:59,720 um just to add a little bit of a buffer 340 00:13:55,880 --> 00:14:01,639 and just kind of support future growth 341 00:13:59,720 --> 00:14:04,279 um I want to get into the the burnout 342 00:14:01,639 --> 00:14:06,279 and that decision here quickly but 343 00:14:04,279 --> 00:14:08,240 before we do how much of the sales 344 00:14:06,279 --> 00:14:09,759 process was still you did you have other 345 00:14:08,240 --> 00:14:12,120 people bring business in or were you 346 00:14:09,759 --> 00:14:15,360 still doing those initial calls and 347 00:14:12,120 --> 00:14:17,519 onboarding and stuff like that um some 348 00:14:15,360 --> 00:14:20,320 of the team was doing it um some of the 349 00:14:17,519 --> 00:14:23,920 more senior team members but I was doing 350 00:14:20,320 --> 00:14:26,240 a good bit of it um and like the bigger 351 00:14:23,920 --> 00:14:30,440 deals I was kind of more involved in 352 00:14:26,240 --> 00:14:33,279 just trying to you know the team team's 353 00:14:30,440 --> 00:14:36,160 close rate was not going to be as 354 00:14:33,279 --> 00:14:37,880 successful as my close rate not that I'm 355 00:14:36,160 --> 00:14:40,160 a better salesperson or that I'm 356 00:14:37,880 --> 00:14:42,959 naturally A salesperson but i' done it 357 00:14:40,160 --> 00:14:44,880 more and then two I think there's 358 00:14:42,959 --> 00:14:47,240 there's some Credence 359 00:14:44,880 --> 00:14:48,480 to like someone trying to buy from you 360 00:14:47,240 --> 00:14:51,040 if they know they're dealing with the 361 00:14:48,480 --> 00:14:54,240 owner or someone a director some a 362 00:14:51,040 --> 00:14:58,160 partner whatever it is then say just you 363 00:14:54,240 --> 00:15:00,480 know some you know 25 30 year old 364 00:14:58,160 --> 00:15:03,160 accountant that's that's trying to help 365 00:15:00,480 --> 00:15:05,440 them yeah I've seen that and certainly 366 00:15:03,160 --> 00:15:07,279 as owners Partners we we have the 367 00:15:05,440 --> 00:15:09,759 ability to make concessions where 368 00:15:07,279 --> 00:15:12,600 necessary and also to take a harder line 369 00:15:09,759 --> 00:15:15,519 possibly than somebody as a sale in a 370 00:15:12,600 --> 00:15:18,079 sales position would take so yeah I 371 00:15:15,519 --> 00:15:21,480 understand that all right so talk to me 372 00:15:18,079 --> 00:15:23,360 about the initial signs of burnout how 373 00:15:21,480 --> 00:15:27,120 long did it take for you to recognize it 374 00:15:23,360 --> 00:15:30,480 is burnout uh let's talk about this so I 375 00:15:27,120 --> 00:15:32,560 don't think I really realize that I was 376 00:15:30,480 --> 00:15:34,519 burned out or that everything I was 377 00:15:32,560 --> 00:15:37,000 dealing with I mean I was stressed out 378 00:15:34,519 --> 00:15:39,199 but like I don't think I really realized 379 00:15:37,000 --> 00:15:41,639 it until after I'd actually like sold 380 00:15:39,199 --> 00:15:45,160 the business and the adrenaline Road 381 00:15:41,639 --> 00:15:47,800 wore off and I kind of dusted myself off 382 00:15:45,160 --> 00:15:51,199 and and kind of did some 383 00:15:47,800 --> 00:15:52,959 reflection and just you know that's 384 00:15:51,199 --> 00:15:57,079 that's kind of when it really hit me the 385 00:15:52,959 --> 00:15:59,480 most um my and so we didn't we haven't 386 00:15:57,079 --> 00:16:01,480 talked about this but I did have 387 00:15:59,480 --> 00:16:05,040 a small minority partner in the business 388 00:16:01,480 --> 00:16:07,600 and she really wanted to get out too um 389 00:16:05,040 --> 00:16:10,079 and she just was the one that headed up 390 00:16:07,600 --> 00:16:13,519 our tax side and did not want to do tax 391 00:16:10,079 --> 00:16:15,720 anymore and so part of it too was also 392 00:16:13,519 --> 00:16:18,560 that I didn't want 393 00:16:15,720 --> 00:16:20,720 to go through the process of rebuilding 394 00:16:18,560 --> 00:16:22,680 an entire tax department or being in 395 00:16:20,720 --> 00:16:26,360 charge of the tax department myself and 396 00:16:22,680 --> 00:16:29,800 so trying to find a a good way a good 397 00:16:26,360 --> 00:16:32,040 win for us to um you know at least 398 00:16:29,800 --> 00:16:36,600 monetize somewhat everything that we had 399 00:16:32,040 --> 00:16:40,399 built um you know over time and and kind 400 00:16:36,600 --> 00:16:42,959 of allow her an out that provides some 401 00:16:40,399 --> 00:16:45,680 income on that out and then you know I 402 00:16:42,959 --> 00:16:48,639 looked at different options or different 403 00:16:45,680 --> 00:16:50,440 choirs where some of which one or both 404 00:16:48,639 --> 00:16:52,639 of us maybe would have stayed on if we'd 405 00:16:50,440 --> 00:16:55,399 been bought by say a more traditional 406 00:16:52,639 --> 00:16:59,519 big firm um whereas there are other 407 00:16:55,399 --> 00:17:03,079 avenues where you know my partner stayed 408 00:16:59,519 --> 00:17:05,720 for the first six months kind of as a 409 00:17:03,079 --> 00:17:08,760 transition period with the buyer and 410 00:17:05,720 --> 00:17:13,039 then I was to stay on for a year and I 411 00:17:08,760 --> 00:17:15,760 stayed on longer than that um about two 412 00:17:13,039 --> 00:17:17,360 and a half years or a year year and a 413 00:17:15,760 --> 00:17:19,520 half I'm sorry a year and a half as an 414 00:17:17,360 --> 00:17:22,439 employee and then still doing some 415 00:17:19,520 --> 00:17:26,919 contract work with them at this point 416 00:17:22,439 --> 00:17:29,559 gotcha okay um yeah so it was more the 417 00:17:26,919 --> 00:17:32,120 minority Partners interest or desire to 418 00:17:29,559 --> 00:17:33,840 get out how long had she been in the in 419 00:17:32,120 --> 00:17:36,400 the business at this point and I assume 420 00:17:33,840 --> 00:17:38,919 she earned her way into the into the 421 00:17:36,400 --> 00:17:42,919 partnership yeah she had probably been 422 00:17:38,919 --> 00:17:45,440 in by the time we sold seven or so years 423 00:17:42,919 --> 00:17:48,360 I'd say roughly seven or eight so about 424 00:17:45,440 --> 00:17:50,919 half the time yeah and 425 00:17:48,360 --> 00:17:53,320 she had demonstrated herself but she had 426 00:17:50,919 --> 00:17:56,159 also she had bought into her Equity with 427 00:17:53,320 --> 00:17:59,159 the business so um she had some monetary 428 00:17:56,159 --> 00:18:02,919 skin in the game and not just earned 429 00:17:59,159 --> 00:18:04,559 equity in the game okay so yeah I mean 430 00:18:02,919 --> 00:18:07,080 you bring up a good point burnout is 431 00:18:04,559 --> 00:18:08,919 hard to recognize when you're in it it's 432 00:18:07,080 --> 00:18:11,039 much more obvious that first tax season 433 00:18:08,919 --> 00:18:14,360 when you're out and you're like wow I'm 434 00:18:11,039 --> 00:18:16,440 not stressed right now it's just January 435 00:18:14,360 --> 00:18:18,400 and yeah and I don't know if it's like 436 00:18:16,440 --> 00:18:20,640 because I see it know it now or talk 437 00:18:18,400 --> 00:18:23,760 about it myself but I feel 438 00:18:20,640 --> 00:18:26,080 like in the last like year to especially 439 00:18:23,760 --> 00:18:28,159 like on it might just be this sphere of 440 00:18:26,080 --> 00:18:30,840 people I'm within on LinkedIn but a lot 441 00:18:28,159 --> 00:18:33,440 of people talk about it or talking more 442 00:18:30,840 --> 00:18:35,799 more focused on trying to have balance 443 00:18:33,440 --> 00:18:38,360 as they you know build and grow a 444 00:18:35,799 --> 00:18:41,360 business and stuff like that um so if 445 00:18:38,360 --> 00:18:43,600 your partner wants out I I guess what's 446 00:18:41,360 --> 00:18:48,080 going through your mind to start to say 447 00:18:43,600 --> 00:18:50,600 yeah I could at 50 see myself you can't 448 00:18:48,080 --> 00:18:52,679 retire completely so you've got to do 449 00:18:50,600 --> 00:18:54,919 something else what's going through your 450 00:18:52,679 --> 00:18:58,200 mind to say I I think I'm ready to pack 451 00:18:54,919 --> 00:19:00,280 this one up and do something else versus 452 00:18:58,200 --> 00:19:02,360 I'm gonna stay on find another partner 453 00:19:00,280 --> 00:19:04,919 find a partial acquisition sell off the 454 00:19:02,360 --> 00:19:07,919 tax practice something along those lines 455 00:19:04,919 --> 00:19:10,720 yeah I mean I think it was just kind of 456 00:19:07,919 --> 00:19:13,559 the for me like when I looked at do I 457 00:19:10,720 --> 00:19:16,000 want to do this like you know say for 458 00:19:13,559 --> 00:19:17,360 another 10 years and I'm not one of 459 00:19:16,000 --> 00:19:20,799 those people that would want to work 460 00:19:17,360 --> 00:19:23,679 till I'm 75 and die at the desk or 461 00:19:20,799 --> 00:19:26,039 something like that in the business as 462 00:19:23,679 --> 00:19:29,200 near and dear as it was to me was not my 463 00:19:26,039 --> 00:19:32,320 life um you know but I I I just kind of 464 00:19:29,200 --> 00:19:35,440 looked at it and you know is this really 465 00:19:32,320 --> 00:19:38,400 what I want to do and like post pandemic 466 00:19:35,440 --> 00:19:41,120 it was it was not and it was just like 467 00:19:38,400 --> 00:19:42,880 kind of really just tired of hiring 468 00:19:41,120 --> 00:19:45,039 people training people bringing people 469 00:19:42,880 --> 00:19:46,799 on board and just kind of dealing with 470 00:19:45,039 --> 00:19:49,520 you know impacts 471 00:19:46,799 --> 00:19:51,240 of decisions people other people have 472 00:19:49,520 --> 00:19:54,799 made meaning employees that have an 473 00:19:51,240 --> 00:19:57,640 impact on me and 474 00:19:54,799 --> 00:19:59,360 um and my stress levels and anything 475 00:19:57,640 --> 00:20:01,400 else and and I'm not faulting them 476 00:19:59,360 --> 00:20:03,480 everyone's got to do what they need to 477 00:20:01,400 --> 00:20:06,880 do right for their life but it was just 478 00:20:03,480 --> 00:20:10,360 not a good spot to be I didn't feel like 479 00:20:06,880 --> 00:20:13,799 um and there were a couple 480 00:20:10,360 --> 00:20:15,760 like and so maybe taking a step back we 481 00:20:13,799 --> 00:20:18,400 would get acquisition calls because we 482 00:20:15,760 --> 00:20:20,640 were in a growing Market we were growing 483 00:20:18,400 --> 00:20:24,039 ourselves you know we were kind of the 484 00:20:20,640 --> 00:20:26,280 firm to be in our area and so we would 485 00:20:24,039 --> 00:20:29,000 get calls and I always like over 486 00:20:26,280 --> 00:20:32,120 probably five years if not early ear 487 00:20:29,000 --> 00:20:33,880 before we sold like I we always said I 488 00:20:32,120 --> 00:20:36,559 always told my partner I'll always take 489 00:20:33,880 --> 00:20:38,600 this call to just learn information see 490 00:20:36,559 --> 00:20:40,600 who's thinking about coming what they 491 00:20:38,600 --> 00:20:42,600 value what they don't value like what 492 00:20:40,600 --> 00:20:44,559 culture is at some point we're going to 493 00:20:42,600 --> 00:20:46,159 need to sell so you might as well like 494 00:20:44,559 --> 00:20:50,039 establish and build the 495 00:20:46,159 --> 00:20:53,200 relationships and so um you know I kind 496 00:20:50,039 --> 00:20:55,440 of had those calls and then you know had 497 00:20:53,200 --> 00:20:56,880 talks but not really and then I reached 498 00:20:55,440 --> 00:20:59,880 out to a couple and said we might be 499 00:20:56,880 --> 00:21:03,039 more serious about this um those were 500 00:20:59,880 --> 00:21:06,200 more Regional ntion National or 501 00:21:03,039 --> 00:21:09,880 Statewide firms consolidation more kind 502 00:21:06,200 --> 00:21:12,760 yeah consolidation kind of things 503 00:21:09,880 --> 00:21:15,400 um one or two of them I entertain like 504 00:21:12,760 --> 00:21:17,960 you know we got to Loi and kind of did 505 00:21:15,400 --> 00:21:20,720 some due diligence and other stuff or 506 00:21:17,960 --> 00:21:23,960 actually three others we got at least 507 00:21:20,720 --> 00:21:26,799 Loi one or two we got to some due 508 00:21:23,960 --> 00:21:30,440 diligence but like you know I was 509 00:21:26,799 --> 00:21:33,200 considering SE on there and my my buyout 510 00:21:30,440 --> 00:21:37,400 portion being an equity interest for the 511 00:21:33,200 --> 00:21:41,120 most part um in the The chiring 512 00:21:37,400 --> 00:21:44,279 Firm okay and so you told me before the 513 00:21:41,120 --> 00:21:45,960 call you ended up taking uh it was it 514 00:21:44,279 --> 00:21:48,120 was a Searcher that was looking to get 515 00:21:45,960 --> 00:21:50,000 out of a corporate job and buy a 516 00:21:48,120 --> 00:21:52,279 existing practice and existing cash 517 00:21:50,000 --> 00:21:53,840 flowing business so this was one of the 518 00:21:52,279 --> 00:21:56,559 three that you entertained that had 519 00:21:53,840 --> 00:21:58,720 contacted you before sorry before we get 520 00:21:56,559 --> 00:22:00,559 into that that's interesting that you're 521 00:21:58,720 --> 00:22:03,080 like I'm going to talk to them because I 522 00:22:00,559 --> 00:22:05,880 I let those emails go to spam I just 523 00:22:03,080 --> 00:22:08,200 like block you know Mar move it to 524 00:22:05,880 --> 00:22:10,600 unfocused get rid of it because I I'm 525 00:22:08,200 --> 00:22:12,320 not taking it seriously but your your 526 00:22:10,600 --> 00:22:16,880 position was I at least want to be 527 00:22:12,320 --> 00:22:18,919 educated by this okay and yeah time was 528 00:22:16,880 --> 00:22:21,240 you know obviously a value commodity to 529 00:22:18,919 --> 00:22:23,320 me but again I I just kind of as we 530 00:22:21,240 --> 00:22:26,520 viewed the world um thought it was a 531 00:22:23,320 --> 00:22:29,279 smart use of time if we did that you 532 00:22:26,520 --> 00:22:32,480 know I don't know call it like once or 533 00:22:29,279 --> 00:22:33,799 twice a year or once or twice a quarter 534 00:22:32,480 --> 00:22:37,000 just depending on 535 00:22:33,799 --> 00:22:40,360 it yeah different time okay remind 536 00:22:37,000 --> 00:22:41,919 myself it's not today I feel like I'm 537 00:22:40,360 --> 00:22:45,320 getting two or three of those a week 538 00:22:41,919 --> 00:22:49,039 right now so okay all right that makes 539 00:22:45,320 --> 00:22:52,919 sense um so talk to me about the the 540 00:22:49,039 --> 00:22:56,039 negotiation with the Searcher then yeah 541 00:22:52,919 --> 00:22:57,840 um and prior to that we had had a deal 542 00:22:56,039 --> 00:23:00,440 that went to due diligence and they just 543 00:22:57,840 --> 00:23:00,440 tried to 544 00:23:00,520 --> 00:23:05,400 negotiate the renegotiate the price 545 00:23:02,840 --> 00:23:06,159 during due diligence and just kind of 546 00:23:05,400 --> 00:23:09,159 did 547 00:23:06,159 --> 00:23:10,960 not I just did not one I wasn't happy 548 00:23:09,159 --> 00:23:13,880 with the price they tried to renegotiate 549 00:23:10,960 --> 00:23:17,440 it to but two I did not feel like I'd 550 00:23:13,880 --> 00:23:20,039 want to stay on as an employee with like 551 00:23:17,440 --> 00:23:22,600 just kind of people that are going to do 552 00:23:20,039 --> 00:23:25,480 that um and so it just didn't feel like 553 00:23:22,600 --> 00:23:27,720 the best fit and so that was right 554 00:23:25,480 --> 00:23:28,960 before the start of one of our tax 555 00:23:27,720 --> 00:23:31,400 seasons 556 00:23:28,960 --> 00:23:33,159 and you know we kind of thought we're 557 00:23:31,400 --> 00:23:35,159 GNA go through tax season maybe after 558 00:23:33,159 --> 00:23:38,039 tax season the summer would do something 559 00:23:35,159 --> 00:23:41,279 but buyer popped up through a 560 00:23:38,039 --> 00:23:45,480 broker um right at the start of tax 561 00:23:41,279 --> 00:23:48,120 season and so in the spring of 20123 I 562 00:23:45,480 --> 00:23:52,159 was doing all this stuff behind the 563 00:23:48,120 --> 00:23:55,640 scenes and due diligence um you 564 00:23:52,159 --> 00:23:57,960 know with her with the buyer during tax 565 00:23:55,640 --> 00:24:01,240 season when life is very busy but I just 566 00:23:57,960 --> 00:24:03,039 kind of sucked it up and and did what I 567 00:24:01,240 --> 00:24:05,799 needed to do to send it over the Finish 568 00:24:03,039 --> 00:24:08,120 Line I think as an accounting firm we 569 00:24:05,799 --> 00:24:10,000 probably I think it's safe to say or 570 00:24:08,120 --> 00:24:12,440 assume we generally have probably better 571 00:24:10,000 --> 00:24:15,279 records and financials and stuff 572 00:24:12,440 --> 00:24:20,360 together than most people but it still 573 00:24:15,279 --> 00:24:23,679 like blew my mind how like tedious and 574 00:24:20,360 --> 00:24:27,799 um like timec consuming supporting DD 575 00:24:23,679 --> 00:24:29,799 due diligence is um and it's not like it 576 00:24:27,799 --> 00:24:31,600 was something I had my wife help me with 577 00:24:29,799 --> 00:24:33,679 some of the stuff but it's not like I 578 00:24:31,600 --> 00:24:36,240 didn't want to tell my team and didn't 579 00:24:33,679 --> 00:24:37,960 tell our team until really far along in 580 00:24:36,240 --> 00:24:39,440 a process and even then a lot of the 581 00:24:37,960 --> 00:24:42,200 team didn't learn until we actually 582 00:24:39,440 --> 00:24:44,480 announced that we'd been acquired um so 583 00:24:42,200 --> 00:24:48,080 I didn't I just had to do most of the 584 00:24:44,480 --> 00:24:50,360 ground workor um myself you know as far 585 00:24:48,080 --> 00:24:54,520 as supporting providing financials 586 00:24:50,360 --> 00:24:56,240 meeting with buer frequently um just 587 00:24:54,520 --> 00:24:59,840 kind of answering questions helping push 588 00:24:56,240 --> 00:25:02,120 along there so they use an SBA loan and 589 00:24:59,840 --> 00:25:04,760 so there's there was just a lot of just 590 00:25:02,120 --> 00:25:07,200 red tape related to that and just kind 591 00:25:04,760 --> 00:25:09,360 of how the agreements had to be specific 592 00:25:07,200 --> 00:25:10,760 to the SBA and just other stuff that 593 00:25:09,360 --> 00:25:14,159 just was a lot 594 00:25:10,760 --> 00:25:16,919 of it was it was stressful and even up 595 00:25:14,159 --> 00:25:18,559 until like a week or two or at least the 596 00:25:16,919 --> 00:25:21,200 last month before it was like there was 597 00:25:18,559 --> 00:25:23,960 something in our lease that made the SBA 598 00:25:21,200 --> 00:25:26,000 not happy and we were having to try to 599 00:25:23,960 --> 00:25:29,960 get information from our landlord where 600 00:25:26,000 --> 00:25:32,559 he's trying to use the the the Takeover 601 00:25:29,960 --> 00:25:34,159 or the lease as a way to raate raise the 602 00:25:32,559 --> 00:25:36,880 rent which was not going to work for the 603 00:25:34,159 --> 00:25:40,159 buyer so everyone's like I kind of found 604 00:25:36,880 --> 00:25:42,760 as a process everyone who found they had 605 00:25:40,159 --> 00:25:44,120 any sort of Leverage from you that you 606 00:25:42,760 --> 00:25:46,120 were going through an acquisition and 607 00:25:44,120 --> 00:25:48,720 had any sort of Leverage trying to get 608 00:25:46,120 --> 00:25:52,120 their their piece of it stuff that's 609 00:25:48,720 --> 00:25:53,480 you're not prepared for going in yeah so 610 00:25:52,120 --> 00:25:56,960 okay 611 00:25:53,480 --> 00:25:58,480 um so did you how long did you and your 612 00:25:56,960 --> 00:26:00,000 partner end up staying on did your 613 00:25:58,480 --> 00:26:02,880 partner stay through another tax season 614 00:26:00,000 --> 00:26:04,960 for the transition no she went she 615 00:26:02,880 --> 00:26:07,399 stayed on from June of 616 00:26:04,960 --> 00:26:08,799 2023 which is when we sold until 617 00:26:07,399 --> 00:26:11,760 December of 618 00:26:08,799 --> 00:26:15,360 2023 um so she did not stay on for 619 00:26:11,760 --> 00:26:18,440 another tax season um she helped train 620 00:26:15,360 --> 00:26:21,240 another tax manager and kind of helped 621 00:26:18,440 --> 00:26:23,399 just generally document processes and do 622 00:26:21,240 --> 00:26:25,120 some additional stuff I mean we we were 623 00:26:23,399 --> 00:26:27,840 pretty good with documented processes 624 00:26:25,120 --> 00:26:30,480 and Sops to begin with but you still 625 00:26:27,840 --> 00:26:32,159 even like can always revisit and do some 626 00:26:30,480 --> 00:26:33,720 cleanup on those if you're not going to 627 00:26:32,159 --> 00:26:35,000 be around and just make sure they're 628 00:26:33,720 --> 00:26:37,679 super 629 00:26:35,000 --> 00:26:40,279 detailed yeah so I I presume this 630 00:26:37,679 --> 00:26:41,480 Searcher was a CPA that was incorporate 631 00:26:40,279 --> 00:26:43,960 uh because I don't know what the North 632 00:26:41,480 --> 00:26:46,559 Carolina laws are but buying a CPA firm 633 00:26:43,960 --> 00:26:50,080 is not an option for everyone is that 634 00:26:46,559 --> 00:26:52,120 correct so she is not a CPA and we are 635 00:26:50,080 --> 00:26:55,559 no we are an accounting firm now and not 636 00:26:52,120 --> 00:26:59,919 a CPA firm and so that's the specific 637 00:26:55,559 --> 00:27:02,600 disting distinction gotcha okay so your 638 00:26:59,919 --> 00:27:05,159 partner staying on for you know through 639 00:27:02,600 --> 00:27:07,000 the end of the year um that's a lot of 640 00:27:05,159 --> 00:27:10,720 introductions and a lot of passing off 641 00:27:07,000 --> 00:27:13,799 of relationships I assume yep correct 642 00:27:10,720 --> 00:27:16,360 but I think it was like the fact that 643 00:27:13,799 --> 00:27:18,039 the company was named Adam Shay CPA and 644 00:27:16,360 --> 00:27:20,480 I was sticking around for that first 645 00:27:18,039 --> 00:27:21,880 year and part of the reason a lot of the 646 00:27:20,480 --> 00:27:24,760 reason I was sticking around is because 647 00:27:21,880 --> 00:27:26,679 we had an earnout component to the 648 00:27:24,760 --> 00:27:29,919 acquisition and so I wanted to stay 649 00:27:26,679 --> 00:27:33,320 around and try to impact that as much as 650 00:27:29,919 --> 00:27:34,679 I could gotcha okay and what's your role 651 00:27:33,320 --> 00:27:36,360 in the company at this point since 652 00:27:34,679 --> 00:27:38,320 you're not tax manager you're not 653 00:27:36,360 --> 00:27:40,880 reviewing the tax returns what's your 654 00:27:38,320 --> 00:27:44,919 role for that year here I was director 655 00:27:40,880 --> 00:27:45,840 of vcfo and advisory Services um which 656 00:27:44,919 --> 00:27:50,120 was a 657 00:27:45,840 --> 00:27:51,960 new line of business and like I mean we 658 00:27:50,120 --> 00:27:54,200 done some virtual CFO we' done a bunch 659 00:27:51,960 --> 00:27:56,440 of advisory but like it was one of those 660 00:27:54,200 --> 00:27:59,640 Services I wanted to add but like staff 661 00:27:56,440 --> 00:28:01,760 really couldn't run with and and lead 662 00:27:59,640 --> 00:28:03,919 and I couldn't do that at the same time 663 00:28:01,760 --> 00:28:06,840 while I was while I was kind of running 664 00:28:03,919 --> 00:28:08,440 and managing and growing the business um 665 00:28:06,840 --> 00:28:12,000 and so thought 666 00:28:08,440 --> 00:28:13,559 process with the choir going into it was 667 00:28:12,000 --> 00:28:15,240 like I would direct you know be director 668 00:28:13,559 --> 00:28:17,600 of that I would get back to more client 669 00:28:15,240 --> 00:28:21,480 work you know help with transition stuff 670 00:28:17,600 --> 00:28:23,760 like that maybe stay on indefinitely as 671 00:28:21,480 --> 00:28:26,960 an employee hard to know until you get 672 00:28:23,760 --> 00:28:29,360 in there um and also do continue to do 673 00:28:26,960 --> 00:28:32,519 sales um you know be one of the 674 00:28:29,360 --> 00:28:35,200 salesperson along with the new new owner 675 00:28:32,519 --> 00:28:37,600 okay awesome so making sure she's up to 676 00:28:35,200 --> 00:28:39,919 speed ready to take over but you also 677 00:28:37,600 --> 00:28:41,519 just saw this as an opportunity to 678 00:28:39,919 --> 00:28:43,840 experiment and grow I mean you said 679 00:28:41,519 --> 00:28:45,960 accounting and bookkeeping really only 680 00:28:43,840 --> 00:28:49,480 came in in the two years or so leading 681 00:28:45,960 --> 00:28:51,320 up to this so you're now growing in a 682 00:28:49,480 --> 00:28:53,240 department of a company you no longer 683 00:28:51,320 --> 00:28:55,039 have a it's that's not going to affect 684 00:28:53,240 --> 00:28:58,640 the value of that what was that like for 685 00:28:55,039 --> 00:29:01,640 you yeah definitely freeing 686 00:28:58,640 --> 00:29:04,240 you know some some in some ways free in 687 00:29:01,640 --> 00:29:10,720 other ways you're like all right I'm you 688 00:29:04,240 --> 00:29:12,640 know part of my compensation like I was 689 00:29:10,720 --> 00:29:14,880 I guess I can say this I was 690 00:29:12,640 --> 00:29:17,399 undercompensated for that first year 691 00:29:14,880 --> 00:29:22,240 just because like I needed to be around 692 00:29:17,399 --> 00:29:27,519 for the now gen 10 to be yeah um at 693 00:29:22,240 --> 00:29:29,880 least that's my my take on it um and so 694 00:29:27,519 --> 00:29:34,120 but the was pretty significant we HD 695 00:29:29,880 --> 00:29:36,799 100% of the earnout um so that that was 696 00:29:34,120 --> 00:29:38,679 important and so I I you sort of My 697 00:29:36,799 --> 00:29:41,480 overall compensation during that time 698 00:29:38,679 --> 00:29:44,559 some portion of the earnout as well so 699 00:29:41,480 --> 00:29:48,080 let's talk to the mindset shift now 700 00:29:44,559 --> 00:29:50,039 because like you said it's Adam Shay CPA 701 00:29:48,080 --> 00:29:50,840 and Adam Shay is no longer gonna be 702 00:29:50,039 --> 00:29:53,240 there 703 00:29:50,840 --> 00:29:55,519 anymore what's going through your mind 704 00:29:53,240 --> 00:29:58,679 as you're like I'm an employee again I'm 705 00:29:55,519 --> 00:30:00,240 not a 100% owner here 706 00:29:58,679 --> 00:30:01,760 and and then starting to look towards 707 00:30:00,240 --> 00:30:04,000 the future like I said you're not able 708 00:30:01,760 --> 00:30:05,559 to fully retire so there's got to be 709 00:30:04,000 --> 00:30:08,159 something else what's going through your 710 00:30:05,559 --> 00:30:11,399 mind here um yeah just that transition 711 00:30:08,159 --> 00:30:14,679 from owner to employee versus you know 712 00:30:11,399 --> 00:30:17,200 or seller yeah I mean I I you know 713 00:30:14,679 --> 00:30:19,399 slowed down some didn't work as much 714 00:30:17,200 --> 00:30:21,559 which was all good things but at the 715 00:30:19,399 --> 00:30:23,480 same time like doing that then caused me 716 00:30:21,559 --> 00:30:27,720 to do a lot of self-reflection and be 717 00:30:23,480 --> 00:30:30,919 like is stuff with this company in the 718 00:30:27,720 --> 00:30:33,240 space really what I want to be doing is 719 00:30:30,919 --> 00:30:36,799 like or do I really realize kind of 720 00:30:33,240 --> 00:30:39,240 reflecting on that that I enjoy more 721 00:30:36,799 --> 00:30:41,600 teaching and Advising business owners 722 00:30:39,240 --> 00:30:45,440 and in the weeds accounting and finance 723 00:30:41,600 --> 00:30:48,159 and tax stuff um and so it just kind of 724 00:30:45,440 --> 00:30:51,640 I don't know had to have I guess 725 00:30:48,159 --> 00:30:54,200 more head space and and quiet time and 726 00:30:51,640 --> 00:30:55,919 not to running around like a chicken 727 00:30:54,200 --> 00:30:59,919 with my head cut off some of the time 728 00:30:55,919 --> 00:31:03,120 like I was as a firm owner um to just 729 00:30:59,919 --> 00:31:06,840 kind of really reflect and kind of 730 00:31:03,120 --> 00:31:08,760 adjust to that but it it was you know 731 00:31:06,840 --> 00:31:10,559 things I did not anticipate I probably 732 00:31:08,760 --> 00:31:13,960 should have or I did anticipate but just 733 00:31:10,559 --> 00:31:16,360 not as much it's like it's really tough 734 00:31:13,960 --> 00:31:19,039 when your company is your baby and 735 00:31:16,360 --> 00:31:22,000 someone comes in and changes a lot of 736 00:31:19,039 --> 00:31:23,559 stuff that you know you maybe don't 737 00:31:22,000 --> 00:31:27,240 agree should be 738 00:31:23,559 --> 00:31:28,440 changed um or that and some of the stuff 739 00:31:27,240 --> 00:31:31,000 was a better change change you know it 740 00:31:28,440 --> 00:31:33,720 was a right thing but it still doesn't 741 00:31:31,000 --> 00:31:36,399 mean that it it was easy for me to see 742 00:31:33,720 --> 00:31:39,320 someone come in and do 743 00:31:36,399 --> 00:31:43,120 that talk I mean just elaborate a little 744 00:31:39,320 --> 00:31:45,600 bit on that I in my mind I lik in it to 745 00:31:43,120 --> 00:31:47,360 we my wife and our first starter house 746 00:31:45,600 --> 00:31:49,159 we lived there for 12 years and raised 747 00:31:47,360 --> 00:31:50,799 our kids in there and then moved out but 748 00:31:49,159 --> 00:31:52,600 it's still in the same town we live in 749 00:31:50,799 --> 00:31:54,679 and so every time she drives by on the 750 00:31:52,600 --> 00:31:56,840 way to Target she's like I can't believe 751 00:31:54,679 --> 00:31:58,880 they've done this and I have to remind 752 00:31:56,840 --> 00:32:01,679 her I'm like it's their house you 753 00:31:58,880 --> 00:32:03,399 wouldn't want our owners our owners of 754 00:32:01,679 --> 00:32:05,440 our current house to drive by and get 755 00:32:03,399 --> 00:32:07,880 mad because of the things we're doing so 756 00:32:05,440 --> 00:32:10,240 that's what in my mind I equate that to 757 00:32:07,880 --> 00:32:12,200 but yeah just talk about did you ever 758 00:32:10,240 --> 00:32:13,360 have conversations in that first year 759 00:32:12,200 --> 00:32:16,240 like I don't think that's going to go 760 00:32:13,360 --> 00:32:18,919 over well or you need to not do that or 761 00:32:16,240 --> 00:32:21,279 how did you tell yourself to let go or 762 00:32:18,919 --> 00:32:23,120 or move along and and I think your 763 00:32:21,279 --> 00:32:25,799 analogy that you shared about your wife 764 00:32:23,120 --> 00:32:27,919 in the first house is like kind of a 765 00:32:25,799 --> 00:32:28,679 very accurate analogy as to how it's 766 00:32:27,919 --> 00:32:32,200 sort 767 00:32:28,679 --> 00:32:34,840 of how it is and how it should be viewed 768 00:32:32,200 --> 00:32:38,760 um with the with the myself and the 769 00:32:34,840 --> 00:32:40,519 business um I mean I I I had a 770 00:32:38,760 --> 00:32:43,000 very you 771 00:32:40,519 --> 00:32:44,639 know the owner and I would have one-on 772 00:32:43,000 --> 00:32:47,639 ones weekly where we'd talk through 773 00:32:44,639 --> 00:32:50,639 stuff issues um you know share my 774 00:32:47,639 --> 00:32:54,600 opinion she'd ask my opinion 775 00:32:50,639 --> 00:32:58,039 um and just but she she 776 00:32:54,600 --> 00:33:00,720 was very driven to 777 00:32:58,039 --> 00:33:01,799 Drive revenue and drive changes and and 778 00:33:00,720 --> 00:33:06,000 drive 779 00:33:01,799 --> 00:33:07,240 profitability um which are all good 780 00:33:06,000 --> 00:33:09,519 things you know if you're the business 781 00:33:07,240 --> 00:33:13,399 owner but also introducing too much 782 00:33:09,519 --> 00:33:17,679 change at once can be tough for the 783 00:33:13,399 --> 00:33:19,000 team um and so and there's you know 784 00:33:17,679 --> 00:33:22,679 things along the lines of just 785 00:33:19,000 --> 00:33:26,000 technology changes process changes um 786 00:33:22,679 --> 00:33:27,799 things like that and nothing really like 787 00:33:26,000 --> 00:33:30,720 structurally or organizationally 788 00:33:27,799 --> 00:33:35,600 changing too much other than you know my 789 00:33:30,720 --> 00:33:37,360 partner bowing out and um you know 790 00:33:35,600 --> 00:33:39,919 myself not being the owner anymore or 791 00:33:37,360 --> 00:33:43,880 the ultimate 792 00:33:39,919 --> 00:33:46,399 boss I mean like change Technologic so 793 00:33:43,880 --> 00:33:48,679 you were the like the firm to be in 794 00:33:46,399 --> 00:33:50,799 Wilmington like this is the model for 795 00:33:48,679 --> 00:33:52,919 the firm of the future kind of thing she 796 00:33:50,799 --> 00:33:54,840 was she was even accelerating the gas on 797 00:33:52,919 --> 00:33:58,840 some technological changes even beyond 798 00:33:54,840 --> 00:34:01,919 that yep I think you have like 799 00:33:58,840 --> 00:34:05,880 you know when you have someone 800 00:34:01,919 --> 00:34:07,080 who's it's really a plus for her but you 801 00:34:05,880 --> 00:34:09,679 know a lot of people grow up in an 802 00:34:07,080 --> 00:34:11,480 accounting firm or like mature in an 803 00:34:09,679 --> 00:34:13,520 accounting firm then they have this set 804 00:34:11,480 --> 00:34:15,560 view in their world in their mind that 805 00:34:13,520 --> 00:34:17,639 this is how they operate and she's 806 00:34:15,560 --> 00:34:19,879 coming in with the clear slate and then 807 00:34:17,639 --> 00:34:22,599 you know bunch of fresh ideas and so I'm 808 00:34:19,879 --> 00:34:25,159 not saying that's a bad thing um it's 809 00:34:22,599 --> 00:34:29,200 just you know accountants generally 810 00:34:25,159 --> 00:34:31,720 don't adapt well to a ton of change it 811 00:34:29,200 --> 00:34:33,159 once where our response is but you can't 812 00:34:31,720 --> 00:34:34,919 do that and it's like why not and it's 813 00:34:33,159 --> 00:34:38,960 like because we started doing that 12 814 00:34:34,919 --> 00:34:42,520 years ago why I don't remember it was 815 00:34:38,960 --> 00:34:45,599 what was available to us 12 years ago so 816 00:34:42,520 --> 00:34:47,879 okay interesting um I I gotta ask this 817 00:34:45,599 --> 00:34:49,440 and I know obviously non-competes and 818 00:34:47,879 --> 00:34:51,760 all that kind of stuff but did the 819 00:34:49,440 --> 00:34:53,079 thought ever flash through your head 820 00:34:51,760 --> 00:34:55,119 that you wanted to start another 821 00:34:53,079 --> 00:34:59,119 accounting firm early 822 00:34:55,119 --> 00:35:01,720 on not not really and and like you said 823 00:34:59,119 --> 00:35:03,280 um you know there's some non-competes in 824 00:35:01,720 --> 00:35:07,040 play it's 825 00:35:03,280 --> 00:35:09,880 more um area based than anything else 826 00:35:07,040 --> 00:35:12,839 which isn't quite as relevant in today's 827 00:35:09,880 --> 00:35:17,480 world um you know but I don't know I 828 00:35:12,839 --> 00:35:20,800 never really wanted to build up a scaled 829 00:35:17,480 --> 00:35:24,119 CPA firm again I mean I do do you know 830 00:35:20,800 --> 00:35:26,280 some contract work with the buyer could 831 00:35:24,119 --> 00:35:28,839 do contract work with others or oneoff 832 00:35:26,280 --> 00:35:31,720 clients here and there um on the 833 00:35:28,839 --> 00:35:33,800 advisory side of things but um nothing 834 00:35:31,720 --> 00:35:35,079 really today and really I don't know 835 00:35:33,800 --> 00:35:39,400 I've kind of 836 00:35:35,079 --> 00:35:41,839 like I I I don't feel super passionate 837 00:35:39,400 --> 00:35:43,720 about it being like Finance and 838 00:35:41,839 --> 00:35:47,079 Accounting like what I want to spend my 839 00:35:43,720 --> 00:35:49,760 day today doing um nor do I really have 840 00:35:47,079 --> 00:35:52,240 any interest in building something up 841 00:35:49,760 --> 00:35:55,839 where I have 15 or 20 employees again I 842 00:35:52,240 --> 00:35:59,560 just want to kind of do the the solo gig 843 00:35:55,839 --> 00:36:01,400 sort of thing um you know and it's it's 844 00:35:59,560 --> 00:36:03,119 a very different mindset than I had the 845 00:36:01,400 --> 00:36:06,520 first time which was to build something 846 00:36:03,119 --> 00:36:08,480 of value to sell um I thought I'd grow 847 00:36:06,520 --> 00:36:12,040 it much bigger than I would and I'd be 848 00:36:08,480 --> 00:36:14,200 able to sell it at 50 to 55 at enough 849 00:36:12,040 --> 00:36:17,280 valuation that I wouldn't have to work 850 00:36:14,200 --> 00:36:21,200 again but you know just doesn't always 851 00:36:17,280 --> 00:36:23,560 work out as you kind of think it 852 00:36:21,200 --> 00:36:27,119 might so let's talk let's talk about 853 00:36:23,560 --> 00:36:28,760 what's next how how soon after the 854 00:36:27,119 --> 00:36:30,560 acquisition 855 00:36:28,760 --> 00:36:32,640 did you see yourself starting making 856 00:36:30,560 --> 00:36:34,200 moves to actually put something in place 857 00:36:32,640 --> 00:36:36,599 rather than just an idea in the back of 858 00:36:34,200 --> 00:36:39,560 your head how soon did you register the 859 00:36:36,599 --> 00:36:43,720 LLC and start to talk about it and yeah 860 00:36:39,560 --> 00:36:46,119 so I I had share the knowledge 861 00:36:43,720 --> 00:36:49,760 previously I think since 2018 and had 862 00:36:46,119 --> 00:36:51,880 been doing some um a URL that you just 863 00:36:49,760 --> 00:36:53,599 keep renewing no I had to had a you I 864 00:36:51,880 --> 00:36:57,319 didn't even have a website yet that's 865 00:36:53,599 --> 00:36:59,800 okay um but uh and I probably would have 866 00:36:57,319 --> 00:37:01,720 end up with the com instead of.co if I 867 00:36:59,800 --> 00:37:05,640 had registered when I when I started 868 00:37:01,720 --> 00:37:08,520 with it um but I I just did a lot of uh 869 00:37:05,640 --> 00:37:12,200 I did some accounting firm specific 870 00:37:08,520 --> 00:37:15,160 training some Technical Training um with 871 00:37:12,200 --> 00:37:17,319 one kind of educational content course 872 00:37:15,160 --> 00:37:18,480 creator um in the accounting space and 873 00:37:17,319 --> 00:37:21,160 so I'd already kind of had the 874 00:37:18,480 --> 00:37:23,960 experience but and really in that 875 00:37:21,160 --> 00:37:26,040 Journey like he wanted me to do more 876 00:37:23,960 --> 00:37:27,800 Technical Training and I really wanted 877 00:37:26,040 --> 00:37:31,040 to do firm ownership and just 878 00:37:27,800 --> 00:37:33,520 entrepreneurship training and so I knew 879 00:37:31,040 --> 00:37:35,640 ultimately like long term that's I told 880 00:37:33,520 --> 00:37:37,240 him after the acquisition like I didn't 881 00:37:35,640 --> 00:37:39,400 the course needed to updated from a 882 00:37:37,240 --> 00:37:41,640 technical perspective I just didn't have 883 00:37:39,400 --> 00:37:44,680 the desire or skill set to do that at 884 00:37:41,640 --> 00:37:48,680 that point um really the desire more 885 00:37:44,680 --> 00:37:50,880 than anything um but I've had you know 886 00:37:48,680 --> 00:37:53,839 experience like teaching you know 50 or 887 00:37:50,880 --> 00:37:57,160 so sessions of like just educational 888 00:37:53,839 --> 00:38:00,079 content to a group of business owners or 889 00:37:57,160 --> 00:38:02,440 um of various sizes and really that's 890 00:38:00,079 --> 00:38:04,440 kind of I don't know I guess this past 891 00:38:02,440 --> 00:38:07,119 summer and I realize I'm jumping all 892 00:38:04,440 --> 00:38:09,319 over the place but this past summer I 893 00:38:07,119 --> 00:38:11,000 started posting on LinkedIn regularly 894 00:38:09,319 --> 00:38:13,240 and it was kind of therapeutic and 895 00:38:11,000 --> 00:38:16,520 teaching a lot about like here's what I 896 00:38:13,240 --> 00:38:19,079 you know not I had this great exit I can 897 00:38:16,520 --> 00:38:22,400 sit in you know drink my ties or 898 00:38:19,079 --> 00:38:24,560 whatever forever um but like here here's 899 00:38:22,400 --> 00:38:25,480 what I would have taught myself or 900 00:38:24,560 --> 00:38:27,520 here's what I would have done 901 00:38:25,480 --> 00:38:29,760 differently here's my lessons learned 902 00:38:27,520 --> 00:38:33,400 and sort of has become 903 00:38:29,760 --> 00:38:35,599 therapeutic um to share that and to 904 00:38:33,400 --> 00:38:39,400 share just kind of more about 905 00:38:35,599 --> 00:38:43,680 myself um and I'm really trying to to 906 00:38:39,400 --> 00:38:45,240 then like take that knowledge that stuff 907 00:38:43,680 --> 00:38:48,400 that I'm sharing out there and and 908 00:38:45,240 --> 00:38:51,160 really develop some course and content 909 00:38:48,400 --> 00:38:54,319 around that to help train groups of 910 00:38:51,160 --> 00:38:56,800 business owners together um as well as 911 00:38:54,319 --> 00:39:00,520 potentially some business coaching um 912 00:38:56,800 --> 00:39:03,240 because I I do love entrepreneurship I 913 00:39:00,520 --> 00:39:06,800 love working with business owners it's 914 00:39:03,240 --> 00:39:08,880 just um more in the general business 915 00:39:06,800 --> 00:39:12,560 operation side than maybe the accounting 916 00:39:08,880 --> 00:39:14,680 and finance weeds yeah I gotcha so 917 00:39:12,560 --> 00:39:16,359 what's that look like today I mean is it 918 00:39:14,680 --> 00:39:18,359 are you on a platform or is it 919 00:39:16,359 --> 00:39:21,200 one-on-one business coaching on a 920 00:39:18,359 --> 00:39:22,839 subscription how how did that develop 921 00:39:21,200 --> 00:39:25,400 yeah I mean I'm still developing that 922 00:39:22,839 --> 00:39:29,280 now and kind of working on some ideas 923 00:39:25,400 --> 00:39:33,760 and and content and so my plan is 924 00:39:29,280 --> 00:39:38,000 here end of q1 start of Q2 is to have a 925 00:39:33,760 --> 00:39:39,440 online meet four four times in a month 926 00:39:38,000 --> 00:39:41,640 um where I run through content with a 927 00:39:39,440 --> 00:39:43,960 group of people and then do some support 928 00:39:41,640 --> 00:39:46,119 on the back end of that as well with um 929 00:39:43,960 --> 00:39:49,920 entrepreneurs and business owners they 930 00:39:46,119 --> 00:39:51,920 really want to you know either I kind of 931 00:39:49,920 --> 00:39:54,160 have the idea of having those that are 932 00:39:51,920 --> 00:39:55,640 in startup or early stage they have a 933 00:39:54,160 --> 00:39:57,400 different set of issues you have those 934 00:39:55,640 --> 00:39:59,200 that are in growth stage so having a 935 00:39:57,400 --> 00:40:01,599 group of them together and then those 936 00:39:59,200 --> 00:40:04,760 that want to go to exit or kind of more 937 00:40:01,599 --> 00:40:07,200 mature stage um because as it you know 938 00:40:04,760 --> 00:40:09,680 as you know very well Barrett like on 939 00:40:07,200 --> 00:40:10,760 the endide of things like or the back 940 00:40:09,680 --> 00:40:12,680 side of things when you're starting to 941 00:40:10,760 --> 00:40:15,359 think about exit you got to do a lot of 942 00:40:12,680 --> 00:40:18,640 things um you 943 00:40:15,359 --> 00:40:20,520 know all around with your business to to 944 00:40:18,640 --> 00:40:23,480 maximize that value and to make due 945 00:40:20,520 --> 00:40:25,280 diligence as smooth as possible yeah 946 00:40:23,480 --> 00:40:26,880 yeah for sure you you have to clean 947 00:40:25,280 --> 00:40:29,839 everything up you have to make sure that 948 00:40:26,880 --> 00:40:31,599 it's an good position to be replicated 949 00:40:29,839 --> 00:40:34,319 not just fall apart as soon as you walk 950 00:40:31,599 --> 00:40:37,560 out but I mean what I'm most interested 951 00:40:34,319 --> 00:40:39,560 in you know you know we've you know 952 00:40:37,560 --> 00:40:41,160 we've been Associated for a long time 953 00:40:39,560 --> 00:40:43,240 through through a lot of this process 954 00:40:41,160 --> 00:40:46,280 you know I closed my company and I know 955 00:40:43,240 --> 00:40:48,280 the the exhaustion that you don't feel 956 00:40:46,280 --> 00:40:49,520 until you're on the other side of it and 957 00:40:48,280 --> 00:40:51,920 the the 958 00:40:49,520 --> 00:40:54,119 self-identity shift that you have to go 959 00:40:51,920 --> 00:40:55,599 through too and you know that's what 960 00:40:54,119 --> 00:40:58,319 I've seen be come more out of you 961 00:40:55,599 --> 00:41:00,319 through Linkedin over the past year is 962 00:40:58,319 --> 00:41:02,680 that burnout side recognizing I was 963 00:41:00,319 --> 00:41:04,160 burned out and I I would not have you 964 00:41:02,680 --> 00:41:06,280 know it's a good thing this happened 965 00:41:04,160 --> 00:41:09,880 when it did 966 00:41:06,280 --> 00:41:11,839 so tell talk to me about some some signs 967 00:41:09,880 --> 00:41:13,960 of burnout that don't look like burnout 968 00:41:11,839 --> 00:41:14,760 if or you know just talk talk some more 969 00:41:13,960 --> 00:41:18,119 about 970 00:41:14,760 --> 00:41:20,280 that yeah I 971 00:41:18,119 --> 00:41:23,480 mean I I 972 00:41:20,280 --> 00:41:26,040 think unhealthy habits I had was just 973 00:41:23,480 --> 00:41:27,800 eating late at night just food for 974 00:41:26,040 --> 00:41:30,800 stress purposes 975 00:41:27,800 --> 00:41:33,000 um drinking like not drinking like 976 00:41:30,800 --> 00:41:35,640 getting hammered drinking but you know 977 00:41:33,000 --> 00:41:38,200 drinking a couple drinks every day I 978 00:41:35,640 --> 00:41:39,839 don't drink anymore I mean I don't judge 979 00:41:38,200 --> 00:41:43,359 people that do but I just have kind of 980 00:41:39,839 --> 00:41:46,800 made the decision to really not do that 981 00:41:43,359 --> 00:41:49,000 um I think part of it everyone writes it 982 00:41:46,800 --> 00:41:50,720 off as an entrepreneurial mind or that's 983 00:41:49,000 --> 00:41:54,000 just being a business owner but was the 984 00:41:50,720 --> 00:41:57,640 inability to sleep um you know just kind 985 00:41:54,000 --> 00:42:01,960 of all those sorts of things um just 986 00:41:57,640 --> 00:42:04,680 kind of were masking what was going on 987 00:42:01,960 --> 00:42:07,240 really underneath or behind the 988 00:42:04,680 --> 00:42:09,720 curtains or helping maybe not masking 989 00:42:07,240 --> 00:42:11,880 but helping me cope with it and yeah 990 00:42:09,720 --> 00:42:14,200 rationalizing and like you said it's 991 00:42:11,880 --> 00:42:17,800 that's the that's being a business owner 992 00:42:14,200 --> 00:42:22,599 right totally normal the hustle and 993 00:42:17,800 --> 00:42:24,319 grind culture yeah yeah so now that you 994 00:42:22,599 --> 00:42:27,559 look back and you see that I mean was 995 00:42:24,319 --> 00:42:29,359 that there from day one or where did it 996 00:42:27,559 --> 00:42:31,160 really start to accumulate for you other 997 00:42:29,359 --> 00:42:34,800 than covid when it accumulated for 998 00:42:31,160 --> 00:42:36,559 everybody but I mean can you see I mean 999 00:42:34,800 --> 00:42:37,800 obviously with the new company you it 1000 00:42:36,559 --> 00:42:39,920 sounds like you don't want to have 1001 00:42:37,800 --> 00:42:41,520 employees you want to keep it yourself 1002 00:42:39,920 --> 00:42:44,400 but can you see 1003 00:42:41,520 --> 00:42:47,480 certain change points in that you would 1004 00:42:44,400 --> 00:42:49,359 have done differently to to remedy this 1005 00:42:47,480 --> 00:42:51,520 earlier or to resolve this earlier I 1006 00:42:49,359 --> 00:42:54,119 mean and I talked about it earlier like 1007 00:42:51,520 --> 00:42:57,960 in another little bit another reference 1008 00:42:54,119 --> 00:43:00,079 but like we had the opportunity to hire 1009 00:42:57,960 --> 00:43:02,000 a manager who I'm convinced would have 1010 00:43:00,079 --> 00:43:04,520 been a great manager for our team taking 1011 00:43:02,000 --> 00:43:06,400 stuff off my partner and myself but 1012 00:43:04,520 --> 00:43:10,079 let's say I don't remember the exact 1013 00:43:06,400 --> 00:43:12,240 figure but she was five or 10% over kind 1014 00:43:10,079 --> 00:43:14,319 of what our budget was and we didn't 1015 00:43:12,240 --> 00:43:17,319 budge on our budget couldn't bring her 1016 00:43:14,319 --> 00:43:19,520 on board probably brought three people 1017 00:43:17,319 --> 00:43:20,440 on board behind her that just never were 1018 00:43:19,520 --> 00:43:24,920 what we 1019 00:43:20,440 --> 00:43:25,839 wanted um and so again I go back to like 1020 00:43:24,920 --> 00:43:28,079 you 1021 00:43:25,839 --> 00:43:30,119 know some some decisions have to be 1022 00:43:28,079 --> 00:43:32,480 Financial some decisions have to be 1023 00:43:30,119 --> 00:43:34,319 growth Investments like there's a 1024 00:43:32,480 --> 00:43:35,640 balancing act there but if I had to do 1025 00:43:34,319 --> 00:43:38,119 ever again I would like with the 1026 00:43:35,640 --> 00:43:43,280 hindsight I have I would have hired more 1027 00:43:38,119 --> 00:43:45,319 senior more earlier um and really 1028 00:43:43,280 --> 00:43:47,960 probably grown 1029 00:43:45,319 --> 00:43:50,440 slower because when I I look at the 1030 00:43:47,960 --> 00:43:53,480 rapid growth we had it was tough on both 1031 00:43:50,440 --> 00:43:55,240 the systems so when you're at a a 1032 00:43:53,480 --> 00:43:58,440 company of five people and then you go 1033 00:43:55,240 --> 00:44:00,400 to 10 people what worked it 1034 00:43:58,440 --> 00:44:03,599 yeah in a different like you know within 1035 00:44:00,400 --> 00:44:06,800 a shorter period of time like you 1036 00:44:03,599 --> 00:44:08,000 know the systems break the people break 1037 00:44:06,800 --> 00:44:09,920 you don't have the right people in the 1038 00:44:08,000 --> 00:44:11,319 right seats all the time I mean we did 1039 00:44:09,920 --> 00:44:12,960 the right things we were supposed to do 1040 00:44:11,319 --> 00:44:15,200 or they say to do like develop a 1041 00:44:12,960 --> 00:44:17,400 leadership team have leadership team 1042 00:44:15,200 --> 00:44:20,319 meetings you know kind of starting to 1043 00:44:17,400 --> 00:44:22,599 implement some of the EOS stuff um even 1044 00:44:20,319 --> 00:44:24,720 though we didn't really you know 1045 00:44:22,599 --> 00:44:26,480 formally call everything rockers you 1046 00:44:24,720 --> 00:44:27,920 know the meetings and everything exactly 1047 00:44:26,480 --> 00:44:29,440 the same but were kind of doing the 1048 00:44:27,920 --> 00:44:31,760 issue identification and having 1049 00:44:29,440 --> 00:44:36,280 different people off own and resolve 1050 00:44:31,760 --> 00:44:39,119 them um but it was I think really kind 1051 00:44:36,280 --> 00:44:41,680 of once we get got over 10 people it 1052 00:44:39,119 --> 00:44:45,760 just kind of felt like there was always 1053 00:44:41,680 --> 00:44:49,920 just kind of people issues to deal with 1054 00:44:45,760 --> 00:44:52,079 some good some bad um you know we had 1055 00:44:49,920 --> 00:44:55,599 great people that so many great people 1056 00:44:52,079 --> 00:44:57,680 even before Co just decided that public 1057 00:44:55,599 --> 00:45:00,280 accounting wasn't for them and just kind 1058 00:44:57,680 --> 00:45:02,599 of frustrated of all that time you know 1059 00:45:00,280 --> 00:45:04,800 you spent investing in them how smooth 1060 00:45:02,599 --> 00:45:06,839 things were with them and then you got 1061 00:45:04,800 --> 00:45:09,480 to build someone up from scratch and so 1062 00:45:06,839 --> 00:45:11,760 I think that's kind of when I look back 1063 00:45:09,480 --> 00:45:14,599 at it personally just kind of 1064 00:45:11,760 --> 00:45:17,480 what know probably contribut the much 1065 00:45:14,599 --> 00:45:20,400 was just the stress because when you're 1066 00:45:17,480 --> 00:45:22,920 of that size when someone leaves there's 1067 00:45:20,400 --> 00:45:25,599 just so many moving Parts offboarding 1068 00:45:22,920 --> 00:45:27,520 them onboarding new people and then 1069 00:45:25,599 --> 00:45:29,400 picking up the additional CL working 1070 00:45:27,520 --> 00:45:30,400 making sure the clients are retained 1071 00:45:29,400 --> 00:45:33,040 deciding what you're going to 1072 00:45:30,400 --> 00:45:37,240 communicate to the clients like and 1073 00:45:33,040 --> 00:45:39,680 when um you know yeah I'm very familiar 1074 00:45:37,240 --> 00:45:43,160 with everything you're 1075 00:45:39,680 --> 00:45:45,200 sharing so um I mean moving forward from 1076 00:45:43,160 --> 00:45:47,160 here you've been through this you've 1077 00:45:45,200 --> 00:45:49,480 recovered through this you're now able 1078 00:45:47,160 --> 00:45:51,880 to share this with other people what 1079 00:45:49,480 --> 00:45:54,920 kind of guard rails do you have in place 1080 00:45:51,880 --> 00:45:57,280 now for you to look at or your wife to 1081 00:45:54,920 --> 00:45:59,119 point to or close friends and anything 1082 00:45:57,280 --> 00:46:03,160 like that to keep you from ending back 1083 00:45:59,119 --> 00:46:04,960 up here in another six years yeah and 1084 00:46:03,160 --> 00:46:06,359 and I'll get to that in a second let me 1085 00:46:04,960 --> 00:46:07,920 go back to the previous question though 1086 00:46:06,359 --> 00:46:10,520 too like one one other thing I think 1087 00:46:07,920 --> 00:46:14,839 that contributed was work from home and 1088 00:46:10,520 --> 00:46:16,680 not like you know and turning it off 1089 00:46:14,839 --> 00:46:18,640 yeah and not you're off like you don't 1090 00:46:16,680 --> 00:46:20,640 have to drive 20 minutes to get into 1091 00:46:18,640 --> 00:46:22,880 office and like it's always here it's 1092 00:46:20,640 --> 00:46:24,400 always as a business owner if if you're 1093 00:46:22,880 --> 00:46:27,040 looking for it there's always something 1094 00:46:24,400 --> 00:46:30,640 you can be doing um or should be doing 1095 00:46:27,040 --> 00:46:34,280 or maybe maybe not um so that was part 1096 00:46:30,640 --> 00:46:36,040 of it you know so I I think to your 1097 00:46:34,280 --> 00:46:39,359 question you just asked like trying to 1098 00:46:36,040 --> 00:46:42,640 set up those triggers of when I turn it 1099 00:46:39,359 --> 00:46:45,000 off like and you know like so walking my 1100 00:46:42,640 --> 00:46:47,880 dog the end of the day like then I'm 1101 00:46:45,000 --> 00:46:49,720 generally done for work um you know 1102 00:46:47,880 --> 00:46:52,359 making sure I get into exercise every 1103 00:46:49,720 --> 00:46:55,160 day every night as well like to just 1104 00:46:52,359 --> 00:46:57,559 kind of help me relieve stress and just 1105 00:46:55,160 --> 00:47:01,000 kind of I I've found things that 1106 00:46:57,559 --> 00:47:03,720 are more healthy um releases than what I 1107 00:47:01,000 --> 00:47:06,000 was doing previously 1108 00:47:03,720 --> 00:47:08,520 yeah yeah it's hard when you're a 1109 00:47:06,000 --> 00:47:10,720 business owner and there's some weight 1110 00:47:08,520 --> 00:47:13,480 on your shoulders that can't be shared 1111 00:47:10,720 --> 00:47:17,160 with other people it's hard 1112 00:47:13,480 --> 00:47:19,359 to prioritize anything else over that 1113 00:47:17,160 --> 00:47:22,599 and you're like no this is if I don't do 1114 00:47:19,359 --> 00:47:24,480 this nobody else will it's hard to say 1115 00:47:22,599 --> 00:47:27,400 well exercise 1116 00:47:24,480 --> 00:47:29,760 though is is important 1117 00:47:27,400 --> 00:47:31,760 walking the dog turning things off not 1118 00:47:29,760 --> 00:47:33,760 checking email all night long those 1119 00:47:31,760 --> 00:47:36,319 things those things matter and you have 1120 00:47:33,760 --> 00:47:38,760 to you have to have that line so and I 1121 00:47:36,319 --> 00:47:40,720 and I think other ways are helpful like 1122 00:47:38,760 --> 00:47:43,520 yes it can be helpful to talk through 1123 00:47:40,720 --> 00:47:45,200 your with your spouse about stuff but 1124 00:47:43,520 --> 00:47:47,559 like they 1125 00:47:45,200 --> 00:47:49,119 don't yeah and they don't own and run 1126 00:47:47,559 --> 00:47:51,359 the business I mean your spouse could 1127 00:47:49,119 --> 00:47:53,760 own and run another business but like I 1128 00:47:51,359 --> 00:47:55,640 think it's important like really what's 1129 00:47:53,760 --> 00:47:57,599 helped in my healing from burnout if you 1130 00:47:55,640 --> 00:47:59,880 want to call it that is like like seeing 1131 00:47:57,599 --> 00:48:01,640 other people talking about it chatting 1132 00:47:59,880 --> 00:48:04,040 with other people who are business 1133 00:48:01,640 --> 00:48:05,680 owners former business owners whatever 1134 00:48:04,040 --> 00:48:07,680 like ton of people have reached out to 1135 00:48:05,680 --> 00:48:09,280 me after like yeah I was dealing with 1136 00:48:07,680 --> 00:48:11,720 all these issues after I sold my 1137 00:48:09,280 --> 00:48:13,680 business as well here's how I you know 1138 00:48:11,720 --> 00:48:15,920 cope from it or here's how I recovered 1139 00:48:13,680 --> 00:48:18,160 or here's how long it took or just kind 1140 00:48:15,920 --> 00:48:20,200 of I didn't realize I was until after I 1141 00:48:18,160 --> 00:48:23,400 was you know everyone has their War 1142 00:48:20,200 --> 00:48:26,040 Stories unfortunately or most people do 1143 00:48:23,400 --> 00:48:29,000 yeah my first business I was 28 when I 1144 00:48:26,040 --> 00:48:32,200 started it it was from home and I didn't 1145 00:48:29,000 --> 00:48:34,800 have any of those boundaries and I I 1146 00:48:32,200 --> 00:48:37,319 learned after that my wife didn't 1147 00:48:34,800 --> 00:48:39,520 necessarily want to hear every single 1148 00:48:37,319 --> 00:48:41,520 thing that was on my mind because she 1149 00:48:39,520 --> 00:48:43,200 didn't have any power to be able to do 1150 00:48:41,520 --> 00:48:45,319 anything about it and so all I was doing 1151 00:48:43,200 --> 00:48:47,720 was getting it off of my plate and on to 1152 00:48:45,319 --> 00:48:50,319 hers and she's freaking out about things 1153 00:48:47,720 --> 00:48:52,240 and I'm like oh no I resolved that two 1154 00:48:50,319 --> 00:48:55,799 months ago I figured that out and moved 1155 00:48:52,240 --> 00:48:58,000 on so yeah healthy boundaries there and 1156 00:48:55,799 --> 00:48:59,680 just yeah knowing your relationships and 1157 00:48:58,000 --> 00:49:01,640 knowing what you can share and with whom 1158 00:48:59,680 --> 00:49:03,400 and then having plenty of options like I 1159 00:49:01,640 --> 00:49:05,960 have business owners I can talk to about 1160 00:49:03,400 --> 00:49:07,960 business things I have personal friends 1161 00:49:05,960 --> 00:49:10,640 I can talk to about some things but not 1162 00:49:07,960 --> 00:49:13,040 others so yeah that's 1163 00:49:10,640 --> 00:49:15,000 great um anything else that you want to 1164 00:49:13,040 --> 00:49:17,480 add or anything we haven't gone over 1165 00:49:15,000 --> 00:49:20,760 before we uh get to the lightning round 1166 00:49:17,480 --> 00:49:22,400 Adam um I mean no just talking about the 1167 00:49:20,760 --> 00:49:24,680 spouse there like the other interesting 1168 00:49:22,400 --> 00:49:26,400 thing is like when I had the business my 1169 00:49:24,680 --> 00:49:29,280 spouse worked in the business and that 1170 00:49:26,400 --> 00:49:31,640 can present its own sets of challenges 1171 00:49:29,280 --> 00:49:35,599 the other challenge was like she didn't 1172 00:49:31,640 --> 00:49:38,440 continue with the buyer um and she 1173 00:49:35,599 --> 00:49:40,280 wasn't super marketable for you know 1174 00:49:38,440 --> 00:49:44,480 just from a she was just kind of doing 1175 00:49:40,280 --> 00:49:46,680 admin like whatever I needed to be done 1176 00:49:44,480 --> 00:49:49,400 um and you know so it's just I I would 1177 00:49:46,680 --> 00:49:51,880 encourage someone after buying or 1178 00:49:49,400 --> 00:49:55,680 selling a business like to think about 1179 00:49:51,880 --> 00:49:58,720 like what it means for their spouse um 1180 00:49:55,680 --> 00:50:00,480 either way like even if they are are not 1181 00:49:58,720 --> 00:50:02,640 working in the business like just what 1182 00:50:00,480 --> 00:50:05,400 it means because you're going to change 1183 00:50:02,640 --> 00:50:08,520 your lives are going to change and like 1184 00:50:05,400 --> 00:50:09,920 you know just make sure you I don't know 1185 00:50:08,520 --> 00:50:12,520 think through and talk through that and 1186 00:50:09,920 --> 00:50:16,160 that they're okay with you being like in 1187 00:50:12,520 --> 00:50:17,640 their hair more whatever it may be um I 1188 00:50:16,160 --> 00:50:19,599 think I'd drive her I think I'd drive 1189 00:50:17,640 --> 00:50:21,319 her crazy if I wasn't working in some 1190 00:50:19,599 --> 00:50:22,920 capacity so I don't know if I'm GNA 1191 00:50:21,319 --> 00:50:25,839 continue working for the rest of my life 1192 00:50:22,920 --> 00:50:27,400 or what but okay so you're talking about 1193 00:50:25,839 --> 00:50:30,480 specifically it look like there was a 1194 00:50:27,400 --> 00:50:33,160 gap in the resume there yeah for for her 1195 00:50:30,480 --> 00:50:35,599 I mean she she's had she has a resume 1196 00:50:33,160 --> 00:50:38,240 but she her name's Sarah Shay and she 1197 00:50:35,599 --> 00:50:41,319 was working for Adam Shay CPA for you 1198 00:50:38,240 --> 00:50:43,640 know however many years as she was also 1199 00:50:41,319 --> 00:50:45,240 like czy you know as she was also Shing 1200 00:50:43,640 --> 00:50:48,760 the kids around and volunteering at 1201 00:50:45,240 --> 00:50:50,160 school and other stuff um and so I don't 1202 00:50:48,760 --> 00:50:53,400 know it's just kind of been trying to 1203 00:50:50,160 --> 00:50:55,559 figure out like what both of us are 1204 00:50:53,400 --> 00:50:58,400 going to do from a career and business 1205 00:50:55,559 --> 00:51:00,400 perspective you know moving forward okay 1206 00:50:58,400 --> 00:51:01,599 awesome well uh I look forward to 1207 00:51:00,400 --> 00:51:04,319 getting into the lightning round with 1208 00:51:01,599 --> 00:51:06,200 you Adam I love this part just to hear 1209 00:51:04,319 --> 00:51:07,920 more about my guest and find out some 1210 00:51:06,200 --> 00:51:09,119 things that are on their minds about 1211 00:51:07,920 --> 00:51:11,400 some of the questions so you ready for 1212 00:51:09,119 --> 00:51:13,960 the lightning round sure have had it 1213 00:51:11,400 --> 00:51:15,040 okay uh coffee or tea and how do you how 1214 00:51:13,960 --> 00:51:18,640 do you like it 1215 00:51:15,040 --> 00:51:22,000 prepared uh tea and iced tea with some 1216 00:51:18,640 --> 00:51:24,640 sort of fruit flavor in it okay uh I 1217 00:51:22,000 --> 00:51:27,200 assume sweet or is that a incorrect 1218 00:51:24,640 --> 00:51:29,000 assumption yeah I mean we are the South 1219 00:51:27,200 --> 00:51:31,559 so yeah it's got some sort of Sweetness 1220 00:51:29,000 --> 00:51:34,079 in it although like actually and I'll 1221 00:51:31,559 --> 00:51:35,319 add the one other te I like is Starbucks 1222 00:51:34,079 --> 00:51:38,079 they have things that are called 1223 00:51:35,319 --> 00:51:40,200 medicine balls which is hot tea with 1224 00:51:38,079 --> 00:51:42,880 honey in it and lemonade in it and those 1225 00:51:40,200 --> 00:51:44,000 are very good too like a cold killer 1226 00:51:42,880 --> 00:51:46,559 kind of thing yeah it's like a cold 1227 00:51:44,000 --> 00:51:47,440 killer but you you can I I drink it if I 1228 00:51:46,559 --> 00:51:49,760 go to 1229 00:51:47,440 --> 00:51:51,440 Starbucks okay yeah I just wanted to 1230 00:51:49,760 --> 00:51:53,200 clarify because I know I go south of 1231 00:51:51,440 --> 00:51:56,799 Virginia and I don't have to say sweet 1232 00:51:53,200 --> 00:51:58,319 tea I just say tea so it's better than 1233 00:51:56,799 --> 00:51:59,640 going back home to California and I said 1234 00:51:58,319 --> 00:52:01,559 do you have sweet tea and they're like 1235 00:51:59,640 --> 00:52:05,079 well you can add sugar packets to it I'm 1236 00:52:01,559 --> 00:52:08,119 like never mind just bring me a 1237 00:52:05,079 --> 00:52:10,839 soda all right uh pie or cake and do you 1238 00:52:08,119 --> 00:52:13,880 have a a favorite kind carrot cake 1239 00:52:10,839 --> 00:52:15,839 that's what my mom always made growing 1240 00:52:13,880 --> 00:52:17,480 up and so it just kind of has a special 1241 00:52:15,839 --> 00:52:19,079 spot in me it was what we got for our 1242 00:52:17,480 --> 00:52:22,200 birthdays and stuff like that I think it 1243 00:52:19,079 --> 00:52:23,920 was my dad's favorite so awesome yeah I 1244 00:52:22,200 --> 00:52:27,079 that brings back childhood memories for 1245 00:52:23,920 --> 00:52:28,680 me too still enjoy it today 1246 00:52:27,079 --> 00:52:30,880 um what's a common belief among 1247 00:52:28,680 --> 00:52:33,599 entrepreneurs that you would love to 1248 00:52:30,880 --> 00:52:36,680 correct I mean I I think it just kind of 1249 00:52:33,599 --> 00:52:38,680 goes around the hustle culture and the 1250 00:52:36,680 --> 00:52:40,440 like that you have to like your business 1251 00:52:38,680 --> 00:52:44,000 has to be your life or your life has to 1252 00:52:40,440 --> 00:52:46,400 be your business um and just kind of 1253 00:52:44,000 --> 00:52:48,880 finding balance even if you're growing 1254 00:52:46,400 --> 00:52:50,839 and really um having a successful 1255 00:52:48,880 --> 00:52:53,599 business like you just 1256 00:52:50,839 --> 00:52:55,400 need that time and focus and you need 1257 00:52:53,599 --> 00:52:57,760 outside interests outside of the work 1258 00:52:55,400 --> 00:53:01,440 outside of your family to help maintain 1259 00:52:57,760 --> 00:53:02,839 that that balance and so I think I'm at 1260 00:53:01,440 --> 00:53:04,799 least seen more and more where people 1261 00:53:02,839 --> 00:53:06,839 are like no hustle culture is not that 1262 00:53:04,799 --> 00:53:10,000 great like that's that's probably the 1263 00:53:06,839 --> 00:53:12,480 best thing that's come out of the postco 1264 00:53:10,000 --> 00:53:14,359 and pandemic era is like just people 1265 00:53:12,480 --> 00:53:17,520 seem to be more mindful of that and more 1266 00:53:14,359 --> 00:53:19,160 mindful of of you know balancing things 1267 00:53:17,520 --> 00:53:21,599 I think it's still taking a while to 1268 00:53:19,160 --> 00:53:23,559 catch up at the owner level of the 1269 00:53:21,599 --> 00:53:25,839 companies but I'm definitely happy to 1270 00:53:23,559 --> 00:53:28,599 see that at the at the employee and the 1271 00:53:25,839 --> 00:53:30,599 manager level of you know this company's 1272 00:53:28,599 --> 00:53:33,119 going to continue to exist after you 1273 00:53:30,599 --> 00:53:36,359 after you go I think stories like yours 1274 00:53:33,119 --> 00:53:39,520 are important for owners where it's like 1275 00:53:36,359 --> 00:53:41,880 yeah this company does rely on me but I 1276 00:53:39,520 --> 00:53:45,359 need to be somebody else other than just 1277 00:53:41,880 --> 00:53:47,440 the person in this company so 1278 00:53:45,359 --> 00:53:48,799 awesome uh if what's your favorite 1279 00:53:47,440 --> 00:53:52,520 holiday and 1280 00:53:48,799 --> 00:53:57,040 why um I would say Labor Day I I don't 1281 00:53:52,520 --> 00:53:59,200 know I'm a I'm a I'm a fall and winter 1282 00:53:57,040 --> 00:54:00,920 kind of guy even though you know it's 1283 00:53:59,200 --> 00:54:03,520 gets hot here in North Carolina in the 1284 00:54:00,920 --> 00:54:06,000 summertime and like I just like that and 1285 00:54:03,520 --> 00:54:09,359 so it may still be hot on Labor Day but 1286 00:54:06,000 --> 00:54:13,040 it's at least sign signifying that it's 1287 00:54:09,359 --> 00:54:14,720 coming the other thing is like this may 1288 00:54:13,040 --> 00:54:16,440 sound terrible to say but I think 1289 00:54:14,720 --> 00:54:18,760 parents can relate to this it's also 1290 00:54:16,440 --> 00:54:21,480 generally around the start of school and 1291 00:54:18,760 --> 00:54:25,359 so you know there's there's you have 1292 00:54:21,480 --> 00:54:27,640 more time to yourself the reset of wow 1293 00:54:25,359 --> 00:54:29,680 the house is so quiet 1294 00:54:27,640 --> 00:54:31,359 again all right awesome I think you 1295 00:54:29,680 --> 00:54:32,960 might be the first vote for labor day 1296 00:54:31,359 --> 00:54:36,599 I've had on the 1297 00:54:32,960 --> 00:54:38,240 podcast awesome um are you a morning 1298 00:54:36,599 --> 00:54:39,160 person or a night person and do you have 1299 00:54:38,240 --> 00:54:42,200 a favorite 1300 00:54:39,160 --> 00:54:44,720 routine um I would say generally like 1301 00:54:42,200 --> 00:54:46,040 morning person although like I I don't 1302 00:54:44,720 --> 00:54:47,960 know one of the things I've done like 1303 00:54:46,040 --> 00:54:51,119 post acquisition is like really try to 1304 00:54:47,960 --> 00:54:53,640 focus on my sleep and so I wake up when 1305 00:54:51,119 --> 00:54:56,440 I wake up and it's generally not that 1306 00:54:53,640 --> 00:54:59,880 super early but it's not late but sounds 1307 00:54:56,440 --> 00:55:02,640 super early um yeah I mean my routine 1308 00:54:59,880 --> 00:55:04,640 again starts with like my workday ends 1309 00:55:02,640 --> 00:55:06,240 with the walking the dog my day starts 1310 00:55:04,640 --> 00:55:09,960 with walking the dog and just kind of 1311 00:55:06,240 --> 00:55:11,720 getting outside um sometimes I listen to 1312 00:55:09,960 --> 00:55:13,839 podcast but a lot of times I convince 1313 00:55:11,720 --> 00:55:16,520 myself that just like H not having the 1314 00:55:13,839 --> 00:55:19,000 noise and just kind of being in 1315 00:55:16,520 --> 00:55:21,520 observing nature around us is a good 1316 00:55:19,000 --> 00:55:24,280 start to the day 1317 00:55:21,520 --> 00:55:26,440 awesome um what what's one thing that 1318 00:55:24,280 --> 00:55:30,000 you would want your successor to to 1319 00:55:26,440 --> 00:55:33,920 remember you for I think that being you 1320 00:55:30,000 --> 00:55:37,160 know honest and to my word and you know 1321 00:55:33,920 --> 00:55:38,680 just representing things as they were um 1322 00:55:37,160 --> 00:55:41,880 you know with the business and just kind 1323 00:55:38,680 --> 00:55:45,400 of being a standup guy is kind of what I 1324 00:55:41,880 --> 00:55:47,359 want someone to remember me yes okay 1325 00:55:45,400 --> 00:55:50,280 awesome uh where are you finding 1326 00:55:47,359 --> 00:55:53,559 creativity right now I mean I I share my 1327 00:55:50,280 --> 00:55:56,760 creativity or I don't know I find 1328 00:55:53,559 --> 00:55:59,920 creativity in daily life and so I I kind 1329 00:55:56,760 --> 00:56:02,079 of like a lot of times thoughts or ideas 1330 00:55:59,920 --> 00:56:04,160 come to me as far as like things I could 1331 00:56:02,079 --> 00:56:06,799 write about or could share on LinkedIn 1332 00:56:04,160 --> 00:56:09,640 or you know do for other things or 1333 00:56:06,799 --> 00:56:11,319 relevant to other business owners um I 1334 00:56:09,640 --> 00:56:12,799 generally will try to jot down those 1335 00:56:11,319 --> 00:56:14,839 thoughts because it's I'm one of those 1336 00:56:12,799 --> 00:56:17,799 people like if I don't jot it down like 1337 00:56:14,839 --> 00:56:19,680 i' I've lost the thought like five or 10 1338 00:56:17,799 --> 00:56:22,520 minutes later at least with that sort of 1339 00:56:19,680 --> 00:56:24,680 stuff um and so I don't know it's just 1340 00:56:22,520 --> 00:56:26,720 kind of living life with eyes open and 1341 00:56:24,680 --> 00:56:29,000 trying to cut down on some of the 1342 00:56:26,720 --> 00:56:32,280 digital and electronic distractions and 1343 00:56:29,000 --> 00:56:36,039 just kind of that's that's kind of what 1344 00:56:32,280 --> 00:56:38,280 sparked my Sparks my juice taking the 1345 00:56:36,039 --> 00:56:40,280 time to observe and just watch and pay 1346 00:56:38,280 --> 00:56:42,920 attention to why things are the way they 1347 00:56:40,280 --> 00:56:45,680 are yeah awesome 1348 00:56:42,920 --> 00:56:47,520 cool um last question Adam what do you 1349 00:56:45,680 --> 00:56:50,559 have coming up in the next year that's 1350 00:56:47,520 --> 00:56:55,240 got you really excited or interested 1351 00:56:50,559 --> 00:56:58,680 engaged yeah um I mean I I'm just kind 1352 00:56:55,240 --> 00:57:01,559 of kind of building out this new side of 1353 00:56:58,680 --> 00:57:04,000 me this new business for me and just 1354 00:57:01,559 --> 00:57:05,920 kind of developing that I mean people 1355 00:57:04,000 --> 00:57:08,559 are asking sort of what I'm doing I'm 1356 00:57:05,920 --> 00:57:10,280 I'm I know in the general area but I'm 1357 00:57:08,559 --> 00:57:12,039 still hashing through ideas and just 1358 00:57:10,280 --> 00:57:13,880 kind of want to work with business 1359 00:57:12,039 --> 00:57:17,119 owners entrepreneurs to help them 1360 00:57:13,880 --> 00:57:20,640 achieve their goals help them minimize 1361 00:57:17,119 --> 00:57:23,240 the mistakes I made and so you know in 1362 00:57:20,640 --> 00:57:25,640 the form of you know educational content 1363 00:57:23,240 --> 00:57:27,480 and um you know coaching is kind of what 1364 00:57:25,640 --> 00:57:30,480 I'm my thought processes right now and 1365 00:57:27,480 --> 00:57:32,240 you could check in with me in you know 1366 00:57:30,480 --> 00:57:35,680 November and it may be something yeah I 1367 00:57:32,240 --> 00:57:38,000 may have pivoted who knows but um that's 1368 00:57:35,680 --> 00:57:39,559 what I intend to do right now is kind of 1369 00:57:38,000 --> 00:57:42,559 my goal is for 1370 00:57:39,559 --> 00:57:44,799 2025 awesome and where can people uh 1371 00:57:42,559 --> 00:57:47,359 find you online to follow more along 1372 00:57:44,799 --> 00:57:49,079 with that uh best spot for me is 1373 00:57:47,359 --> 00:57:52,720 probably on LinkedIn if they just search 1374 00:57:49,079 --> 00:57:54,920 Adam Shay shy they'll find me pretty 1375 00:57:52,720 --> 00:57:57,000 easily and I'm I'm really active on 1376 00:57:54,920 --> 00:57:59,880 there yep we're going to link that in 1377 00:57:57,000 --> 00:58:02,920 the show notes awesome uh anything else 1378 00:57:59,880 --> 00:58:04,960 Adam at the end here don't don't don't 1379 00:58:02,920 --> 00:58:07,000 let the business you know if you're 1380 00:58:04,960 --> 00:58:08,559 running a business or thinking of 1381 00:58:07,000 --> 00:58:10,760 acquiring a business I just encourage 1382 00:58:08,559 --> 00:58:14,119 people to find ballots and maintain 1383 00:58:10,760 --> 00:58:16,200 ballots and not to let the stress of it 1384 00:58:14,119 --> 00:58:19,079 like push you too far because I was 1385 00:58:16,200 --> 00:58:21,039 fortunate like through un external 1386 00:58:19,079 --> 00:58:24,400 events or what my partner wanted to do 1387 00:58:21,039 --> 00:58:26,880 like I sold the business and I was 1388 00:58:24,400 --> 00:58:29,640 burned out didn't really realize it but 1389 00:58:26,880 --> 00:58:31,240 what I I kind of like think back like or 1390 00:58:29,640 --> 00:58:33,119 look back like what would have happened 1391 00:58:31,240 --> 00:58:35,480 if that hadn't happened and I continued 1392 00:58:33,119 --> 00:58:38,200 I mean you hear people ending up in a 1393 00:58:35,480 --> 00:58:41,240 hospital other stuff like just are just 1394 00:58:38,200 --> 00:58:43,760 kind of shattered lives because they 1395 00:58:41,240 --> 00:58:47,599 work too much or carry too much stress 1396 00:58:43,760 --> 00:58:49,200 and so um I think it's just kind of 1397 00:58:47,599 --> 00:58:52,640 that's my message I'm trying to get out 1398 00:58:49,200 --> 00:58:54,440 is to your your work is not your 1399 00:58:52,640 --> 00:58:56,960 identity and your identity is not your 1400 00:58:54,440 --> 00:58:58,440 work so or or your business 1401 00:58:56,960 --> 00:58:59,760 well thank you for Adam for being on the 1402 00:58:58,440 --> 00:59:02,400 show and sharing the message I 1403 00:58:59,760 --> 00:59:04,079 appreciate it thank you you've been 1404 00:59:02,400 --> 00:59:06,160 listening to the art of succession 1405 00:59:04,079 --> 00:59:07,680 podcast with your host Barrett young 1406 00:59:06,160 --> 00:59:09,319 twice a month we'll bring you interviews 1407 00:59:07,680 --> 00:59:10,760 sharing the successes and challenges 1408 00:59:09,319 --> 00:59:13,200 from business owners with their own 1409 00:59:10,760 --> 00:59:16,160 succession Stories the art of succession 1410 00:59:13,200 --> 00:59:18,520 is sponsored by gwcp and is provided for 1411 00:59:16,160 --> 00:59:20,280 informational purposes only before 1412 00:59:18,520 --> 00:59:22,160 engaging in any transaction you should 1413 00:59:20,280 --> 00:59:23,760 consult your own adviser if you've 1414 00:59:22,160 --> 00:59:25,520 enjoyed this episode please share it 1415 00:59:23,760 --> 00:59:28,039 with others and we'll see you on the 1416 00:59:25,520 --> 00:59:28,039 next one