As I discussed in my last post, CPA for Small Business, LLC has experienced quite a bit of growth the last two years and that the volume of work has been high over the last twelve months. As a result, my backlog of work to perform has stayed steady because I haven’t had any slow periods where I could dedicate time to work down the backlog.
Since mid-2009, I’ve been trying to find the best solution to handle the growth of my firm. I looked into hiring a staff accountant as well as utilizing interns from local colleges. Even though both of these were viable options, I just wasn’t comfortable enough to commit to either of these alternatives.
As many readers of this blog know, my first entrepreneurial endeavor (a logistics company I opened in 1993) failed. The major reason for this failure was that I tried to grow too quickly by adding staff whenever I had the cash reserves to do so. When the markets we served suffered a major downturn in the mid-1990’s, I had marginal cash reserves which made it impossible to react to and/or ride out the downturn.Learning from my first entrepreneurial start-up, I’ve been slow to add the expense of staff or overhead to my public accounting firm, even though the volume is near (or already at) the point where it is necessary.
I’m really glad I waited because an opportunity developed a few weeks ago that is a perfect fit for CPA for Small Business, LLC.
This week, I will begin working under the same roof as Nestor CPA Services, Inc. Steve Nestor and I started negotiating a practice continuance agreement between our two public accounting firms a month or so ago and it grew into a deal where we’ll be sharing offices and resources.
We have worked together in the past, so I already have a good working relationship with Steve and his staff. Our practices have different strengths, so the synergy between the two firms will definitely benefit our clients.
I’m really excited about this because I know my clients will benefit from these changes.I guess you could say that growth has caused me to mix a little brick and mortar with the virtual at CPA for Small Business, LLC.