The Art of Succession · 2025-02-18 · 59 min
In this episode of The Art of Succession podcast, host Barrett Young interviews Adam Shay, who shares his comprehensive journey from founding a CPA firm in 2010 to its successful sale in 2023 and his subsequent transition. This conversation offers valuable insights into the full lifecycle of entrepreneurship, from startup through exit and beyond. Building and Scaling the Business Starting his firm just weeks before his first child was born, Adam grew the practice from a solo operation to nearly 20 employees. The firm established itself in Wilmington, NC through early digital marketing adoption, strong networking, and reputation building. Over time, they evolved from purely transactional tax work to include advisory services and recurring revenue streams. As the firm expanded, Adam faced increasing challenges with staffing and retention, particularly during the pandemic. The constant cycle of hiring, training, and managing staff began taking its toll, though he didn't recognize his burnout until after the sale. When his minority partner expressed interest in leaving the tax practice, it catalyzed the decision to explore exit options.
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Succession Planning Secrets for CPAs to Buy into Partnerships with Confidence - Albert Butler CPA MBA75 / 100
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