2018 CPA Symposium – McCormick Financial Advisors – Bozeman, MT

A big thanks to Mike McCormick of McCormick Financial Advisors in Bozeman, Montana for inviting me to discuss the client’s buying journey at his 2018 CPA Symposium.  The event was well attended by many of Montana’s brightest CPAs, and included a number of highly entertaining and interesting speakers from the fields of private equity, law and M&A advisory.  

One of the most interesting aspects of the event for me was learning about the challenges facing Montana’s top CPA firms.  The biggest challenge for many is NOT finding new clients, it’s in finding good, young CPAs to serve their growing client base.  Not sure if this is a nationwide trend or a local one.  We ended up pivoting our discussion to the importance of proactively engaging with the “right” clients for their firm’s expertise….rather than passively responding to the business that “walks in the door”.  We discussed the impact of the adage “the top line creates jobs….the bottom line creates wealth”.  And, having a candid discussion regarding the fact that many firms make 80% of their profits on 20% of their clients (the good ol’ Pareto Principle) and that their firm is likely losing money on many of its clients.

Definitely a twist on what I came planning to discuss, but speaks to the unique nuanced challenges due to our specific industry and geography.  Thanks again, Mike, for hosting a great event!

2018-06-22T14:31:04+00:00

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