Show notes
Welcome to another episode of Building the Premier Accounting Firm. Today, Roger Knecht and Jeff Dredge discuss the evolution of the accounting profession, highlighting the shift from traditional compliance to essential advisory services. They explore how embracing technology and a "hindsight, insight, foresight" approach can transform accounting firms and enhance client relationships. Learn about the value of work-life balance and strategic collaboration for sustained growth. In This Episode: 00:00 Introduction & Early Career 02:11 From Employee to Partner 05:01 The Evolution to Advisory Work 07:35 Embracing Technology and Foresight 12:05 Value of Advisory Services 16:24 Human Element in Advisory 18:58 Selling the Accounting Business 24:41 Valuation & Industry Needs 33:28 Defining Services and Collaboration 39:20 Leveraging Collaboration & Post-Acquisition Changes 41:27 Recharging Through the Outdoors 44:34 Family, Growth, and Resilience 47:48 Selling Your Business: Considerations 51:25 Prioritizing Work-Life Balance 54:00 Rapid-Fire Questions 55:24 Show Recap & Host Offers 01:00:15 Final Thoughts: Hope & Growth 01:03:52 Closing Remarks & Resources Key Takeaways: Transition from technician to partner to gain ownership and leadership skills. Offer advisory services to move beyond commoditized compliance work. Understand business valuation factors: client stickiness, staff retention, and clear operating procedures. Prioritize work-life balance to sustain personal well-being and strong family relationships. Collaborate with other accounting professionals to offer comprehensive client solutions. Featured Quotes: "If you want to be successful, you've got to separate yourself from the work, and you got to work on your business." — Jeff Dredge "Hindsight is a commodity if that's what you're providing… When you start getting to insight and foresight, you can charge higher fees because there's greater value to what you're providing." — Jeff Dredge "I think more than ever in today's world, we cannot be entrenched. We've got to learn to use these tools." — Jeff Dredge Behind the Story: Jeff Dredge, a CPA and founder of an accounting business, recounts his career trajectory, including the pivotal decision to pursue accounting after being inspired by a mentor's lifestyle. He explains his preference for a smaller firm that offered rapid responsibility and the journey to becoming a partner within five years. The narrative delves into his experience with selling his firm to a private equity group, the anxieties surrounding being "micromanaged," and the eventual realization of greater focus on delivery and strategy. Jeff Dredge emphasizes the importance of work-life balance, community involvement, and fostering independence in his children through challenging experiences. Conclusion: Thank you for joining us for another episode of Building the Premier Accounting Firm with Roger Knecht. For more information on how you can establish your own accounting firm and take control of your time and income, call 435-344-2060 or schedule an appointment to connect with Roger's team here. Sponsors: Universal Accounting Center Helping accounting professionals confidently and competently offer quality accounting services to get paid what they are worth. Offers: Are you ready for a change, both personally and professionally? Then accept and participate in the Accountrepreneurs Challenge. This is a FREE opportunity to apply best practices and make this the best year yet in your career. Be sure to join us for GrowCon, the LIVE event for accounting professionals to work ON their business. This conference is one you don't want to miss. Get a FREE copy of these books all accounting professionals should use to work on their business and become profitable. These are a must-have addition to every accountant's library to provide quality CFO & Advisory services as a Profit & Growth Expert today: "Red to BLACK in 30 days – A small business accountant's guide to QUICK turnarounds." "in the BLACK, Nine Principles to Make Your Business Profitable" "Your Strategic Accountant" - Understand the 3 Core Accounting Services (CAS - Client Accounting Services) you should offer as you run your business. "Your Profit & Growth Expert" - Offer CFO & Advisory services with confidence and competence. Take the time to understand what your clients expect from you as their accountant. 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Also, let us know what you think of the podcast and please share any suggestions you may have. We look forward to your input: Podcast Feedback For more information on how you can apply these principles to start and build your accounting, bookkeeping & tax business please visit us at www.universalaccountingschool.com or call us at 8012653777