The Disruptors: Brannon Poe
A Special Series with Liz Farr for CPA Trendlines
Brannon Poe is the founder of Poe Group Advisors and the creator of Accounting Practice Academy. He began facilitating successful accounting practice transitions in 2003. Today he is pioneering a consulting-based approach to transitioning accounting firms, culminating in Poe Group Advisors’ proprietary process for a “seamless “succession.”
In this episode, Poe tells CPA Trendlines:
- Firm culture is not just a lofty concept but also a key to attracting fantastic talent.
- Delegation is the cornerstone of firm culture.
- Value pricing requires a mindset shift before it can be implemented. Switch off the mindset that equates time with money and shift to a focus on what’s valuable to the client. Value pricing is not just a model for better profitability but a model for better client service.
- Before growth can happen, several things must happen first. Focus on delivering value to the client, be intentional about the clients you serve and the kind of work you’re doing, have good relationships with clients, and you need capacity.
- Accountants need a more entrepreneurial mindset. Try setting up a sandbox where you can experiment. Try rolling out changes to a subset of your clients before doing it for everyone.
- Accountants should stop accepting the status quo. Test your assumptions. For example, does tax season have to be brutal? Some firms have proven otherwise.
- Firms need a better foundation of the fundamentals of business. What in accounting is never going to change? Businesspeople will always want insights, tax planning advice, and good service. Those fundamentals won’t change, but they get forgotten and don’t get practiced.