Description

In today's episode of the IC-DISC show, we welcome Deanna Walker, CEO of Venturity Financial Partners, to discuss the world of outsourced accounting.
Deanna reflects on transitioning from banking to leading an accounting firm committed to transparency and team-based client service. We explore Venturity's unique approach to addressing private businesses' administrative and strategic needs.
From supporting founder-led ventures to navigating COVID disruptions, Deanna shares insights into competently enhancing clients' capabilities. Our conversation considers the evolving role of CPA firms and the benefits of mentorship in this field.
This episode offers not just information but valuable perspectives on outsourcing in today's accounting landscape, enlightening you on the potential strategies and solutions available.

• I discussed outsourced accounting services with Deanna Walker, CEO of Venturity Financial Partners, exploring their commitment to open book management and "The Great Game of Business" principles.
• Deanna shared her journey from a decade-long banking career to leading Venturity, highlighting her experiences in business development and the firm's team-based approach.
• We examined a case study involving a multi-entity dental service organization where Venturity's offshore team significantly improved financial reporting and reduced errors.
• The conversation included how Venturity supports founder-led companies by maintaining institutional knowledge while enhancing accounting capabilities amid a nationwide shortage of qualified accountants.
• We delved into the importance of quality work, proactive collaboration, and consistent communication with clients in financial services, emphasizing a team-based approach to outsourcing.
• Deanna discussed the evolving role of CPA firms in the outsourcing space and the impact of regulations like Sarbanes-Oxley on their services.
• We explored Venturity's advisory practice, which includes a team of CFOs and COOs providing operational expertise and strategic planning support to clients.
• Deanna highlighted the significance of mentorship, particularly for women in accounting, and the positive impact of open book management on team engagement and service quality.
• We addressed the challenges Venturity faced during the COVID-19 pandemic, including capacity issues and the necessity of prioritizing client relationships based on mutual value.
• The episode concluded with a lighthearted debate on the merits of Texas barbecue versus Tex-Mex cuisine, revealing a shared passion for Tex-Mex.

 


Contact Details
LinkedIn- Deanna C Walker (https://www.linkedin.com/in/deannacwalker/)


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Show Notes

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About IC-DISC Alliance

About Venturity Financial Partners





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Deanna Walker About Deanna




TRANSCRIPT

(AI transcript provided as supporting material and may contain errors)



Dave: Hello, this is David Sprey and welcome to another episode of the IC Disc Show. My guest today Deanna Walker, the CEO of Venturity Financial Partners in.
Deanna: Dallas.
Dave: And Venturity is a outsourced accounting consulting firm and they've also grown into outsourced CFO, coo type work. We had a really great conversation talking about a variety of different things. One of the most interesting is they're committed to open book management and following the framework from the book the Great Game of Business framework from the book the Great Game of Business, and over time they've even gotten to where they are consulting with their clients on implementing open book management and all the benefits to it. So we went into some details there and I asked my standard questions, of course, about what they wish they had known when they were 25. And so it was a really great interview. Deanna has a really great story and we also got into a little bit of UT and A&M rivalry. So it was a fun conversation. I hope you enjoy it. Good morning, deanna. How are you today?
Deanna: I'm great, David. How are you?
Dave: I am doing great. I have my Yeti Whataburger cup and you'll see it as we talk.
Deanna: There we go, let me some Whataburger.
Dave: I know. So where are you located today?
Deanna: I'm actually in Dallas, Texas.
Dave: Okay, great, and I am in Houston, where I typically am. Hey, before we get started, I want to just address something that may cause this to be a very short podcast, so I noticed that you appear to be a proud graduate of Texas A&M University. Is that true?
Deanna: Very true Well.
Dave: I am a proud graduate of another large Texas State University in Austin. So I just thought, if this is going to be a problem. We should probably, you know get it out of the way right away.
Deanna: I don't think it'll be a problem. I've already addressed this similar issue about 30 years ago. My husband went to the University of Texas, so we are divided. And I've got one graduate of there already and is soon to be graduate in May, and I can also probably say I am one of very few individuals, if not the only one, that has graduated with a degree from A&M that has a license plate currently that says hook'em.
Dave: Yeah, you better not let too many Aggies hear about that, they may disown you.
Deanna: Yeah, no. Well, we also have a text exchange that's called UT3 and a wannabe. So I would say I'm old Southwest Conference because I've got ties to SMU and Arkansas. So that may date me a little bit, but that's how far back I go with our Texas football.
Dave: That's. That is awesome. So are you a native Texan then?
Deanna: I am Born and raised in San Antonio, okay.
Dave: Yeah, I grew up just east of San Antonio, so I know that part of the state. Well, let's get started. Tell me about Venturity Financial Partners. What the heck do you all do?
Deanna: Well, we help business owners, CEOs, management teams solve problems that relate to their accounting back office, including the office of the C-suite. The CFO and the COO relate an alternative to becoming an in-house accounting and finance group.
Dave: Okay, and where you see that you've been the CEO for a little, while not a long time. What's the background? How did you end up there? Did you start your career there? What's the story?
Deanna: Yeah, no good question. I had about a 10-year banking career. So, coming out of A&M, moved to Dallas and worked in the investment banking field and corporate lending, acquisition financing field for about 10 years or so. Took a little bit of a break when my kids were younger and then got introduced to Chris McKee, the founder of Venturity, in 2001. I really fell in love with the business model and the opportunity to, like I said, help business owners, ceo-led teams, really focus on their back office accounting and bring expertise to the table, and so mainly grew up on the side of the business. That was, the business development side of the house. So most recently, before taking over CEO, I was the CRO.
Dave: Oh okay, Chief revenue officer.
Deanna: Yes.
Dave: Okay, so who? What are the characteristics of the companies that you're kind of best suited to to serve then?
Deanna: Yeah, Privately held companies really ranging in size from 10 to 500 million in revenue. Companies, like I said, people don't come to us generally because everything is working great in their finance and accounting department. They usually come because they're frustrated, can't get the right teams in place, not comfortable with their information, and so we can bring a lot of that expertise and partner with them.
Dave: Okay, and what is that? And how does that look like? Is it, like you know, consulting engagements? Do they just completely like outsource their back office to you? Is it a mix?
Deanna: It's a mix, it's a little bit of both At our core on the accounting outsourcing side. It's, like I said, an alternative to having an in-house team. It's a team-based approach and then we can augment that solution with special project resources, either on the accounting side and then, most recently in the last three and a half years, we added a COO advisory team that can really round out that finance function. And whether it's for an ongoing type of service there or popping in for a project either way.
Dave: Okay, got it. Okay, I think I'm with you so far. Well, I love stories and I think our audience does too. Do you have some like client, like success stories that you can tell us about? And I realize you may have to have them anonymous, but I think that helps people understand, understand better with stories and examples. Do you have some stories?
Deanna: I do. You know, I guess before I would launch into that I would say is just to add on a little bit to the concept of people don't come to us because their accounting is going well. You know, we're system agnostic, which I also think is a benefit. We work with a variety of industries and so just a lot of times people will come because they're very frustrated in terms of being able to attract and retain top talent where there's been a transition in their business and they're looking to augment and get information. So one that comes to mind in particular it's a family-run business, a wholesale distribution company, and they knew they wanted to sell second generation, but they really knew they wanted to sell.
The CEO was not a family member. There was a family member that was still involved in the company and so they brought us on to help get their accounting ready for sale. I'm sure processes really make sure that they are adherence with GAP and so we worked with them probably for I don't know about a year and a half or so working through all of that, getting good cadence, with their month in close and their financial reporting really all in preparation to be put up for sale. Excuse me, they went through a successful transition. This one happened to be purchased by a private equity group, but we really help companies get ready for sale in all areas, but this one was private equity back and I think the interesting thing to note there is that this company has become now the platform for additional add-on acquisitions. So what we've also been able to do is augment to help the due diligence with this group in bringing the special project resources to bear, as well as CFO consulting and advisory. You know when it's needed.
Dave: Okay, no, that's, that's great, did? I'm a big fan of John Wierlow's podcast.
You know John. He wrote the book Built to Sell and he has a great podcast where he interviews every week an entrepreneur who had a successful exit and they kind of debrief on everything. Do you think that deal would have been much more difficult, if not impossible, to get done if they had not engaged you for the prior year and a half? Do you think it would have just been a non-starter for the private equity firm without that, or do you think it would have just been a lower price?
Deanna: That's it lower price. There's a lot of capital out there that people have been to deploy, so I don't know that. I would say I think the accounting, when it's really bad, it may delay. I don't think it keeps the deal from getting done. But I think what we have seen and what our investment bankers and private equity folks will tell us, that having good information and your ducks in a row can really be the equivalent of two to three times turn on an EBITDA. So it's definitely an enhancer to valuation.
Dave: Okay, give me one second. Hey, my dog is over in the corner. He woke up and decided his bed wasn't quite comfortable. He was just scratching around. Sorry about that, yeah, and that's, and that is what it comes down to, right, and then the due diligence was probably less painful. I'm guessing as well.
Deanna: Yeah, it is. You know we have a product called an accounting assessment and it really sits in front of the Q of E reporting that is in either on behalf of the company or the private equity group and really just kind of what I'll call kick the tires on the accounting and it may seem like basic things but it can be very important. Are they really gap compliant? Are they matching revenue and expenses? Do they have an accounts payable process? Is there a revenue recognition need? That's out there for the type of company they are, and are they adhering to the right treatments there? So those are things where we can really go a little bit deeper into the accounting pretty quickly and that really helps with that Q of E and just helps the process move along to identify what might need to be shored up.
Dave: Okay and Q of E quality of earnings.
Deanna: Quality of earnings yes.
Dave: Yes, thank you for clarifying. Yeah, okay. Well, that's a cool one. You have some other client stories.
Deanna: Yeah, another one a little bit larger company. So we're, you know, like I said, we can work with companies 10 to 500 million in revenue, and this one was a multi-entity dental service organization and this one in particular had grown through acquisition. The CEO, when they came to us, was pretty frustrated and heavily involved in the accounting. They had a team in place, four or five person team, some offshore, some onshore and it just wasn't getting the information that he needed and instead of using the time when the financials were generated to analyze and look forward, a lot of time was spent checking for errors.
This particular company had outside reporting to an investor group as well as to a bank, and so there was just a lot of eyes in different constituencies looking at the information. And there's just a lot of eyes and different constituencies looking at the information and there's just a lot of time checking for mistakes. And so we were able to come in and map out the very seamless transition over a period of a few months. We tapped into our offshore team as well that we've had since 2006. And we were able to transition to the accounting to our team really short processes and procedures move up the month-in-close timeframe so we could get information into the hands of the management team sooner and then hence out to the external reporting constituencies. And now the time is spent really looking at the operations of the business, figuring out what needs to be drilled down on getting information out to those individual locations more analysis and forward looking than looking for errors.
Dave: Okay, did they end up just eliminating that internal team then?
Deanna: There was a transition. A couple of people on their India side were kept and moved over to. We don't handle the billing, because insurance billing had a different team, but a couple of those folks were moved over to that team and then the others were transitioned out. We don't handle the billing, because insurance billing had a different team, but a couple of those folks were moved over to that team and then the others were transitioned out. We don't always have to be a situation where we transition team members out. A lot of times it's really based on sort of the level of talent and what the opportunity is there. We kind of round out that function if there's resources that need to remain in-house.
Dave: Okay, so you had a situation here where, let me just recap because of the bank and the investor group, the accounting team was hyper-focused on not being in the uncomfortable position where the bank or an investor would say, hey, what's this expense? Then they look at it and then they come back and say, oh, that was a mistake, we had miscoded that, and which just crushes the confidence that those investors and users have.
So it sounds like they were hyper-focused on preventing that and they probably got to that hyper-focused because they'd been burned, probably in the past. So they got to that position to burn probably in the past. So, yes, so they got to that position and because of that that slowed down the close and it just had them really devoting a lot of time and resources to just that. You know, no, no errors financial.
Deanna: Yes, and also getting the senior management team involved and kind of running down those errors, spending way too much time in the higher level I mean, because the trust wasn't there and they were the ones that were putting their faces on the front lines right to the investor group and to the banks, and there was, you know, debt on the books and you know, and so they really wanted to kind of just glitched up sort of the roles and responsibilities and freed up the CEO to really, like I said, focus on more of the analysis once the team was able to start trusting in the numbers again.
Dave: Okay, well, that's okay. That's another great story. Do you have a third one?
Deanna: Let's see. You know, I think we've had lots of situations where we can come in, so these were involved, sort of taking over everything that. We have lots of situations, though, where we can come in, so these were involved, sort of taking over everything that. We have lots of situations, though, where we can come in. And you know the thing about some, especially the founder led companies they have really great people on their team that have grown up with them over time and they become family members, right, and so it can be difficult or challenging sometimes when you've got a really longstanding, committed team member, but maybe the company has grown to the point where it's maybe outstripped the skill sets of that individual or individuals, and so those team members bring a lot to the table in terms of institutional knowledge, but they may not have what's needed to take the company to the next level from the accounting standpoint, especially if there's complexity in the business.
Sure, mentory management, manufacturing processes or, for construction, clients work in process. So we do this quite a bit. Actually, we'll come into scenarios where those types of team members are on the ground and a lot of times the business owner, the management team, really want to keep those folks and elevate them into new roles because of their operational expertise. So we can come in and augment and work with those types of team members so they don't have to be displaced and they can get more on the analytical side of it, or they can be a bridge between operations and accounting and then we can come in and do that blocking and tackling on the accounting and really get the books closed and make sure that we bring that type of product to the table for them, but that those individuals stay in place and are supported by us but also elevated and coached by us if need be too. So I don't have a specific particular client on that one, because that's a lot of what we do for clients.
Dave: Yeah, no, that's great A representative example, because that's a lot of what we do for clients. Yeah, no, that's great A representative example. So the CPA firms we work with, you know, so basically all of our clients because we do just one, we do just one part of the tax process that we coordinate with their longtime CPA firms so we have interactions with hundreds of CPA firms each year. Firms so we have interactions with hundreds of CPA firms each year and, of course, a common theme is just the shortage of qualified people, and I'm guessing that's a similar problem in-house as well, not just in public accounting. Is that accurate? Does there seem to be a shortage of talented people?
Deanna: Yes, we've had a shortage of accounting folks for quite some time, really even pre-COVID, but it's definitely been exacerbated by COVID and the opportunity for accounting folks to work remotely to service companies all over the country and, in fact, from all over the world.
I think we've been doing outsourcing since 2000, and so we were a little bit on the cutting edge of, hey, you can get your accounting done and not be in the office, you know, sitting there.
But now it's really opened all of that up, and so it has created some challenges in attracting and retaining folks. So for us we're not immune from that. But we offer our team members the ability to work with a lot of different clients and be promoted from within and a career path and, you know, in training as well, and so they're first and foremost employees of Venturity, which we are a 20% ESOP owned company and we're also open book management. So we invest a lot in our culture, which I believe helps us to attract and retain folks. We also have an offshore partner that we have worked with since 2006. And so we partner with them and so we divide and conquer on scope of resources between our two groups as well, which just helps us in terms of being able to, if an opportunity comes to us, especially if it's a large one, mobilize quickly to serve that client. But you're right, it's been tough for several years now.
Dave: But it sounds like in on balance it's been more of an opportunity for you because you're better able to navigate that shortage than what your client is probably. Is that accurate?
Deanna: Yes, I would say so. I think you know that's very true, and we can provide that ongoing training as well, and we have 50 accountants that come to the office every day. So there's a lot of collaboration, team-based approach, resource sharing, things like that, and so that's enticing to a lot of people, as well as the ability to get exposure to a lot of different companies and a lot of different industries. So being system agnostic, working in a lot of different systems as well as industry, provides a lot of opportunity for folks in the accounting field and the opportunity to be promoted as well.
Dave: Okay, and you all don't like audit financial statements or prepare tax returns, correct? No?
Deanna: that's a really great question. So we're really structured as a professional services company and we like to say we sit on the same side of the table as our clients. So while we have CPAs on staff and our founder is a CPA, our clients get audited by outsourced CPA firms and we don't do tax work either. So we're more of that internal accounting department resource and we partner a lot of times with the tax CPAs and the auditors in terms of giving them the information they need to discharge their services.
Dave: Okay, what do your clients say? Or what would you think your clients would say if I said, hey, what makes Venturity so great to work with? What are the things that your clients tell you differentiate you in the marketplace or make you such a valuable partner?
Deanna: Yeah, I would say the quality, two things the quality of our work as well as the proactive focus we have on collaboration and communication with our clients. We're consistent. We deliver our financials on time. We send out weekly updates to our clients that they even though we're not going on site to do the work on a regular basis they know at any given point in time where they stand. We're in constant communication with them. We do have onsite meetings it's not like they never see us by any means, but it's very reliable, very consistent. It's very process and team-based versus a people-based solution where you have, maybe you know, all of your accounting is done by one individual and it's tied up in the head and knowledge of that one person. We bring a team to the table and divide and conquer on skill sets, and that's a little bit unique in terms of the way outsourcing. We bring a team to the table and divide and conquer on skill sets, and that's a little bit unique in terms of the the way outsourcing it has been done.
Dave: I know some of our the CPA firms. We know, because of the shortage of talent, they've had to make some hard decisions. You know which clients you know they can serve and they've had to actually, you know, disengage with clients just because they didn't. You know they just don't have enough people to really serve everybody. Have you all had to go through a similar process where there's just you know some of your smaller clients you just realized you just don't have the capacity for? Has that been a challenge for you as well?
Deanna: We definitely have gone through that in various periods of time. You know we had a couple of things during and coming out of COVID. There was just more work to be done than you can have people for, and so you know there was at one time at our not proud of this, but we had a wait list of like six to eight weeks to bring on a new client and that's super challenging. And so at that point in time we, you know, we were working to have the most efficient client relationships that we can, and you know we want to make sure we have partnerships with our clients where there's mutual value in the relationship.
We're more than just bookkeepers and ticking and tying on transactions. So our clients that really that we both collectively benefit the most from, are those that really value that collaboration that we were talking about getting together once a month and having financial summits or we call it getting the call, the ones that are going to pick up the phone and call us and include us in decision-making. And so when we have to have those times that are unfortunate, when we go through some of those analysis to make sure what's the best fit, we take all those things into consideration. So we have had to do it. We don't like to do it necessarily, but at the end of the day we're looking for the right fit on both sides, and so generally that works itself out in the way that it's supposed to.
Dave: Okay, yeah, that makes sense. As far as new business the business that's referred does it come mostly from current clients, investors, cpa firms, banks, a mix of all of them, and are there any? There have been any trends in the last few years where it's shifted one way or another?
Deanna: way or another, the answer is yes, it comes from all of those. We've got a really great business development team. So we're a referral-based, relationship-based selling organization. We do very little cold calling. We're keeping our eye on things that are out there in the market and definitely are opportunistic. If we come across a company that we may think that is looking for someone or could use our services, and we'll reach out. But yes, we, we develop a group of center of influence. You know relationships and they are comprised of everything you just mentioned.
You know bankers, cpa firms, lawyers you know, other professional services providers that really have the ear of that client. You know as well. I would say, one of the things that's been an interesting trend as of late and I would say late, maybe four or five years is the CPA firms are more and more focusing on the client accounting outsourcing space Used to be they would do bookkeeping as a means to an end for the tax work and they weren't so much focused on providing what I would call ongoing accounting services to clients, but we've definitely seen a focus in that area in the last five or six years, but it's pretty popular right now and so, but there's still so many companies that need expertise.
We don't often go up against five or six at a time when we're looking at a new relationship. It's still very rare, and mostly what we're competing against is companies choosing to build an internal team, but we're definitely the CPA firms putting more emphasis on it. We still have maintained those referral relationships because if you are auditing those companies, you generally don't want to necessarily be doing the accounting for them, and so we partner with folks that really want to put the best interest of the client first and foremost, and so our referral partners. You know there's sometimes overlap in terms of what maybe they can do and what we can do, but when we take that honest approach to what's the best in the best interest of the client, that tends to work itself out. So we want to have partners as well. When we come across something that is not going to be a great fit for us, that we can send and know that they're going to get taken care of in the way we would.
Dave: Okay, no, I like it and that's interesting that evolution of the CPA firms really doing more and more outsourced accounting. It makes sense and I think back when I was at Arthur Anderson like a long time ago well, they'd been out of business for 25 years, so it's been a long time ago but I think back then the accounting firms could actually do consulting for clients they audited and I think that was part of the shakeout or the fallout from that and I think that's what led to Sarbanes-Oxley and some of that stuff.
Deanna: Now you're getting a little technical on me, but it's actually true. So, public companies if you're a public company you really can't do it. If you are private, technically you can have that separation. The onus is on the CPA firm to make sure that if they're doing an audit and also doing the accounting, that they put the proper separation in place. But a lot of them just won't mess with it.
You know because of things that have happened in the past. In certain situations it might make sense, but we oftentimes find that they like to maintain those relationships and so if they've got a strong audit relationship and there's an accounting need there, they generally will refer it out.
Dave: Okay, well, that is excellent. We have covered a lot quickly as we're kind of nearing the home stretch. Is there anything I have not asked you that you wish I'd asked you?
Deanna: You asked some really good questions. I mean, I think we haven't talked too much. We talked a lot about accounting. We haven't talked too much about our advisory practice.
Dave: Yeah, let's talk about that.
Deanna: It's relatively new. So our company is 23 years old and I've been with the firm for about 20 and off and on throughout that time. Actually, during all of that time our focus up until about three and a half years ago was the outsourced accounting piece and to get specific about, that's what I would call the controller level and down. So you know our relationships are rooted in that month in close in the financial reporting. We can also pay bills, invoice clients. We don't do actual payroll processing but we do payroll coordination. So a lot of balance sheet reconciliation work, that type of thing, and over the years there would be times where a client may need that forward looking piece or some additional consultation or an advisor to the CEO or what have you, and so we would bring in a CFO generally fractional CFO partner from the outside.
So we would maintain those relationships as well and have good referral network there and that's worked really well and we've maintained those relationships. But about three and a half years ago we established our practice internally as well and we have five what we'll call CXOs. But the reason we have the CXO in there is because it's a combination of CFOs and a couple of folks that are COO, executive type individuals that are 25 plus 30 years plus of experience in the marketplace that can bring that expertise and knowledge to the table to really round out our accounting function and really have what we call that seat at the table with the management team. What that does is it allows us to go deeper with our clients and bring operational expertise to the table or kind of merge and mesh the operations in the accounting.
Accounting is the ultimate scorecard. So if you're doing your accounting correct and you're analyzing your information, then you can take it back to what's going on in the operations right, whether it's a process you need to revamp or sales you need to focus on or handling something slightly different way, so that team can help. Those individuals can help bridge that gap and then take that information and look forward with the client as well, and get more into forecasting and budgeting. And how do we prepare for a sale, or where should we go next? A new market, that type of thing. So it brings that operational focus in, you know, to the forefront too.
Dave: And that service? Was that more an augmentation of existing relationships or adding that piece? Or is that actually grown to be where you're actually bringing clients in through that service path and then sometimes adding the accounting outsourcing or not?
Deanna: Yeah, that's a really great question.
It's been a little bit of both.
So, you know, we've been able to expand our existing client relationships and bring that level of you know of service to the table.
But then we have a lot of opportunities that we may not have been able to do the accounting if it were not for that C-suite individual to lead the charge of the team. And those are usually, the more you know, david, the more complex situations where and it's generally not the complexity related to the accounting, it's the complexity related to the relationships, the management team folks, the constituencies, whether external reporting, things like that to have that C-suite individual to help manage all of that allows us then to come in and do what you do, what we do, really well, which is the accounting. It can be challenging for our controllers to have to manage multiple relationships at the client level because of the way that our teams are set up. So to have that extra level of expertise who can get in there and have those conversations and be a right hand to the CEO or other members of the management team, allows us to have a more expanded relationship in certain situations.
Dave: OK, yeah, I can see why you all have gotten into that service line. And then how do you know when to still use one of your longstanding fractional CFO relationships, maybe industry expertise or something like that?
Deanna: relationships, maybe a industry expertise or something like that. Yes, thank you for bringing that up, because I'm particularly proud of the fact that when we started the practice, we went to the folks that we had existing relationships with and it's you know, it's a variety and we said, hey, we're getting into this, but we don't want to displace our relationships with you know, with you for that very reason because they're you know, as I said before, our focus is to make sure that we've got the client's best interest in mind, and you know our folks are generalists that we have on our team, and so if there's a particular expertise that is needed, say, and really deep restructuring knowledge, or you know just something where we don't have that expertise, we want to be able to refer it out to someone that we know and can trust. So we've maintained all of those relationships. You know that if it doesn't make sense for us, then we know exactly where to go with it.
Dave: OK, no, I'm glad that you mentioned that and I'm sorry I didn't ask you about that. What else? Is there anything else that you wish we'd covered, that we didn't get to?
Deanna: I think a couple of things that might be unique about us that I think allow us to really bring a high quality service to the table is that we're a group of accountants, so we definitely know accounting, but we went open book management in 2017 through a relationship with an organization called the Great Game of Business I don't know if you're familiar with it, I do.
Dave: Yeah, the Springfield remand. I forget his name, jim, something. Jack Stack, jack Stack, yeah.
Deanna: Yeah, and so we really we went open book management, not because our folks didn't know how to do accounting, but we wanted them to be able to have a stake in the outcome and to really feel empowered, to know that they can make an impact in our business, and it's been very successful for us.
As you can imagine, it's a process-oriented kind of system and a communication system, and so our folks love process and so we follow it. What I would say letter to the law. We huddle every week. We know where we stand at any given time in our financial situation, and the benefit to that is our folks are constantly having conversations and engaging themselves and services farm where the new deals come from. So it's much more expansive than just, hey, how do you calculate gross margin or net income. So that type of conversation really allows us to even be better and bring more of that type of conversation to the table with our clients as well, and we have clients that are becoming more and more interested in that, and so we can help with that as well in terms of helping them if they want to start thinking about how they can get their team members involved.
Dave: That's great. Yeah, that was going to be. My next question was whether, having done that for seven years, you're advising clients who are interested in that as well. So that's great, yeah, it's been a lot of fun. That's great. Well, as we wrap up, I have just a couple of fun questions here at the end, Some curveball questions. Are you up for some curveballs?
I am, let's see so if you'd mentioned that you've got a recent graduate of UT and then another one that's there. So the question almost could be a two-part, but I'll ask it the way I normally ask it. So if you could go back in time and give advice to your 25 year old self, what advice might you give? Like, with the benefit of hindsight and knowing how things turned out, is there any advice you might give to your 25 year old self?
Deanna: Yes, absolutely so. I also have a 26 year old, so I have three children.
So, I am tempering myself every single day on how much advice to give and how much to support. Sure, sure, I have evidence by my dinner conversation, even last night, with our oldest who is, you know, looking to make a career move. So I would say the advice I would give to myself is to I was someone who wanted, was very eager, to go to that next step. Have this planned out, have that planned out, get to this next step. And I think the advice that I would give to myself back then would be to take a little bit of time and try something new and not worry so much about if it doesn't go the way that you need it to, or think you might want it to, or you think it might should, and not be so worried about what happens if it doesn't work out, and that can translate to switching a career or maybe even moving away, or you know, for a period of time and just not being so planned out.
Dave: Okay, yeah, I intentionally asked the question because it seems like we would be more amenable to advice from our future self than other people might be amenable to our insights.
Deanna: Yeah, for sure, and you know, from my young career standpoint you didn't have this question, but I think you know I often get asked the question. I would say as soon as you can get a coach or a mentor, get one, even if you think you can't afford it. I would say invest in somebody who's going to really be objective, push you out of your comfort zone, you know, to someone that you can really rely on to to help you push yourself to grow.
Dave: Okay, well, and maybe.
Deanna: I've given you an opening there.
Dave: So so now you, the next time you want to give advice, you can say hey, I was on this podcast and they asked what advice I would give to myself when I was your age and this is the advice I would have given to me. But I'm not saying you should take it, but this is if I knew then, what I knew now. This is what I would have told myself to do. So maybe I'll give you a new tack that you can take.
Deanna: Yeah, I think, as long as it's not your kids. I do mentor a lot of women who are earlier in their career and trying to figure out how to navigate and manage and you know ebb and flow, the things that come with with life and so I really enjoy that and it's one of my, one of my passions, quite honestly.
Dave: I think kids your own kids.
Deanna: Having that separation is also the advice I would put out there. As we all know, we learn from that and I continue to learn that lesson.
Dave: It's ironic. You could have an unrelated person who's virtually a carbon copy of you, and they could have a carbon copy family, yet their kids would take much more value from your advice, and vice versa it's something about you can't be a prophet in your own homeland, I guess you can't be a prophet in your own home either.
Deanna: Yes, no for sure. Which is you know the benefit of like having a strong community. You know growing up and having kids and you know investing in your community because that part does help, yeah, but no that's absolutely true.
Dave: All right. So the final question. This is the fun one, so I'm going to ask you a question and you just need to give your gut answer, right? So don't think too much about it. Okay, so we're both in Texas, barbecue Tex-Mex.
Deanna: Oh, tex-mex hands down. Tex-mex hands down. I can eat beans and rice for every single meal. I actually love barbecue. Five or 10 minutes in it starts to get too much. No, but beans and rice, mexican, all day long.
Dave: Yeah, I'm with you. Well, Dina, this was really fun. I appreciate you taking the time to join me this morning and I hope the rest of your week goes great. And again, it was a real treat and I appreciate you making the time.
Deanna: No, I enjoyed it very much, thank you. Special Guest: Deanna Walker.