Branch Out - A Podcast from Connection Builders

Building a Client Advisory Services (CAS) practice can be challenging, but when you identify the right business opportunities and apply a value-based pricing model, you'll not only increase your business revenue but reveal your true worth to your clients! Today's guest has identified seven tips for growing your CAS practice and is here to share his insights on growth opportunities for professional service providers. Join us in welcoming Ed Warren, an accomplished sales executive with over 25 years of professional services, sales, and marketing experience. Ed has worked in marketing, business development, and practice growth roles in Top 100 CPA firms, and today, we discuss the seven ways that practitioners can leverage a CAS model to shift the traditional service model, create a more value-added service, and function more like a fractional provider while driving increased revenue and building a more scalable practice.

Key Points From This Episode:

• Defining Client Advisory Services (CAS).
• Thinking about CAS like an on-call fractional CFO.
• Why finding and mastering your niche is critical for advisory success.
• How to leverage low-hanging fruit with existing clients.
• Benefits of thinking like a general manager, especially in an increasingly virtual world.
• The importance of systems in building a replicable model.
• Ed's tips for creating a sales and marketing plan.
• The value of being anticipatory.
• Your responsibility to understand hard trends if you want to become a thought leader.
• Recommended first steps on your CAS journey.

Edward Warren on LinkedIn
7 Tips to Increase Your Revenue with Client Advisory Services
Sage Intacct
The E-Myth
The Anticipatory Organization
Connection Builders
Alex Drost LinkedIn
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Insatiable curiosity is often correlated with leadership and business success. But if it isn't combined with a healthy dose of strategy and discipline, it can have the opposite effect. With more than 35 years of experience in public accounting, Gary Thomson is a sought-after consultant and leadership development expert. His years of experience working in firm structures and as an entrepreneur make him well equipped to discuss what it takes to drive innovation and growth for yourself and your business. 

Although every person and every situation is unique, Gary shares his thoughts on why curiosity and discipline are two essential keys to success and how you can cultivate these traits and use them to your advantage along your own career journey. For the technology geeks out there, we also go down a bit of an unplanned rabbit hole about the rapid pace of technological advancements today. Make sure to tune in today!

Key Points From This Episode: 

• The biggest change that Gary has witnessed in his industry since his career began.
• Technological advancements that are taking place in the CPA world today. 
• Why a high level of curiosity is correlated with great leadership.
• The downsides of too much curiosity amongst people within an organization.
• How taking breaks will benefit your business.
• The value in setting goals and being flexible in your approach to achieving them.
• Cultivating your curiosity within a corporate structure.
• A hypothetical example of implementing a cascading, organization-wide strategy.
• How boundaries promote creativity.
• How to foster creativity amongst your employees.
• A better way to think about sunk costs. 
• Examples of indirect ROIs, and the value these hold.

Thomson Consulting
Gary Thomson on LinkedIn
True Professionalism
Extreme Ownership
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Alex Drost LinkedIn
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Telling her story on the Podcast today is one of McGuireWoods' Women in Private Equity to Know, Meahgan O'Grady Martin. Meahgan is the Director of Business Development for Palladium Equity Partners and a chairwoman at the Association for Corporate Growth Women in Leadership committee. During our discussion, we unpack the process of enduring challenges to earn confidence, the power of building a network, and the perils of having a mindset of victimhood. Drawing on her own experience, Meaghan shares some powerful advice with listeners on how to grow from everything you experience and leverage your relationships to find success. 

Key Points From This Episode:

• Meahgan's unique path to private equity and the unique skill set that helped her succeed.
• The learned and innate skill sets behind Meahgan's success.
• Distinguishing between confidence and arrogance.
• Meahgan's thoughts on victimhood and understanding that you have to work for confidence.
• Combatting victimhood with resilience and grit.
• Why self-pity is a waste of time and what you should do instead.
• Her belief in the power of looking fear in the face.
• Thinking of your career as a marathon to avoid analysis paralysis.
• Why there is always a way forward.
• The value of a network and where to find time to prioritize it.
• Why it is important to see your network as more than transactional.
• How even though she doesn't always have the answers, Meahgan knows she can figure them out.
• The reality that sometimes an opportunity is just more work in disguise.
• Leveraging the power of your network to solve problems.
• How time and maturity develop your perspective.

Meahgan O'Grady Martin on LinkedIn
Palladium Equity Partners
Connection Builders
Alex Drost LinkedIn
Branch Out Podcast LinkedIn
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As a leader, your team's performance is your responsibility; if you take this responsibility seriously, you can transform your organization. Today's guest is Dan Cremons, former private equity investor and CEO and the bestselling author of The Blue Flame and Winning Moves. While writing his first book with the aim of helping leaders improve their approach to managing people, Dan had an epiphany that led him to change the trajectory of his career and become an entrepreneur. Dan is passionate about helping leaders bring out the best in their employees; he encourages conversations that revolve around figuring out what energizes people and where their strengths lie. Tune in today to hear about the fundamentals of building a thriving team.

Key Points From This Episode:

• Dan shares an overview of his journey from pre-med student to entrepreneur in the private equity space.
• An explanation of The Blue Flame concept that shares a name with Dan's first book.
• The life-changing realization that Dan came to while writing The Blue Flame.
• What Dan believes to be the fundamental responsibility of a leader.
• The self-serving element of servant leadership.
• A story that highlights how Dan's mindset has evolved since his first job of transforming a company.
• Why Dan once gave each of the managers on his team a mirror during a weekly meeting.
• Some of the most important lessons that Dan has learned through his journey as an entrepreneur.
• What a 'one-page plan' is and why it is such a valuable tool.
• Understanding the adversity quotient.
• The hiring model that involves giving big responsibilities to people early on in their careers.
• The motivation behind the creation of the Alpine CEO In-Training program and the results it has garnered.
• Three keys to building a thriving team.

Dan Cremons on LinkedIn
The Blue Flame
Winning Moves
Connection Builders
Alex Drost LinkedIn
Branch Out Podcast LinkedIn
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No matter what line of work you choose to pursue, finding a clear niche and narrowing down who you serve and how you add value will be one of the best ways to ensure your career success. Today we welcome Jay Harrington to share his story starting at a large law firm, then starting his own private law, and finally launching his current consultancy. Jay is also the author of three books, The Productivity Pivot, The Essential Associate, and One of a Kind.

Jay covers the pivotal moments of his journey from attorney to co-founding a firm and how he used the lessons he learned along the way to successfully transition into his current role as coach, trainer, and consultant. Jay shares his thoughts about growing your practice, embracing fundamental entrepreneurial ideas, and focusing on prioritization, impact, and target markets. He also shares his framework for insights, introductions, and invitations, and towards the end of our conversation, Jay distinguishes these business development methods from the vital marketing piece.

Key Points From This Episode:

• Looking at Jay's history and the beginnings of his law career in Chicago.  
• The transition that Jay made from his work in bankruptcy law to consultancy work.  
• How Jay took the lessons he had learned himself and began using these to help others.  
• What Jay wishes he had known when starting out; the links between autonomy, motivation, and satisfaction.  
• Framing a practice as an entrepreneurial project and working on your business, not just in it. 
• Escaping the hamster wheel of billable hours! 
• Working within the time limitations that we all experience; investing in yourself and the business through better time allocation. 
• Jay's perspective on the most critical areas to focus on when building a practice and finding clients. 
• An argument for niching down your offer in order to gain traction. 
• Choosing your own game and finding a less crowded field to win on. 
• Jay's recommendations for best practices, and his emphasis on separating marketing and business development.  
• Allowing space for chance connections and opportunities; why consistently putting your business out there is so powerful. 
• Unpacking the marketing component of building and maintaining a practice. 
• Jay explains his LinkedIn strategy and how it has evolved over time.  

Jay Harrington on LinkedIn
The Productivity Pivot
The Essential Associate
One of a Kind
Connection Builders
Alex Drost LinkedIn
Branch Out Podcast LinkedIn
Connection Builders LinkedIn

In the evolving landscape of the accounting world, firms need to manage growth and shifts in the right way if they are going to survive. Here on the podcast today, we are joined by Gary Shamis, Principal of Winding River Consulting, who shares the wisdom he has acquired in his long and illustrious career as a leader in this space. 

Firm leaders will not want to miss the insights Gary shares as we discuss the key issues that should be on the top of every managing partner's list and best practices for navigating these. Gary shares his thoughts on human capital strategy, the importance of building capacity, and how MPs should be approaching growing in today's market.  

Key Points From This Episode:

• Gary's background and his career journey.
• A look at Gary's 'What's on Your List?' framework for managing partners.
• The need for firms to prioritize human capital and build their capacity.  
• The biggest and most common mistakes that firms make.
• Gary comments on the power of outsourcing work as an accounting firm.  
• Creating a better working environment for the millennial workforce and providing a higher level for them to work at.
• Gary's thoughts on the most significant barriers to the necessary change and progress for firms.  
• The need for more conversations about diversity and inclusion in the accounting world. 
• Advice for leaders on how to facilitate intentional growth for a firm.   
• The trend toward mergers and acquisitions and the influx of private equity into the accounting sector.  
• Gary's perspective on using advisory boards to navigate critical initiatives successfully.

Gary Shamis on LinkedIn
Gary Shamis Email
Winding River Consulting
Managing Partner Bootcamp
Building Blocks
Connection Builders
Alex Drost LinkedIn
Branch Out Podcast LinkedIn
Connection Builders LinkedIn

People are at the center of almost every business, whether clients, employees or a combination of both. This is even more true in the professional services industry, where a people-focused approach is essential to success. However, it is not always clear what a people-centered approach is and how to establish it in your organization’s culture. In today’s episode, we speak to Paul Aversano, a Managing Director and Global Practice Leader at Alvarez & Marsal, a top consulting firm with more than 5,000 team members worldwide. Paul has over 25 years of experience in the sector, leading financial and accounting due diligence projects for complicated public and private company transactions, including capital markets. 

In our conversation, Paul shares what qualities he thinks drive success, the value of a people-focused approach, and much more. We start by learning about Paul’s professional background and a moment that propelled him into his current career. Then, we discuss why clients and people should be the focus of any business, the Alvarez & Marsal approach, and mentality to serving clients, how to build a work culture focused on the clients, and what it takes to be successful within the professional services sector. He also shares his approach and style to leadership, why he thinks reading is essential to success, and advice for young professionals. 

Key Points From This Episode:

• We start by learning about Paul’s background and professional career journey.
• How a small moment led to greater opportunities in his career.
• Paul explains why he thinks clients and people should be a priority in professional services.
• The value of a people-focused approach to a company or organization. 
• Why he thinks the focus should be on servicing clients with the right people.
• Paul breaks down the Alvarez & Marsal approach and mentality to serving clients. 
• How to build a business culture that is people and relationship-focused. 
• An outline of his leadership philosophy and style.
• What essential lessons Paul has learned during his career
• He shares a story about a significant lesson he learned as a mid-level manager. 
• A detailed explanation of what he means by, ‘having a positive mentality.’
• He delves into how a learning mindset is helpful to your career. 
• Learn why the element of ‘grit’ is so important for Paul.
• A final takeaway message regarding relationships that he has for listeners.

Paul Aversano
Paul Aversano on LinkedIn
Paul Aversano on Twitter
Alvarez & Marsal
Alvarez & Marsal on LinkedIn
Binghamton University
‘What Sets Successful CEOs Apart’
Goldman Sachs: The Culture of Success
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Alex Drost LinkedIn
Branch Out Podcast LinkedIn
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Are you looking to succeed in business, exceed your goals and ambitions, and advance in your career? Well, you're in the right place, and today, you'll learn how staying ahead of the curve can set you apart, especially early on in your profession! 

In this episode, we welcome back returning guest Leon Brujis of Palladium Equity Partners, the oldest minority-owned private equity buyout firm in the industry with over $3 billion in assets under management. As you may recall, Leon is a repeat contributor to the Branch Out Podcast, and our conversations are always packed with wisdom and valuable insights to fuel your growth. In previous episodes, we spoke to him about stoicism, diversity, and more. 

In today's discussion, Leon shares a series of lessons that he has learned throughout his career in investment banking and private equity, and you'll hear his advice for junior professionals looking to get ahead of the curve. From understanding your role on the team to developing your ability to prioritize, there are a number of things you can do that will significantly impact your career progression. 

Key Points From This Episode:

•  Some context for today's conversation and a brief overview of Leon's experience.
• Why it's important that you get comfortable with being uncomfortable.
• Understanding your role on the team and how that can contribute to your progress.
• What Leon means when he says that you have to learn how to "play the game."
• A practical look at why learning to prioritize can be a tremendous asset.
• Leon expands on the concepts of speed versus quality and the 80-20 rule.
• The three-point system Leon uses to check his work: check, check, and check again!
• Advice for how to take a step back and improve your attention to detail.
• Finance as an apprenticeship business and the value of finding mentors early on.
• Tips for finding mentors and building and maintaining those relationships.
• How you can benefit from requesting informal feedback regularly.
• Why your attitude and work ethic are the easiest ways to develop a good rapport.
• Developing a solution mindset, starting with the answer, and more!

Leon Brujis on LinkedIn
Palladium Equity Partners
Episode #70 - Diversity Equals Alpha
Episode #55 - Stoicism and Private Equity
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Alex Drost LinkedIn
Branch Out Podcast LinkedIn
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Professional firms typically bill by the hour, as any accountant or lawyer knows all too well. But, as you'll discover in this episode, today's guest argues strongly for implementing a subscription-based model. 

Meta-consultant and business iconoclast, Ed Kless is the Senior Director of Partner Development and Strategy for Sage in North America and a Senior Fellow at the VeraSage Institute, a think tank dedicated to the elimination of the billable hour. He is also an author, speaker, and co-host of The Soul of Enterprise, a business podcast designed to champion the insight that wealth is created by intellectual capital. 

As you'll learn from our conversation, Ed has noticed a significant shift towards the subscription-based business model, where you have control over how you price the relationship you have with your customer. In this candid and thought-provoking discussion, Ed shares his expertise and advice when it comes to subscription-based pricing models for professional knowledge firms and best practices for firms looking to transition to this approach. We also touch on the difference between a client and a customer, the notion of serial transformations, and why Ed believes that pricing is an art, not a science. This episode will challenge the way you think about pricing and encourage you to consider the value proposition of a subscription-based model.

Key Points From This Episode:

• Ed shares some insight into his role at Sage, as well as his 'why.'
• A look at why he believes that professional firms sell knowledge, not service.
• Why the business model that best serves this transfer or access to knowledge is not the hour.
• An understanding of the difference between clients and customers.
• The value proposition of a subscription-based model and how it serves customers better.
• Defining subscription-based pricing and what Ed calls 'serial transformations.'
• The Disney concept of 'plussing' and the mindset shift that comes with subscription models.
• Ed debunks some common misconceptions about subscription models.
• What Ed means when he says that subscriptions should be frictionless.
• Ed's belief that pricing is an art, not a science, and a look at his 'ensurance' model.
• Learnings from one of the biggest subscription success stories that Ed has seen.
• Where to start educating yourself, including Ed's recommended reads.

Ed Kless
Ed Kless on LinkedIn
Ed Kless on Twitter
The Soul of Enterprise (TSOE)
Sage
VeraSage Institute
TSOE Episode 296: Subscription Pricing at Summit CPA — Jody Grunden
Managing the Professional Service Firm
Subscribed
Time's Up!
Connection Builders
Alex Drost LinkedIn
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Mergers and acquisitions can sometimes feel daunting for entrepreneurs, but they don't have to be. In fact, growth through M&A can yield huge rewards if you are willing to accept some risk and remain open to opportunities. Today, we are joined by John Bly, the South Atlantic Regional Leader for Top 35 CPA firm, Aprio, as he cracks the code to M&A growth with us, sharing some of the lessons he has learned throughout his career journey and offering his advice for anyone considering M&A as a growth strategy. 

You'll gain insights into John's trajectory, from the beginning of his career in public accounting at the Big 4 to starting his own CPA firm, completing more than 15 M&A transactions, and ultimately merging his firm with Aprio. John also shares the importance of being clear about how you drive value, the benefits John has seen from treating both sides of a transaction with fairness and respect, and the value of establishing appropriate expectations upfront.

Key Points From This Episode:

• A look at John's career trajectory, from big-four CPA to entrepreneur to regional manager.
• What starting his own firm taught John about working with small business owners.
• How John's firm grew exponentially thanks to M&A between 2006 and 2009.
• Why he believes in doing what you're passionate about, even if that means pruning clients.
• Lessons John has learned about the importance of taking your own advice.
• His experience of growing his business through a global financial crisis.
• What made John realize that his firm was unique when it came to M&A growth.
• Insights that came from making 15 acquisitions in 15 years, followed by the decision to ultimately merge with Aprio.
• What John means when he says "a CPA does not equal a CPA."
• Key takeaways from John's M&A growth strategy, including the importance of having clarity about how and where you drive value.
• Why it always pays off to treat both sides of a deal with the utmost respect and fairness.
• The value of establishing expectations and ensuring those expectations are appropriate. 
• Questions to ask yourself to determine what is important to you going into an M&A deal.
• Why you should be thinking about M&A (and stay open to opportunities).
• How ego can get in the way of profound M&A growth.
• Advice for those considering M&A as a growth strategy: be open, listen, and make friends!

John Bly on LinkedIn
John Bly Email
Cracking the Code
Aprio
Alex Drost LinkedIn
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