This week, we’re celebrating a special occasion on The Accountant’s Flight Plan Podcast! In honor of Brannon Poe’s birthday, we flipped the script—our Marketing Director, Bailey Ball (who also happens to be Brannon’s daughter), took over the mic to interview him. Their conversation takes us on a journey from the earliest days of our company, when Bailey was in elementary school, to the thriving 20+ person team we have today.
The Unique Benefits of Working with Family
Working with family is a unique experience that offers distinct advantages. The trust and transparency that come naturally with family relationships can accelerate communication and collaboration. Unlike traditional co-workers, family members can engage in candid conversations and healthy debates, leading to faster problem-solving and decision-making. Bailey and Brannon discuss how this dynamic has shaped their professional relationship and contributed to the company’s growth.
Beyond trust, working in a family business often creates a deep sense of ownership and accountability. Bailey shares how holding herself to high standards is a natural part of working for her dad. The ability to move quickly into roles that fit individual strengths has been another advantage, allowing for organic growth within the company.
The Challenges and Boundaries of a Family Business
Of course, working with family comes with its own set of challenges. Clear boundaries are crucial to maintaining a healthy balance between work and personal life. Brannon and Bailey emphasize the importance of setting limits on “shop talk” outside of work to preserve family time.
Bailey’s journey into the business was also an intentional one. Although she wanted to join right after college, Brannon encouraged her to gain experience elsewhere first. This decision gave her the confidence and perspective to return to the company as a valuable team member, rather than simply following the path of least resistance.
Industry Changes and the Role of M&A
The episode also dives into the evolution of the accounting industry since 2003. Brannon shares insights into the rise of cloud-based firms, early adoption of technology, and how private equity is rapidly reshaping the landscape. The influx of PE firms presents both opportunities and challenges for accounting professionals, driving salary increases and intensifying competition. However, not all firms are well-suited for a PE acquisition—especially highly relational mom-and-pop practices.
As experts in M&A, we play a critical role in guiding both buyers and sellers to make informed choices. Brannon discusses the importance of assessing firms, structuring deals effectively, and ensuring that expectations are aligned between parties. The right referee in a deal can mean the difference between success and a transaction that falls apart at the eleventh hour.
Key Takeaways and Advice
Before wrapping up, Brannon shares some key advice for firm owners: Be fair to yourself. Many accountants dedicate their careers to serving clients but overlook their own well-being and potential. Whether considering an acquisition, hiring family, or navigating industry shifts, it’s essential to make choices that align with both personal and professional goals.
Want to hear more? Tune in to the full episode for deeper insights, personal anecdotes, and expert perspectives on navigating family business dynamics in the ever-changing accounting industry.
If this conversation inspires you to start improving your practice, check out Accounting Practice Academy. We have a workshop that focuses on improving your cashflow to above 50% and reducing your owner hours to under 2,000 annually.
You can listen to the podcast on the player below or watch the latest episode here!
Time Stamps:
3:20 – The early days of the company and how it grew into what it is now
8:30 – Working with family – the pros and cons
13:40 – Advice for hiring family members
21:00 – Major changes in the accounting industry – Technology, Private Equity and Remote work
28:40 – What can we do as M&A to help sellers and buyers make good choices
34:22 – Advice for listeners
35:42 – Brannon’s most outlandish deal experience
39:26 – Wrapping Up & book recommendations: Walter Isaacson’s biographies [https://www.amazon.com/stores/Walter-Isaacson/author/B000APFLB8?ref=ap_rdr&isDramIntegrated=true&shoppingPortalEnabled=true# ].
