Breaking Free from Hustle Culture: The True Cost of Growth
In this episode of The Art of Succession podcast, host Barrett Young interviews Adam Shay, who shares his comprehensive journey from founding a CPA firm in 2010 to its successful sale in 2023 and his subsequent transition. This conversation offers valuable insights into the full lifecycle of entrepreneurship, from startup through exit and beyond.
Building and Scaling the Business
Starting his firm just weeks before his first child was born, Adam grew the practice from a solo operation to nearly 20 employees. The firm established itself in Wilmington, NC through early digital marketing adoption, strong networking, and reputation building. Over time, they evolved from purely transactional tax work to include advisory services and recurring revenue streams.
As the firm expanded, Adam faced increasing challenges with staffing and retention, particularly during the pandemic. The constant cycle of hiring, training, and managing staff began taking its toll, though he didn't recognize his burnout until after the sale. When his minority partner expressed interest in leaving the tax practice, it catalyzed the decision to explore exit options.
The Exit Process and Transition
After entertaining multiple acquisition offers, Adam sold to a searcher through an SBA-backed deal in 2023. The transition included staying on as Director of vCFO and Advisory Services to ensure a smooth handover and maximize the earnout potential. This period brought unexpected challenges as he adjusted to no longer being the ultimate decision-maker.
Post-Exit Insights and New Direction
Only after the sale did Adam recognize signs of burnout that had been present for years, including unhealthy coping mechanisms he had previously rationalized as normal entrepreneurial behavior. He's now developing a new venture focused on helping other business owners maintain better work-life balance and avoid the pitfalls he encountered.
Connect with Adam Shay on LinkedIn to follow his insights about entrepreneurship, business transitions, and preventing burnout. For business owners interested in learning more about maintaining work-life balance while building a successful company, Adam's experience and new venture, Share the Knowledge, offers valuable resources and support.
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The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.
🎙️ Become a Guest https://bit.ly/AOSBeAGuest
✍️ Leave your feedback for the show: Google Forms
📡 Also distributed on
Transistor.fm https://artofsuccession.transistor.fm/
Spotify https://open.spotify.com/show/7uhogBxFKWAAetAbD8TVQR
Apple Podcasts https://podcasts.apple.com/us/podcast/the-art-of-succession/id1742796896
📧 Prefer to get the Art of Succession in your inbox? Subscribe to the mailing list to be notified of new episodes: https://mailchi.mp/566bff6410fc/aos-podcast-rss
🖥️ Find out more about the show at https://gwcpas.com/podcast
Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.
Building and Scaling the Business
Starting his firm just weeks before his first child was born, Adam grew the practice from a solo operation to nearly 20 employees. The firm established itself in Wilmington, NC through early digital marketing adoption, strong networking, and reputation building. Over time, they evolved from purely transactional tax work to include advisory services and recurring revenue streams.
As the firm expanded, Adam faced increasing challenges with staffing and retention, particularly during the pandemic. The constant cycle of hiring, training, and managing staff began taking its toll, though he didn't recognize his burnout until after the sale. When his minority partner expressed interest in leaving the tax practice, it catalyzed the decision to explore exit options.
The Exit Process and Transition
After entertaining multiple acquisition offers, Adam sold to a searcher through an SBA-backed deal in 2023. The transition included staying on as Director of vCFO and Advisory Services to ensure a smooth handover and maximize the earnout potential. This period brought unexpected challenges as he adjusted to no longer being the ultimate decision-maker.
Post-Exit Insights and New Direction
Only after the sale did Adam recognize signs of burnout that had been present for years, including unhealthy coping mechanisms he had previously rationalized as normal entrepreneurial behavior. He's now developing a new venture focused on helping other business owners maintain better work-life balance and avoid the pitfalls he encountered.
Connect with Adam Shay on LinkedIn to follow his insights about entrepreneurship, business transitions, and preventing burnout. For business owners interested in learning more about maintaining work-life balance while building a successful company, Adam's experience and new venture, Share the Knowledge, offers valuable resources and support.
___________________
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, host Barrett Young will bring you interviews sharing the successes and challenges from business owners with their own succession stories. If you've enjoyed this episode, please share it with others.
🎙️ Become a Guest https://bit.ly/AOSBeAGuest
✍️ Leave your feedback for the show: Google Forms
📡 Also distributed on
Transistor.fm https://artofsuccession.transistor.fm/
Spotify https://open.spotify.com/show/7uhogBxFKWAAetAbD8TVQR
Apple Podcasts https://podcasts.apple.com/us/podcast/the-art-of-succession/id1742796896
📧 Prefer to get the Art of Succession in your inbox? Subscribe to the mailing list to be notified of new episodes: https://mailchi.mp/566bff6410fc/aos-podcast-rss
🖥️ Find out more about the show at https://gwcpas.com/podcast
Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.
