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.
🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-adam-shay
✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.
If you've enjoyed this episode, please share it with others. It truly helps.
Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!
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.
🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-adam-shay
✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105
The Art of Succession Podcast is brought to you by GWCPA. Twice a month on https://www.youtube.com/@gwcpas, CPA and Partner Barrett Young explores the emotional and strategic challenges of leadership transition, offering honest insights and actionable advice for successors and founders.
If you've enjoyed this episode, please share it with others. It truly helps.
Disclaimer: This podcast is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your own advisors before making decisions related to your situation. If you don’t have an advisor yet, reach out!
