How can business owners prepare themselves in the good times for an eventual downturn?

How do we distinguish between signs that a business is not working, or we’re just one more week of persistence away from breaking through?

When our self-identity is challenged, how can we hold onto what’s important in order to make it through to the other side?

In this episode of "The Art of Succession" podcast, host Barrett Young interviews Lisa Dare, an executive coach and leadership practitioner based in Calgary, Alberta. Lisa shares her candid story about purchasing a family-owned travel and tour agency in 2016 and the valuable, painful lessons she learned from ultimately closing the business.

#artofsuccessionpodcast #lisadare #successionplanning #successionpodcast #podcast

The Decision to Buy
Lisa and her husband bought the travel agency in 2016 after discovering it was up for sale by the founding family. With over 40 years of history and a strong client base, the business seemed like a solid investment. Lisa recounts her initial excitement about becoming a business owner and diving into the travel industry, but the reality of running a legacy business soon surfaced.

Challenges with Inherited Liabilities
One of the biggest challenges Lisa faced was the inherited liabilities. While the business had pre-sold tours and booked sales, it was carrying significant financial burdens beneath the surface. The outdated business model, combined with the rise of online competition and social media marketing, made it increasingly difficult to keep up with the changing landscape of the travel industry. Lisa reflects on the hard truths she uncovered and the obstacles that made profitability almost impossible.

The Tough Decision to Close
Ultimately, after years of navigating these challenges, Lisa made the tough decision to close the business. She opens up about the emotional struggles that come with closing a company and the stigma of business failure. However, she views this experience as an important learning opportunity, and she hopes that sharing her story will help other entrepreneurs avoid some of the same pitfalls.

Listeners can learn more about Lisa Dare by connecting with her on LinkedIn

Sign up for her newsletter: https://mailchi.mp/telus.net/subscription-sign-up

___________________
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.

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📡 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.

How do we balance the plans we have for our future and the opportunities that surprise us?

How do we shepherd existing clients towards new and better services while also reassuring them we have their best interests in mind?

And when we’re in partnership, how do we both shoulder the burden and support each other, while also move towards working in our strengths?

In this episode of The Art of Succession podcast, host Barrett Young interviews Dr. Tatiana Barrera and Dr. Michael Vega, the engaged couple behind Move Forward Chiropractic in Tampa, Florida. They share their story of unexpectedly purchasing and transforming a chiropractic practice, highlighting their journey from employees to business owners.

#artofsuccessionpodcast #mikevega #tatianabarrera #successionplanning #successionpodcast #podcast

*From Employees to Entrepreneurs*
Tatiana and Michael both worked in different chiropractic practices before deciding to take the leap into business ownership. Tatiana, initially content with her job, received a text from a friend about a practice for sale at an incredibly low price. Despite having no previous intention of owning a practice, she decided to check it out. The offer was too good to pass up, leading her to buy the practice with Michael’s support.

*Challenges in Starting Up*
Tatiana had only 30 days to learn and do everything necessary to take over the practice, all while still working full-time at her previous job. She quickly realized that the business knowledge she had gained in school was not sufficient, and she had to rely heavily on her CPA, mentors, and real-world experience to navigate the transition.

After acquiring the practice, they discovered that the original name was causing confusion due to its similarity to another nearby chiropractic clinic. This prompted them to rebrand the practice as Move Forward Chiropractic. The rebranding process was rapid, driven by their desire to establish a unique identity and avoid further confusion. Within a short period, they developed a new brand identity that resonated with their patients and community.

*Partnership and Future Plans*
Tatiana and Michael emphasize the importance of organic growth and maintaining control over their practice's direction. They partnered with Honeybadger, a group of coaches and business owners who helped them tailor their business model to their vision. This partnership allowed them to grow their practice without compromising their values or approach to patient care.

Listeners can learn more about Tatiana Barrera and Michael Vega by visiting http://moveforwardchiropractic.com or connecting with them on social media.

___________________
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.

What unique challenges might we face when we buy into a company founded by a grandparent?

What can we learn from our predecessor, while also balancing our desire to make start our own?

As we start to consider and author our core values, how do we show both continuity and clarity to our existing clients?

In this episode of The Art of Succession podcast, host Barrett Young interviews Curtis Hardwick, who shares his journey of taking over his grandfather's CPA firm in Georgia. Curtis provides insights into the challenges and rewards of inheriting a business and making it his own.

#artofsuccessionpodcast #curtishardwick #successionplanning #successionpodcast #podcast

Beginning the Journey
Curtis's grandfather, Joe "Pop" Hardwick, started the CPA firm in 1974, and Curtis began working there in 2010 while still in college. Initially aiming to become a civil engineer, Curtis had switched paths after struggling with calculus, guided into accounting by his grandfather. Curtis enjoyed the work and excelled in his accounting courses, with both his professor and grandfather mentoring him toward the CPA route.

Mentorship and Transition
As Curtis progressed in his career, his grandfather provided him with significant autonomy, allowing Curtis to implement new ideas and modernize the firm. The firm was small, with only four employees, and was using outdated accounting software. Curtis led efforts to transition clients to QuickBooks Desktop and eventually to their cloud-based QuickBooks Online, despite initial resistance from his grandfather.

Curtis proposed additional significant changes, such as increasing prices and focusing on value-based pricing instead of hourly billing. His grandfather was initially hesitant, reflecting the generational gap between them. However, over time, Curtis earned his grandfather’s trust, and he was given more responsibility in running the firm.

The Transition to Leadership
By 2019, Curtis was making key decisions about the firm's direction, focusing on reducing the number of clients while deepening relationships and increasing profitability. This approach required difficult conversations and strategic decisions, but Curtis was determined to create a sustainable business model that aligned with his vision.

Listeners can learn more about Curtis Hardwick and his CPA firm by connecting with him on LinkedIn, or at Hardwick CPA.

BONUS CONTENT: Barrett and Curtis go through the Client Assessment that Curtis used for his client list, and Curtis has kindly allowed me to provide this Assessment to our listeners.

___________________
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.