In this episode of The Art of Succession podcast, host Barrett Young interviews David Forster, a serial entrepreneur who successfully built and sold three companies ranging from landscaping services to a retail bike shop. Listeners gain valuable insights into how relationship-focused leadership, proper systems, and life transitions drive successful business exits and career pivots.

From The Farm to First Business Exit

David's entrepreneurial journey began with his farm upbringing, leading him naturally into the landscape industry. His first real business was a landscape maintenance and design company started in his early twenties to provide for his new family. Despite having no formal exit strategy, David built the company through exceptional work ethic and a relational approach, treating employees and customers as equals. After four successful years, an unexpected dream led to selling the business to a local competitor who valued their unique customer relationship approach and company culture over just the contract base.

Learning and Growing Through Multiple Ventures

After working for someone else and maturing personally, David started a second landscape company focused on residential design and build projects. This venture taught him to price properly, think systematically, and build intentional processes from the start. The business grew to similar team size but double the revenue of his first company. Around the four-year mark, feeling burned out, David discovered cycling during a week off and realized he wanted to share that stress-relief experience with other business owners, leading him to open a bike shop.

The Bike Shop Years and Life-Changing Events

David ran his bike shop for over seven years, learning retail operations, inventory management, and building community around cycling. However, his world changed dramatically when he became a father at 40 after discovering he and his wife had the MTHFR gene mutation affecting fertility. Tragedy struck when his wife's sister died unexpectedly two weeks after their daughter was born, followed by David's father's death nine months later. These profound losses forced David to reevaluate priorities, recognizing that retail hours weren't compatible with being the father and husband he wanted to be.

Transition to Fractional COO

David sold the bike shop to another dealer and eventually embraced fractional COO work after initially resisting the idea. His approach typically begins with a 6-12 week deep dive to establish core systems, followed by either training internal team members or providing ongoing part-time support. David focuses on overcoming team resistance by addressing consultant skepticism upfront, emphasizing he's there to make lives better through systems that create freedom rather than restrictions. His philosophy centers on checklists and processes that allow both new employees to learn and experienced ones to maintain focus when interrupted.

🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-david-forster

✍️ 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!

In this episode of The Art of Succession podcast, host Barrett Young reflects on a year of transformation and previews the future of both the show and GWCPA. Listeners will gain real-world insights into how succession planning is being put into practice inside an 80-year-old, multi-generational CPA firm.

Facing the Realities of Succession

Barrett shares the ongoing challenges GWCPA has faced in leadership transition, from unexpected health events to the loss of key staff and the pressures of staying independent in a market increasingly dominated by private equity. He discusses the importance of having a robust succession plan—not just for the business, but for the peace of mind of employees and families.

Strategies for Sustainable Business Transition

This season, Barrett and his team experimented with new approaches to client engagement, pricing, and internal systems. He details how GWCPA implemented engagement letters for every client, shifted to project-based profitability, and restructured roles to better serve clients and prepare for future leadership. The firm also began adopting the Entrepreneurial Operating System (EOS) to systematize processes and ensure the business can thrive beyond its current leaders.

Lessons Learned and the Road Ahead

Barrett reveals the outcomes of these changes, including improved client retention, higher revenue, and a renewed focus on building a business that can outlast any one individual. He announces that future episodes will provide quarterly updates on GWCPA’s real-time succession journey, offering listeners a transparent look at the challenges and victories of preparing the next generation of leaders.

For more resources and to follow GWCPA’s ongoing succession story, subscribe to our show.

🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-season-2-wrap

✍️ 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!

In this episode of The Art of Succession podcast, host Barrett Young interviews Nick Garofalo, founder of OpenHanded Wealth and former executive at Court Solutions, a payment processing company for traffic court fines that was successfully sold in 2017.

Building a Business That Solves Real Problems
Nick's father, though not tech-savvy himself, built an innovative payment processing company that transformed how people paid traffic tickets. "This internet thing is really cool," Nick recalls his father thinking, "it makes so much sense for people to be able to file court paperwork online instead of having to come stand in line." The company's success came from deeply understanding their customers' unique challenges and creating solutions that made court clerks' lives easier. "The real money comes from rich relationships with those customers, knowing the nuance of their particularities," Nick explains.

The Acquisition Journey
After Nick and his brother decided against taking over the family business, they prepared for an external sale. "We had to do a lot of cleanup and structure building to make the company appealing to an acquirer," Nick shares, noting they needed to formalize many aspects of the business that were previously based on handshakes. After rejecting an unfavorable initial offer, they connected with a consolidator who purchased the entire operation. Nick stayed with the acquiring company for nearly seven years, developing valuable skills in a corporate environment while supporting his growing family.

The Entrepreneur's Retirement Gap
Nick's experience watching his father bet everything on the business sale led him to identify a critical problem many business owners face: the post-sale income gap. "You're company's making 5 million, you're taking home 500,000... you sell it for two or three million and now you're going to have 80 or 120 grand a year in 4% income. What are you going to do?" This realization, combined with seeing his father miss opportunities for retirement planning, ultimately inspired Nick to launch his financial planning practice focused on helping entrepreneurs. "If you got into business, it wasn't so that you could work 90 hours a week at the expense of your family and friends," he advises.

🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-nick-garofalo

✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105

I'm looking to hear from 5 listeners via Zoom as I start to plan for Season 3 https://calendly.com/beygwcpas/aos-feedback

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!

In this episode of The Art of Succession podcast, host Barrett Young interviews Charles Read, CEO of Get Payroll in Dallas, Texas, who shares his 30-year entrepreneurial journey and succession planning strategy. Listeners will gain valuable insights into business transitions, strategic specialization, and creating a meaningful exit plan.

From Corporate World to Business Ownership

Charles, a CPA with 47 years of experience, spent 15 years in the corporate world before purchasing an accounting franchise called Financial Express in 1991. When the franchise company went bankrupt a year later, Charles simply changed the name and continued operations independently. He and his wife built the business together, primarily serving business clients rather than individual tax returns, and eventually brought on a partner named Robert to handle the increasing workload.

Strategic Specialization and Business Division

About ten years ago, Charles made the strategic decision to split the business, selling the accounting practice to his partner while retaining the payroll operations. Unlike most CPAs who typically shed payroll services, Charles found payroll more interesting and complex. The transition was amicable, with both parties continuing to refer clients to each other and even sharing office space for years afterward.

Get Payroll specifically targets businesses with fewer than 20 employees, which represent 95% of all US businesses. Charles avoids competing with industry giants like ADP and Paychecks for larger clients, criticizing their aggressive sales tactics and price increases. Technological advancements have made payroll processing more efficient and profitable, allowing the company to handle more clients with fewer staff.

Marketing Evolution and Succession Planning

Despite being a CPA with limited marketing experience, Charles recognized his limitations and hired marketing professionals. The company now focuses on digital marketing through social media platforms and email campaigns rather than traditional methods. For succession, Charles plans to transition ownership to his employees by the end of next year, preferring this approach over selling to a competitor. After 25 years with some staff members, he wants to give them the opportunity to own the business while he receives an income stream for life.

🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-charles-read

✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105

I'm looking to hear from 5 listeners via Zoom as I start to plan for Season 3 https://calendly.com/beygwcpas/aos-feedback

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!

In this episode of The Art of Succession podcast, host Barrett Young interviews Nesha Pai, founder of Pai CPA and international public speaker. Nesha shares her journey of building a successful CPA firm and her decision to turn down an acquisition offer despite receiving her asking price, revealing important lessons about business value beyond financial metrics.

Building a Valuable Business
After being denied a raise due to a "mom gap" in her resume, Nesha quit her job at a local CPA firm in 2011 and started her own practice. Over 14 years, she built a firm serving 75 clients with monthly bookkeeping and advisory services. With remote operations, recurring revenue, and established processes, her business became an attractive acquisition target, especially after experiencing significant growth during the pandemic.

The Decision to Stay
When approached by a broker in early 2024, Nesha received her asking price of two times revenue but declined when the deal required a 10-year seller financing note. Shortly after, personal tragedies—her sister's sudden death and a breast cancer diagnosis—transformed her perspective. Her business became her anchor during these difficult times, providing stability when pursuing her speaking career alone would have been unsustainable.

Renewed Vision and Strategy
Nesha now plans to invest 8-10 more years in growing her firm before considering selling again, focusing on expanding advisory services and ending her three-year hiring freeze. Her experience taught her to trust her gut when evaluating buyers and prioritize culture fit over the highest offer. She's found balance between running her firm and pursuing speaking opportunities, recognizing that sometimes the best succession decision is choosing to stay and build further value.

🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-nesha-pai

✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105

I'm looking to hear from 5 listeners via Zoom as I start to plan for Season 3 https://calendly.com/beygwcpas/aos-feedback

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!

In this episode of The Art of Succession podcast, host Barrett Young interviews Mike Ritsema, CEO of i3 Business Solutions in Grand Rapids, Michigan. Listeners gain valuable insights into business acquisition, strategic pivots, and leadership succession planning.

Surviving Economic Turbulence

Mike purchased 21st Century Computer Specialists in January 2001, just before the dot-com bust and 9/11 economic crisis. After mortgaging his house and depleting resources, the company nearly failed until two large orders in October 2001 saved the business. This experience taught Mike valuable lessons about entrepreneurial resilience.

Business Model Transformation

During the 2007-2008 recession, Mike pivoted from IBM hardware and consulting to a managed services provider (MSP) model with recurring revenue. This transformation positioned i3 to become the IT department for over 100 small businesses in West Michigan. The company later shifted focus from cloud services to cybersecurity, adapting to evolving industry trends.

Growth and Leadership Evolution

Strategic acquisitions fueled i3's growth to 44 employees today. As the company expanded, Mike faced the challenge of transitioning from hands-on owner to strategic leader. Working with an EOS coach, he's navigating the difficult process of "letting go" while developing a management layer. Mike candidly discusses working with his son in the business, taking a measured approach to succession planning.

The Power of Peer Networks

Throughout his journey, Mike emphasizes the importance of finding mentors and joining peer groups. His participation in industry-specific technology peer groups for over 15 years provided valuable benchmarking and strategies that guided his company through multiple economic cycles.

🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-mike-ritsema

✍️ Leave feedback for the show. I’d love to hear your input https://quark-fir-a64.notion.site/1d9dd04222f380ae96c9caae27bc1c66?pvs=105

I'm looking to hear from 5 listeners via Zoom as I start to plan for Season 3 https://calendly.com/beygwcpas/aos-feedback

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!

In this episode of The Art of Succession podcast, host Barrett Young interviews Tom Gledhill, a former business owner, broker, and author who has successfully built and scaled four businesses. Listeners gain valuable insights into business scaling, valuation, and exit planning from his decades of experience spanning from early technology adoption to sophisticated exit strategies.

From Engineer to Software Entrepreneur

Tom shares his journey from electrical engineer to software entrepreneur in the healthcare industry during the 1970s, when computers were still large and uncommon. His company developed administrative software for outpatient clinics, facing initial challenges selling technology to medical practices unfamiliar with computers. Tom describes overcoming the "selling a rifle to a caveman" challenge through persistent cold calling and building referrals. The introduction of the IBM PC in 1980 was transformative, allowing smaller practices to afford their networked systems. By focusing on recurring revenue through maintenance contracts and continuously improving their product based on customer feedback, they eventually grew to 3,000 clients across the Northeast.

The Business Broker Perspective

After selling his software company (which was later acquired by a private equity group and eventually General Electric), Tom transitioned to business brokerage. During his first year, he spoke with nearly a thousand business owners, quickly learning that approximately 80% of businesses that go to market don't sell. Tom explains the common disconnect between what owners believe their businesses are worth versus market reality. Many owners base their valuation on what they need for retirement rather than what buyers are willing to pay—an "inside-out" perspective that leads to disappointment.

Creating Transferable Business Value

Tom distinguishes between different buyer types: corporations seek innovative systems and synergistic products; private equity groups want good management and recurring revenue; while lifestyle buyers look for businesses they can operate themselves. Creating a sellable business requires developing systems that can operate without the owner's constant involvement. Tom emphasizes that businesses heavily dependent on the owner's relationships or technical expertise are significantly less valuable. He recommends cleaning up financial statements, developing management teams, and creating documented processes that allow the business to run independently—ideally starting this preparation years before selling.

🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-tom-gledhill

✍️ 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!

In this episode of The Art of Succession podcast, host Barrett Young interviews Garrett Noach, president of Lamothermic, a casting manufacturer in New York. At age 25, Garrett unexpectedly took over the family business following his father's passing in 2022, offering valuable insights into both emergency succession and intentional business transformation.

Navigating Sudden Succession
Without a formal succession plan in place, Garrett transitioned from manufacturing engineer to company president of the $12 million operation. Despite having no formal business leadership training, he maintained stability by leveraging experienced management teams and focusing on learning critical business operations. Remarkably, the company retained all customers and employees during this challenging transition.

Implementing Strategic Changes
Garrett's first major decision involved a $750,000 investment in modernizing their production facility, requiring a ten-day shutdown. This bold move, though initially stressful, proved successful and established his leadership capability. He's now pursuing ISO 9001 certification and implementing new quality management systems, marking a significant evolution from traditional manufacturing practices.

Building a Culture of Excellence
Under Garrett's leadership, Lamothermic is developing a culture focused on continuous improvement and employee development. His approach emphasizes hiring "hungry, humble, and smart" team members while creating an environment where people want to come to work. This cultural transformation, combined with enhanced customer service standards and strategic planning, positions the company for sustainable growth.

🎙️Full show notes, guest information, and video version of this episode available at https://gwcpas.com/blog/aos-garrett-noach

✍️ 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!