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Six husband-and-wife partners share their secrets of success.
Last April, CPAs Dina and John Kellogg, of the two-person firm Kellogg and Kellogg PC, packed up their laptops, cell phones and four-year-old daughter and left Fort Worth, Texas, for a six-week road trip along the East Coast. They visited friends in Maryland, saw Busch Gardens in Williamsburg, Va., drove the Blue Ridge Parkway, played golf in Hilton Head, worked when they needed to-and their business didn't miss a beat. "We had continuous access via cell phones and e-mail," says John. Even without a Fort Worth staff, "our clients didn't worry that they couldn't get us on the road." The Kelloggs-who specialize in audits of privately held businesses-have built their practice around their lifestyle. They are married to each other, not to a firm.
Husband-and-wife CPA teams like the Kelloggs are finding success on their own terms and learning valuable practice management lessons along the way. Here six couples share their secrets for making it work. Small firm partners don't have to be married to each other to put these tips to good use.
FIT GROWTH TO YOUR GOALS
Remarkably, CPAs Scott and Debra McKeown live on the farm where Scott grew up. They started their ??-person firm, McKeown & Kraai PC, in 1985. Unlike the Kelloggs, they chose to grow-an impressive feat considering their practice is in tiny Middleville, Mich., population 2,000. The firm serves small businesses, providing tax and audit services, write-up and "pretty much everything," says Scott. About half of their business comes from Grand Rapids, 19 miles away.
One early mistake the McKeowns made was to accept government and not-for-profit work that, for them, required an immense learning curve. After that, they chose only engagements for which they were fully prepared. By 1996 they had to turn business away.
To increase capacity, they hired good people. "Don't skimp on administrative staff," Scott advises. The firm's office manager, in particular, has made life easier. All the long-term employees have close ties to the small community and are like family, the McKeowns say (see "Get Smart About Staffing," page 33). The addition of audit partner Jeff Kraai, CPA, in 1997, let Debra spend more time at home with the couple's four boys.
CPA/ABVs Gary...