The Boutique Practice

So why’d he do it now? The firm he left had more than 75 people, including eight partners where he headed up the firm’s not-for-profit practice. When the economy began to test long-standing loyalties and cause people to seek out new, lower-priced brands built on a quicker, better, cheaper model, Glenn saw that as a good opportunity to create a firm focused on a niche area that he was passionate about, serving not-for-profit organizations.

In a little more than a year, the practice has quickly developed a strong client base, due largely to the less common accounting specialties he offers and to his participation in an Atlanta CPA Alliance, a group of independent firms that partner with other members for staff augmentation and to offer broader services to their clients by adding expertise that they don’t have in-house. Also, since Glenn tries to avoid individual and business taxation and doesn’t offer write-up, payroll or other traditional services, other firms don’t see him as a threat to their client base.

Having found this key niche, his practice has grown to serve more than 50 business clients, and he is nearing the time to start adding staff. When he does so, Glenn says that he intends to keep the practice virtual, with each person working from their own home office as he does.

“There are a lot of benefits to working from home, including being able to spend more time with my family,” he said. “And after 20 years of commuting to downtown Atlanta, I really appreciate less time fighting traffic.” Until he does add staff, he can use the resources of the other firms in the Atlanta CPA Alliance when he needs to ramp up for larger audit engagements. One of the firms that he has partnered with is Technical Financial Solutions (www.tfsus.com), a Georgia practice founded by a former Big 4 auditor to support tax and accounting firms in performing SAS 70 audits.

As a sole practitioner, Glenn relies on various technologies to give him the productivity capabilities he needs. He currently uses a dual screen monitor, and is considering a third. He also uses online client collaboration tools like DropBox and WebEx. With new audit rules now affecting even more entities, business demand is strong, so these technologies play a vital role in managing his business.

One very significant tool has been social media such as LinkedIn, which he states has helped him realize $30,000 in business. He also uses Twitter, but mostly for professional networking. Glenn’s practice scored a 378 on the Productivity Survey (www.CPATechAdvisor.com/productivity), a free online tool that helps firms assess their use of technology and compare their practice to others. By the way, the survey has now been updated and is in version 2, so it’s probably worth taking again if you’ve taken it in the past.

After 20 years with two large Atlanta practices and working in-house at a large children’s hospital, Glenn now faces new responsibilities, such as working with contractors and keeping his own business’ finances in order.

“Running your own practice is a whole new ball game, especially taxes. As a professional who mostly focused on audit engagements, shifting to the broader focus of firm management has definitely made me a better business person.” Other key business issues include deciding when to start adding full-time employee staff, billing and collections, and building a solid technology infrastructure. “I’m still searching for that one solution that can streamline all of the processes.”

In addition to running his practice, Glenn is also an instructor for AuditSense (www.auditsense.com), a consulting firm that provides customized training to tax and accounting firms throughout the United States. This work often has him visiting other firms, usually in the southeast, as well as providing virtual training and consulting, and gives him the opportunity to give back to the accounting profession by sharing best practices on audit efficiency and effectiveness in a creative and interactive manner.

Originally from Macon, Georgia, Glenn has stayed pretty close to home most of his life, with the exception of attending Bob Jones University in Greenville, South Carolina. His father served as an early inspiration for Glenn’s love of accounting. Although he’d worked railway jobs most of his life, his dad was able to earn an associates’ degree in the field. As Glenn grew up, he saw that it would be a great base for understanding the true fundamentals of how businesses work, and realized that good accounting skills are transferrable to any industry.

“Typically you can gain management and marketing skills as you progress through your career, but accounting skills require diligent study. Having a foundation in accounting has been an incredible benefit to me throughout my career. I’m passionate about my career, and enjoy it even more now that I am having a positive impact as an AuditSense instructor on young people entering the profession.”

After his first six years in public accounting, Glenn tried his hand at private accounting at Egleston Children’s Health Care System in Atlanta, but his desire to help others drew him back to public accounting. That interest to positively impact others is not limited to his professional side. His wife Sonna (who runs an interior decorating and window-treatment design business) and their four daughters have made community and faith-based activities a cornerstone of their lives. Glenn is involved with Citizen Impact, Leadership Ministries Worldwide and is on the board of directors for Karis Ministries, which is involved with mission activities around the world and in the United States. He has been on mission trips to Antigua, the west coast of Mexico and the island of Yap in Micronesia, where the team was able to build a radio tower needed by the people on the island for news and weather warnings.

“The mission work that our family has been able to be involved with is often intensive and physical, and there are many challenges,” he notes. “But we’re able to accomplish a lot in a short time. We always leave feeling blessed in our own lives and with a greater sense of responsibility to help those who haven’t been as fortunate or who’ve experienced disaster.”

Despite a very busy work and family life, and the generous time he gives through his outreach efforts, Glenn manages to save some time for himself. He’s recently read “The Madoff Chronicles” by Brian Ross, and “The Match King” by Frank Portnoy. He’s even a member of Shelfari, a social media site for avid readers.

Prior to forming his own firm, Glenn was an audit partner and director of not-for-profit services at Tarpley & Underwood and Bennett Thrasher, two top 25 Atlanta CPA firms. Previously, he was at Egleston Children’s Health Care System in Atlanta, where he obtained hands-on experience with a not-for-profit organization, and was in practice with a local accounting firm on the south side of Atlanta for over six years, where he had responsibilities on both audit and tax engagements. He graduated from Bob Jones University in 1989 and became a Georgia CPA in 1993.

 

Glenn Aldridge, CPA

Principal Shareholder, K. Glenn Aldridge, PC

www.KGA-CPA.com

Lawrenceville, Georgia

Productivity Score: 378

Practice Specialties: Financial Reporting, Consulting and Tax Services for Exempt Organizations and Employee Benefit Plans

College: Bob Jones University

Civic Involvement: Board of Directors: Karis Ministries; Citizen Impact USA; Leadership Ministries Worldwide

Social Networking

LinkedIn.com/kgaldridge

Twitter.com/@Atlanta_CPA

Shelfari.com/Aldridge