Hitting $800K in Year 1, Building Culture, and more w/ Randy Crabtree

Podcast

Summary

In this episode of Growing Your Firm, host David Cristello interviews Randy Crabtree, a top influencer in the accounting industry. Randy, co-founder of Tri-Merit, discusses R&D, tax credits, and cost segregation, sharing insights on the success of his firm. Tune in for a valuable conversation on creating a culture of value and importance in the workplace.

What you’ll learn

The listener will learn about the importance of creating a culture where people feel valued and can be themselves, as well as the benefits of specializing in niche areas in accounting. 

Guest Bio

Randy Crabtree is a renowned figure in the accounting industry, known for his innovative approach to building successful firms and fostering a positive company culture. With a career spanning over three decades, Randy has established himself as a thought leader in the field of accounting and tax consulting.

As the co-founder and partner at Tri-Merit, Randy specializes in R&D tax credits, cost segregation, and other specialty tax services. His firm has been recognized for its exceptional growth, earning spots on the Inc. 5000 list multiple times. Randy’s dedication to niche specialization has been a key factor in Tri-Merit’s success, allowing the firm to carve out a unique position in the market.

And his philosophy revolves around the importance of creating a culture where individuals feel valued, respected, and empowered to be themselves. He believes in the power of building strong relationships within the team and with clients, emphasizing the human aspect of business operations. 

This ethos is reflected in Tri-Merit’s internal policy of “no jerks allowed,” highlighting Randy’s commitment to fostering a positive and inclusive work environment.

In addition to his role at Tri-Merit, Randy is actively involved in the accounting community, serving on the Intuit ProConnect Tax Council and being recognized as one of the top 100 most influential accountants by Accounting Today. 

His passion for education and sharing knowledge extends beyond his firm, as he hosts the Unique CPA podcast, where he discusses a wide range of topics related to accounting, firm growth, and corporate culture.

Randy’s approach to talent management and remote work has set a benchmark for other firms in the industry. By prioritizing transparency, open communication, and personal connections, he has successfully built a cohesive and engaged team at Tri-Merit. His commitment to creating a supportive and collaborative work environment has led to high employee retention rates and a strong sense of camaraderie within the organization.

As a speaker and conference organizer, Randy continues to inspire and educate accounting professionals on the importance of culture, mental health, and firm growth. His annual conference, “Bridging the Gap,” aims to bring together professionals from different backgrounds to share insights and best practices for building a better profession and a better future.

Overall, Randy’s career is a testament to the power of building a strong company culture, prioritizing relationships, and embracing niche specialization in the accounting industry. 

His dedication to creating a positive work environment and his innovative approach to talent management have solidified his reputation as a leader in the field.

Detailed Synopsis

In the podcast episode, Randy discusses the importance of building a strong culture within a remote work setting. He highlights the significance of creating a workplace where individuals feel valued, important, and free to be themselves. 

One of the key strategies mentioned is the practice of allowing team members to share their passions outside of work. By dedicating time during team calls for individuals to talk about their interests and hobbies, the company at Tri-Merit has successfully created a platform for personal connections to flourish.

Randy mentions that during these sessions, team members have shared a variety of personal interests, ranging from family activities to artistic pursuits and even professional hobbies like modeling. This practice not only allows team members to bond over shared interests but also humanizes the work environment, making it more relatable and engaging for everyone involved. 

By encouraging these personal connections, Tri-Merit has been able to build a strong sense of community among its remote workforce.

Furthermore, Randy discusses the success of their in-person company event, “Bridging the Gap,” where employees had the opportunity to come together and connect on a deeper level. The event exceeded expectations, showcasing the power of face-to-face interactions in strengthening relationships and fostering a sense of camaraderie. 

This highlights the importance of balancing virtual communication with occasional in-person gatherings to enhance team cohesion and collaboration.

Overall, the emphasis on personal connections and allowing team members to share their passions outside of work has been instrumental in creating a positive and inclusive remote work environment at Tri-Merit. This approach not only promotes a sense of community and camaraderie but also contributes to employee satisfaction, engagement, and overall well-being.

Hosting events like conferences, such as the “Bridging the Gap” conference mentioned in the podcast episode, can play a crucial role in bridging gaps between different types of firms and professionals within the industry. 

These events provide a platform for professionals from various backgrounds, including modern startup firms and older legacy firms, to come together, share ideas, and collaborate.

The conference mentioned in the episode focused on building a better profession, a better firm, and a better individual. By bringing together professionals with diverse experiences and perspectives, these events create opportunities for networking, learning, and idea exchange. 

This can lead to the sharing of best practices, innovative strategies, and new approaches to challenges faced in the industry.

Furthermore, conferences like “Bridging the Gap” can promote collaboration and innovation within the industry by fostering a culture of openness and knowledge sharing. 

Professionals attending such events can gain insights into different ways of approaching problems, learn about emerging trends, and discover new tools and technologies that can enhance their practices.

By facilitating interactions between professionals from different backgrounds, conferences can break down silos, encourage cross-pollination of ideas, and spark creativity. This can lead to the development of new solutions, improved processes, and a more dynamic and forward-thinking industry as a whole.

Overall, hosting events like conferences is not only a way to educate and inform professionals but also a powerful tool for building connections, fostering collaboration, and driving innovation within the accounting and finance industry.

Timestamps

[00:02:09] Niche specialization in the accounting industry.

[00:05:00] Finding Your Passion in Niching down.

[00:07:25] Fee-sharing arrangements in business.

[00:11:59] Stepping back for growth.

[00:17:58] Talent shortage and growth strategies.

[00:18:19] Building a positive company culture.

[00:24:50] Building Remote Relationships.

[00:29:09] Maximizing returns for accounting firms.