Working 2 Hours / Week, Running a $1.6M Firm, and Rapping with Scotty Scarano

Podcast

Summary

On this episode of Growing Your Firm, David Cristello interviews Scotty Scarano, the self-titled wrapping custodian at Accounting High. Scotty, who is also the founder of a $2 million accounting firm and serves on various tech company boards, shares insights on OKRs and his rap career. Tune in to learn more about Scotty’s journey and his unique approach to the accounting industry.

What you’ll learn

The listener will learn about Scotty Scarano, his journey from rap to running a profitable firm, growth strategies, challenges faced, importance of trust in a team, holding employees accountable, saying no to certain opportunities, staying on the same page with team members, mindset of business owners when selling a firm, incentivizing growth, performing rap at accounting conferences, and OKR.

Guest Bio

Scotty Scarano is a dynamic and innovative individual who has made a significant impact in the accounting industry. With a unique blend of creativity and business acumen, Scotty has carved out a niche for himself as a trailblazer in the field.

Scotty, also known as the self-titled “wrapping custodian” at Accounting High, is not your typical accountant. With a career spanning over a decade, Scotty has demonstrated a keen ability to adapt and evolve in an ever-changing industry.

Starting as a one-man show in a small accounting practice, Scotty took the firm from a modest $90,000 to an impressive $1.2 million in just a few years. Through his leadership and vision, he transformed the firm into a profitable and efficient operation.

One of Scotty’s key achievements is the successful management of his firm, Padgett NC, which now generates close to $2 million annually. Through strategic decision-making and a focus on client relationships, Scotty has built a firm that is not only financially successful but also stable and sustainable.

Scotty’s philosophy revolves around the idea of getting out of the way to allow growth and success to flourish. He realized that by stepping back and trusting his team, he could create a more efficient and effective operation. This shift in mindset led to a significant improvement in the firm’s performance and overall satisfaction among team members.

In addition to his work in the accounting industry, Scotty has also ventured into the world of entertainment and rap music. His passion for music and creativity has led him to explore new avenues for self-expression and connection with a younger audience. 

Through this podcast, Accounting High TV on YouTube, and various rap performances at industry events, Scotty has been able to bridge the gap between traditional accounting practices and modern entertainment.

Scotty’s ethos is centered around the idea of continuous growth and learning. He is always looking for new opportunities to challenge himself and push the boundaries of what is possible in both the accounting and entertainment worlds. His willingness to take risks and try new things has set him apart as a visionary and a leader in his field.

Overall, Scotty Scarano is a multifaceted individual who has demonstrated a unique blend of creativity, business savvy, and a passion for innovation. His achievements in the accounting industry and his foray into the world of rap music showcase his ability to think outside the box and create new opportunities for growth and success.

Detailed Synopsis

Scotty Scarano’s Journey: Running an Accounting Firm and Pursuing Rapping

Scotty shared valuable insights into his unique journey of successfully managing an accounting firm while also pursuing his passion for rapping. Here are some key points from the discussion that shed light on his experience:

1. Balancing Accounting Firm and Rapping Career:

Scotty revealed that he initially started rapping as a hobby alongside running his profitable accounting firm. He described his rapping career as being in its early stages, considering it more of an elevated hobby at present.

2. Transitioning from Growth Mode to Stability:

Reflecting on his firm’s growth trajectory, Scotty acknowledged the need to step back and allow the firm to expand. He recognized that his tendency to micromanage was impeding progress, leading to interpersonal issues and obstacles in sustaining growth.

3. Implementing Accountability Measures:

To address the challenges of micromanagement and operational bottlenecks, Scotty explained how he implemented accountability measures by establishing leading indicators and tracking metrics. By entrusting his team and focusing on key performance indicators, he streamlined operations and enhanced efficiency.

4. Exploring New Avenues:

Scotty shared his experience of integrating his passion for rapping into his professional life, including performing at conferences and events. While receiving mixed reactions from different audiences, he noted that younger individuals and those closer to his age showed more interest and enthusiasm compared to older generations.

5. Future Plans and Personal Growth:

Expressing a desire for personal and professional growth, Scotty mentioned upcoming plans such as seeking personal development experiences in Costa Rica. This indicates his aspiration to evolve and broaden his horizons beyond his current pursuits.

Scotty’s journey exemplifies the importance of pursuing passions alongside professional responsibilities, finding a balance between stability and growth, and continuously seeking personal and professional development. His story serves as an inspiration for individuals looking to integrate their interests and talents into their career paths.

Throughout the podcast episode, Scotty emphasized the significance of trusting and empowering his team. By relinquishing control and ceasing micromanagement, he enabled his team to thrive. This shift allowed Scotty to focus on expanding his audience and pursuing his passion for rapping.

Moreover, Scotty discussed empowering his team members to make decisions and take ownership of their roles, leading to a more efficient workflow within the firm. By incentivizing his operations manager with a commission on new revenue, Scotty motivated proactive client acquisition and retention efforts, aligning incentives with the firm’s growth goals.

In summary, Scotty’s emphasis on trust, empowerment, and incentivization within his team facilitated his ability to focus on strategic initiatives and personal pursuits. Setting clear objectives, holding the team accountable, and knowing when to decline opportunities were key factors in managing and growing his successful accounting firm.

Timestamps

[00:01:12] Accounting rap video on LinkedIn.

[00:06:25] Technology niche and growth strategies.

[00:08:59] Overcoming growth bottlenecks.

[00:14:22] Trust and accountability in business.

[00:15:30] Accountability in team management.

[00:20:20] Learning to say no.

[00:24:53] Running a firm and rap.

[00:26:27] Entrepreneurial mindset and growth strategies.

[00:30:09] Accounting wrapping performances trend.

[00:34:55] OKR acronym explained humorously.

[00:36:16] Firm growth strategies.