When Sean Duncan, CEO of SMD Consulting & Accounting, was growing up, he was dead set on finding a career where his work, in his words, “mattered.”
He was dead set on becoming an FBI agent. As he went through the qualification process, Duncan suffered a devastating ankle injury during a training exercise.
It threw his life into chaos. His wife asked him, “What does this mean for our family?”
Duncan and his wife hadn’t had children yet, so he had to think hard about his answer.
“I went, ‘Oh, no, I want to be a husband and father more than I want to chase bad guys,'” Duncan replied.
What mattered most to him had changed. It set in that even if he recovered and attempted to qualify again, working as an FBI agent would take too much time away from his future family.
He withdrew his application and started to work in tax preparation, but was still feeling unfulfilled.
“I was 30 years old with a master’s degree in accounting that I did not want. What do you do with your life? Do I go back to school and start all over again? Like, what’s going to happen?” he said.
He took two years “of being a completely lost soul” before he realized that the reason he was so committed to being an FBI agent was because he wanted to do work that mattered. He could still fulfil that goal if he prioritized working with small business owners as an advisor to help them achieve their dreams.
He started SMD Consulting & Accounting in 2006, making it one of the very first advisory focused firms in America, and never looked back. By 2017 he was the largest firm in Frisco, Texas.
Duncan recounted his journey into the world of advisory and laid out the path for other accounting professionals to follow in his presentation at GrowCon 2024 on May 6. Duncan was one of 13 industry insiders who shared their insights with hundreds of accounting business owners at the conference, held in the SouthBank Hotel in Jacksonville, Florida.
If you weren’t able to join us in Florida, then you’re in luck. Today, we’ll look at the highlights from Duncan’s presentation. If you’d like to hear his presentation, as well the other 12 presenters from GrowCon 2024, in full, you can access the all of presentations from both days of GrowCon here.
From Injury to Insight: A Career Reimagined
For many, a career-ending injury might spell disaster, but for Duncan, it was the catalyst for a remarkable transformation—from aspiring FBI agent to a pioneering accountant and consultant. This journey, marked by introspection and innovation, culminated in the creation of SMD Consulting and Accounting in 2006, a firm that has since redefined what it means to provide financial services.
During his time working in the tax preparation firm after his injury, Duncan would often hear from clients who would ask him for advice. But the firm only did taxes and audits. The consulting services they offered were far too expensive for small businesses.
“I made this crazy statement, ‘Somebody really should start a small firm that helps the small business owner with advice,” he recalled. “If you ever hear yourself say somebody should [do something], it probably means this is about what you’re going to do.”
His firm was a smashing success. He found himself pulling 90 hour work weeks to grow the practice. One weekend, during tax season, he was pounding away at his keyboard when his wife sent him a photo of her with the kids at Six Flags.
“I had turned down the FBI for kids I didn’t have,” Duncan said. “And now I’m not with the kids I do have, because, you see, I turned into every other stinking CPA firm.” It was tax season.”
This was the spark for a transformative pivot—moving away from traditional tax services to a model focused on advisory services, fixed fees, and value pricing.
“I was successful by the metrics we were taught. I was a failure as a human for my purpose. My goal was to be there to help other people. And all I was doing was pounding out tax returns,” Duncan said.
Reimagining the Client Experience
Duncan decided that in order to keep true to his purpose and set his firm on the path to long term success, he needed to focus their services more on advisory.
What sets SMD Consulting and Accounting apart is its innovative approach to aligning professional services with personal passions. By targeting niche markets like the medical and gaming sectors, the firm has crafted bespoke services that resonate deeply with clients. Emphasizing the importance of work-life balance, the firm encourages strategic planning sessions in distraction-free environments. The idea? Treat yourself as a client worth investing in.
The firm doesn’t just stop at traditional accounting services. It delves into business consulting topics like exit planning, mergers and acquisitions, and nonprofit consulting. By emphasizing the importance of referrals and the value of services—especially for S Corporation elections—the firm demonstrates its commitment to offering comprehensive solutions. Fixed fee structures and efficient workflows, supported by tools like ADP’s Account Connect and RC Reports, ensure that clients receive unparalleled service.
Advisory services brought incredible benefits to Duncan’s life. He was earning more for shorter hours and was able to spend more time with his family. Duncan found that entrepreneurs crave advice, creating a massive demand for professionals who can clearly communicate strategies for growth in small businesses.
Focusing on advisory allowed Duncan to step away from working directly with clients, though sometimes new clients still insist on speaking with him. Duncan recounted an experience with an entrepreneur who demanded to meet with him, even after Duncan warned him that because of his role overseeing the business, he wouldn’t do much of any preparation work.
The two spent the first 30 minutes of the conversation discussing ways to get the most out of a Disneyworld trip. Duncan then suggested strategies which saved the business owner $30,000, but when the meeting ended, all the business owner talked about was Disney. Duncan shared the story to emphasize that, in advisory, you can really choose the clients who you work with, while bringing in huge revenue. As an avid lover of video games, Duncan has enjoyed working with video game development companies.
The “Love Hate List” and Other Strategies for Success
To refine business operations, Duncan advocates using a “Love Hate List” to pinpoint tasks for delegation, thus boosting efficiency and revenue. You list the things you like doing at your business and the things you hate, and whatever ends up on that hate list is something you should probably delegate out.
The transition to a subscription-based model for advisory services replaced the traditional hourly billing, reflecting a broader industry trend towards predictable, value-based pricing. Opportunities abound in the financial and advisory sectors, particularly when integrating technology and diversifying services to include business coaching and legal advice.
The Art of Business Reinvention
Duncan’s story is a testament to the power of self-reflection and adaptability in the face of adversity. By embracing change and valuing strategic planning, SMD Consulting and Accounting has carved out a niche in the competitive world of accounting. The firm’s commitment to innovative pricing models, team development, and client-focused services offers a blueprint for others looking to revitalize their own practices.
Whether you’re an entrepreneur, a small business owner, or someone contemplating a career shift, this journey offers valuable insights into the art of business reinvention. It’s not just about finding a new path; it’s about forging one that aligns with your passions and values, creating a fulfilling and prosperous future.
Access Sean’s Full Presentation (and the other 12) from GrowCon 2024
The tips shared in this article are truly the tip of the iceberg when it comes to the amount of game changing insights that presenters shared at GrowCon. Each speaker shared valuable insights for running an accounting business, from building wealth, optimizing the day-to-day processes of the business, and beyond.
Fortunately, you can access the full collection of presentations virtually for just $197. Purchase the complete list of presentations at both days of GrowCon at this link.
And remember that GrowCon 2025 will be held from May 5 to 7 at the Utah Valley Convention Center. Marriott Provo will be the host hotel for the event.
To learn more and register for this can’t miss event for owners of accounting businesses, follow this link.
The lineup of speakers will include experts in tax planning, business development, and client advisory services. Check out highlights from previous GrowCons for free here.
Looking Ahead to 2025
Thank you to all of the speakers who shared their incredible insights at GrowCon 2024 in Jacksonville, Florida. We are extremely excited for GrowCon 2025 in Provo, Utah.
To learn more about how you can start your own accounting business, improve your services, or train your employees, call Universal Accounting at 435-344-2060. Or schedule a time to discuss your future online using this calendar:
