Lucrative opportunities abound in serving national industries. Learn how Chris Farmand built a successful accounting practice that serves the U.S. craft beer industry. Chris has been recognized as Top 40 under 40 by CPA Practice Advisor, is a dynamic presenter and offers insights for anyone curious about building a firm serving a niche industry.

1. Chris Farmand CPA, CITP

2. History
Graduated University of Florida in 2002 B.S. in Food and
Resource Economics
Involved with Improv Troupe at UF
Chased a acting/improv career in NYC 2002-2003
Returned home to work at family accounting firm

3. History (cont)
Attended University of North Florida - 2nd undergrad (this
time in accounting)
Completed the CPA exam
Completed my MBA
Began working full time for Family Accounting Firm
I was always going to work for a small firm. The Big 4 were
heavily recruiting my classmates. The longest one of my
classmates stayed at Big 4 was 5 years.

4. Accounting Career
Began in Gov’t and NFP auditing………..and taxes.
This is the beauty of small firms, you do it all……...or so I thought
Found a passion for accounting technology early in my career
Audit practice closed, and I began building a book of accounting and tax
customers
Served anyone with a pulse and a checkbook

5. Accounting Career (cont)
Built a decent book with no direction
Had very little customer loyalty
Customers were price sensitive
ZERO knowledge transfer…….100% compliance
BUILT A NICHE

6. Niche Practice Building
As I was opening my own firm in 2010, I began working with a local new
brewery
While working with them, I noticed a problem. Running a brewery back office is
very complicated. Far more complicated than the businesses I have seen.
I sought out to build a niche serving this industry 1) because I had a solution to
a problem and 2) I love beer
At this time I served my only brewery from 6 months pre-opening through their 3
year anniversary….then they fired me

7. Niche Practice Building
Here I was the brewery CPA with no customers
At the time of the firing, I had been with a marketing coach for 13 months testing
if this specialization was going to work
We had launched our first nationwide campaign around the same time as I was
fired from the brewery
It was a handwritten letter
I got the call…...the rest is kinda history

8. Niche Practice Building
It was always going to be a national practice. There aren’t enough in my local
area to become an expert
I quickly realized, through market research, my local area did not care about a
specialist…...they still don’t
The beginning was tough. And it is still tough. I have lofty growth goals, which I
will hit.
The idea is knowledge growth

9. Niche Practice Management
Our firm is 100% virtual. Meaning we can work from anywhere.
We have a physical location
Team
1 CPA
1 Tax Accountant
2 Bookkeepers (in-house)
1 Bookkeeper (remote)
Team is all on salary

10. Niche Practice Management
Team is all on salary with bonus opportunity for the following
New business brought in
They are compensated very well and are expected to deliver results
No B&B
2016 - Rolling out Price changing competition
Employee with most change orders wins, $2,500 vacation package
2017 - Employees will receive percentage of change orders as long as they
close the deal

11. Niche Practice Management
Team is all on salary with bonus opportunity for the following
New business brought in
They are compensated very well and are expected to deliver results
No B&B
2016 - Rolling out Price changing competition
Employee with most change orders wins, $2,500 vacation package
2017 - Employees will receive percentage of change orders as long as they
close the deal

12. Advise and Hindsight
If I could do it all over again today, I would have hired someone at a tax
manager level two years ago
My advice to students who are stuck on Big 4. Ask to see a list of their hires 4
years ago, ask how many are still there. This may end your relationship with
them, but now you know.

13. My guide to surviving a small firm
This is a 3 year plan:
Join a small firm (20 people or less)
Year 1: Work - Do anything they ask you to, their way, give your best effort.
Year 2: Test - Is a firm process broken or non-existent? Start testing change in
a small subtle way.
Year 3: Suggest - Begin suggesting changes. Changes in customer
communication, processes, billing, etc. Ask to be involved admin work which
shows interest in ownership and entrepreneurship.
By the end of year three you will have all the answers you need
a. Are you being heard? Are you going to guide this ship one day? Can I build a niche? Can I
become an expert?
b. Is this falling on deaf ears

14. My guide to surviving a small firm
If you are being heard - Congratulations-welcome to the fast track to a
successful career
If you're not being heard - Congratulation - You found out within the first three
years of your career you are working for an asshole……...GO DO IT ON
YOUR OWN
Working for a small firm is not easy. You will have many things thrown at you,
all at once. It is a small office, it may be socially defunct, the owner may be
stuck in his ways. You may be the first new employee in the past quarter
decade. THAT IS ALL NOISE, to the experience you will receive working on
wide range of customer deliverables.
Larger organizations can not afford to give you the diversity of work that a small
firm will…..its really awesome