0:02

From Wize Mentoring is T he Wize Guys

0:04

Podcast , a show about accounting

0:07

and bookkeeping practice owners and

0:09

the many stories , lessons, and tips

0:11

from their experience of transitioning from

0:13

a time-poor practice to a business

0:15

that runs without them . I hope you

0:17

enjoy and subscribe .

0:23

Hi , K risty , thank you for making

0:25

time this beautiful

0:27

morning for your night , for me

0:29

, to meet with me , to chat

0:32

with me in this wise factor chat

0:34

edition . I'm actually very excited because you're

0:36

the last , but not the least , mentor

0:39

that I'm sitting down with , so I'm very excited

0:41

to have this conversation with you and listen

0:43

to your insights and compare them

0:46

on my own , like to see what the

0:48

other mentors have said and your own journey

0:50

. So , if

0:53

you don't mind , I'm going to go ahead and ask

0:56

a couple of questions about you and your firm

0:58

and your journey as a mentor here

1:00

at WISE and yeah , I'm

1:02

excited to dig in . So I want

1:05

to go from the beginning . This is a question

1:07

that I ask everyone when

1:09

did it start, T he B usiness Oasis,

1:11

and you as a practice owner

1:14

? Where did it come from ?

1:16

So I purchased the

1:18

business from my former boss

1:21

back in August 2017

1:23

. M

1:29

y former boss back in August 2017 . So when

1:31

you bought the business , was it encountering any issues like

1:34

what made you want to buy an accounting firm ? W hat

1:36

took you there ? So I was working for the previous

1:38

owner for probably

1:40

around a year and I loved

1:42

the flexibility of working from home

1:44

, being able to fit the work in

1:47

around my young children and

1:49

my family commitments , and

1:51

I realized I didn't want to for anyone

1:53

else . I could see the potential of

1:55

growing the business and also the

1:57

value that it provided to business

1:59

owners , so I wanted to grow

2:03

that for myself .

2:04

That's great because actually , like

2:06

when you're working in a firm , you

2:09

probably create this relationship with

2:11

you , love what you're doing

2:13

and you're actually like , yeah , I could own

2:15

this one day . And the opportunity came up and

2:17

you went and ran with it . So

2:20

that's amazing . So now you're here .

2:22

It was a very different business , I

2:24

must say , though , and when I bought

2:26

it , I sort of overlooked the fact

2:28

that , instead of having the business

2:31

owner and I working in it , it would

2:33

only be me . So everything fell

2:35

to me the running of the business

2:37

, the growing of it , the admin and

2:40

the actual doing of the work and so

2:43

it started to consume

2:46

a lot of me and my time .

2:48

Yeah , I was going to ask exactly

2:51

that , like , when you

2:53

transition from being an

2:55

accountant to a business owner well , bookkeeper

2:57

to a business owner then

2:59

many things change . You started to

3:01

get more jam packed

3:04

and manage clients , I guess

3:06

, and all of these things that were that come

3:08

up while you're being the owner . But

3:10

what was that one challenge that you said

3:12

I probably need help ?

3:15

Not being able to do it all on

3:18

my own , not being able

3:20

to complete everything

3:22

in time and still having that

3:25

flexibility of working from home , being

3:27

able to prioritize

3:29

my family . It really consumed

3:31

all of me and my business was what

3:33

I put first because it

3:36

was providing income and

3:38

I felt that it was the

3:40

highest priority to protect

3:42

. Yeah , but it

3:44

took me away from the things

3:46

that are actually important .

3:48

It stopped being a business oasis

3:50

. Yeah , basically

3:53

, so fast forward a

3:56

little . Three years down the line

3:58

, I think you found wise . How

4:00

did you find Wize ? And from

4:02

the challenges that you were saying , no

4:05

, I don't think I can manage this firm

4:07

, you found Wize and what

4:09

resonated with you ?

4:11

So I w as part of a really fantastic

4:14

business coaching group that helped

4:16

me understand a lot of things around

4:18

systems , delegation

4:21

, managing your time , and growing

4:23

your business . But because

4:25

it was a business coaching group , it

4:28

was still quite broad, and not everything

4:30

applied to my industry

4:33

and I was looking for something that

4:35

was very industry- specific to help

4:37

me go to that next level . And

4:39

I came across Wize . I'm not

4:41

sure , sometimes we hate the algorithm

4:43

, but in this case, I love the algorithm

4:46

because somehow Wize found

4:48

me and I signed up

4:50

to Wize Pulse at the time

4:52

and thought , yeah , I can follow these

4:54

steps online and I'll do the work and I'll

4:56

implement the things . But it

4:59

took a few months to realise that . No

5:02

, I didn't know where to start or

5:04

how to do everything and I

5:07

really wanted to accelerate . I didn't

5:09

want to lose the momentum . I was ready

5:11

. So , instead of staying small

5:13

and trying to do it myself , the

5:15

whole thing about the W ize way

5:17

was learning how to be fully

5:20

supported and not go it alone . So

5:22

I joined Wise Growth o in

5:26

October 21 . So

5:28

a few months after just starting with W izeP ulse

5:30

, I came to all the clinics . I showed

5:32

up to everything . But you

5:35

know , it's all well and good to show up , but

5:38

if you don't take the actions , you've just

5:40

wasted your time and I

5:42

wasn't implementing everything

5:44

in the way that I wanted to be , or I had too

5:46

many questions on how to do it

5:48

and I wanted my own person

5:50

, my own hotline that I could meet with every month

5:53

, who would help me navigate things

5:55

and kind of accelerate that journey

5:57

and Wow

5:59

, I was actually going to mention something

6:02

regarding that Like on

6:04

the bright side , it's so much

6:06

ready to use , it's like

6:08

a vault called the

6:10

wise vault is to start from .

6:12

So it's probably good to have these tools

6:14

that

6:25

are amazing and crafted

6:27

by other accountants so they

6:29

work , but also having the

6:31

advice , the words of

6:33

wisdom , someone holding

6:36

you accountable for all these steps

6:38

that you go through . That's why the

6:40

progress that you see in there .

6:42

I think too . You know the vault is great with

6:44

the 18 steps that if you know you need

6:46

in one particular area

6:48

, first start there . But

6:51

I needed help in all areas . So

6:53

, oh my gosh , do I start

6:55

with step five , step three , step 18

6:57

? It's not a linear journey

7:00

and that's what I really learned when

7:03

I got into it that I needed help

7:05

to direct

7:07

me into the areas

7:09

to focus on first and then

7:12

steady it through the business , because I wasn't

7:14

new to business but

7:16

I was going around in circles

7:19

yeah , I get that .

7:21

And , fun fact , if I must

7:23

add , your mentor was

7:25

Thomas yes

7:27

, who's now your fellow mentor

7:30

. Yeah , so

7:33

that's awesome . You actually met him before

7:35

being yourself a mentor . You

7:37

met him while mentoring you

7:40

and that was amazing . That was such

7:42

a great insight . I didn't know this .

7:44

Yeah , but it was really

7:46

. I think it was a great opportunity to see

7:48

that . Yes , W ize

7:50

follows the methods created

7:53

by Ed or Jamie that

7:55

Jamie then helped create for others

7:57

, so it was almost like Thomas

7:59

was the first of the next

8:02

generation to show that

8:04

it works . It's not about

8:06

needing Ed or Jamie to mentor

8:09

you through it the foundation

8:11

there , the steps , are there . It's

8:13

about having someone who's walked the path

8:15

already to show you how

8:18

to walk the path . And , yeah

8:21

, it was really fantastic to get that time

8:23

with Thomas and he helped me a lot and

8:25

it's such a privilege to get to work with

8:27

him and Tim in helping other

8:29

firm owners now create their own

8:32

freedom .

8:33

I love that and that's exactly where I was

8:35

going . So you went from being a

8:37

mentee to being a mentor

8:39

. So what caused that

8:41

transition ? What made you say , hey

8:44

, I probably want to do mentoring ?

8:47

I had firsthand experienced

8:50

the benefit

8:52

of working with business coaches

8:54

and mentors that it

8:56

ignited such a passion for me that

8:59

every business owner should have access

9:02

to this kind of information

9:04

and this kind of support and , wow

9:06

, I can help others implement

9:09

wise ways into their business

9:11

. Because , you know , within the first year

9:13

, I was actually having time off

9:16

over Christmas . I was then

9:18

planning a trip

9:20

overseas on my own , with my business

9:22

running without me . How could

9:24

I not share that with others ? How could I not

9:26

help other accountants and bookkeepers

9:29

achieve their own

9:31

dreams of freedom and do the things that

9:33

they love and not be in burnout

9:35

?

9:37

Absolutely that's the ultimate goal

9:39

and many mentees go after

9:41

that , many members from wise

9:43

that's what they're looking after . They actually

9:45

come to you being very burnt

9:47

out , being very stressed

9:50

and some even have like

9:52

medical issues . Because it

9:54

got to that point , stress levels are

9:56

spiking through the roof . So

9:59

I'm guessing that resonated

10:02

with you very well , as

10:04

you were someone who didn't know what

10:06

to focus on first and then yeah

10:09

, I think too in being a

10:11

woman in business , yeah , limiting

10:15

myself .

10:16

And you know , when I first started

10:18

looking into working

10:20

with coaches and mentors , I had a very

10:23

comfortable goal of

10:25

you know I wanted to have

10:27

a $250,000 business

10:29

. I very quickly changed

10:32

that to a $500,000

10:34

business would be great . And then

10:36

, starting off with Wize , in

10:38

the early days I could say that , yes , at

10:40

a million dollars I can achieve my

10:42

ideal income Wow . But I

10:45

soon realised that still needed me in the business

10:47

, that still needed me to be the CEO of

10:50

my business at that size . So

10:52

my goal is extended

10:54

now to wanting a $3 million business because

10:57

that can support a CEO and

11:00

fully withdraw me but still

11:02

deliver the kind of service that my business

11:04

does to our clients . So seeing

11:07

how that can happen and not limiting

11:09

myself is really what I've loved

11:12

most about the direction

11:14

that Wize can take me in and

11:16

helping other business owners go

11:19

big , not keep themselves small

11:21

and simple , to actually know

11:23

that they can achieve more than they ever dreamed

11:25

, or help them achieve what

11:28

they do desire in a time

11:30

frame that works for them and not lose

11:32

any more time . You

11:34

know some of us are in business for another

11:36

30 or 40 years . Some of us are

11:38

only looking at it for another three to five

11:41

years . Whatever each person's

11:43

goal is , helping them

11:45

make sure that it's realized

11:48

, achievable, and

11:51

really does serve them , that they're

11:53

not just plucking an amount out because

11:55

that's what a colleague has

11:58

or does , that it's yeah , it's individual

12:01

.

12:01

Our goals are an individual thing

12:04

, but we can all achieve

12:06

them in the exact same way yeah

12:08

, I agree , I fully agree , and

12:10

I wanted to ask you because , since

12:13

you were talking about this , not limiting

12:15

themselves to think

12:17

that they have to be a slave

12:20

to their business in order to grow , and

12:22

also , on the other side

12:25

, some think about growth as

12:27

being in the business , being

12:29

all the time there until they die

12:31

, basically . So you

12:34

know that we have this phrase that we always

12:36

talk about , that it's we want to help

12:38

you build a business that runs without you . We

12:41

know mentors , our mentors

12:43

, who have done this . You are on

12:45

the way there , T tim's on the way

12:47

there . Thomas is also almost

12:50

there . So you work

12:52

with many firm owners as well . When

12:54

you tell them you can build a business that runs

12:56

without you , what do you get from

12:58

them ? Are they excited about it ? Are they very hyped about it , or

13:00

are they kind of scared or skeptical ? What do you get from them ? I'm sure it it . Are they

13:02

very hyped about it , or are they kind of scared or skeptical

13:05

? What do you get from them ? I'm sure it's a wide range

13:07

, because there's all that ?

13:09

Yeah , it is . Some think that

13:12

they don't want their business

13:14

to run without them . They want to keep

13:16

doing it . But what

13:18

they don't necessarily realize is

13:20

you don't have to be shackled

13:22

to your business , it's you know , we often say shackled to your business it's . You know

13:24

we often say with Jamie , if you love what

13:26

you do , you never work a day in your life

13:28

. So it's about helping

13:31

the firm owner see there's a different way

13:33

of operating your business , that

13:35

you don't have to be in it , you

13:38

can choose to be in it , choose

13:41

how you are in . And that might

13:43

be that they end up mentoring their own team

13:45

members to grow into leaders

13:47

within their business . And you

13:50

know it doesn't mean that they only work one day a week

13:52

or one day a month or have

13:54

to be five days . It's whatever they choose

13:56

it to be can be for them . But

13:59

it's liberating your business

14:01

from yourself . You

14:03

know our businesses have so much potential but

14:06

when we hold on to them so tight , it's

14:08

hard for them to fully grow . Same

14:11

as with our children the more we try and hold

14:13

on to them and keep them little , the

14:15

less they have the ability to grow

14:17

on their own . So

14:20

you know that's definitely one of them . For

14:22

other firm owners , they feel like no

14:25

one else can do it as well as they can . So

14:28

they always will have to be involved

14:31

. But change

14:33

the model . If it's what you want , you

14:35

don't have to finish your business where you started

14:37

. That's what I love . I've changed my

14:40

ideal client avatar several

14:42

times throughout the last few years

14:45

because I see what clients

14:47

require me or an

14:49

extraordinary person , what clients

14:51

require automation

14:54

and systems and are easy and

14:56

finding something in the middle that fulfills

14:58

my team but doesn't rely

15:00

on one person being extraordinary

15:03

to deliver . So helping

15:05

firm owners understand how they can change

15:07

and pivot their business model

15:10

to have more freedom and flexibility

15:12

and prioritize

15:15

their family . You know I was

15:17

always working weekends in the early

15:19

days . I would always be working

15:21

Christmas , new N Year period because I

15:24

didn't have anyone else to do that work for

15:26

our clients and I was never able

15:28

to be strategic and plan

15:30

in front to get

15:32

things in place . I just have to react

15:35

and still do it . And now

15:37

we've put planning into place a

15:39

couple of months before every Christmas

15:41

to make sure everyone has

15:43

time off . It's not just me and someone

15:45

else has to cover the gap . I

15:47

want the same freedom for my team members

15:49

and I want to help firm owners do

15:51

that for their own teams , because our

15:54

people are our biggest asset . They

15:56

can also be our biggest headache and challenge

15:58

, and retaining good people

16:00

is really vital

16:03

in this current labour market . So

16:05

helping firm owners see

16:07

the value in their team members without

16:09

it being a risk . When we

16:12

do rely on one person too much and

16:14

they leave , our business might fall

16:16

down , we might lose clients . So

16:18

it's getting that balance

16:20

in and place into every firm . So

16:23

I love speaking to business

16:25

owners who come with all sorts

16:27

of different challenges , because I

16:29

know that the WISE

16:31

execution plan is a one-size-fits-all

16:34

. You just come into it from a different

16:36

angle but it all comes out

16:38

the same way . We're all using the same map

16:40

and blueprint , doesn't

16:43

matter where we join it from and how

16:45

we go around it .

16:47

I love that you said this because it

16:49

globally . We have members from all

16:51

over the world and globally the issues

16:54

continue to be the same . Maybe

16:56

there are some local issues affecting

16:58

them that's of course that has to

17:00

do with regulations and accounting

17:03

issues but basically

17:05

every team structure

17:07

issue , hiring issue , culture

17:10

issue , they all

17:12

seem to be the same

17:15

worldwide and that's quite

17:17

shocking . I know that you've been able to see this

17:19

because you work with firms from the US , from

17:21

Canada , from Australia , new

17:23

Zealand .

17:25

And the UK , and the UK . Yeah

17:27

, exactly . Yeah , one

17:29

of the most common feedback

17:31

I hear . It's really interesting

17:34

how we all have the same issues

17:36

, or , you know , it doesn't matter

17:38

where we are , what size we are , we've all faced

17:40

the same things . Yeah , exactly

17:42

.

17:42

In a little bit of a different way .

17:45

Yeah , we all have compliance

17:47

deadlines . We all have clients

17:49

who are crystal glass , who

17:51

are late adopters , who are early adopters

17:54

. We all have system implementation

17:56

challenges . We all need to schedule

17:59

the work schedule , the

18:01

hiring process . We all need to

18:03

have capacity in our team , in

18:06

our client base . It's all the same , it doesn't

18:09

matter where you are , it just

18:11

is a little bit different for you , but

18:13

it still really is all the same , little

18:18

bit different for you , but it still really is all the same .

18:20

yeah , and where they most notice this from working with you those who are wise growth

18:22

members it's when they attend master classes

18:24

and wise like webinars . When they go

18:26

to coaching calls , they are in

18:29

a room full of practice owners

18:31

who just raise their hand and say , hey

18:33

, I've been having issues with this . And then the

18:35

other one speaks up and say , hey , me

18:37

too . Where are you located ? Yeah , I'm

18:39

in , I don't know the United States . And then

18:41

the conversation starts Actually , love

18:44

to be there .

18:45

You see that happen because it's very cool and they

18:47

ask for insights and we get to

18:49

see it on even more of a micro

18:52

level in our Super 8 pods

18:54

where we have a

18:56

select group of firm owners paired

18:58

together . Every three months

19:00

they meet and look at their fab five

19:02

together and there will be

19:05

differences in their firm size and

19:07

location , but they're all

19:09

going in the same direction and what I

19:12

love coming from those pods

19:14

is the group accountability

19:16

that they're checking in with each other

19:18

on what's your one item , that

19:20

you're focusing on this quarter and

19:22

also helping each other . You

19:25

know one of my I love that

19:27

.

19:27

I haven't seen any of that happen , but I

19:29

would love to you guys , if

19:31

I can . It's the inside scoop

19:33

.

19:33

It's very , very exclusive this club

19:35

.

19:36

I can tell I can tell I

19:38

am not invited , but yeah .

19:41

There's great resource sharing , so

19:43

community is such an important thing

19:45

. Yeah , having a village around

19:48

you , you know , takes a village to raise

19:50

a family . It takes a village to raise

19:52

a business , absolutely , and I

19:54

love that we're

19:56

all going in the same direction at Wise

19:58

, and you know you

20:01

are the sum of those you surround yourselves with

20:03

, so why not surround yourself with amazing

20:06

proactive firm owners who

20:08

are following and implementing the same thing

20:10

, because they help you accelerate

20:13

the accelerated path through

20:15

the execution plan .

20:17

Absolutely . I couldn't agree more , K

20:20

christy , I have one last question

20:22

for you . I've loved our conversation

20:25

so far , since you've

20:27

gone from being very packed

20:29

and full at your business

20:32

to having more time

20:34

being able to spend time with a family

20:36

. Did you in the past have

20:38

any hobbies that you enjoy that you're now

20:40

getting back in into , or

20:43

just any activities , or what

20:45

do you love spending your free time in ? I

20:48

get a hint , I , but you tell

20:50

me yeah , I love

20:52

travel .

20:54

Yeah , you

20:56

know , there were so many years where

20:58

so many factors prevented

21:01

me from travel . My kids are young

21:03

, my husband works away for four or

21:05

five weeks at a time . I

21:07

didn't have anyone who could do the work in the business

21:09

, so I just lived a really

21:12

simple life that wasn't

21:14

fulfilling , to be honest

21:16

, really simple life that wasn't fulfilling , to be honest . And now I travel

21:18

just about every other month

21:21

. It's sort of when my husband's home for a month . I

21:23

jet off and hang out with a girlfriend

21:25

for a weekend . I

21:32

attend beautiful retreats every three to six months

21:34

. I really prioritise me up in our business

21:37

or in our family that we lose

21:39

sight of that . So what I've loved

21:41

is actually getting the freedom that

21:43

every you know . Three

21:46

to four months I'm having a week out

21:48

of my business Wow , surrounded

21:50

by people who fill my cup and

21:52

help me come back to my business

21:55

and family and , even better

21:57

, brighter version of myself . So , yeah

22:00

, the biggest hobby for me now

22:02

is the freedom of travel .

22:04

Yeah , that's such a blessing

22:07

. I know that you've worked very hard

22:09

and mindfully for

22:12

that . Which is the most important , I

22:14

think it's being conscious

22:16

of work over than doing the hard

22:19

work it's even more important

22:21

. So you've done it and here you are

22:23

, the testimonial , living

22:25

and breathing , of what you could

22:27

do if you just put

22:29

some time aside , get to it

22:32

, organize yourself

22:34

and just go ahead and

22:36

run with it , and it's very inspiring

22:38

. I'm sure for many this is another

22:40

thing that makes you very special

22:43

amongst our mentors . You're also a

22:45

bookkeeping business owner , which many

22:48

bookkeeping business owners don't feel like

22:50

. The accounting structure resonates

22:52

a lot with them , but you've

22:54

actually worked with many bookkeeping firms

22:57

and you continue to inspire many

22:59

, many bookkeeping business owners that

23:02

they have the same basis , that they don't have

23:04

to block themselves out of this

23:06

, building a business that runs without you

23:08

dream .

23:10

Yeah , I think there are some

23:12

great benefits to a bookkeeping

23:15

business using the systems

23:17

that accounting firms do , because we

23:19

don't have to try and schedule all the work

23:21

once a year . We get to schedule

23:23

all the work once a week for everyone

23:25

, or once a month . So it's a lot

23:27

easier to implement because you're doing

23:29

it straight away . You know , sometimes when

23:32

you're only communicating with clients to do

23:34

their work once a year , you might have just

23:36

done it , so you've got to wait before you

23:38

can close the loop on them . So

23:41

there's swings and roundabouts for all

23:43

. But we're all one industry

23:45

and we're all helping small business

23:47

owners globally achieve

23:50

their own goals and freedom . So

23:52

it's not only that it works

23:54

for us within the Wize

23:56

community , it makes us better

23:59

service providers to our clients

24:01

. I talk to clients in different

24:03

industries now about the benefit and value

24:05

of deep and narrow teams looking

24:08

at the capacity of their team . What's

24:10

the charge-out rate ? What's the profitability

24:12

margin on your team members ? What's

24:14

your ideal cost

24:16

of goods , gross profit , net

24:18

profit all of those things we get to

24:20

also bring into the broader

24:23

community . So , yeah

24:25

, it really is changing the global

24:28

look of business ownership .

24:30

I love that and I love to see

24:32

that you're involved in this process

24:34

, that you're also bringing the girl power

24:36

into wise . Loki

24:39

love it . I'm sure

24:41

many other business owners not only

24:43

women , because that's limiting ourselves

24:45

. Men , you work with many men

24:47

and they love your work , so

24:51

I really love this session . It

24:53

was very insightful and I thank

24:55

you so much for sitting down with me . Those were

24:57

all my questions . I could have more

24:59

honestly , but we're

25:01

going to wrap it up . I know you have a full

25:04

day ahead , so I want you to

25:06

continue , but I thank you so

25:08

much for being here with me , K Christy , and I'll

25:11

be surely seeing you around .

25:13

Yeah , absolutely , I'm wise all the

25:15

way . Thanks so much , claudia .

25:20

Thanks for tuning in . If you liked this episode

25:23

, please remember to subscribe and leave us

25:25

a five star review For more practical

25:27

, W ize tips on how to build a business that

25:29

runs without you , head over to wizementoring . com/

25:34

podcast to download a free copy

25:36

of the Accountant's 20 hour workweek

25:38

playbook . We've included a

25:40

link in the show notes below . See

25:42

you on the next episode .