The Shealy Group is a CPA and consulting firm in Mansfield, Ohio. Dave Shealy founded the business in 2001 after 20 years of learning his craft as an auditor and tax professional in a regional CPA firm. The Shealy Group works closely with clients, motivating them to take an honest look at themselves financially. His team of trusted advisors delivers a comprehensive assessment for strategic planning and improved efficiencies and finances. The Shealy Group clients include manufacturing companies, distribution companies, agribusiness, engineering companies, private physician practices, real estate firms and retail companies. Dave Shealy has been a member of The Alternative Board (TAB) for the past four years and finds great value in the expertise and unbiased opinions of other small business owners in his TAB Western Reserve chapter.
What inspired you to start your own business?
When I was working as a partner in a CPA firm, I felt my duties were more transactional than wholistic. I wanted to serve in a different way. I was taught at an early age that we are here to serve. I wanted to be a trusted advisor and counsel businesses on a real-time basis. I decided to serve a select group of clients and potential clients with a small staff and make a business out of it. My particular niche of clients embraced it, and that made us successful. We didn’t set out to grow the volume of clients but to continue to develop the services we provide and do it better. We began with about ten clients and today we work closely with about 50 clients, though we serve hundreds of clients in some fashion.
What do you love most about owning your own business?
I enjoy being able to make a plan and work a plan. We try to be efficient and structured, but we don’t fully schedule every day. Things come up for our clients and we want to be able to stop and help. A hallmark of our group is caring about clients with compassion, always thinking about what it’s like to be in their situation.
I also like that our staff of nine employees is like a family. In fact, my daughter is an employee and we call our office manager “mom” for a reason! Right now, with the COVID-19 situation, it isn’t quite the same since we’re working remotely, but we’re always thinking about our families and we rally around each other. Collaboration is key to our business, so we talk with each other daily to go over client issues by phone or Zoom.
Why did you join the local TAB peer advisory group?
I’ve known Mark Dorman [founder and managing partner of the Western Reserve TAB chapter] for a while and I have extreme trust in him. But once I got into TAB, it was easy to remain in it. I come back from meetings energized. We have about 10 business owners in the group now and everyone comes prepared. We’re all focused on our businesses. Just like my company focuses on giving our clients an honest assessment of their business finances, the TAB group gives me an honest assessment of my own business – and I do the same for them. We help each other.
Any golden lessons you’ve learned from your TAB group?
I’ve learned tactical lessons, especially on human resources issues. There are always areas you’re not as strong in… and opportunities disguised as problems. As business owners all have our own experiences and that’s good and bad. We have different paradigms for how we look at things, and like when you hold up a crystal it looks different depending on how you turn it. I’ve been running my business for a long time but there’s never a TAB meeting where I don’t come out saying, “I never thought of that.” You let your guard down and really listen to others and blend it with your own experience. That is simply invaluable.
Do you encourage other small business owners to join TAB group?
I absolutely do! Especially in 2020 with the COVID-19 changes. Everyone’s been diving into their business and torn it apart because they had to. We will see more operational changes than we’ve seen in the past 20 years, including manufacturing staffing and reevaluating supply chain management. If there’s ever a time we need perspective on what’s happening in businesses, it’s right now. In a group like TAB with other local area business owners, we can talk about this and learn things we hadn’t thought of. When something dramatic like this comes up, we need honest information. I find solace in the positive energy that happens in TAB meetings.
The TAB meetings are informal but very well-structured. The members enjoy it and prepare for it. People are all there to help each other and to make our own businesses better. If you say something that’s not authentic, they’ll call you out on it. I’m always amazed at the diversity of thought. We’re not all accountants and that’s a good thing! We have engineers and manufacturers in the group who think differently than I do.
How important is it to have an exit or succession strategy for your business?
Very important. None of us are getting out of this alive. We’re only here for a short while. We all want to leave the planet, our families and our businesses a better place than we found them – and we’d like to make that transition happen when it’s time for your clients and business continue without you. If you go through the succession planning process, your business will be better no matter what. It’s like putting on your own oxygen mask on the airplane. You can’t help others if you’re not well-situated yourself. And you need experienced professionals to help you do it. How often does your business do succession planning? Once. Mark Dorman’s group at Legacy Business Advisors has tremendous experience doing something none of us do more than once.
Biggest lesson learned about achieving success?
Integrity is the key. That doesn’t mean you’re perfect all the time. It means being true to yourself and your core beliefs. My children will tell you that for me, the Bible and the Constitution are pretty much central. You want people around you who aren’t “yes people” but who share your core belief system. If something comes up that is not compatible with your core beliefs, it’s not an option. And I’ve been blessed with very successful clients who have taught me more than I’ve taught them.
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