Adam Boatsman failed out of engineering, drifted into accounting almost by accident, and spent his early Big Four years complaining over beers about how there had to be a better way—so he built it. As managing partner of BGW, he’s turned “anything but typical” into an actual operating philosophy: chasing the right clients instead of the easy money, treating culture as a strategic asset rather than something that just happens, and learning the hard way that the loudest underperformer in the room usually costs you your best people. On Episode 95, part 1 of this special two part episode of CPA Life, John Randolph digs into the lessons from Adam’s endurance racing that shaped his leadership, the quadrant of employee engagement that changed how he manages, and why “quiet cracking” might be a bigger threat to your firm than anyone quitting outright. Along the way, Adam makes the case that grace, autonomy, and a little bit of humanness go further than any perfectly polished management playbook.
Adam Boatsman is an owner and Relationship Leader at BGW, where he helps business owners move beyond once-a-year, check-the-box accounting relationships. He works with owners who are tired of surprise tax bills, missed bank deadlines, and accounting firms that feel more adversarial than helpful, bringing a proactive, value-driven approach instead. Adam and his team focus on real, ongoing partnership: uncovering tax-saving strategies, maximizing owner fringe benefits, and helping business owners build long-term value — whether that means growing the business or preparing for a future sale. Through free guides and resources on tax deductions, business growth, and succession planning, Adam shares insights many accountants never bring up.
Hey folks. We are back with another episode of the CPA Life Podcast, where we spend time shining a spotlight on firms and firm leaders across the country who are really building firms that go against the grain of that century old mindset, traditional firm culture, really looking to talk to people and shine a spotlight on firms that are really the anti-CPA firm, or like our guest today likes to say with their firm, the “anything but typical” accounting firms. So today we’re going to spend some time talking with Adam Boatsman, who’s the managing partner for BGW, who’s a recent recipient of Accounting Today’s “Best Firms to Work For” recognition. We’re going to unpack a lot of different topics around growth, leadership, vision, building a people-centric culture. We may even touch on some hot topics like AI and private equity. So, Adam, welcome to the show.
Thanks, John. Happy to be here. Appreciate the invite.
You’re more than welcome. I’ve been looking forward to this conversation for a couple of reasons, and I kind of touched on this before we started recording: First of all, BGW has really built a reputation as one of the best places to work in the accounting profession—not only through the recognition of Accounting Today, but it’s evident when you look at your team’s tenure and you also look at the growth of the firm over the last five to ten years. Secondly, again, as I touched on before we started recording, I was digging into your background and we share a lot of things in common. We’re both business owners, we both believe that culture really does matter in building a business, we both enjoy endurance events, fitness, personal growth. I also notice that you’re a fan of Jesse Itzler’s Big A## Calendar. I’ve got one right in front of me here, if I could turn my camera around. That caught my attention immediately.
But what really stood out was that while you’re a CPA and a managing partner of a successful accounting firm, most of what you really talk about isn’t accounting. It’s about people, it’s about leadership, it’s about culture, it’s about building businesses that can thrive without dependency on one person. And that’s exactly some of the things that I’d like to explore today. So first question for you: when somebody meets you and hears “CPA, public accounting, managing partner,” what do they usually assume about you that is completely wrong?
Well, I usually start with cracking the joke about slightly less boring than a mortician, and that usually gets him going from that standpoint. No, it’s actually funny, the cut’s a little bit opposite of the grain, but most people say, Adam, you’re so extroverted. My response to that is I fake it really well. I mean, I really do. I am so out of my comfort zone in a group of people. Give me a one-to-one setting where I’ve known somebody for ten years, I’m amazing, but getting to know new people, getting to know people in a crowd, showing up at a party, like when I first started the company and had to go network for new clients at Chamber of Commerce events, my wife would say, get in there, we need to make the mortgage. I’m like, ah, I don’t want to go. Usually it’s a really surprise to learn that I actually don’t like talking to people.
Yeah. It’s one of those things that you have to do to run a business and grow a business.
Yeah, that’s right. You’ve got to fake it till you make it, and then hopefully, eventually you make it.
Yeah, exactly. How did you get into the accounting field in the first place? I know that your background is somewhat traditional: college, Big Four accounting, and then moving out from there. But was becoming a CPA always the plan, or did life have other ideas?
No, I did a good job of failing out of the engineering program at Arizona State. They weeded me out real good, and, you know, I kind of looked at this shamelessly, but I looked at majors and thought, hey, what else could make a pretty good living that otherwise I could get out of here? And accounting was on the list, which I’d actually shied away from because my dad’s an accounting professor at Arizona State, the same college that I graduated from. So I was trying to avoid anything to do with what he was doing, and then ended up gravitating towards it because engineering was not going to be a home for me, but I still wanted a job and I still wanted to make a living. And it at least had a little bit of structure to it, like engineering did.
Yeah. There were some guardrails that were on it.
That’s right.
So how did you go from stereotypical path, Big Four, into making the decision one day to step out on your own?
As the Big Four do, and Ernst & Young was great, they just had gone through restructuring, so it was kind of the classic redo everything, and everybody, once every two or three years, I was pretty frustrated. My former business partner, the “G” in BGW, was also frustrated working there at the same time. So I actually thought about opening up a restaurant or investing in rental properties. After about the fourth beer, he’s like, dude, we’ve got to start an accounting firm. It’s going to be great, you know? And by the sixth year, like, where do we start? So I’d love to say it was anything more noble than he was miserable and I was miserable, and we thought, well, at least we can be miserable working for ourselves instead of for somebody else!
It’s interesting that you kind of paint that picture, because on the recruiting side of our business, one of the pictures that I paint a lot of times for candidates when we talk about the types of firms that we work with, what I always tell candidates is, look, most of the firms that we work with were firms that were started by people that have traditional public accounting backgrounds. Not all of them, but most of them. Traditional public accounting backgrounds, and enough, 11, midnight, 1am in the morning at the bar across the street from the office, drinking beer and everybody moaning and groaning about how there has, quote, “got to be a better way.” And most of the firm owners we work with were the people that decided we’re not going to go look for the better way, we’re just going to go build it.
No, I know. And starting after about six months of my tenure at Ernst & Young, the first conversations of “if only we were in charge,” so it’s like, I look back at that now, it’s like, slow your roll, 24-year-old Adam. You don’t know everything. But of course at the time, I thought I did.
Oh, we think we do at that point. You know, which brings up a great point, kind of next question. When you look back over your career, who were some of the people that shaped the leader that you’ve become today?
That’s a really good question. I think there were probably two things that I think shaped me the most: One of them was actually my old managing partner, Kurt Folkman, at Ernst & Young. He’s since retired and had moved on to be advanced a few levels, but he was awesome in terms of just the way that he handled himself in front of people. He was like the epitome of grace and style. I think another one was a former boss in between stints at Ernst & Young that started at McKinsey before starting his own consulting company that I worked for briefly. But he’s the guy that really taught me how to be able to think and present ideas, because they really beat you into submission with that at McKinsey. And then the last is still my current Vistage chair, Dave Serfas, who was the old CEO of Husqvarna US that took him from a hundred million to a billion dollar company in his tenure. He’s 83, and just an internal bundle of energy and an optimist. But I think more importantly, just kind of looking at, wow, a hundred million to a billion, when you sit back and think about that, and not over 50 years. He really pushes you to really think about what you can accomplish without having boundaries around it, which I really appreciate.
So you’ve obviously been surrounded by some people that have sown some wonderful wisdom into your career over the years.
Yeah, absolutely. They’ve been great. Really great.
You’ve posted on LinkedIn a couple of times about endurance events that you’ve been a part of. I think recently running a marathon with your daughter, if I’m not mistaken? What lessons have endurance sports taught you that directly translate into leadership or business, if anything?
A couple. One is, don’t follow your plan and see what happens. The funny one was kind of the one before that, I did a half Ironman with my youngest son, and I made it about 80% of the way through the training plan, and I literally had about 80% of the time result that I was looking for. I’m like, that’s really interesting that there is such a shocking correlation between these things. And I think the other thing that I’ve been, kind of that commitment to, what’s it take to develop a routine, what’s it take to actually really execute a good plan even when you don’t want to? And I think for me, the other thing that comes with the endurance stuff itself is just what’s it take to push through a mental barrier, where you just really just don’t want to do this, and I’m going to do it anyway.
You know, there are things when you’re training for an endurance event, those that are listening that have done it, understand it. Those that maybe haven’t may not get this, but they’ll understand this thought process and mindset: Just like in work, when you’re training for an endurance event and you’ve got that training plan in front of you, there are things on that calendar, maybe today, probably this week, that you just don’t want to do. You just don’t. Whether it’s that long run, just time on your feet, a grind of a run or a bike ride or a swim, something you just don’t want to do. And like you said, you can’t say, You know what, I won’t do that one.”
Or I’ll make it up later. There is no later.
Yeah! Because the eight mile run you were supposed to do this week turns into a ten mile run next week. So you can’t make it up. It just is what it is.
That’s right.
Let’s talk a little bit about BGW. What was the original vision when you guys started out to build the organization?
So global domination—I say that a little bit half jokingly. But shockingly, we didn’t have too many size ideas, in terms of, ah, we want to be a national firm, we want to be international, we just want to be in Charlotte, North Carolina and be 15 people. The original vision is actually the same vision that we have today, which is: who is the ideal client that we want, and how will we service them? And then that later became, and then how will I train a team such that I can scale the business and give a consistent experience to both our internal team members and then our clients, as we continue to grow? So for us it’s really that original ICP, which is first, second generation business owner, could be a startup, could be a thousand employees, it doesn’t matter. But it’s generally somebody who’s willing to read a business book, listen to advice, might be a member of YPO or EO or Vistage, but generally is just looking, kind of buys into the whole, hey, it’s important that you have a good relationship with your CPA, your banker, and attorney type person, versus like narcissistic whack job. That’s not a good fit for us!
But you bring up a good point, because there’s so many people out there. We’re talking CPA firms, but it could really be any business. There are so many businesses out there that start out with that ideal client, that they have a visual of that avatar, what does it look like? And then somewhere between ideal avatar and, as your wife would say, we’ve got to make the mortgage, there are conversations that are had with people that don’t fit ideal avatar, but they can help you meet that mortgage. How do you hold true to what the vision is and balance, hey, it’s money?
It’s a good question, and I think we made some mistakes early on by doing that, in terms of chasing the money instead of chasing the ICP. And what I found is I just really didn’t enjoy it. So it’s like I could not get out of bed and say, yay, let me go do this today, because it wasn’t really in my thrive zone. So I think what we quickly just said is, hey, we’ll just accept banking a little bit less money for the time being and stay focused. And it’s funny, because when you do that, it’s funny how it actually all works out better, because now you have time to focus on what you really want to go after. And then, since you’re so good at doing it, it just sort of stacks on top of each other, because then they tell other people, and you get to know those centers of influence, and then it just kind of mushrooms from there.
It just kind of replicates itself. At what point through this process did you realize we’re not building just a CPA practice anymore, we’re building a company that just happens to be an accounting firm? It’s a place where people can come and thrive, live out to be the best person they can be—oh, by the way, they’re accountants, but they’re really more than that. At what point did you realize, we’ve got something special here?
Again, this is going to sound sort of like the beer conversation and underwhelming, but we’re trying to follow David Maister. Hey, there’s playbooks for this, and we just happen to be really good at helping a business owner kind of integrate their business life and their personal life, such that the business actually can fund the personal life, but we really were just applying old school techniques: build trust, build credibility, actually care about the customer’s wallet more than your own, care about whether or not somebody actually accomplishes a goal or not. So it was just an extremely old school approach, and when we looked around, we just said, well, nobody else is actually doing that. Maybe they used to do that, but they certainly don’t do it anymore. And because nobody else was doing it, we looked like freaking heroes by comparison. It’s like, thank you, competition, for keeping such a low bar that I could simply step over it with my credit card hops.
Yeah. It’s amazing when somebody sets the bar that low, the opportunities that exist if you’re willing to hold your own bar at a higher level.
Yeah, that’s exactly right. And really that’s all that we’re trying to do, is to hold ourselves up to that David Maister trust equation. Like could we actually score it and say, hey, we’re really doing it, as evidenced by low client churn, clients want to spend more money with us, employees are sticking around, and most of our business generated by referral. That was the ultimate scorecard that we’re hitting.
Your firm’s slogan is “Anything but typical.” A lot of firms say they’re different. We talk to firms every week that talk about how they’re different, until you start peeling layers of the onion back and you realize that the talk is great, but the actions don’t follow that. What does “Anything but typical” actually mean at BGW?
So it kind of comes back to what I said in the preceding question, that our other kind of subtagline is, “We’re going to help you save money, make money, stay out of trouble, and try to have fun while you’re doing it as a business owner.” And a lot of people say that, or they’ll say, hey, we’re proactive, or we’re going to do blah blah blah, but they never really invest in any sort of system or process or checklist or anything like that to make that experience happen. We’ll have checklists for how to prepare a tax return, but we won’t have a checklist for, well, what are the best tax planning ideas that we have, and how do we actually implement? Instead that’s all sort of like the inside baseball that sits at the practitioner level. So for us, what’s anything but typical is, it’s really our guarantee if you’re going to get the experience that we sold you, which is we’re going to help you save money, make money, stay out of trouble, and have fun. And that comes through the process that we follow in terms of delivering our services, delivering our products, and also kind of the general experience that you have as a client. That stuff is written down, it’s institutionalized. I’d love to say that if you work with me, it’s going to be the exact same experience as one of our other partners, but it’s not going to deviate by more than 10%.
So for example, if I’m trying to convince a business owner that they really need to talk about succession and exit planning and stuff like that, I might say something like, well, John, if you got hit by a bus tomorrow and died, like literally, who’s going to show up at the office tomorrow and open the door? Other people in the firm don’t necessarily have the stomach for that statement. But what they will say is to say, hey, it’s really important to think about continuity, here are the things you might want to consider. Who would open the door if something were to happen to you? They just have a different way to say it, but we’re all covering off on the same topic.
And I think that when you build a business with that as a foundational mindset, anything but typical, it’s very hard not to carry that over, not just to our customers outside of these four walls, but for lack of a better way to put it, our customers, our constituents, our employees, inside these four walls.
Yeah, that’s right, that’s right.
And I think you probably have an idea about this because of the recognition that you guys did get from the “Best Firm to Work For” recognition. How would your team describe the culture if somebody hopped on a call with them today, how would they describe the culture of the firm to someone external of BGW?
I think they would say that we have each other’s backs, but at the same time we give people a degree of autonomy and treat them like adults. And that’s really at all levels, whether you’re an intern all the way up to an owner. We have each other’s backs, and at the same time you have autonomy to be who you want to be. We still provide some instructions and framework, so that you don’t have to worry about, if you’re outside of your comfort zone, you at least know the way to get into the comfort zone, because anytime somebody tries something new, they’re uncomfortable the first time. It’s like the first time you do that eight mile run on the endurance thing, you’re like, this is horrible, but by the time you’re at the 15 mile run, you’re like, well, mile eight, can’t believe that used to be hard, that was just the warmup, right? So I think that’s really it. The way that it shows up is that we’ve got people that have three years of experience managing close to a million dollars in revenue, meaning like literally we’re an intern, and then three years later they’re managing a client book of business with a high degree of competence.
When you’re building a firm and the employee base is single digits, and half of that employee base have stake in ownership, you’ve got four employees, five employees, six employees, it’s one thing to talk about culture and begin to build it out. It’s a whole other thing when it gets to double digit employees, whether that number is 10 or 50. When did culture become a strategic priority for the firm, rather than simply something that just happens organically?
So I think there were really two places and they’re both related. One is, when you first describe kind of that single digits up to 10 phase, right? Because at that point it is tough to attract talent, as you’ve probably seen when you’re in your business, trying to find people. At the same time, it’s hard to train people once you get them, and at the same time, if you lose them, you kind of feel like, well, I’m screwed, because now I’ve got to do John’s job and I was already busy. There’s not enough people to hand stuff off to. So retention becomes critical, in terms of, I’ve got to create an environment to where people don’t want to leave, but at the same time they’re productive. And that just forces you into a mindset: I don’t want to lose clients, but really to lose clients, it comes down to, I’ve got to have great people, but how am I going to have great people? I’ve got to just suck it up, make the commitment to training, treat them right, make sure that they don’t leave, and that they’re productive. It just forces you, it’s like if you just want to get beyond that 10, or that ever evolving, like rotating door to staff people, you’re forced into recognizing culture is important.
And then I think the second place that it came into play is probably more like at around 30-ish, and we did a couple acquisitions along the way. And at that point, you’re not in that, oh my gosh, if somebody leaves, I’m dead in the water, because you’ve got a little bit out of capacity, you can always spread the load, people can work a little bit harder temporarily. And it’s sort of tempting to say, well, the culture that I have is the culture I have, work’s getting done, clearly we have accountability right here. But the problem is, if you think about engagement in a matrix, you’ve got the person up here who’s actively engaged, total cheerleader, you’ve got some other people who are engaged, maybe not cheerleading, some other people over here, kind of passive aggressive, and then you’ve got your aggressive-aggressive problem person who also sucks at getting work done. Well, as an owner you’re like, well, clearly I can turn this person around, and I spend all my time trying to turn that person around. And the guy that’s over here is like, dude, why are you spending time with that person? That person sucks, you should fire them. In fact, give me half their salary and I’ll do their job for them if we just get rid of them. No, no, I’m going to give them a chance. Well, eventually this person gets pissed off, because they’re like, you’re punishing the all stars, you’re not spending enough time with them, I quit. And then you fire this person anyway, because they were irredeemable, because they’re in this quadrant. So you lost two when you only really needed to lose one. It’s like, when you make that mistake enough times, that’s the time that culture kind of resets. Like, oh, that’s ridiculous. It’s a proposition, like these people, I need to spend, hey dude, you’re either in or out, and if you’re out, I’ll be graceful, but you’ve got to go. And I need to really be trying to move people through the quadrants versus trying to get my bad people to be good, I need to focus on keeping my really good people good, and having a real short leash.
Well, I think part of the challenge when you get to be that size is the people in that fourth quadrant are the loudest people.
Oh yeah, no, I know.
And it’s the squeaky wheel syndrome.
Yep, totally. You lose enough all stars that you just, you’re like, why am I losing all stars? And eventually you just have to come—nobody gets it the first time. If somebody got it the first time, God bless them. But by the third time an all star leaves, that’s related to, I just didn’t see anything changing in terms of my workload getting better, it seems like I’m getting punished for being awesome, you’re like, I can’t do this anymore, I’ve got to do something different.
Yeah. We went through a phase early in my career, mid part of my career, where I did acquisition integration for a recruiting firm. Very similar business to accounting, in that it’s a knowledge-based business. When you buy a firm, when you’re acquiring an accounting firm, you’re buying relationships, you’re buying talent. You’re not buying equipment, you’re not buying patents, you’re not buying copyrights, you’re buying talent and clients, relationships. As a part of our acquisition integration team, after about three or four acquisitions, quickly realized that within about six months, the people that were still sitting in those acquisitions were the people we probably should have gotten rid of in the first 60 days, and the people that left in the first 60 days were the people that we should have done everything we could to keep.
Yeah, you nailed it. Classic mistake.
Yeah. And I sat down with our CEO and said, look, we’ve got to flip this script, because we’re buying relationships, and those relationships are walking out the door within 60 days because they don’t see the value in the relationship we just created.
Yeah, that’s right.
When you hit on that as a firm and you start to build that into, you start to realize that our culture can be one of our greatest assets, or it can be one of our biggest liabilities.
Amen. Amen.
And I think that you guys have done a good job in turning it into an asset, obviously, as a part of the recognition from Accounting Today, you guys see that as well. Which kind of leads to a question I wanted to ask you: You recently discussed in one of your posts on LinkedIn the concept of quiet cracking. The idea seemed to resonate with a lot of people. What exactly is quiet cracking? How would you describe that?
I think that kind of hits in terms of what we were just talking about, in terms of trying to move the needle forward. You don’t really know whether or not people have quietly quit on you or not, in a lot of respects, because it doesn’t always show up in terms of the production data. In other words, well, how many hours did you bill, or how many, you know, whatevers did you bill, or how many, you know, how many hanahans did you do? And you might be able to sense that just something’s a little bit off, but frankly, a question that I think we always have to ask ourselves is, are people staying because they’re truly loyal, or are they staying because they’re too lazy to do anything different, or just the right opportunity hasn’t presented itself? But if at some point the right opportunity does present itself, then, sorry, I’m out the door. So I feel like not having a pulse, people talk about doing exit interviews, and it’s kind of a little bit trending how to do stay interviews, but I wish that people would think of it as really not a trend, like it really is a good question. Like, why do you still work here? If I can figure out how to treat every day as a gift, where you made a decision to actually show up in the door today, instead of, like, from the employer perspective, well, I paid you in full for the day, the clock resets at zero, it’s actually kind of the other way around: Thank you for not taking John’s phone call today. I would like to know what I would need to do to have you not take John’s phone call.
Yeah. It’s interesting, I think if some of those simple conversations be had on a more consistent basis, and I think you’re right, I think that we’ve got into this new wave of mindset of stay conversations. But in reality, so in the world that we’re in today, my wife and I do marriage coaching, marriage counseling, marriage mentoring as a ministry. And one of the things we always talk to couples about is, look, at a minimum, on a quarterly basis, at a minimum, you need to be sitting down and talking about how are we doing? How are we doing? How am I doing? What can I do to take a little bit of weight off your shoulders over the next four to five weeks? What’s the biggest thing that you’re frustrated about and challenged with that I could do—and ask, what am I doing to cause additional weight on your shoulders? And I think that if we just had some of those simple conversations inside the four walls of our office with our people on a more consistent basis, you would start to realize that they want to engage, but there’s things that are keeping them from being able to do that. So when you think about the best leaders that you’ve worked with, what are some practical ways that you think leaders can do a better job to get people engaged in their work and in their jobs?
It’s a good question, because I’ve had a composite of people that I think did a really good job. So instead of saying, hey, what were the habits of one leader, I’m actually going to reference a book, and it’s High Output Management by Andy Grove. It’s like the best middle management book ever written that we try to use here at BGW. And it comes down to doing a version of what you just said with the marriage counseling: What’s getting in your way, what can I help with, and also accepting the responsibility that if something broke down, more than likely or not, it was the manager’s fault. Not in like a, well, because I hired you, John, I should never have made that mistake. It’s more like, I didn’t give you the training, I was too busy to give you the time or whatever, if I needed to help you correct something, I didn’t correct you, or whatever. So it’s really implementing the practices in that book, which really come down to making sure that people, in a meaningful way, not like a check the box way, have the tools and resources to do their job. But independent of that, I think when you use the marriage counseling example, what you probably have counseled people on, or otherwise heard in marriage counseling, is like, you can’t argue with feelings either. So, like, hey John, I’m feeling overwhelmed. Well, Adam, I did the math on it, there’s no reason you should feel overwhelmed, and in fact, you should be underwhelmed. I had more that I needed to put on your plate, not less, because your productivity numbers aren’t where they’re at, therefore, complaint not valid.
Yeah. When I look at your utilization or realization, it’s not a level of overwork, so I think you’re blowing this out of proportion.
Yeah, no. If I go home and say that and say, hey honey, how was your day? It’s like, ah, it’s like, really? That’s not going to be something that happens in the Boatsman house.
You ought to come try to do my job, you know?
Yeah, no, no. And so I’m going to get no sympathy there. So, but at the same time, you can’t be like, oh, well, poor you, let me pat you on the head that you feel overwhelmed, and then show up tomorrow and it’s like, well, how do you feel today? Overwhelmed. Oh, poor you. I think as managers we also really have to focus on giving people the tools and the resources to get unstuck. And frankly, this is another one that’s kind of trendy, like the stay interview, people talk about, like, a lot of firms are talking about what they’re doing about mental health, and then the punchline is like, “but not at work.” We totally support you having good mental hygiene, John, on your time. When you’re here at work, it’s our time. So I think the other thing that we really focused on a lot too, that I think is helpful, is like, can you give some people some tips that actually could be helpful, or some resources that would act, not like call the employee assistance hotline, it’s like, real stuff to help them figure out how to get unstuck from wherever they’re stuck at. And I think lastly is the more that we can be relatable, and what I mean by that is, not that somebody can, hey, I’m relatable, somebody can talk to me, it’s more like, yeah man, I’ve totally felt that way too, here are the things that make me feel that way. Just own the fact that I don’t need to show up in a suit of armor every day, exhibiting a level of perfection. It’s okay for me to exhibit a level of humanness, but as long as I’m not holding up somebody to a standard that I would be unwilling to meet myself.
Thanks for tuning in to part one of John Randolph’s conversation with Adam Boatsman of BGW. Part two will air July 29th. Head to CPALifePodcast.com for show notes and more, and be sure to subscribe and leave five stars. We’ll see you next time on CPA Life!