Thread by @RavenousTiger

It's announcement time on #taxtwitter mega🧵 Starting now Jan 2022 I am no longer working "full time" as a partner in public accounting and I do not ever intend to go back. I've decided to take my talents to "part time" and I'll try to explain what I mean. Insert fav gif here 1/

My firm has been a very good place to work at times, even a great place to work at times. Sure there are things I'd change, but it's not about the firm, it's about my life. Partners work about 2400 hours/year, a bunch during tax season and close to 40 the rest of the year. 2/

Maybe your firm is more, maybe a bit less, but 2400 hours is about what we expect anyways and some people go over. I know there are plenty of firms that are way higher than 2400 hours, our relatively modest expectations compared to the industry is one of our great attributes. 3/

The past two years I have gone way over on hours. The opportunity to educate my firm and make a massive difference in the lives of clients and salons through PPP and then ERC was a once in a lifetime opportunity but it required a massive investment of time. 4/

The firm didn't ask me to go way over on hours, I chose it because I saw the once in a lifetime opportunity. I could work from home effectively, I don't have to juggle taking care of kids or other family members, I was free from the responsibilities that most people have. 5/

So I took the opportunity and served firm clients, mastered the ERC tax law, sought out opportunities to reach out to new clients, trained a mini department of ERC, and did my best to create value with clients. And it was a tremendous success creating value for clients. 6/

It's taken me 15 years, a pandemic, working 50-60-70 hours a week for 24 straight months but I came to a realization that I was going about things all wrong. I aspire to value bill my clients to charge them for the value I provide, but I wasn't providing myself value. 7/

I worked the extra hours which took away from me, the life I want to live, and the things I want to do with my time. Certainly I like working for clients and I like helping staff develop, and I like tinkering with processes to create efficiency, and I like running a business. 8/

But I love exploring somewhere new with my wife, I love trying out a new golf course, I love playing Ultimate frisbee, I love going to playing board games with friends. I was spending all my time doing what I like in order to make $, to the detriment of doing what I love. 9/

Maybe it's the #nittigritty webinar from September 2021 that encouraged me to invest in myself, seize the day, leave no stone unturned, maybe it's that I'm totally burned out after working like a madman for two years but January 2022 represents a new start. 10/

I'm going to work "part time" from now on, and I intend for this to be a permanent change. For now that's 75% time, which 2400 hours * 75% = 1800 hours. 1800 isn't that much less than the 2080 "normal" 40 hour job, but it's 30 per week plus 50 per week in tax season. 11/

My firm knows this already, it's been in the works for a while, and they are supportive. We'll have to see how it goes, I'm sure there are going to be challenges we haven't foreseen, but within 1800 hours I'm going to prioritize my time and make the most of my efforts. 12/

Working less means delegating way more. That's a skillset that I'm not great at. I'm working on it and I'm going to improve, but it's absolutely necessary for this to work and I'm 100% committed to this working so delegating is a key to improve on. 13/

Working less means I need to really prioritize which clients I make time for, and an industry niche is a terrific way to accomplish this. Salons have become that niche and I do not intend to slow down there. Working smarter with salons, not working more. 14/

Working less means I'll have more time for the things I love to do, the people I love to spend it with. How are they going to adapt when my friends see me in the month of March for the first time in 15 years? I'm not sure, but I intend to find out. 15/

Working less means that I'm going to provide less value to clients and I'm going to get paid less. I'm very lucky that getting paid less is an option for me. I can afford to live the lifestyle I want to live on 75% of the money I could otherwise make. 16/

Working less means I can really throw myself into opportunities at the @AICPA or @MNCPATweet if something comes up in a way I couldn't in the past. I've not been shy about those in the past, but now I'll have even more time to be involved if I want. 17/

Working less means I will still have time for @PrepareProsper during tax season each year. I was definitely at the breaking point where I was going to drop my volunteering because I just didn't have time, but now I will have time for my 22nd year as a volunteer. 18/

It took me a long time to realize I couldn't afford to live the lifestyle I wanted if I was working 2400 hours per year, not in terms of money, but in terms of valuing my time. Is 1800 an over correction to the past 24 months? Maybe, but I don't think so. 19/

If you are still reading this you must see some point already. But I think the point is to tell some of my story like @nittiaj once did to encourage you to explore what you can't afford to live without and pursue that. How it hits for each person will be different. 20/

I can't afford to work 2400 hours a year. I think there is still tremendous opportunity as a CPA in public accounting to use our minds to work smarter, create value for clients, and still make a good living. I think a part time model can work financially and personally. 21/

Should I be so bold as to aim for a straight 32 hours per week 52 weeks a year? Perhaps that works for you, if so that's great. I'm ok with the tax season hours for now and I think I need to work more that time of year to produce the kind of value I want for my clients. 22/

My family and the people that know me best at the firm are all excited as I transition from mega super full time to 75% part time. But not a single one believes I'll make it down to 1800 hours this year. I'm not sure if I will succeed or fail, but I'm going to try. 23/

So we'll see how it goes, but this is one reason why 2022 is going to be the year of the tiger. I'm going to try and keep notes on what is working well as I go, what skills I'm lacking, or what areas are presenting great opportunities. #YearoftheTiger 24/25

If you have advice or tips or you've already mastered part time public accounting partner by all means let me have it #taxtwitter because I could use the help and maybe it'll help someone else out there. The end of the mega 🧵but just the beginning of the part time🐅.

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