Kyle Bryant originally studied to become a corporate attorney but upon discovering accounting in college as a finance major, as the profession was going through the disruptions caused by the passage of the Sarbanes Oxley Act, he became intrigued by the complexity of the field and decided to intern at an accounting firm. Excited by the depth of client relations and an environment that fit his skillsets, he decided to pursue a CPA license.
Years later, Bryant co-founded Tennessee-based firm Market Street Partners in 2016 with his partner Kevin Rose, an event he said was made possible by a long series of experiences, including working for Lamp Post Group, a venture capital incubator. He then served as the head of finance for more than 20 different startup companies and undertook a due diligence project in his late 20s, an 18-month-long enterprise that gave him a solid understanding of financial reporting issues.
He said that overseeing this complex merger project is one of the experiences that best prepared him for the role of CEO, in addition to filling him with confidence in his professional abilities. But it wasn't the only lesson he learned during his younger years.
"One of the biggest things I learned that really helped me throughout my career is being able to say that I don't know the answer, but that I can look for it," said Bryant. "Being a strong leader means listening to people's needs and finding resources that can help them. No one expects you to know everything at all times, but they do want you to understand what they're looking for and follow through with what you say you can do."
Bryant believes that all leaders should know how to drown out the unnecessary noise in the background and focus on what truly brings the best out of them, meaning that they shouldn't try to be everything all at once. In the early days of MSP, he said there was often the temptation to take on every challenge and every client, before understanding that focusing on services they truly excelled in and building long-lasting relationships was the only way to create a memorable firm.
Don't miss out on the joy
Bryant benefitted from the guidance of several mentors over the years, who confirmed the importance of finding one's purpose. He said that depending on these professionals not only gave him a strong foothold into the profession but also taught him not to take himself too seriously, a piece of advice that still impacts his leadership style to this day.
"The work we do is very serious and the stakes are high, but you need to remember that we all are humans and that it's important to enjoy what you're doing," said Bryant. "If you only focus on numbers, statistics and growth rates, you'll miss out on the joy of working with people you can trust and building strong relationships with them."
According to him, it's this philosophy that allowed MSP to grow as fast as it did: In less than seven years, the group moved to larger offices five times to accommodate new employees, and has been recognized as one of the fastest-growing firms by Inside Public Accounting. It recently merged with Atlanta-based Smith + Howard to diversify its financial services, which means it will now operate under the name of its newfound partner and have Bryant as managing partner of its Chatanooga office.
Looking back at MSP's revenues, which reached $6 million in 2022, Bryant said that growth is all about adding value to everything a professional does. From compliance, tax, or audit work to controller support and CFO consulting, he said that his team aims to truly get entrenched in their clients' businesses and exceed their expectations, which requires looking at the market through their eyes, rather than simply ticking a box.
"Doing that helped us grow our client base, but also to do it with the right people by our side," said Bryant. "People who are learners, who want to be part of a fast-growing firm, and who truly want to add value to their clients' lives want to work with us, and it's pretty easy to recruit those types of people if you have the right culture."
To meet the uncompromising demands of busy season in the first quarter of the year, having enough talent is critical to guarantee a high quality of services while protecting employees' rights to a healthy work-life balance. According to Bryant, it's because there are 35 employees at MSP, which is more than they need, that they manage to work 50-60 hours a week during tax season instead of the typical 70-80 hours model, with an addition of 20-30 billable hours in summer.
He explained that the firm has been able to reduce work hours by being proactive in its search for nontraditional work: With more people doing more work during busy season, the organization gained flexibility in what they can provide, and while overstaffing has sometimes been an issue, Bryant explained that it has always been a strategic decision to undertake specialized projects to keep workers invested.
Leaning in to technology
"There is nothing wrong with the way the CPA landscape has been run for the last 50-100 years, but it feels ripe for some fresh approach and modernization," he said. "We want to take mundane tasks off people's hands and we want to automate and standardize everything we possibly can in the front end."
Bryant sees automation as the most important innovation to capitalize on in the future, and while he recognizes that a lot of older professionals may feel nervous about this change, he believes it will allow accountants to focus on the fields they are most passionate about and facilitate clients' operations. As the accounting talent pool continues shrinking, it's essential for firms to learn how to work with fewer resources, and AI appears as the most effective solution to tackle a constantly changing industry.
Leaning into technology is so crucial that Bryant considers it as "a necessity to survive," which became even more evident when the pandemic forced accounting firms to operate remotely. While emerging technologies have always been part of MSP's DNA and haven't represented much of an intentional shift, Bryant said it has the advantage of creating an environment where employees feel trusted to be accountable for their work and which fields they choose to focus on.
"The tax and finance industries are constantly changing, but we are nimble and small enough to tackle those complex projects as they come," he said. "We recognize our niche, which is the small to mid-sized market, and it gives us a big advantage because we can truly lean in and spend time with our clients."
While its merger with Smith + Howard will change its structure, MSP still takes a lot of pride in focusing its activities in the Chattanooga area. According to Bryant, the region is the best representation of the southern market, with a lot of midsized businesses that need assistance with compliance work and other practices. Being a small firm sometimes comes with challenges, as it becomes even more difficult to find talent in a region that has fewer resources than big cities.
However, Bryant said that MSP seeks to remain local, as the firm considers itself a relationship-driven organization that prides itself on having deep ties with its clients. The firm's dedication to serving others has paid off: MSP received several accolades throughout the years and was notably recognized as both a Best Firm to Work For and Best Firm for Technology by Accounting Today in 2022. Bryant said these recognitions are proof that the firm did what it set out to do.
"Looking back at where we started and where I am sitting today, the award I have been the most proud of these last eight years was the Best Firm to Work For, because our mantra really is to create a great place to work and a great client base to work for," said Bryant. "We are constantly learning and pushing forward, and I am so proud that we continue growing as a team."
At a Glance: Kyle Bryant
Where did you go to college? UT Chattanooga.
Where did you grow up? Jackson, Tennessee
Where did you begin your career in accounting? Henderson Hutcherson & McCullough.
Where and when did you first make partner? In 2016, at Market Street Partners.
Who is someone you admire? My late grandfather taught me a lot about relationships with others.
What is your favorite music ? Classic rock, Bob Seager and Tom Petty.
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