It is not every day that one sees an intern become the managing partner of an accounting firm. That is, nonetheless, what Lisa DeVaughn Foley accomplished in 2023, 30 years after joining Baldwin CPAs.
An unconventional journey
Foley describes her unique progression from intern to managing partner as having taught her everything there was to know about the firm from top to bottom. After only six years in the firm, she was offered a position as a partner. Back then, Foley understandably feared this promotion was too speedy. Now, she recognizes that her employers must have seen something in her she didn't realize was there, her great sense of adaptation.
From the very beginning, Foley attributes the development of her innovative spirit to the mentorship of firm founders. Bobby Baldwin was the "commonsense accounting guy" who taught her that client relationships could be fun and result in lifelong friendships. Conversely, his wife Nancy seemed a strong professional in a male-dominated industry, which Foley said gave her a lot of confidence as a female accountant. She taught her how to be detail-oriented, but most of all, that it is OK for a leader to not have all the answers and still guide her team to success.
"I feel that my 30-year journey has helped me reflect on when and how to initiate a change, and how it impacts every position," said Foley. "I want to hear the challenges that people face in their roles and use that feedback to make decisions that are best for the firm as a whole. My desire for ongoing collaboration is what has molded who I am as a leader and allowed me to be successful in my career to this point."
Navigating through the growing pains
Baldwin CPAs has prioritized growth over the past two decades. In 2004, it merged with a local firm in the Richmond market, and from that point forward, the group "pushed the gas pedal" and completed eight mergers in 15 years.
"Mergers teach you a lot about internal relationships, and going through so many mergers so quickly allowed us partners to be more specialized and prioritize focusing on our areas of expertise," said Foley. "Initially, it was a challenge to get everybody on the same page, but our focus on a one-firm model supported our continued growth."
While there was a lot of dissonance in the beginning as the firm adjusted to all the changes that accompanied the rapid growth, Foley believes it's the difficult discussions that bring the best results. As a consequence of navigating eight mergers, she said she progressively learned how to improve her problem-solving skills, get everyone on board, and "rip off the Band-Aid." According to Foley, a great leader must be comfortable with uncertainty, yet still decisive.
When asked to discuss challenges that her team regularly faces, Foley explains that she always encourages her leadership and employees to be "appropriately bold," as the firm learned through courses with consultant Gale Crosley of Crosley+Company.
"The hardest thing about our job is overcoming our innate desire to be people-pleasers. Whether it's a client or staff, recognizing and having a hard discussion when they're not a fit requires you to be appropriately bold," explained Foley. "In my experience, once you break the silence, there's usually relief because they're feeling the same way. No matter how hard the discussion, it needs to happen."
While engaging in these conversations, Foley stresses the importance of kindness as well as honesty. It can take time for the impacted party to see the benefit of moving to a new opportunity, so prioritizing compassion can alleviate some of the initial friction. According to Foley, the goal is to maximize every individual's time and talents. To do that, it's critical for employers to ask questions and encourage open communication early on, something she regrets not doing enough at the beginning of her career.
Unlocking Baldwin CPAs' untapped potential
When reflecting on her career thus far, Foley's proudest accomplishment has been her work to elevate the firm's client accounting services practice. Looking back, she notes that the firm truly came to respect this practice and recognize the important role it plays in making clients successful.
To get to this point, Foley said they had to build a strong framework, as well as a team capable of carrying this growth. While initially her team did not know exactly how to deliver the structured services they wanted, Foley explains they figured it out because they knew that was what their clients wanted. As consultants used to tell her, "Just sell the tickets, and we'll produce the show."
"Lisa was having strategic conversations with clients in this group before CAS became a buzzword and popped up on everybody's website," said Christine Hollinden, principal at Hollinden | inbound + strategists, a marketing firm that has worked extensively with Baldwin CPAs. "She really helped them talk about growth and understand what the opportunities were, and it made building out this practice much more rewarding for both the clients and the team."
Staying focused on the community
As managing partner, Foley must have a deep understanding of the Kentucky market, which has been hit particularly hard by downturns in important industries such as the tobacco and coal markets. As a first-generation graduate of Eastern Kentucky University, Foley said serving her state's top labor markets through accounting has always been dear to her heart.
The pandemic forced businesses everywhere to pivot and re-evaluate how they address their clients' needs, and Baldwin CPAs was no exception. Foley recognized the need for clear and consistent information for her employees, clients and the community at large.
She teamed up with the Richmond Chamber of Commerce and organized webinars to keep everyone informed, which she believes is pivotal in fostering a safe environment.
"When there's a hot topic, we really try to embed it into our strategic plan and learning programs by setting up classes," she explained. "As part of fostering a more connected and supportive environment for the entire team, we prioritize incorporating internal learning opportunities that focus on getting to know more about each of our team members. I always find it very refreshing to see people learn about things they aren't familiar with, and it all starts with being open."
Looking forward
Baldwin CPAs has always branded itself around the importance of technology and being ahead of the curve. The firm has been utilizing cloud computing for over 20 years. Foley sees this as clear evidence of Baldwin CPAs' willingness to take risks as part of the firm's evolution.
Foley's objective now is to harness the power of technology, such as generative AI and ChatGPT, to improve employees' and clients' experience by removing repetitive tasks. This initiative is already underway, and the firm recently started utilizing AI to assist team members with risk management on audits and reduce data entry with its CAS practice.
Jim Boomer, CEO of Boomer Consulting, who has worked with Foley extensively, describes her as "a dynamic leader and a genuinely good person. Her business acumen, welcoming demeanor and inclusive leadership style greatly benefit Baldwin CPAs and their clients as she guides the firm toward this next evolution of excellence. There is a lot of potential in the Kentucky market and beyond, and I am excited to see how Baldwin CPAs continues to grow under her leadership."
Looking ahead, Foley's goal is to change the image of the accounting profession and highlight how it serves as an effective entry point for entrepreneurship and independence. She believes that stressing the benefits of an accounting career is key to encouraging the next generation, who may not understand what the field has to offer. However, it will take efforts from all accounting specialists and the AICPA Council to change the industry's image and encourage its continued growth. And Foley fully intends to be an active part of it.
At close range: Lisa DeVaughn Foley
Where did you grow up? Corbin, Kentucky
Where did you go to college? Eastern Kentucky University
Where did you begin your career in accounting? Baldwin CPAs, 1993
Where and when did you first make partner? Baldwin CPAs, 1999
What is something that people may not know about you? I love to cook.
Who is someone you admire? Theodore Roosevelt, because of his vision to develop the National Park System
What is your favorite TV show? Antiques Roadshow
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