building a 7-figure tax practice while black
TRANSCRIPT
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BUILDING A 7-FIGURE TAX PRACTICE WHILE BLACK
AMANI S. AHMED, CPA, MST
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TODAY’S OUTLINE
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◈ Business Financial History
◈ My Story
◈ Best Practices to Build Your Tax Practice
◈ Q&A*
*If there’s enough time or during polling questions
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AMANI S. AHMED, CPA, MST▪ Licensed CPA in MD and VA
▪ Master’s of Science in Taxation, American University
▪ Doctorate in Business Administration Candidate (2023)
▪ Public Accounting (7+ years)
▪ Owner and solo-practitioner of AGA Group LLC since
November 2007
▪ Prepared or reviewed over 65,000 returns
▪ Trainer for tax practitioners and accountants
▪ IRS Appointed Committee Member-NPL (SB/SE
Division) 3
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AGA GROUP ▪ Small boutique CPA firm
▪ Began in November 2007
▪ Staff of 5-8
▪ Based in the Washington, DC area
▪ Services: complex tax preparation, small business accounting &
consulting, tax resolution, & business incorporation
▪ Service clients nationally and internationally
▪ Year-round firm4
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Polling QuestionAre you a minority business
owner? Y/N
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1.Business Financial History
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2007-2020• Start-Up
• First 5-Years
• Financial Woes
• Focusing on Minimal Costs
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Start Up (Oct/Nov 2007)
◈ 3 Partners
◈ $27K ($9K/each partner)
◈ E-Myth Revisited & Business plan
◈ Grand Opening FAIL
◈ New business conundrum
◈ Partnership crisis 8
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2007-2012
◈ Office downsized
◈ Client turned business partner
◈ Upsized office and increased staff
◈ Fall out & change in business style
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Financial Woes
◈ Being Sued
◈ Revolving Door- Staffing Issues
◈ Investing 5-Figures to “buy” Clients
◈ Decreasing My Hours & Schedule
◈ Hard To Trust People
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$5,560,986.28Total Gross Sales 2007-2020
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Polling QuestionWhat % of minorities makes up your firm?1. Less than 10%2. 10%-25%3. 26%-50%4. 51%-75%5. 76%-100%
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MY STORYAn Egyptian-American
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Academic & Professional Accomplishments▪ Overall GPA 3.93/Major 4.0
▪ CPA Review Helper
▪ Passed CPA 1st Time (Top 10%)
▪ Became a trainer at CohnReznick (formerly The Reznick
Group)
▪ Former board member (2012-2013) of MD/DC/DE NATP
▪ Lifetime member of National Association of Black
Accountants (NABA); Served as past VP for DC Chapter
(2005-2007) 16
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Minority Life
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▪ Professional Career
▪ Creating A Solid Foundation
▪ Leaving Corporate America
▪ Building my tax practice
▪ Insecurities & Landmark Forum
▪ Servicing Diverse Clients
▪ Being A Women
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3.Best Practices
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Polling QuestionWhat is a major challenge as a minority business owner?1. Diversifying clientele2. Hiring competent talent3. Acquiring financing/funding4. Exposure to markets5. Other
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Overcoming Being Black
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▪ 9% of 1.9M accountants
▪ 5,000 of 650,000 CPAs
▪ Just 1% of CPAs employed by firms
▪ Disparaging inequality on a large scale
▪ Action combats complaining/Act fearfully
▪ Acceptance & Make An Impact
Source: https://news.bloombergtax.com/financial-accounting/fifty-years-little-progress-for-black-
accountants (2019)
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Want big
impact?
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OUTPERFORM
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““Business is not about what you do
but how you do it.”
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3 IMPORTANT FACTORS TO BUILDING WHILE BLACK
CLIENT
EXPERIENCECOMPENTENCY RESPONSIVENESS
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IT’S OK TO PURCHASE◈ BUY, BUY, BUY
◈ Lease- 1 year or virtual
space
◈ Remote office address
presence (national office)
◈ Postal1
◈ Regus
◈ Anytime Mailbox24
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MANAGING BUSINESS FINANCES◈ Crash and Burn!
◈ Net income 40%
◈ Investing in expertise &
technology is KEY!
◈ Focus on short term
financial & servicing goals
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MARKETING YOURSELF WHILE BLACK◈ EVERYTHING you do is marketing
◈ Online platforms
◈ Exposure is #1
◈ Supporting minority causes
(https://www.mycpaisblack.com/)
◈ Hiring a marketing consultant/help
◈ Building a good referral network
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Polling QuestionWas this session helpful? Y/N
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PERSEVERE Own Your Success
Currently have a net worth of
over $4.5M. Live primarily
debt free and have the
opportunity to invest & save
most of what I make.
Industry Expert
Engaged in speaking on
building a tax practice,
marketing, and managing a
practice.
Freedom of (some) time
Work part-time schedule of 2-3 days
post tax season to travel, activity
with family, focus on other business
endeavors and passions. All without
sacrificing making GOOD money!
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Being Respected &
Having a Solid
Reputation
Service some of the best clients in
the world. Opportunity to work
with vast types of clients all over
the world.
Develop CPA Niche
Get to focus on clientele that I
am able to provide the most
value which are small business
owners and real estate
professionals.
Inspire & Give Back
My mission is to inspire others
to achieve MASSIVE success
without the guilt and shame
and to be a vehicle of change
and investing in our future.
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THANKS!Any questions? Let’s connect…
www.agagroupllc.com
FB @MarylandCPA
IG amani.ahmedcpa
Linkedin: https://www.linkedin.com/in/amaniahmed/