Episode #162: Modern Leadership in Accounting with Brett Kelly
Dec 23, 2024
auto_awesome
Brett Kelly, the founder and CEO of Kelly Partners Group, discusses modern leadership and innovative strategies in accounting. He highlights the shift towards bottom-up leadership, emphasizing the alignment of business practices with core values. The conversation explores the growing importance of long-term vision over short-term gains, and how transformative leadership can unlock potential in teams. Brett also addresses the need for a people-oriented approach, advocating for dignity in the accounting profession and the power of storytelling to enhance its impact.
Brett Kelly emphasizes the significance of bottom-up leadership and fostering environments that unlock team potential for improved firm performance.
The episode discusses how private equity strategies often neglect long-term stability, contrasting with Brett Kelly's mission-driven approach to sustainable growth.
Deep dives
Building a Better Accounting Firm
The journey of creating Kelly Partners Group began with recognizing that many accounting firms are poorly run, particularly when compared to leading businesses like Apple or Microsoft. By focusing on the needs of private business owners and creating a positive environment, Brett Kelly aimed to build a better firm model. He believed that listing the company publicly in 2017 would encourage greater professionalism and transparency within the firm, ultimately leading to better outcomes for clients and employees. This model of operation contrasts sharply with traditional partnerships in accounting, where a lack of external accountability often results in complacency.
A Unique Approach to Acquisitions
Kelly's approach to growth in the U.S. differs significantly from typical private equity strategies, favoring partnerships where firm founders retain ownership stakes rather than being fully acquired. This model aims to ensure that the culture, people, and communities within the acquisitions are preserved and respected. By partnering with founder-led firms, they aim for a collaborative approach that enables the firms to thrive under new leadership while prioritizing local impact. This creates a sustainable growth path that stands in contrast to the often transactional nature of private equity buyouts.
The Consequences of Private Equity
Brett Kelly highlighted the pitfalls witnessed in the Australian accounting market when private equity began buying up firms. Several private equity-backed firms that went public saw their operations falter, leading to disastrous outcomes and the eventual delisting of multiple companies, while only a few prospered. This track record serves as a warning that the short-term gains pursued by private equity can ultimately undermine long-term stability and sustainability across firms. Kelly argues that a firm’s success hinges on its mission, values, and leadership, which private equity firms often overlook.
Cultivating Strong Leadership and Values
Strong leadership, according to Brett Kelly, is rooted in selflessness and a commitment to the growth and well-being of team members. By fostering genuine relationships and committing to regular interactions, leaders can unlock their team’s potential, thus improving firm performance. He emphasizes that successful leaders are those who invest time in understanding their employees and creating an environment that nurtures talent. The goal is to develop an organizational culture driven by shared values and a long-term vision, which can ultimately enhance both employee satisfaction and firm profitability.
Welcome back to Thrivecast! In this episode, Jason sits down with Brett Kelly, founder, and CEO of Kelly Partners Group, a global accounting firm that went public in Australia in 2017 and is now leading in the US as well. They sit down to discuss the evolving world of leadership and business strategy.
Brett highlights the importance of fostering bottom-up leadership, aligning business practices with core values, and creating environments that unlock potential in teams and firms alike.
Together, they explore shifting career trends, the power of long-term vision, and how mission-driven strategies are reshaping the business landscape!
Get the Snipd podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share & Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode