May 23, 2023

Advisory Work for Family Businesses

By: Center For Accounting Transformation / article

The world of accounting is more than just crunching numbers and balancing the books. For those who have chosen this profession, there is a calling to be more than just an accountant. To be a Trusted Advisor, to be someone who is impactful and rewarding, and to be a problem solver.

Meaningful transformations
One of the most meaningful transformations that accountants can bring about is with family-owned businesses. These businesses often face unique challenges that can be difficult to navigate. As a Trusted Advisor, accountants and CPAs can help provide guidance on stabilizing cash flow, transitioning the business to the next generation, and even having difficult conversations with family members who may not be equipped to run the business.

But being a Trusted Advisor goes beyond just the business. It’s about building a relationship with the client, being someone they can turn to for advice and support in all aspects of their life. It’s about being there for them when they need help, even if it’s something completely unrelated to their business.

As an advisor, there will be times when you’ll be asked questions that you may not have the expertise to answer. That’s okay, because being a Trusted Advisor means being there to listen and help find the right solutions, even if it means bringing in other experts to assist.

Family businesses need advisors
Family-owned businesses often have unique challenges that require a deep understanding of the family dynamics and business operations. As an advisor, you can provide valuable insights and guidance to help the business succeed.

Working with a family business requires you to build a partnership with the business owners, working together to achieve success. Business owners don’t always know how to run and grow a business, but as an accountant, you have the knowledge and expertise to help guide them and integrate the advice of other professionals, like lawyers and insurance agents, into the business plans and succession plans for your clients.

Is it your calling?
Being a Trusted Advisor is more than just a job, it’s a calling. It’s about building relationships, solving problems, and making a real difference in the lives of your clients. It’s about being there for them in good times and bad, and helping them navigate the challenges of running a business. Even when challenges are very personal.

It’s beyond the numbers and the regulations. It’s a calling to make a real difference in the lives of those you serve. It’s about serving others and making a lasting impact that helps improve the world.


There are many unknowns in this world, and the impact that advisory services have on business success is one that we can solve. We can understand how successful accounting firms, businesses, and other organizations are by taking 10 minutes to complete the Advisory Services Survey. Data will be gathered, compiled, and analyzed, and the results will be shared. 

Our mission is to quantify and understand the impact that advisory services have on business success- for the first time ever. Thank you from Avalara, The Center for Accounting Transformation, and CPA Trendlines. It’s time to Own the Unknown.

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