Gregory Terrell, CPA, managing director and founder of Gregory Terrell & Company, Detroit, Michigan, has been a NABA member for over 35 years and a DOF member for six. "My involvement with NABA has been more valuable that I can explain in words," said Terrell. "Much of the early mentoring and support I received upon entering into this profession was from NABA members."
Terrell said that when he entered Dillard University in New Orleans, he was considering a career as a lawyer, but changed his mind after working at a legal services office. "I instantly knew that law was not for me. When I discussed this with one of my friends at Dillard, he suggested that I consider majoring in accounting, because it was a field that was in demand and I could still attend law school if I chose to upon graduation. So I took his advice, majored in accounting and fell in love with it."
Terrell not only fell in love with accounting, he received coaching and mentoring in his senior year at Dillard, which enabled him to prepare for and take the CPA exam after taking all of he required courses, but before receiving his undergraduate degree.
With an undergraduate degree and his CPA, Terrell pursued his career and served in positions that included audit manager with a national public accounting firm and manager of accounting policy and research for a Fortune 500 company. In addition to his membership in NABA, he joined the AICPA as well as the Michigan Association of Certified Public Accountants.
Terrell said that he prepared for business ownership "by observing and learning everything I could from the CPA firms and other businesses that I had been associated with. With the experience that I had in business, I developed a business plan and saved enough money to operate at least two years without a salary."
Gregory Terrell & Company began to operate in 1983. Services include assurance, accounting, tax and advisory services. Terrell said that when he established his firm, much of the business that his company received "was a direct result of referrals from NABA members. NABA continues to be a valuable resource for the development of our professionals, for recruiting and for business referrals."
The Division of Firms is also an important organization for Terrell. "DOF benefits me as a business owner in the areas of practice development because of the knowledge-sharing that takes place among member firms and the support the DOF receives from the AICPA. The Ralph Grant Institute, held annually, assists in developing our professional staff."
For Terrell, business ownership has its rewards and challenges. "The rewards come from being associated with a team of professionals that share your vision and the appreciation shown by your clients for a job well done." He said that challenges continue to be attracting and retaining the best talent and the availability of working capital to expand into new service areas.
With respect to long-term business goals, Terrell said they include "transferring ownership interest in the firm to certain qualified members of our management team, to strategically open offices in other markets, and to continue to diversify our service areas."
Terrell's advice for other accountants who may want to pursue their own accounting practice: "Preparation, preparation, and preparation. Owning and operating a practice is much different from practicing your trade. You must not only have excellent technical skills but you must also develop sound business skills. Those areas include effective leadership, human resources, cash management, business development, staff development (training), practice management, and general office management."
