Today we’d like to introduce you to Michael Carney.
So, before we jump into specific questions about the business, why don’t you give us some details about you and your story.
After I completed my graduate degree at Marquette, I moved to Chicago and started in public accounting at a larger accounting firm doing financial statement audits and tax returns for small to mid-sized businesses. We’d go to the company to review their financial information and make sure it was correct. While we saw it as doing good we were never viewed the same. It seemed we were often viewed as a nuisance and trying to catch them doing something wrong! Overtime it became difficult for me because the reason I chose my profession was to help businesses, not catch them doing something wrong.
Luckily for me, the 2008-2009 market downturn led to lay-offs at the firm I was at and I was lucky enough to be part of the downsizing in early 2009. I felt liberated. I now had the opportunity to do whatever I wanted, even if it wasn’t in public accounting! For a few days I contemplated what I wanted to do, but it didn’t take me long to realize I had the opportunity to use my CPA to do what I’d always wanted to do and that was to help businesses grow.
I went to a local printing shop, had some business cards designed, and MWC Accounting was born. Once that was set I hit the pavement with the goal to find small business owners that needed accounting and tax support. I’d get in, help them organize and understand their numbers, prepare their taxes, and grow with their company. Turns out, there was quite a market for these services. As my clients grew, my business grew. We now work with clients across the country to grow their business through accounting services, tax planning, and financial guidance.
Has it been a smooth road?
No, business ever faces smooth road. If someone says it is they’re lying or at best ignoring their past struggles. In professional services finding the right people is a huge challenge. As a small business you need someone that understands what you’re trying to do and the issues that businesses face. They have to be willing to learn and communicate directly with the client to solve problems. When we’ve found the right person though they’re able to accelerate and really enjoy the position.
The other challenge I didn’t realize at the start, and took for granted when I was at a larger firm, are the processes that are in place. They really do make things work smoother and more efficiently. We started with nothing and have built them along the way. It’s been a great learning experience though and we’ve been able to take the knowledge we’ve gained to apply it to our small business clients so they have something in place as they grow.
We’d love to hear more about your business.
MWC Accounting is a public accounting firm that focuses on the launch, growth, and scaling of businesses. We provide accounting, tax, and financial services to these companies. Our goal is to grow with the business. We’ll often start by solving the general problems that come along with launching a business – how to do your form? What entity type is best? What are the tax implications of owning a business? As the business develops we’ll take a larger role in the day-to-day operations of the business. We’ll manage their accounting systems, prepare their tax returns, discuss strategic options for growth, and assist with the implementation of the best tax planning options for their company.
Our focus is on small to medium size companies that want to grow but lack the financial sophistication to understand how to grow. These business owners know their product better than anyone, but we help them understand the numbers behind their product. We’ll review their tax options and ensure they understand the implications of their choices.
What we really love as a company is when our clients grow to become thriving businesses. Businesses that employ people and provide a product in the market place that positions them from success. It’s awesome to see and as they grow, we grow.
What I’m most proud of though is the fact I did what I want my clients to do – start with an idea and implement it. I think that positions us well in the marketplace.
Is our city a good place to do what you do?
Chicago is a GREAT place for a business, period. Mine included. The entrepreneur community here is amazing and the business owners are resilient. I would highly recommend Chicago as a launching point for any venture. What I really find helps is the number of co-working spaces around the city. They didn’t really exist when I started, at least not to the extent they do now, so I spent most of my time at Starbucks or my condo. Today if you’re starting a business you can find a co-working space that works for you. What these spaces really do is gives you the opportunity to get out and socialize with other entrepreneurs. Starting your own business can be lonely and sometimes it’s good to know there are others out there going through the same thing you are going through.
Contact Info:
- Address: 980 North Michigan Avenue
Suite #1530
Chicago, Illinois 60610 - Website: www.mwcaccounting.com
- Phone: 7733775776
- Email: mwc@mwcaccounting.com
- Twitter: @mwcaccounting
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