From Minnesota to Arizona: The story behind Abdo’s Scottsdale office

By Abdo

SUMMARY

Abdo’s Arizona office may be far from its Minnesota roots, but it reflects the firm’s commitment to meeting clients where they are. In this Q&A, partner Phil Wuollet shares how the Scottsdale office was established, how it’s grown since 2022, and how the team supports Arizona businesses, local governments, and individuals while navigating the state’s evolving real estate market. 

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Abdo is a Minnesota-based accounting firm. Our Minnesota roots run deep (we were established in Mankato in 1963); we proudly embrace our North Star State identity. Although our firm has been recognized by Inside Public Accounting as one of the top 200 largest accounting firms in the nation, you may be surprised to learn we also have a presence in Arizona—a state that is, in some ways, Minnesota’s total opposite.

To get the backstory on the Arizona office and its unique focus, we sat down with Abdo partner and business (real estate and construction) advisor Phil Wuollet to get the scoop. Here’s what he had to say.

Conversation edited for clarity.

 

Abdo: Let’s start at the beginning. How did you first get into accounting?

 

Phil: After high school I went to a boarding school in Finland for a year. I wasn’t sure what I wanted to do at that point and was considering different paths. When I came back, I gravitated towards accounting and was intrigued by the profession. I realized an accounting degree is something you can use in many careers and the curriculum interested me. I landed a part-time position at an accounting firm during my second year of undergraduate, and the rest is history. ‘

 

Abdo: What drew you to the real estate and construction segment?  

 

Phil: I grew up in Minnesota, where my family owned a bakery for many years. When my father sold his interest in the bakery in 1996, we moved to Arizona and several members of my family went into the real estate and construction industry. So, I naturally gravitated toward this segment.

I enjoy being at the table, helping to solve problems and navigate options. There are always many ways to do things, and it’s rewarding to be able to guide clients in a way that contributes to their growth.

 

Abdo: How did the Arizona office come to be?

 

Phil: I first got to know Abdo through an organization called DFK. I knew of the firm through my Minnesota contacts, so I easily connected with some of its partners and staff. We started having conversations about what an Abdo presence in Arizona could look like, and I was excited about the prospect of tapping into the resources of Abdo to better serve clients.

On July 11, 2022, Tax Senior Associate Marcy Kaplan and I opened the doors of Abdo’s Arizona office in Scottsdale. Being that it was just the two of us, it felt like we were starting from the ground up.

It was a post-Covid world at this point, which forced everyone to rethink how they were doing business. I think this is part of why we were able to get up and running so quickly; we were accustomed to operating in a remote office-based (versus firm-based) capacity. Today we’ve grown to 20 team members and recently celebrated our four-anniversary.

 

Abdo: How does Abdo’s Arizona office serve clients?  

 

Phil: Phoenix has always been a real estate-heavy town and still is. So, much of what we do in Arizona is centered on supporting this segment. Personally I’ve worked extensively with developers in the build-to-rent space, advising them on everything from the tax ramifications of an acquisition to cost accounting.

That said, our firm’s broad expertise allows us to support several other segments too. Our Abdo Financial Solutions President Jean McGann and her team recently served as the City of Sedona’s interim finance director.

Abdo Manufacturing Segment Leader Tyler Petzel has helped several Arizona manufacturers take advantage of tax credits, including the Arizona Qualified Facility Tax Credit.

Our firm’s expertise in nonprofit accounting has allowed our nonprofit team, led by partner Joe Wallis, to serve Arizona nonprofits as well.

 

Abdo: What’s been the biggest shift in Arizona over the last four years?

 

Phil: I’d say the uptick in challenges experienced by real estate companies. It feels like so much has been happening at once. There’s been an oversupply of certain segments, such as multi-family, amid rising interest rates and construction costs. It puts a great deal of pressure on people in the real estate business.

 

Abdo: What’s on your radar as your look ahead to the next year?

 

Phil: We’re certainly paying attention to the $265 billion Taiwan Semiconductor Manufacturing expansion TSMC ecosystem and the opportunities it’s creating. We have clients that are directly or indirectly involved in this project, specifically in the manufacturing space. Of course, the TSMC expansion also impacts the real estate and government spaces, so we’re working with these clients to help them navigate this development too.

To learn more about how our Arizona team could light the way forward for your business or organization, contact us today.