Sustainable independence: Our commitment to stewardship

By Steve McDonald, CPA

Sustainable independence is not only about creating a strong firm for today—it’s about creating opportunities for tomorrow. This future-focused perspective comes from our commitment to stewardship. And it’s one of our strongest reasons for remaining independent.

Here’s what stewardship looks like at Abdo and why it matters.

 

What is stewardship?

At Abdo, stewardship means that each of us, as partners and leaders, is entrusted with something larger than ourselves. It means we are responsible for passing on a firm that is stronger, more resilient, and more capable of serving clients and communities than the one we inherited.

Our commitment to stewardship drives us to:

• Invest in people, so the next generation of leaders has the skills and confidence to step forward.
• Plan for succession, not as an event, but as an ongoing responsibility to develop future stewards.
• Continually reinvest in technology, so our teams can deliver insight with greater efficiency and impact.
• Practice responsible financial management, to ensure we grow sustainably and protect the stability of the firm for decades to come.

These elements—people, succession, technology, and financial discipline—are the pillars of stewardship. By focusing on these, we’re able to build a sustainable model for the future that allows us to prioritize independence. There are other paths that may promise short-term gains, but they often remove the very essence of stewardship: the responsibility to look beyond the horizon.

 

How did we come to embrace stewardship?

Twenty years ago, it felt like we were hitting a wall. Our firm was growing but so were its operational needs. It was clear more focused attention was needed for staff training and development. As we got bigger, having a consistent plan and process was more and more challenging; much of the work to develop staff fell onto our senior leaders and partners.

We decided to attack this issue head on and hired a learning director. At the time we wrestled with the decision to hire a purely administrative position from a financial perspective, but it led to great results. This positive outcome gave us the confidence to make further investments into our firm as we grew.

 

What does stewardship look like at Abdo?

Since those early days, we’ve grown into a firm of 265 people that includes more than 25 partners. We continue to pursue sustainable growth to provide more opportunities for our people and clients.

Most important, we seek to be innovative, diligent, and creative in improving our firm—not only for today but also for tomorrow.

Some of the ways in which we put stewardship into action:

• Becoming experts in our clients’ industries.
• Making intentional investments in technology and staffing that enhance quality and efficiency for our clients.
• Consistently facilitating promotions (we average between 20 and 30 promotions and two new partners each year).

We’ve also recently changed our operational structure to provide more leadership opportunities and are continuously enhancing our work environment. Our partners don’t worry about technology or people issues; guidance for these solutions comes from our operational professionals.

 

What does the future hold for your firm?

Stewardship is about looking ahead. This can be hard if you’re at an impasse or feeling stuck in your growth.

Our independence allows us to make the best decisions for our clients, our people, and the generations who will lead after us. It allows us to honor our commitment to stewardship. But as I shared in my previous article, autonomy does not mean isolation.

If you’re looking for sustainable ways to take care of your people and clients in the years ahead, we’d love to start a conversation. Contact us today.