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Ep. 268 Transcript

00:01

All right, ladies, welcome to this episode of The joyful scaling podcast. I am so blessed to introduce you to a beautiful sister in Christ, Faith Bynum, Patterson, we met on LinkedIn, and her accounting expertise, her passion to help others, her just joy and you know all about joy. It, it literally jumped off the page. And so she and I had a chat, and I got to bring you on. She is a licensed certified public accountant since 2012. And at that time, right out of the gate, she started her own practice, and you’re going to hear her story from startup to massive success in just a little bit. Faith is an author. Her book is called build faith in your business. She is a sought after speaker. Obviously, she’s a thriving entrepreneur. She’s an award winner many times over. I could I could take the whole half hour telling you about it. But I’ll just list a few, including the 2021 local entrepreneur community Supporter Award, and the 20 2040 under 40 Alumni Award from her alma mater, fates passion to educate people in finance and entrepreneurship is amazing. Oh, and by the way, she’s got an awesome husband and a beautiful daughter. Let us welcome faith to the show.

 

01:17

Thank you. Oh, my God, I just feel honored. Honored, thank you so much. It’s a pleasure to be here.

 

01:26

Thank you faith you are if anybody’s not following faith on LinkedIn, you got to look her up. Are you faith buying him over there? Hunt?

 

01:33

I am faith buying them on LinkedIn? I sure am. And so I at some point, I’ll get the last name going that I acquired a year and a half ago, but I’m still playing them on LinkedIn.

 

01:46

Yes, congrats on that. But ladies, you’re gonna want to jump on over and connect with faith on LinkedIn. She is a prolific poster there and very popular. So you’re gonna love her stuff. But let’s talk about the old days, back in 2012 when you cast all of your tasks, because I know my niece is an accountant, but she didn’t get her CPA yet. She’s a smart woman. She can’t you know, whatever, different priorities. So I know that’s not easy. That is hard. So you got a license. And then you decide, you decide to do it on your own. Tell me man, I just can’t even imagine.

 

02:26

I can’t even imagine if I was I thinking I don’t. I don’t know what I was thinking. But I know that whether you’re thinking or not, God’s will, is a such a beautiful direction. And when you look back on it, it you know, you feel like at that moment, it’s pieces, but then you look back, and it’s like, oh, it’s a beautiful sculpture put together. And so I’m thankful for it. So at that time, I, so let me go back a little bit to kind of lead us in 2012, right, because I did not pass any of my test on the first try. So let’s just be honest, it is hard, work hard, is hard. It’s hard. It’s a four part exam. And I was pregnant with my daughter in 2016. I mean, I’m sorry, 2006. And that’s when I have started studying for the CPA exam. And I was stuck on one part. And I just kept going. So like I filled it three times in a row, just one part. And I remember after, after I had hurt so when I was pregnant, I took it twice to get it had her and then when she was about one year old, or like eight months or so I went back to take it and passing is a 75 and I got a 71 And I remember just sitting on the couch and I said, Lord, I can’t keep putting myself through this. Like it’s it’s a lie. So I went back to school, and I went to go get my MBA and accounting. And so one of the best decisions, I was going through a transition at the time her her dad and I, we split and so I was a single mom. And so I was determined, I was determined to get my masters. And once I had gotten my masters I said okay, I’m gonna go back and I’m going to pursue this CPA license. That was such a goal and by that time, which was now 2010 i It was no longer As for me, it was for me and her. And so I remember, she, at the time, three years old, three, four years old, and she actually slipped into bed with me. And so I would get up in the middle of the night, go downstairs. And you know, within an hour, she was like, Mommy, Mommy and I will have to go get her from upstairs. And she would be in my left arm. And I’m turning the pages of my CPA book with my right to study. And it because she wanted to be up under me, you know. And so when I was teaching her her colors, my CPA exam cards, I had red, yellow, blue, and green. And I say, pass my me the green card. And she passed one pass, why me the yellow card. And those are the types of things that you have to do to get through, because that was a goal of mine. And I was determined to get through it. And so I passed one and passed another one, I will fail the next one and then pass it. But once I got a rhythm, even the ones that I didn’t do that I failed on, I never looked at those as actually failures, it was just an opportunity to learn and grow. And so I use the DAT as motivation, because as long as I had that, oh, I didn’t pass the test. It was it was depressing. But it put a spin on it to say no, it’s an opportunity to learn. So did that 2012 got my license. And once people found out and that’s the power of social media, put it on Facebook, oh my goodness, I passed the CPA exam. People just started. And I didn’t let people into my journey. So whichever, whenever I would pass one, I would say hey, you know, thank God, I passed one, three more to go half past two, two more to go. So on and so forth. And so, people, I think they walked with me on that journey, because I did let them in. And so when I passed it, I think people were probably more ready for me to pass it than I was. Because that’s when inquiry started getting in, you know, coming in of taxes and stuff. So I did it as a part time job. Yeah,

 

07:24

yeah. Wow. That’s so awesome. So So what was it when you got the license then and you could do anything? What made you think let’s it I’m opening faith Bynum, you know, PCO of going to work for somebody else?

 

07:39

Well, so here’s the deal. Um, I actually did it as a part time. I grew it part time for two years while still having a full time job. Oh, gotcha. So that was, that was the thing for me, which was, I think one of the best decisions that that I could have made for myself at that time. And so as I was eight years into my job, by the time I had gotten my license, and so for another two years, I was growing my business on the side, and I had an amazing supervisor and mentor, her name was Angela pool. And she truly was encouraging as she saw into the journey. Well, before I did, and she said, phase, I really don’t see you going to work for someone else after this. I really see you going out on your own. And what I didn’t realize was that she prepared me. And a lot of ways she would send me the talk to the banker. She was given Board of Directors presentations at 27 years old. She was putting me out there. I was I had a lot of opportunity to practice leadership and the notion of showing up in some ways, but I didn’t know what it was at the time. And so two years into entrepreneurship. I was laid off, they had to do some budget cuts, and my position was cut. And I was devastated because that was 10 years of a relationship. You know, so your jobs can sometimes become relationships. I was devastated. But I remember my dad because he was a sole proprietor. So I did grow up being around business and I remember him telling me faith, you did not get your CPA license just to sit on it. Go ahead, walk by faith and believe that God is going to carry you through. It’s time for you to hang your shield out there. And I remember being scared. I only had like five tax clients and one An accounting client. And they were so supportive. They were just like, baby. Oh, it’s I’m so glad you got laid off. We want more your time anyway. But how can you even imagine that? That seems impossible when you’re single mom and you have a mortgage? Yeah, so, um, I did what I had to do. I do what I had to do. And those are some rough days, there were some rough days, but we hung in there and there were a lot of tears, there were a lot of calling out to God, there was a lot of praying, get my chair. But we got through it.

 

10:40

Well, let me ask you, I just I would love to, because a lot of my listeners are like you and me, you know, multi six figures. We’re doing great businesses rolling. But there are listeners more on the early days. And so I always love to give share a real example of that moment, like, take us to one of those moments, if you would.

 

11:00

Yes. So I remember this vividly. When I was used to my job, I had a great salary. I still remember I was paid on the 15th in the last day of the month. All that good stuff, right. And so when the check stopped coming, and I use my retire a lot of my retirement money to fund the business. That’s how much on faith that even being a CPA, they say don’t do it. I did it. I’m just being honest with you. I wouldn’t tell everybody to do it. But that was my journey. But I remember even before I even went there, there was my mortgage needed to be paid that was coming due. And there was a client payment that was late. Because at that time, you know, I had to budget to a tee I like, you know, and we were I can say that I was I you know, I did pretty okay at the beginning. But you know, looking back, I’m like, God, how did I make it? But you know, I was making enough to at least cover the bills and the business bills, but that was it. Don’t go out to eat, don’t do too much of anything. But I remember looking for a client payment to come in the mail. And it did it. You know, and what do you do? I was really heavy on having good credit. I was my family, they really did not have a lot of money. Who do you go to? You know, and so I remember calling my mortgage company, it was the first call that I ever made. And to let them know, I’m going to be late. I am going I had no one to borrow from at that at that moment. And I’m like, I’m going to be late. And it was heartbreaking for me. Because how can a certified public accountant have financial issues? Now we’re that’s how you know we’re human. But a lot of people they’re not able to separate Oh, you’re an accountant. So you shouldn’t go through? Yes, you can.

 

13:36

Especially this Yeah.

 

13:39

starting my own business. It doesn’t matter. It doesn’t matter. And so that I mean, I have stories for days, but but that was one of like, you know, having to make that phone call. Yeah. I did.

 

13:57

Wow. So so when you mentioned your dad had his own business? Do you think that seeing your dad run his business when you were growing up? Did you kind of instinctively learn things just by kind of being in the room? You know what I’m saying?

 

14:13

Yes, I do. I do. So I think it’s that and my parents they were ministers. So So from two different playing fields, right. So my dad’s business I saw him be the face of something. Now, my father did not know the value of truly fostering your employees or your contractors that’s working for you. So also learn what not to do.

 

14:56

Okay, um, but

 

14:59

yeah, Yeah, because I really I value my my employees. On the other end, also seeing them in ministry and in positions of commanding a room, the, you know, the attention light. So if you’re telling someone about your service, you want to be confident and you want to not fumble over words or, you know, you know, you must show up, and I. So I think that even even in that, that is important, knowing how to be able to speak about your business. And then again, my dad, he was very particular about his work, you know, so don’t submit anything, he laid floors, he did floor coverings, so carpets all annoy him all that back in the day, and he was very particular about his work. So that was his thing. Never let your work product show up for you. Speak for you. Before you ever say a word. So you want the customer or your clients and be like, Wow, because they’re going to talk for you via referrals. One way or the other, either go to them or don’t go to them. So yeah, yeah, I was able to see a lot. So good. Oh, and and you have to have a good accountant. I didn’t have a good accountant. Yeah, so we got them in trouble.

 

16:33

Yeah. Well, now that you mentioned that, let me shift there for just one moment, we’re gonna digress on the accounting, then we’re gonna come back a little bit, but what would you say to anyone listening out there that doesn’t have an accountant for their business.

 

16:49

That is one place where you want to invest in at least a consultation, whether it’s free or not. I know a lot of people, when you’re starting out, especially in your business, you’re trying to save money. But there are certain aspects of your business that is not necessarily about saving money. You have to invest there is no way around, not investing in your business, if you want to be well, or do well, in your business. And accounting is one place that not only just to understand what you can write off, because this is one of the first things that people want, right? I want to write everything that I can off of my taxes. Yeah, but you also have to prove your income. How are you going to buy that house and you’re just showing loss after loss after loss after loss, or it can be ways around that, but you need good guidance. And so having an accountant in your early years, someone that can also grow with you. Sometimes, you know, you just may need to get someone different if you’re in a different stage and their niche is something else. But all in all, that is an investment. It is not an expense. You need a good one to walk with you through your entrepreneurship journey.

 

18:27

Yeah, yeah. And just as a side note, one of my clients right now in the mastermind. She is a virtual CFO and her client niche I love it. It is women med spa owners. And how about that for niches? Right? Is that correct? Yes. Yes. And there are seven figure plus earners. And yet she tells me the profit is very small. So it’s like, let’s, let’s put strategies in place to actually create permanent profitability, which I love that phraseology I love

 

19:01

absolutely, absolutely permanent, profitable, it’s achievable. It’s, it’s truly achievable. But I think that that’s also a mentality that you have to aspire to gain if you don’t have it readily. And then that’s when they you know, God and

 

19:27

this is coaching and someone like you or my client to advise because it’s like I said, What is the problem? How can they be generating seven figures and not have money at the end of the day? And she’s like, it’s a cash flow issue. I said, wow, you know, it’s a whole ladies listening that speaks to the importance of you don’t even know how much money is sifting through your fingers. If you don’t have someone in the know like faith. Who can tell you this is what you have to be looking for or looking at or track backing, right? Absolutely. Yeah. So all right, so So the accounting, I’m gonna leave that there, because I know you’re passionate about helping entrepreneurs. So they are my audience. So I would love to pick your brain just for a bit on how you built your team. And what that looked like.

 

20:19

That was not necessarily a walk in the park. That was not a walk in the park, you know, when when you’re building your business, a lot of times, you just know that I have this skill, this talent, this gift, this degree, whatever it is, and there are a couple of people that could use this. So I’m gonna go into business, right, whatever leads us. And I think that when it comes to entrepreneurship, and scaling your business, I’ve always known that there was a conscious, in the back of my mind, at the time, I knew that I did not want to do taxes and accounting the rest of my life. I knew that even going into my first year, it was people that I was connected to. And that connection, account accounting and taxes ended up being the avenue, right, because I find value in people I find value in our stories, I find value in the lives that we live. And so when I, when I started seeing that, I was connecting with my clients, outside of just tax and accounting, and that love there was growing, I still had to fulfill the business service that they’re paying for, right? Which is taxes, accounting, business strategy, all the stuff. And so we started, the business starts growing. And then I’m like, Okay, how do I start extracting the things that I’m okay in, but either a don’t love to do, or be I am just, I’m behind on it. So little things like setting up appointments. You know, I don’t want to set up appointments in haste.

 

22:42

Or even if I had a scheduler, I needed someone to kind of man that electronic booking and scheduler and all that good stuff. Or answering the phones because the phones are starting to pick up and ringing in the thing, you know, so it started with that. And it’s like, okay, if I can get someone to handle the administrative duties. And I remember at the time, I started with contractors and someone, I could only afford like 10 hours a week for someone to work. But, and this was within the first maybe four months or even three months, I was like, Okay, I need someone that can do this. So then it began to grow in and another accounting firm in the area, but she was moving back. And she was like, Listen, you know, I have some free time to do some subcontracting. So she came on board. And she was a major help. So for about two years, you know, she was on board with me. And so I was able to subcontract a lot of work to her, which continued to allow for me to focus on the things and so, you know, there are 50 things to do. There’s like 1000s of things to do in a business. But I was very intentional about narrowing the scope down to eventually being strictly on operations. That was my ultimate goal to get out of accounting to get out of taxes to get out of direct consulting of any type and just run the business behind the scenes. And so the business began to grow, to begin to grow and grow some more. And so I had maybe a team of contractors maybe like six or seven people, and then I knew that I was going to need a certain type of stability because the only thing with the contractors that I had at the time they they also had like other stuff to do so it wasn’t really a set schedule. They had I mean the contractor so I can’t control or say hey, you know be here by this time, but the demand of the business was requiring a lot more structure. So So when I started pivoting in 2000, late 2018, two employees, right, and so I had one, and then I got another, and this person was able to go, you know, start at 30 hours a week. And as I kind of need your 40 now, and then other part time people, but then part time, begin to transition into full time. And so like, from the end of 2018, to the end of 2019, in that one year, I had no I no longer had contractors. And I think at that time I had for, like three or four full time employees, I want to say a good three, I know a solid three full time employees. And then, you know, in in 2020, during the pandemic, we actually ended up growing. And so now, we just made an offer. So now we’re about a half 10, full time employee.

 

26:05

Wow, that is so great. What do you think is the secret to your growth and success? If you could identify one thing? What do you think that would be?

 

26:14

Authenticity, authenticity. So I think people when they’re shopping around for stuff, I think that they not only want to know that a person can just do the job, right? Especially in finances, they don’t, you know, make sure that you’re accurate. Make sure that you’re that. But also they want to be connected to what your business stands for. And what and we’re kind of like an open book, right. And so you shouldn’t be able to build the spirit of who you are, by the moment that Jolene says hello on the phone, or the moment that you get a response to INFO. Or the moment that you walk through the doors of the building. Or the moment that you look on our website, it should be inviting, or our social media should be informative and inviting. And so I think we’ve been very intentional and not trying to be like anyone else. I’ve been. I’m who I am as a person. I never felt like I needed to be a stereotypical CPA just kind of like by the book. And, you know, it’s kind

 

27:36

of boring, right? I mean, that’s kind of boring, but you’re not fighting.

 

27:42

Yes. And and so I wasn’t going to water that down. No, and for whoever this is for is for them. And whoever this is not, it’s okay. Right? Because there’s other people that that can appeal to that, right. I think authenticity allow for us to continue to be excited about what we do.

 

28:08

Well, I just, I just love that you said that, because I just talked about that in today’s thriver. Thursday live, I talked about the importance of in your marketing, stop, stop trying to be like, those gurus out there, or really anybody else and you know, put away the nonsense and the Bs and the hype and go to God, and go inside your own brain. And yes, who am I? What am I all about? And how am I going to show for my people, not the world, my people? So thank you for that. And yes, you’re totally in agreement. So what else can we say? If there’s if there’s a woman after listening who’s like, Well, I’m not bold, like faith? Or Judy, I’m a little bit more timid, you know, I don’t know, it feels scary to kind of, you know, take off this not fake facade, but just kind of take off and be real, what would you say to her?

 

29:03

I would say to her to sign on self be true. And so if you whatever your soul is telling you, right, because I feel like that there are layers of us. We have the protective gear that sometimes we put on ourselves and if our souls because again, I do think that we different people do play different parts, right. So like, I look at my staff and a couple of them, they’re like, listen, I never want to be an entrepreneur, which is fine because they actually may be their role or you know, their gift to support. So support is a gift in and of itself, right. But I think on the other end, if it’s a little different, and it’s listened, my soul wants to do this thing. But my conscious mind, or certain surroundings will not allow for me to go there, or is debilitating. One of the things that that I will tell that person is ask God for acceptance of the purpose. Because once you begin to accept that this is what I’m supposed to do. And if still diving, because after the segments diving into the thing, still may not be it for you, and that’s fine. But just like an onion, you just peel a layer. Yeah, you peel a layer and do something towards it. So maybe start writing, you know, get it out of your soul into something tangible that you can see, you know, and then maybe build a support system around it. So if you’re a little nervous for the outside, maybe get a trusted friend or family or your children. My daughter has been honest with me many times. You know, but

 

31:30

thanks. In the face and say, Wow,

 

31:34

brutally honest, yeah. Okay. And, and, and, and build the confidence. And even if the confidence is slow, I’m not confident about every single thing that I do. Because sometimes it’s, you know, uncertainty brings on feelings of anxiety or feelings, or, you know, maybe I shouldn’t, maybe I shouldn’t, but I would tell that person ask for acceptance, build a support system, start writing, and then build a support system to to incline that trust, and that confidence, and then let that lead you.

 

32:16

Wow, that is so good. Oh, my gosh, faith that is so good. You’ve dropped so many nuggets of goodness here for really whether because you know what, we all have these no matter what level you’re at startup or approaching the million or past the million, there’s always going to be that up level that we need to do because the work is not done till we meet Christ. So Right. So I would love to end here. How has your faith in the Lord impacted your journey, whether you want to go personally, professionally or all the above? I would love just a little bit of insight on how the Lord has touched you as you look back and see how he’s worked.

 

33:00

So I think in my life, he has shown up in ways that I’m still unpacking, but, but others see it and I think I’m still unpacking it, which is, you know, its own process. Yeah, um, I all ways attempted, and I failed many times. But I always attempted to not lead by only my thoughts, right, because I’ve always felt that even in times in which you trip up the belief in God or, or when something goes wrong, or something kind of slips up. God has a way of turning it for you. And it ends up being for your good. You may not feel it at that time. But it’s a valuable lesson. And so, my faith has kept me going. Even when my mind and my body didn’t feel like it, you know, and not necessarily and you know, sometimes fatigue, you’re just fatigued, I’m tired. And even in rest, the decision to not keep going and the purpose didn’t didn’t take me there was just like no faith that this is where you’re supposed to be. His goodness, His grace, His lessons and patients. It is truly a virtue and and understanding that the purpose that He has for me, I cannot look to sue and Sam and Larry, the purpose that God has for fazed by them. Patterson is the one that is for me, and that’s my work on this earth. And so his grace is sufficient my faith in him. Even when I lost it, sometimes he would have a way of bringing me back and showing me that I can do this without me, girl.

 

35:36

Yeah, so good faith. Wow, I just, and I remember our first phone call, as you were talking about all that God put you brought you through. And you were like, I’m telling you, God, I don’t even know how I got through what I got through. And I’m still amazed at the success I’m enjoying right now. It’s almost like pinch me. But this, I think, is where I wanted to end on this. The idea that faith when we fully embrace who we are, and realize that all we are is enough. Yes. And God promised to equip us to everything we’re called, you know, so many of the ladies that I speak with, and some of them are clients. And they’re like, Well, I just don’t know if this is really my calling. And I’m like, Girl, there is no way you would have jumped in entrepreneurship without praying and thinking and spending time. You’re here. You’re you don’t even don’t even doubt that one. That’s like,

 

36:31

No, not at all. Not at all. Not at all. I can’t do it without them.

 

36:38

Amen. Amen. Oh, this is so good. The ladies are going to be so blessed. Tell me where can they best find you connect with you all have that?

 

36:49

Absolutely. So you can connect with me on faith Bynum, CPA, MBA on LinkedIn. Our website is also faith bynum.com. Feel free to check it out. I am the head of the company. However, the bios on on our team is they are amazing. And you can also find me on faith Patterson on Facebook, or the business pages on Facebook, LinkedIn, and Instagram page vitam. CPA PC.

 

37:27

All right, beautiful. And I’ll have all those links in the show notes. Fay, thank you so much for your time and your wisdom.

 

37:34

I appreciate you.

 

37:36

I love you, girl. I got to come. I love you too. And we can meet sometime soon. Yes,

 

37:40

yes. I would love to one up. Come on.

 

37:44

We’ll have a good time. All right. Well, thanks again. Faith and ladies listening so much.

 

37:49

You are great. All right.

 

37:53

All right. And ladies, listen, if you’ve enjoyed this episode, please take a moment leave a rating and review because your feedback matters to us. So once again, thanks, faith. Thank you ladies. We will see

 

38:04

you soon.

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