VOL. 131 | NO. 37 | Monday, February 22, 2016
Patrick Accounting Firm Growing Again, With HQ Move
By Andy Meek
Growth has been one of the constants of the accounting firm Matthew Patrick founded in 2003 which bears his name.
And he's preparing for more after tax season this year. Around May 1, his accounting firm – as well as its sister payroll business, Patrick Payroll – will shift its headquarters from Germantown to East Memphis, more than doubling its footprint in the process.
Meanwhile, his business also looks to continue this year expanding its headcount at its usual rate of about three or four professionals a year. The total right now stands at 17, and Patrick said three already have been added this year.
“We kind of foresee ourselves probably getting to where we’re at 35 maybe within three years,” said Patrick, who in his accounting career has done stints with national firms like Deloitte & Touche and Arthur Andersen in addition to launching his own. “That’s kind of our goal.”
He’s moving his businesses from their current 4,500-square-foot space at 9045 Forest Centre Drive to 1064 Oakhaven Road, where they’ll have more than 10,000 square feet.
Patrick Real Estate LLC bought the office building for $970,000 on Dec. 22. Landon Williams and Kemp Conrad with Cushman & Wakefield/Commercial Advisors represented the buyers, and Don Drinkard with CBRE Memphis represented the seller, RPK Investments LLC.
“It’s just really been a great year on the accounting side, and we’re trying to continue to grow some more,” Patrick said. “We’re going to go in here with a lot of capacity for future growth.
“We’ve been in our current space now for five years and already expanded here once. We expanded here about four months ago, but we knew that was a temporary fix until we got a new space.”
The central location was another plus that convinced Patrick to pick the East Memphis location. A lot of his business includes work around Memphis, especially involving places like Midtown and Downtown that he said aren’t necessarily quick or convenient to get to from Germantown.
One of the reasons for the firm’s consistent growth has to do with the niche it’s carved out for itself. Patrick was with Deloitte & Touche for about 18 months before deciding to hang out his own shingle.
Once he did, and once he got a few years under his belt leading a solo shop, he settled into a focus exclusively on working with small-business owners.
In 2014, he also launched a payroll business as a complement to his firm. The idea was to offer clients even more services, to free up business owners from things like the expense and hassle of processing their payrolls in-house.
One of the ideas that accountants and the owners of accounting firms mention consistently is their preference for a proactive attitude among clients, and Patrick is no different. In other words, accountants like him increasingly position themselves not as someone to help a client look back and get their house in order based on things that have already happened – but to help them see around corners and to plan for the future.
“For the rest of this year, we’re really going to be plugging our clients in to understanding their stuff better,” he said. “We’re not just filling out tax forms or creating audited financial statements. That’s not who we are. We want to give them the insight to make good decisions. Really having a process to allow them to understand what they’re getting from us, what they’re seeing, so they can make great decisions.”