How to Build a Thriving CPA Firm After Leaving a Big Firm – Featuring Frank Milone

Why More Accountants Are Leaving Big Firms to Start Their Own

Public accounting is evolving. While major firms like Ernst & Young (EY), Deloitte, and PwC have long dominated the industry, many professionals are choosing to break away and build their own firms.

Why?

• More control over client relationships
• Greater flexibility in business decisions
• Opportunities for specialization and better service

In this episode of the Measure Success Podcast, Carl J. Cox, CEO of 40 Strategy and 40 Accounting, Frank Milone, co-founder of FML CPAs, shares how he made the transition from EY to running a successful independent CPA firm.

He explains:

• The challenges of leaving a big firm and starting from scratch
• How to scale an independent accounting firm
• The biggest mistakes small CPA firms should avoid
• What the future of accounting looks like for independent firms

If you’re an accountant considering going out on your own, or a business leader looking to work with a CPA firm that truly understands your needs, this episode is full of insights.

Frank’s Journey: Leaving EY to Build His Own CPA Firm

Frank started his career at Ernst & Young (EY), one of the “Big Four” accounting firms. But over time, he realized he wanted more:

• Closer relationships with clients – Big firms often treat businesses like just another account.
• More flexibility in services – He saw a need for customized financial solutions that big firms couldn’t always provide.
• The ability to build a strong, independent team – He wanted to create a firm where people enjoyed working.

So he made the leap, leaving EY to co-found FML CPAs—a firm built on personalized service, deep expertise, and long-term client relationships.

Challenges of Starting a CPA Firm

Leaving a big firm doesn’t guarantee success. Many independent CPA firms struggle in the first few years because they underestimate the difficulties of:

1. Building a Client Base from Scratch

Big firms have built-in reputations and networks. When you start your own practice, you have to win business on your own.

💡 Frank’s Advice:

• Build strong local relationships.
• Offer specialized services that set you apart.
• Leverage referrals and partnerships to grow.

2. Managing Business Operations

At a big firm, accountants focus on accounting. Running your own practice means handling HR, marketing, legal, and operations.

💡 Frank’s Advice:

• Invest in business automation tools to streamline processes.
• Hire talented support staff to help with non-accounting tasks.
• Focus on what you do best and delegate the rest.

3. Competing with Larger Firms

How can a small CPA firm compete with giants like EY, Deloitte, and PwC?

💡 Frank’s Advice:

• Differentiate with personalized service – Clients value relationships.
• Focus on advisory services – Many businesses need more than tax prep.
• Emphasize flexibility and responsiveness – Smaller firms can adapt faster to client needs.

How to Grow a CPA Firm Successfully

Many small accounting firms stay small because they don’t scale properly. Frank shares the key growth strategies that helped FML CPAs expand.

1. Focus on Value, Not Just Compliance

Many CPA firms only handle tax returns and bookkeeping. The most successful firms offer advisory and consulting services.

• Help clients make better financial decisions.
• Offer CFO-level insights, not just tax compliance.
• Become a trusted advisor, not just a service provider.

2. Use Technology to Improve Efficiency

The best firms don’t just work harder—they work smarter.

• Cloud-based accounting tools make it easy to collaborate with clients.
• Automation software reduces manual data entry.
• AI-driven financial analysis provides deeper insights.

💡 Frank’s Advice: Invest in the right tech early so you can grow faster.

3. Build a Strong Team Culture

A business is only as good as its people. Frank shares how he created a firm that attracts and retains top accounting talent.

• Provide mentorship and leadership opportunities.
• Create a positive, growth-focused culture.
• Offer work-life balance to keep employees engaged.

💡 Frank’s Advice: People stay where they feel valued—invest in your team.

The Future of CPA Firms & Public Accounting

Public accounting is undergoing major shifts, and firms that don’t adapt will struggle.

Key Trends Shaping the Accounting Industry

• Rise of automation & AI – Routine accounting tasks will be handled by software.
• Greater demand for financial advisory services – Businesses want strategic guidance, not just compliance.
• More accountants leaving big firms to start their own – The freedom and flexibility of small firms is attracting talent.

💡 Frank’s Prediction: The firms that embrace these trends will thrive, while those that resist change will fall behind.

Final Thoughts: Should You Leave a Big Firm to Start Your Own Business?

Starting a CPA firm isn’t for everyone. It requires:

• A strong entrepreneurial mindset – You need to think like a business owner, not just an accountant.
• Patience and persistence – Building a client base takes time.
• A willingness to handle business operations – You’ll wear multiple hats at first.

But for those willing to take the leap, the rewards are huge:

•  More control over your career.
• Better work-life balance.
• The chance to build something meaningful.

If you’re considering starting your own CPA firm, this episode is a must-listen.

Why This Matters for Business Owners

If you’re a business owner looking for a CPA, you don’t need a big firm—you need the right firm.

• Small CPA firms offer more personalized service.
• They focus on long-term client relationships, not just transactions.
• They provide real advisory services, not just tax prep.

💡 Frank’s Advice: Choose a CPA firm that understands your business and helps you grow.

The accounting industry is changing. Smaller, independent firms are growing because they offer what big firms can’t—personalized service, agility, and real partnerships with clients.

If you’re ready to build a firm that thrives or work with a CPA that truly cares about your business, this episode will show you the way forward.

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