It is not every day that one sees an intern rise to become the CEO of an accounting firm, but that’s what Lisa DeVaughn Foley accomplished in 2023, 30 years after joining Baldwin CPAs.
Foley said this progression taught her everything there was to know about the firm from top to bottom, and after only six years spent in the organization, she was offered a position as a partner. Back then, Foley feared this promotion was too speedy, but now she believes her employers might have seen something in her that she didn’t realize was there — notably the fact she was highly adaptable.
That has come in handy: In 2004, Baldwin CPAs merged with a local firm in the Richmond market and from that point forward, the group “pushed the gas pedal” and went through eight mergers in 15 years.
“Mergers definitely teach you a lot about internal relationships and it allowed us partners to be more specialized and do a better job for our clients, which was great,” said Foley. “It was also a challenge to get everybody in the same process, but our one-firm model really supported our growth.”
While it can be difficult to see eye to eye with people who have gotten used to doing things a certain way, Foley believes it’s difficult discussions that bring the best results. Throughout navigating 18 mergers, she said she progressively learned how to improve her problem-solving skills, get everyone on board, and better “rip off the Band-Aid.” According to Foley, it’s this ability to execute a decision and be comfortable with uncertainty that makes someone a great leader.
Additionally, the pandemic showed it was more important than ever to listen to one’s team and clients’ needs. In stressful times, an executive needs to make critical decisions and be confident in these choices, because they need to inspire strength in everyone else. Foley notably teamed up with chambers of commerce and organized webinars to keep her community informed, which she said was pivotal in fostering a safe environment.
“When there’s a hot topic, we really try to embed it into our strategic plan and learning programs by setting up classes,” she explained. “Even though we’re in Kentucky, we have some team members out of the country with different religions, and what came out was the idea that there are specific things we should know about our fellow team members, such as cultural holidays. I found it very refreshing to see people learn about things they weren’t familiar with, and it all starts with being open.”
Listening to their challenges
When thinking about stepping out of one’s comfort zone, the first thing that comes to Foley’s mind is the importance of technology, which Baldwin CPAs always branded itself around. The firm had notably been in the cloud for over 20 years before it became common ground, which Foley said represented the firm’s willingness to take risks for its own evolution.
The goal is now to harness the power of technology such as generative AI and Chat GPT to improve employees’ and clients’ experience by removing repetitive tasks. For example, the firm embraced AI to assist team members with risk management on audits and reduce data entry with its CPA practice.
“I feel like my 30-year journey really helped me reflect when I need to initiate a change, and how it affects everyone in every position,” said Foley. “I need to hear the challenges that people face in their roles to make the best decisions and move forward. I think that’s what really molded who I am as a leader and allowed me to be more collaborative in the long term while having everybody at their best use.”
Being effective in her position also means knowing what’s best in the Kentucky market, which has been hit particularly hard by downturns in important industries such as tobacco and coal. As a first-generation student from Eastern Kentucky University, Foley said serving her state’s labor markets through accounting has always been “dear to her heart.”
In her experience, Kentucky residents tend to think on a more rural scale, but with the development of remote work, people now get to work while staying close to their parents. Foley feels like it’s part of her journey to allow people to remain part of Kentucky’s economy. However, her love for her state and team doesn’t remove the need for occasional unpleasant conversations.
“The hardest thing about our job is that I think we all want to be people-pleasers, so whether it’s a client or staff, having a discussion when they’re not a fit requires you to be appropriately bold,” explained Foley. “But from my experience, once you break the silence, there’s usually relief because they’re also feeling the same way. So no matter how hard the discussion, it needs to happen.”
What’s essential in these situations is for both parties to remain kind, because people will appreciate the honesty and sometimes even later share that moving to a new opportunity was the best thing to ever happen to them. According to Foley, this approach is the best way to maximize everyone’s time and why it is so critical for employers to ask questions early on — something she regrets not doing enough at the early stages of her career.
As a result, Foley always encourages her team members to participate and get involved in events sponsored by the firm to get the full package of the Baldwin CPAs experience.
“I had someone on a trip who’s never done that before, and we regularly send people who had never flown before to conferences,” she said. “When we put ourselves 30 years back, we realize we never did any of these things either, which is why we try to buy some internal learning around airport traveling and other things, because these are opportunities you don’t necessarily think about when you get so removed from the beginning of your career.”
Elevate
Beyond helping people create new memories, Foley’s proudest accomplishment is her role in elevating the firm’s CFO services. Looking back at when Baldwin CPAs started its journey 15 years ago, she notes that the organization truly came to respect this department and recognize that its role goes beyond payroll or bookkeeping, but plays a key part in making clients successful.
But to get to this point, Foley said that people involved had to build a strong framework, as well as a team capable of carrying this growth to put everything into motion. While her team didn’t exactly know at first how to deliver structured services in this new field, Foley said they figured it out because that’s what clients wanted. As consultants used to tell her: “Just sell the tickets, and we’ll produce the show in the back end.”
“Lisa was having strategic conversations with clients in this group before CAS became a buzzword and popped up on everybody’s website,” said Christine Hollinden, principal at Hollinden | inbound + strategists, a marketing firm that has worked extensively with Baldwin CPAs. “She really helped them talk about growth and understand what opportunities were, and it made this department much more rewarding for them and employees.”
Foley attributed a lot of her innovative mind to the mentorship of firm founders, Mr. and Mrs. Baldwin, back when she was an intern. Todd Baldwin was the “commonsense accounting guy,” who taught her that client relationships could be fun and result in lifelong friendships. Conversely, his wife appeared as a strong professional in a man’s world, which Foley said gave her a lot of confidence as a female accountant.
Mrs. Baldwin taught Foley how to be detail-oriented, but most of all, that it was OK for a leader not to have all the answers to adequately assist those under her responsibility.
“Lisa DeVaughn Foley is a dynamic leader and a genuinely good person,” said Jim Boomer, CEO of Boomer Consulting. “Her business acumen, welcoming demeanor and inclusive leadership style greatly benefit Baldwin CPAs and their clients as she guides the firm toward its next evolution of excellence.”
In the long term, Foley’s goal is to change the image of the profession and highlight its benefits, such as providing an effective entry point toward entrepreneurship and independence. She said these key benefits are an essential part of the discipline and that becoming an accountant means dedicating one’s life to helping others. However, it will take efforts from the entire profession and its leaders to create this future.
And Foley fully intends to be an active part of it.
At a glance: Lisa DeVaughn Foley
Where did you go to college? Eastern Kentucky University
Where did you grow up? Corbin, Kentucky
Where did you begin your career in accounting? Baldwin CPAs, 1993
Where and when did you first make partner? Baldwin CPAs, 1999
What is something that people may not know about you? I love to cook.
Who is someone you admire? Theodore Roosevelt, because of his vision with the National Park System.
What is your favorite TV show? “Antiques Roadshow”
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