Today we’d like to introduce you to Richard Sowan.
Alright, so thank you so much for sharing your story and insight with our readers. To kick things off, can you tell us a bit about how you got started?
I WAS A YOUNG PARTNER IN AN INTERNATIONAL FIRM (BDO) FOR 8 YEARS AND LEFT WHEN BDO FOCUSED ON SELLING ILLEGAL TAX SHELTERS AND NOT TRADITIONAL AUDIT AND TAX SERVICES. I WENT TO A LOCAL FIRM FOR 10 YEARS AND IN 2010 STARTED MY OWN FIRMAND SOLD THE FIRM TO A LARGE NATIONAL FIRM IN 2022 AND RETIRED IN NOVEMBER 2025. IT WAS ENTREPENUERIAL TO START MY OWN FIRM WIITH 7 PEOPLE. WE WERE ABLE TO RETAIN ALL OF OUR CLIENTS EXCEPT FOR 1. WE EVENTAULLY GREW TO OVER 65 PEOPLE WITH OFFICES IN DALLAS AND AUSTIN. IT WAS A LITTLE SCARY TO START A NEW FIRM BUT I WAS 53 YEARS OLD AND IT WAS NOW OR NEVER. I GOT HERE WITH THE HELP OF MY CLIENTS WHO BELIEVED IN ME AND GUIDED ME OVER THE 45 YEARS. i CONSIDER MY SELF VERY LUCKY TO HAVE SERVED THE CLIENTS I WAS ABLE TO.
We all face challenges, but looking back would you describe it as a relatively smooth road?
IT WAS VERY DIFFICULET IN THE BEGINNING OF OUR FIRM BECASUE MY PREVIOUS FIRM WANTED TO RENEGOTIATE MY PARTNERSHIP AGREEMENT AND WE WENT TO ARBITRATION AND THE ARBITRATOR ULTIMATELY RULED IN OUR FAVOR AND THE FIRM PAID ME THE MONEY THEY OWED ME. MY LAWYER,WHO IS A GREAT FRIEND,WAS NOT OPTIMISTIC IN THE BEGINNING. I WAS THE ONLY PERSON WITH ANYTHING TO LOSE, HOWEVER I KNEW I WAS IN THE RIGHT AND ABIDED BY MY AGREEMENT AND PREVAILED IN THE END.
Alright, so let’s switch gears a bit and talk business. What should we know?
I AM A CPA. WHEN I WAS 30 YEARS OLD ONE OF MY CLIENTS ASKED ME TO SERVE AS HIS EXECUTOR AND TRUSTEE IF ANYTHING WERE TO HAPPEN TO HIM. BEING YOUNG AND NEVER THINKING THAT IT WOULD COME TO PASS I ACCEPTED THE APPOINTMENT. IN 2000 HE BECAME INCAPACITATED AND I STEPPED IN TO RUN HIS BUSINESS AFFAIRS. HIM AND HIS WIFE DIED AND I HAVE SERVED AS TRUSTEE OF HIS TRUSTS FOR OVER 20 YEARS. I MANAGE REAL ESTATE AND INVESTMENTS FOR THE FAMILY.
WHAT SET ME APART WAS I CARE, I ACCEPTED AN INCREDIBLY DIFFICULT JOB AND ON MY FRIENDS DEATH BED AND ASKED ME NOT TO QUIT NO MATTER HOW HARD IT WAS TO TAKE CARE OF HIS WIFE. I DID NOT QUIT AND TOOK CARE OF HIS WIFE UNTIL SHE DIED IN 2005.
OUR FIRM HAD A MISSION AND VALUES STATEMENT THAT WE ADHERED TO AND OUR CLIENTS BELIEVED. I WAS NOT SCARED TO STAND BEHIND OUR MISSION AND VALUES.
WHILE I WOULD BE OPEN TO ANOTHER TRUSTEE ROLE, THE PERSON I WOULD SERVE HAS TO BE THE RIGHT PERSON.
Can you talk to us about how you think about risk?
I AM NOT AFRAID TO TAKE RISKS. STARTING A FIRM IS VERY RISKY AND FINANCIALLY DIFFICULT. I COULD TELL YOU ABOUT A VERY RISKY JUDGEMENT I MADE TO SERVE A VERY PUBLIC PERSON THAT THE BUSINESS WORLD WAS TURNING AGAINST. HOWEVER, I WEIGHED THE ADVANTAGES AND DISADVANTAGES, INVESTIGATED THE COMPANY AND THEIR BUSINESS DEALINGS AND ULTIMATELY DECIDED TO MOVE FORWARD. MY YOUNG PARTNERS WERE VERY CONCERNED ABOUT MY DECISION. HOWEVER I MADE THE RIGHT DECISION. ULTIMATELY WHEN WE SOLD OUR FIRM, THE ACQUIRER DECIDED WE COULD NO LONGER SERVE THE CLIENT BUT I WAS RIGHT. THAT IS ABOUT ALL I CAN TELL YOU.
Pricing:
- HOURLY
Contact Info:
- Website: https://www.jarrelltrusts.com/
