From Zero to $1.5 Million in Under 3 Years: The Story of Bob Wang and Legacy Advantage CPA
Today, I’m really excited to share the incredible story of QuickBooks ProAdvisor® Bob Wang, founder and president of Legacy Advantage CPA, a company that skyrocketed from zero to $1.5 million in under three years. The journey has its beginning in China with hardworking tofu makers, travels to the Czech Republic with industrious parents, and ends in Canada with Bob’s thriving bookkeeping practice.
His story serves as an excellent example of how entrepreneurship, dreaming big and determination all pay off.
The Legacy that Shaped Legacy Advantage
“I was always more of an entrepreneur as opposed to an accountant, so when I went to school for accounting and eventually got hired by a big four accounting firm, I was always looking for ideas that I really could dive into and create something awesome that serves society and to build a legacy,” Bob says.
While working at the big four accounting firm, he realized that small businesses were struggling to find capable bookkeeping services. He saw an opportunity to make a difference for these businesses and realized their need for a reliable, trustworthy bookkeeping firm.
“I’m really passionate about serving small businesses,” he says. “The power of the financial information is really held by the people who can afford it. My motivation is to democratize this process so that every entrepreneur can have access to timely financials to run their businesses better.”
Bob witnessed the power of working hard and being an entrepreneur in his own family.
“My grandparents made tofu back in China. It’s very, very hard work. When my parents saw that work habit and started their business in the Czech Republic from nothing, earning enough to have us immigrate to Canada, it changed the entire destiny of our family. I watched my parents go to work early, come back late, work on weekends – I realized the reward that hard work can bring. I wanted that for myself. I want to continue this changing, and this elevation, of our legacy.”
This mindset fueled his passion and his grandparents’ hard work made it possible. It was through their passing and a modest inheritance provision that Bob was able to fully fund his dream of providing inclusive bookkeeping services for small businesses.
Expert Advice for Businesses Desiring Growth
If you’re looking to experience the same tremendous growth as Bob has, he has some advice for you. His first recommendation? Assess yourself and your goals.
“Dreaming big is good and fine, but is it what you want or is it just what other people tell you? You’ve got to be true to yourself. And, if going big and dreaming big, if that is you and what you want to do, then set that as a goal.”
Keep in mind, however, that growing quickly can bring challenges. Right now, Bob says he’s hiring 10 more team members to keep up with his expanding business. “It causes different kinds of stress.”
He also points out that growing a business takes risks, but that those risks pay dividends. For example, his first big risk was hiring an employee before he had any clients. Bob recognized that he couldn’t find the business and do the work simultaneously. This decision helped spur him to find the clients he needed to pay his employee’s wages.
Bob shares what a mentor told him about risk taking. “When you look at risk, you need to look at it in a non-traditional way. For example, when I hire a full-time person, let’s say at $40,000 a year, the number is very scary. But, if you break it down, it’s really a $3,000 risk I’m taking per month. If it doesn’t work out, and I let this person go after three months, it was a $10,000 loss, not a $40,000 risk. In that way, the risk is much more manageable because you’re dealing with a smaller number. Looking at risk in a different way is what really helped me.”
In addition to taking risks, Bob believes that small businesses should be utilizing today’s technology, which aids growth through automating processes.
“Our business model, with the use of technology such as QuickBooks® Online and other apps, allows us to streamline and take a lot of the data entry work off the table. Cloud technology is really the key piece that enables us to build a business like this. I can’t imagine building a business like this without our cloud applications. It’s impossible."
Bob’s Journey Continues with Legacy Advantage
Legacy Advantage offers CPA-level bookkeeping with a highly trained team, all of whom are QuickBooks ProAdvisors. “I’m really thankful that I picked QuickBooks Online as our platform. Intuit® has been incredible in building community and supporting community-building efforts. When I go to a big conference, such as QuickBooks Connect San Jose, I already know half the people in the room. It creates an incredible sense of community and a sense that you’re a part of something big.”
Bob has infused the importance of community and being a part of something big into Legacy Advantage. He has made excellent customer service and guaranteeing a return on investment a priority. He’s also made sure to hire associates that embrace these core values: communicate fearlessly; never settle; unleash your untapped potential; entrepreneurship; own it, improve it, deliver it; we win and lose as a team; and nothing is given, everything is earned.
As he and his team continue to deliver the financial intelligence and service small businesses need to succeed, we know Bob’s journey is far from over. Here at Intuit, we’re excited to be a part of his story and can’t wait to see what he does next!