Louisville Business First

Article Dean Dorton

See original article in Louisville Business First

Missy DeArk, Dean Dorton’s Dean Dorton’s Associate Director of Litigation Support and Valuation Services Business Consulting Group, was recently listed among the 20 professionals who earned a spot on Louisville Business First’s 20 People to Know: Accounting.  

Years in current job?

10

Years in accounting?

27

What particular role do you play in your organization?

I am a part of our litigation team and owner at Dean Dorton. We are the largest litigation group in the region. We are a valuable asset to attorneys, assisting with the financial pieces of their cases and providing expert witness testimony, but also to business owners, providing valuations for strategic planning and a variety of other reasons. My focus is in family law disputes, business disputes, mergers and acquisitions, forensic accounting and business valuations. As a leader of our firm, I strive to be a well-rounded adviser to individuals and businesses, helping them maintain and grow their value.

What do you wish more people understood about the work that accounting professionals do?

Accounting is not the same thing as preparing taxes — I know, I just blew your mind. Accounting has many branches of practice, one of which, of course, is tax services. Litigation and forensic accounting is an exciting, whirlwind branch that can range from alimony calculations and forensic accounting investigations (you would be surprised how much fraud happens within companies) to disposable-income and cash-flow analysis and asset tracing.

Not many accountants like it because it is very unpredictable — it is absolutely the reason I love it. Each day is never the same for me.

What advice would you give to someone considering a career in your field?

The demand is currently high for certified public accountants (CPA) and there are numerous avenues one can take within the field, so becoming a CPA doesn’t mean you’ll be doing tax returns for your career — there are plenty of opportunities to become a true business adviser outside of performing daily tasks. With hard work, rewards of a generous pay scale and opportunity for advancement can be achieved. Take time to shadow someone in the area of accounting you may be interested in — learn more about what they do on a daily basis and see if it is a good fit for you. If you feel it is, pursue an internship.

What is the biggest challenge facing the accounting industry right now?

I would say this is two-fold: We are a service business — attracting talented and dedicated people who enjoy serving clients is always a challenge especially given perceptions about the accounting field. We aren’t all the “typical” accountant you may be picturing! Our team prefers to act as business advisers who really look at our client’s entire picture to provide a holistic approach and advice. Secondly as technology advances the accounting industry must advance along with it; from the way internal processes work to client information sharing along with the data analytics tools we now have access to, we are constantly finding new and innovative ways to provide services.

How would you solve that challenge, given the chance?

In regards to talent, I think educating students as young as high school about career fields and what opportunities exist can help solve the challenge. Someone who may think an accounting degree is only good for doing taxes may find interest in other avenues like I did and stay in the area because they know there are opportunities for them. Technology is continuously evolving so we must evaluate existing programs more regularly and be listening to what’s going on in the industry on national and international levels.

What’s the most rewarding part of your job?

I spend a significant amount of time in the family law arena. People ask “Why?” Going through a divorce is a very scary process which I can personally attest to. I enjoy being able to help families resolve their financial issues outside of the courtroom. Once your case goes to a judge, you have lost all control and judges are only able to spend a small amount of time hearing about your situation while their decision will affect the rest of your life. I like to see people control their own outcome. After the case is over, a hug and a “thank you” for assisting the client to the end is the best.

Why do you have the career that you do?

From a market perspective, financial issues and challenges tend to scare the average person. I like to help clients navigate through the difficult times and have them feel empowered when they get through the “tunnel.”

My personal success in my career has come from years of hard work and my love for learning. Prior to specializing in divorce tax and financial issues along with business valuation, I was a controller and CFO for more than 16 years which taught me to work hard for what I wanted to achieve and never stop asking “why?”

Missy DeArk can be seen presenting during the Sunday AM Workshop; “The Talk of the Town: creative strategies for cultivating collaborative practice in small communities” at the upcoming 2018 International Academy of Collaborative Professionals Forum on Sunday, October 28th in Seattle, WA. 

Article Dean Dorton

See original article in Louisville Business First

Jim Tencza said he didn’t come to Louisville to stay in Louisville. But after arriving here for college in the 1980s, he’s remained here and built an impressive career in the city.

The original plan was to get back to Chicago, Tencza said in a recent interview. That’s where he was raised — on the city’s south side — and where all of his family lived.

He attended Bellarmine University and graduated in 1989. He initially joined the now-defunct Arthur Andersen LLP office in Louisville out of college with hope that he would be able to work his way back to Chicago, where Arthur Andersen was headquartered.

But then the Enron scandal happened.

Arthur Andersen was never able to recover and went out of business. The company —the auditing firm for Houston-based Enron — was caught destroying documents that were relevant to myriad investigations in to Enron’s fraudulent practices.

Luckily, Tencza was able to get a job with EY’s Louisville office. But EY, then known as Ernst & Young, is headquartered in London.

“Once I started working, I quickly realized that Louisville is a better city to start a career and a family life,” Tencza said. “I fell in love with Louisville.”

After four years as audit partner with Ernst & Young, the company wanted to rotate him out to another office. Tencza said he could have been moved to Pittsburgh, Cleveland or Detroit.

It was at that point he decided to move from an international firm to a regional one — Dean Dorton Allen Ford PLLC. He was hired as director of assurance services in 2009 and then was named as Louisville market leader in October 2017.

According to our 2018 list of the area’s largest accounting firms, Dean Dorton ranks No. 10 with 30 local CPAs and a total local workforce of 83 employees.

He said what makes Louisville a great place to start and sustain a career is its size. The city, he said, is small enough of a town that you can get well-connected with business and other local leaders, but big enough to offer many opportunities.

Outside of his career, he has served on the board of directors for Trinity High School, where his children attended school, and as a trustee for Bellarmine. He no longer holds these posts.

“If you want to do those things, it’s pretty easy to do it,” Tencza said of community service and engagement in Louisville. “In a big city like Chicago, it’s not so easy.”

Also, as a public accountant probably should note, Tencza found the cost of living attractive. Professionally, he’s benefited from staying in town for decades and engaging in nonwork-related activities.

“Through all those networks and connections — it’s how business is done,” Tencza said.

In accounting, he said a company’s CFO and CEO will go to the firms where they have a personal connection or some other trusting relationship, despite the competition from other competent firms. When a firm is asked to be involved with sensitive or confidential business — especially with finances or taxes — Tencza said relationships are especially powerful.

While the importance of personal relationships has remained constant, the ascendance of digital and internet-based technology has fundamentally altered the day-to-day function of his work and business.

“I remember in the first year I was with Arthur Andersen, we got our first fax machine, and we thought this was the greatest thing in the world,” Tencza said.

Now, accounting firms have to offer clients the best software and applications to not simply keep up with industry trends, but to keep or deepen services they offer to customers. Firms are increasingly creating technology themselves or paying other organizations handsomely to create it to keep clients from going other firms for financial and accounting-related services.

With the explosion of technology in the last 30 years, accounting firms also have expanded services to include risk-management and offer more consulting and advisory services in increasingly diverse fields.

Tencza said about a third of his firm’s business is in consulting and is increasing its business in risk management.

“We can help them make better decisions and better run their business,” Tencza said. “We’re not just in there making sure the numbers are correct.”

Tencza took some time to answer a few more of our questions:

How would you describe your leadership style?

 My leadership style is similar to that of a coach. We usually work in teams, and I help direct the team so that everyone works together and grows.

What was it that attracted you to public accounting?

I first became interested in accounting when I took a class in high school. I found it interesting, and it came easy to me.

While in college, I realized that public accounting is primarily interacting with people, helping businesses improve and working with numbers. I knew then that I wanted to spend my entire career in public accounting.

What about your work inspires you?

I am inspired by helping clients achieve their goals. It is extremely rewarding to see clients of the firm grow and prosper, knowing that Dean Dorton played a small role in their success.

What is your number 1 business-related book recommendation?

“Wooden: A Lifetime of Observations and Reflections On and Off the Court” by John Wooden and Steve Jamison. This book has many great tips and lessons that translate to the business world.

If you weren’t an accountant, in what other line of business could you have found yourself?

I would be an athletics director for a college or university. I believe this position requires someone who has a passion for sports, likes working with student-athletes and coaches, is a good businessman, is good with numbers and has good communication skills.

By the way, Vince Tyra (interim athletics director at the University of Louisville) is doing a great job, and I am not looking to replace him.

What was your very first job?

My first job was working in a pizzeria in Chicago. I started in the summer before my seventh grade year and worked there for three years.

I cleaned dishes and ran errands initially, but I eventually answered phones, waited on customers and made pizzas.

Who is your professional role model?

Nolan Allen. He was an outstanding accountant, businessman and family man who gave a great deal back to our community. I am proud to be an owner in the accounting firm that bears his name.

How do you balance your work and personal life?

At Dean Dorton, we have a fairly flexible work arrangement that helps me in balancing my work and my personal life. I also have the pleasure of working with many clients that I consider friends, so work doesn’t always feel like work.

What is your go-to food/drink spot in town?

I do not necessarily have one “go-to” spot; however, my family and I can often be found at Rumors, Fiesta Time and Karem’s Grill & Pub.

Any major fandoms?I am originally from Chicago, so I am a long-time die hard Cubs, Bears and Blackhawks fan. At the college level, I bleed red — #L1C4.View Jim’s Bio