In the ever-evolving landscape of professional services, establishing a robust and reputable firm can be a formidable task. Yet Philip Holthouse, chairman and co-founder of HCVT, has done just that since 1991. In a brand new episode of Get Better Today, Philip Holthouse provided compelling insights into the growth and success of HCVT, the 31st largest accounting firm in the United States.
The discussion covers Phil’s career beginning at KPMG and co-founding HCVT, overcoming early entrepreneurial fears, and challenges such as the COVID-19 crisis and a tragic employee incident. Phil emphasizes lifelong learning, citing influential works by Peter Drucker and others. He explains HCVT’s growth strategy, focusing on technical expertise and maintaining high service quality. The episode highlights HCVT’s decentralized structure, open partner communication, the importance of training, and reflecting on ethical challenges in the accounting field. Phil shares personal habits contributing to his leadership success and vision for HCVT to remain a high-end boutique firm, prioritizing quality over aggressive growth.
Under Phil’s leadership, HCVT has grown to become the 31st largest accounting firm in the United States and the Los Angeles region’s largest locally based CPA firm with more than 700 employees and partners. The firm is known for its deep technical skills and ability to address the most complex tax issues associated with business entities and high-net-worth individuals.
Listen to the episode on Spotify, Apple Podcasts, Amazon Music, or on your favorite podcast platform. Watch the episode on YouTube.
Philip Holthouse Episode Highlights
The Genesis of HCVT: Phil Holthouse’s journey began with his early career at KPMG. The exposure to bright minds and rigorous training laid a solid foundation for him. However, Phil and two colleagues were eager to forge their own path, so they made the decision to found HCVT out of a combination of youthful exuberance and a belief in doing things differently. Despite the fears and economic challenges of the early 1990s, their resolve, supported by equally enthusiastic families, translated into the successful launch of their firm.
Enduring Challenges and Crises: Phil openly reflects on the challenges faced during the early days, not only financial concerns but the broader implications of starting a firm amidst personal and economic uncertainties. Fast forward to recent history: the COVID-19 pandemic proved to be another formidable challenge. Like other leaders, Phil had to navigate through unprecedented disruptions, pivoting quickly to remote work, emphasizing the importance of adaptability and resilience during crises.
A Culture of Learning and Growth: An intriguing aspect of HCVT’s success is its culture of continuous learning and intellectual curiosity. Phil credits his development to learning from renowned figures like Peter Drucker and John Wooden, emphasizing the importance of being a lifelong learner. HCVT upholds this value by creating an environment that encourages healthy debate and transparency. The firm’s open-book policy at the partner level ensures that all equity partners are on the same page, driving collective decision-making. Furthermore, its decentralized structure with multiple office locations creates micro-cultures that support a unified yet dynamic organizational ethos.
Driving Transparency and Technical Proficiency: Phil attributes much of HCVT’s success to transparency and a relentless pursuit of technical excellence. From the outset, the firm positioned itself as a center of technical expertise, differentiating itself from smaller firms by competing based on quality rather than cost. Training remains a cornerstone, with extensive support for professional development and a culture that champions intellectual rigor and client-centric service.
Ethics and Professionalism: The episode also highlights the ethical challenges inherent in the accounting profession. Phil shares how HCVT navigates these challenges with integrity, maintaining a strict focus on ethical practices even when faced with pressures to compromise. This commitment to ethical standards has reinforced trust with clients and set a benchmark for others in the industry.
Personal Growth and Sustained Leadership: Behind Phil’s professional accomplishments is a personal dedication to growth and balance. Whether it’s on the ice playing hockey or traveling with family, Phil underscores the importance of recharging and maintaining a work-life harmony. This personal approach complements his professional ethos, ensuring continual personal and organizational advancement.
Show Notes
00:00 Guest Introduction: Philip Holthouse
01:01 Founding HCVT: The Early Days
04:36 Overcoming Challenges and Crises
07:01 Leadership Philosophy and Mentorship
09:28 Books and Leadership Philosophy
13:09 Firm Culture and Transparency
20:44 Technical Expertise and Training
28:08 Ethical Dilemmas and Professional Integrity
31:57 Personal Habits and Work-Life Balance
37:30 Client Relationships and Future Vision
45:03 Conclusion and Final Thoughts
Connect with HCVT
Get Better Today with Matt Mayberry
Embark on a transformative journey with 2x Wall Street Journal and National bestselling author and world-renowned thought leader Matt Mayberry on his podcast, Get Better Today.
In each captivating episode, Matt unlocks the underlying characteristics of success through riveting conversations with some of today’s most influential people, from pioneering CEOs and transformative leaders to world-class athletes and living legends. Step into Matt’s world of endless curiosity and experience a refreshing fusion of critical thinking, varying perspectives, and storytelling that redefines leadership, business acumen, personal development, and the art of peak performance.