Coffee Break: Michael Leonard, Leonard & Associates CPAs

Name: Michael Leonard

Title: President

Company: Leonard & Associates CPAs

Address: 1010 Lake St., Suite 102, Oak Park

Phone: (708) 456-9122

Website: Leonard-cpas.com

Industry: Accounting

Number of employees: 10

Age: 50

Hometown: River Forest, Illinois

Q: Describe your company.

Here at Leonard & Associates CPAs, we listen deeply and effectively respond to our clients’ needs. We are experts at translating those needs into solutions that work, look great and communicate well. Our clients do not buy accounting, tax or consulting services from us. They come to us to purchase solutions to their problems and to plan for their dreams/futures. It is our mission to help them attain those results.

Q: Do you plan to hire any additional staff or make any significant capital investments in your company in the next year?

I am always on the lookout and open to hiring new talent. We are a diverse, multi-cultural firm who focus on candidates with high integrity and unique skill sets. Experience is great but we’re well-known for giving potential employees a variety of experiences and generous opportunities.

Q: What will your company's main challenges be in the next year?

As the IRS adds more and more agents, audits will be increasing steadily over the next five years.

Q: What's the hottest trend in your industry?

IRS representation. Helping people resolve their debt for pennies on the dollar with Offer & Compromise incentives is critical to creating viable, long-lasting solutions.

Q: If you had one tip to give to a rookie executive, what would it be?

Ask questions. Don’t take everything at face value. For example, sometimes people are afraid to tell you they make money in other ways because they are paid in cash. Actually having earned income could result in qualifying for other credits. However, you have to ask the questions. Our job is to interview our clients and their job is to provide transparent answers.

Q: Do you have a business mantra?

My father, who founded our legacy family business (over 50 years and counting), taught me when I was very young that fear is the biggest reason why people do not succeed. So, whenever I come to a crossroad about what I should do, I can actually hear my father in my head say, “Feel the fear and do it anyways.” Over the past 50+ years, our clients have been blessed to receive blue-chip services from both of my parents. My mother is the first person our client’s speak to when they call. She’s super-sharp and … when clients arrive for business conferences, Mom oftentimes bakes cookies or homemade desserts for our valued customers. We’re all about relationship building. Our clients trust us with their important and often times critical accounting and tax needs.

Q: From a business outlook, whom do you look up to?

Obviously, my father, Ben, for sure. He started the business in 1971. We worked together for many years side by side. I always will cherish the time I had with my dad, whom I consider my mentor.

Q: What is one interesting fact about you or your company that most people may not know?

I was always interested in movies. During high school, I went to in Westchester, Illinois, while I was there from 1987-1991 and filmed a documentary called “Hoop Dreams.” It ended up getting an Oscar nomination. I fell in love with films. I ended up working on Shawshank Redemption, in food services. I eventually ended up going to film school and worked on many other movies behind the camera. It wasn’t until the late 90’s my father called me and asked me to work with him for a year. The rest is history.

Q: Was there a moment in your career that didn’t go as you had planned? What lesson did you learn from it?

There are many times things did not go as planned. While I was going through various challenges at times it was hard. However, in retrospect, it is exactly what I needed to grow. I wouldn’t change the hard times because they’ve made me who I am today.

Q: What do you like to do in your free time?

Spend time with my three beautiful children and my wife.

Q: What book is on your nightstand?

“Think and grow rich.”

Q: What keeps you up at night?

Wondering how my children are going to navigate through this life. I wish they had my childhood. It’s a much different world today.

Q: If you were not doing this job, what do you think you would be doing?

Being a film director/producer.

Q: What was your first paying job?

I was 11 years old. It was right here at Leonard & Associates. Talk about fortuitous. Who knew? I did mailings for my dad. When I finally received my check, I asked the banker to give it to me all in $1 bills.

Q: If you could put your company name on a sports venue, which one would you choose?

Boxing, because I am a fighter. I don’t give up, because I refuse to fail.

Q: Two people to follow on X and why.

I’m an old dog. For advertising, my dad used yellow pages and referrals. I still go by old-fashioned referrals. I am not even on LinkedIn and have never tweeted.