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June/July 2015 • www.CPAPracticeAdvisor.com 31 established contacts in the restau- rant industr y. Hav ing made a career as a wholesale distributor, Pater- son focused on the restaurant niche to g row h is busi ness. A nd how it has grow n! Niche expertise pays off Thought leaders in the profession continue to espouse specialization as a major factor in business success. Paterson banked on it. "It just made sense to concentrate on restaurants. It's what I knew and what I was good at. I also had the contacts and k new how to expand within the market." The key, Patterson explained, is geting in with niche-specifc associ- at ions—bot h reg iona l a nd state. Paterson is exceptionally active, for example, with the Kentucky Restau- rant Association. He not only atends events and net works, but also has emerged as a key accounting resource to answer member questions. " W h e n a n a c c o u n t i n g o r t a x question is asked, I make sure that I'm t he f i rst to a ns wer it . K Y R A [Kentucky Restaurant Association] membership is made up of a lot of suppl iers, so w it h each quest ion comes a potential new client." Paterson expanded by saying that suppliers are the folks you want to get i n f ront of . I n t he restau ra nt industry, suppliers of produce, beef, and seafood are huge, and they know everyone in the restaurant business. "Get in with the suppliers, and you are golden," Paterson said. He also recommended becoming act ive in t he state CPA societ ies. "I've met numerous people that have been helpf ul to my frm at the K Y Soc iet y of C PA s a s wel l a s h ave lea r ned about potent ia l busi ness opportunities from fellow societ y members." Having only been in business for a litle over two years, Paterson has more than quadrupled revenue. He credits rapid grow th w ith a lot of hard work, but also with adhering to the niche model. "We have clients in other markets, a few atorneys and small businesses, but the majorit y of our clients are restaurants, and that list continues to grow." Other areas of focus In building his frm, other areas of focus included bui lding the r ight staf, developing a sound technology infrastructure, and location. "It took me awhile, but I fnally got the right sta f members in the right positions. I made sure to hire staf that had the experience my frm required. My cur rent manager of ac c ou nt i n g wor k e d w it h me for several years at Consumers Choice Cofee and others had backgrounds at A DP and other accounting and payroll related entities. Geting the idea l sta f f on boa rd is c r it ica l to success," said Paterson. A well-oiled technology machine is also important. "To operate most efciently, we bu i lt a s y s t e m m a de up of S a a S products. We use Tomson's suite, Bill.com, Hosted Quick Books, and ot he r c l o u d - b a s e d a p pl ic a t io n s because they work well together and allow us to be operational 24/7." Fi na l ly, it 's a l l about locat ion, location, location! "Another edge I believe we have is our location. We are at the corner of one of the busiest intersections in Louisv il le; it's a rea l ly cool space inside a restored uptown theater. We a re loc ated on t he m a i n d r ag of 'restaurant row' in the historic district where there are many upscale restau- rants and residential areas…so we have lots of visibility," said Paterson. Final words At the heart of Paterson's transfor- mation is an unfaltering entrepreneur- ial spirit. Once inspiration hit, there was no stopping him. His CPA frm, now in its third year of operation, continues to grow in clients and prof- itability. W hile he admits the work was arduous and the hours exception- ally long, it was all worth it to make the transition from bean wholesaler to progressive 'bean counter.' "At the end of the day, I want my business to be best-in-class, and I want ou r cl ient s to feel l i ke they are geting the best service possible," Pater- son said. In fact, Paterson and his team are frmly dedi- c at e d to t he i r c l ie nt s' success and satisfaction. " W h e n I w a s i n t h e cofee business, my mantra was: To be t he best at ser v i ng t he best . I b r o u g h t t h i s f o r w a r d w h e n I launched my frm. A fer being w ith u s f o r a w h i l e , I a l w a y s a s k m y clients, "A re we your best ser v ice prov ider?" Ofen the answer is yes, but if it's not, we regroup and fgure out how we can f x it." In recent months, based on a dedi- cation to superior service, Paterson a nd h i s s t a f f w e r e a w a r d e d t he Kentuck y Restaurant A ssociation Supplier of the Year award. Paterson is frmly planted in the a c c o u n t i n g p r o f e s s i o n a n d h a s accomplished most of his goals in geting up and running. Tere's only one more major objective he sti l l n e e d s t o m e e t . " I a l w a y s c r a v e warmer weather. Te goal is to make it to Florida one day and work from there until retirement." With everything he's accomplished in a relatively short time, it's pretty c lea r t h at B ob Pat ter son w i l l be working from the beach in no time. Kristy Short, Ed.D, is president of rwc360, LLC ( rwc360.com )—a frm dedicated to providing branding , marketing , and public relations services exclusively to the accounting profession. She is also a professor of English and marketing. Reach her at kristy@rwc360.com .