The Wize Guys

Episode 112: Wize Factor Chat: Kristy Fairbairn - The Business Oasis

June 26, 2024 • Wize Mentoring for Accountants and Bookkeepers • Season 1 • Episode 112

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What if you could manage a thriving firm without being tied to it 24/7?

This week's episode of The Wize Guys Podcast presents another special edition of WizeFactor Chat with Kristy Fairbairn one of the Wize Mentors and the CEO/ Founder of The Business Oasis.

In 2017, Kristy bought an accounting firm and initially faced the daunting task of managing it alone. Her search for specialized support led her to Wize Mentoring, where she found the guidance and accountability she needed to balance her family life while growing her business. Learn how Kristy's experience with Wize transformed her approach to business management.

Hear Kristy's inspiring transition from mentee to mentor and how business coaching can be a game-changer for accountants and bookkeepers. Discover her insights on the importance of mentorship in achieving professional dreams without succumbing to burnout. We explore how strategic planning and team empowerment can free business owners from constant involvement, allowing them to pursue personal goals and enjoy greater fulfillment. Kristy shares practical advice on overcoming the fear of relinquishing control and the benefits of a well-structured business plan.

Finally, we discuss the power of connecting with a global community of like-minded business owners. Kristy highlights the value of master classes, webinars, and Super 8 pods in fostering a supportive environment where firm owners can share insights and hold each other accountable. This collective wisdom not only accelerates business growth but also enhances work-life balance. Learn how adopting effective systems can improve service delivery and client satisfaction in bookkeeping businesses. Don't miss Kristy's valuable tips and strategies for building a self-sustaining business.


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Wize Mentoring:

From Wize Mentoring is T he Wize Guys Podcast, a show about accounting and bookkeeping practice owners and the many stories, lessons, and tips from their experience of transitioning from a time-poor practice to a business that runs without them. I hope you enjoy and subscribe.

Wize Claudia:

Hi, K risty, thank you for making time this beautiful morning for your night, for me, to meet with me, to chat with me in this wise factor chat edition. I'm actually very excited because you're the last, but not the least, mentor that I'm sitting down with, so I'm very excited to have this conversation with you and listen to your insights and compare them on my own, like to see what the other mentors have said and your own journey. So, if you don't mind, I'm going to go ahead and ask a couple of questions about you and your firm and your journey as a mentor here at WISE and yeah, I'm excited to dig in. So I want to go from the beginning. This is a question that I ask everyone when did it start, T he B usiness Oasis, and you as a practice owner? Where did it come from?

Kristy Fairbairn:

So I purchased the business from my former boss back in August 2017. M y former boss back in August 2017. So when you bought the business, was it encountering any issues like what made you want to buy an accounting firm? W hat took you there? So I was working for the previous owner for probably around a year and I loved the flexibility of working from home, being able to fit the work in around my young children and my family commitments, and I realized I didn't want to for anyone else. I could see the potential of growing the business and also the value that it provided to business owners, so I wanted to grow that for myself.

Wize Claudia:

That's great because actually, like when you're working in a firm, you probably create this relationship with you, love what you're doing and you're actually like, yeah, I could own this one day. And the opportunity came up and you went and ran with it. So that's amazing. So now you're here.

Kristy Fairbairn:

It was a very different business, I must say, though, and when I bought it, I sort of overlooked the fact that, instead of having the business owner and I working in it, it would only be me. So everything fell to me the running of the business, the growing of it, the admin and the actual doing of the work and so it started to consume a lot of me and my time.

Wize Claudia:

Yeah, I was going to ask exactly that, like, when you transition from being an accountant to a business owner well, bookkeeper to a business owner then many things change. You started to get more jam packed and manage clients, I guess, and all of these things that were that come up while you're being the owner. But what was that one challenge that you said I probably need help?

Kristy Fairbairn:

Not being able to do it all on my own, not being able to complete everything in time and still having that flexibility of working from home, being able to prioritize my family. It really consumed all of me and my business was what I put first because it was providing income and I felt that it was the highest priority to protect. Yeah, but it took me away from the things that are actually important.

Wize Claudia:

It stopped being a business oasis. Yeah, basically, so fast forward a little. Three years down the line, I think you found wise. How did you find Wize? And from the challenges that you were saying, no, I don't think I can manage this firm, you found Wize and what resonated with you?

Kristy Fairbairn:

So I w as part of a really fantastic business coaching group that helped me understand a lot of things around systems, delegation, managing your time, and growing your business. But because it was a business coaching group, it was still quite broad, and not everything applied to my industry and I was looking for something that was very industry- specific to help me go to that next level. And I came across Wize. I'm not sure, sometimes we hate the algorithm, but in this case, I love the algorithm because somehow Wize found me and I signed up to Wize Pulse at the time and thought, yeah, I can follow these steps online and I'll do the work and I'll implement the things. But it took a few months to realise that. No, I didn't know where to start or how to do everything and I really wanted to accelerate. I didn't want to lose the momentum. I was ready. So, instead of staying small and trying to do it myself, the whole thing about the W ize way was learning how to be fully supported and not go it alone. So I joined Wise Growth o in October 21. So a few months after just starting with W izeP ulse, I came to all the clinics. I showed up to everything. But you know, it's all well and good to show up, but if you don't take the actions, you've just wasted your time and I wasn't implementing everything in the way that I wanted to be, or I had too many questions on how to do it and I wanted my own person, my own hotline that I could meet with every month, who would help me navigate things and kind of accelerate that journey and Wow, I was actually going to mention something regarding that Like on the bright side, it's so much ready to use, it's like a vault called the wise vault is to start from.

Wize Claudia:

So it's probably good to have these tools that are amazing and crafted by other accountants so they work, but also having the advice, the words of wisdom, someone holding you accountable for all these steps that you go through. That's why the progress that you see in there.

Kristy Fairbairn:

I think too. You know the vault is great with the 18 steps that if you know you need in one particular area, first start there. But I needed help in all areas. So, oh my gosh, do I start with step five, step three, step 18? It's not a linear journey and that's what I really learned when I got into it that I needed help to direct me into the areas to focus on first and then steady it through the business, because I wasn't new to business but I was going around in circles yeah, I get that.

Wize Claudia:

And, fun fact, if I must add, your mentor was Thomas yes, who's now your fellow mentor. Yeah, so that's awesome. You actually met him before being yourself a mentor. You met him while mentoring you and that was amazing. That was such a great insight. I didn't know this.

Kristy Fairbairn:

Yeah, but it was really. I think it was a great opportunity to see that. Yes, W ize follows the methods created by Ed or Jamie that Jamie then helped create for others, so it was almost like Thomas was the first of the next generation to show that it works. It's not about needing Ed or Jamie to mentor you through it the foundation there, the steps, are there. It's about having someone who's walked the path already to show you how to walk the path. And, yeah, it was really fantastic to get that time with Thomas and he helped me a lot and it's such a privilege to get to work with him and Tim in helping other firm owners now create their own freedom.

Wize Claudia:

I love that and that's exactly where I was going. So you went from being a mentee to being a mentor. So what caused that transition? What made you say, hey, I probably want to do mentoring?

Kristy Fairbairn:

I had firsthand experienced the benefit of working with business coaches and mentors that it ignited such a passion for me that every business owner should have access to this kind of information and this kind of support and, wow, I can help others implement wise ways into their business. Because, you know, within the first year, I was actually having time off over Christmas. I was then planning a trip overseas on my own, with my business running without me. How could I not share that with others? How could I not help other accountants and bookkeepers achieve their own dreams of freedom and do the things that they love and not be in burnout?

Wize Claudia:

Absolutely that's the ultimate goal and many mentees go after that, many members from wise that's what they're looking after. They actually come to you being very burnt out, being very stressed and some even have like medical issues. Because it got to that point, stress levels are spiking through the roof. So I'm guessing that resonated with you very well, as you were someone who didn't know what to focus on first and then yeah, I think too in being a woman in business, yeah, limiting myself.

Kristy Fairbairn:

And you know, when I first started looking into working with coaches and mentors, I had a very comfortable goal of you know I wanted to have a $250,000 business. I very quickly changed that to a $500,000 business would be great. And then, starting off with Wize, in the early days I could say that, yes, at a million dollars I can achieve my ideal income Wow. But I soon realised that still needed me in the business, that still needed me to be the CEO of my business at that size. So my goal is extended now to wanting a $3 million business because that can support a CEO and fully withdraw me but still deliver the kind of service that my business does to our clients. So seeing how that can happen and not limiting myself is really what I've loved most about the direction that Wize can take me in and helping other business owners go big, not keep themselves small and simple, to actually know that they can achieve more than they ever dreamed, or help them achieve what they do desire in a time frame that works for them and not lose any more time. You know some of us are in business for another 30 or 40 years. Some of us are only looking at it for another three to five years. Whatever each person's goal is, helping them make sure that it's realized, achievable, and really does serve them, that they're not just plucking an amount out because that's what a colleague has or does, that it's yeah, it's individual.

Wize Claudia:

Our goals are an individual thing, but we can all achieve them in the exact same way yeah, I agree, I fully agree, and I wanted to ask you because, since you were talking about this, not limiting themselves to think that they have to be a slave to their business in order to grow, and also, on the other side, some think about growth as being in the business, being all the time there until they die, basically. So you know that we have this phrase that we always talk about, that it's we want to help you build a business that runs without you. We know mentors, our mentors, who have done this. You are on the way there, T tim's on the way there. Thomas is also almost there.

Wize Claudia:

So you work with many firm owners as well. When you tell them you can build a business that runs without you, what do you get from them? Are they excited about it? Are they very hyped about it, or are they kind of scared or skeptical? What do you get from them? I'm sure it it. Are they very hyped about it, or are they kind of scared or skeptical? What do you get from them? I'm sure it's a wide range, because there's all that?

Kristy Fairbairn:

Yeah, it is. Some think that they don't want their business to run without them. They want to keep doing it. But what they don't necessarily realize is you don't have to be shackled to your business, it's you know, we often say shackled to your business it's. You know we often say with Jamie, if you love what you do, you never work a day in your life. So it's about helping the firm owner see there's a different way of operating your business, that you don't have to be in it, you can choose to be in it, choose how you are in. And that might be that they end up mentoring their own team members to grow into leaders within their business. And you know it doesn't mean that they only work one day a week or one day a month or have to be five days. It's whatever they choose it to be can be for them. But it's liberating your business from yourself. You know our businesses have so much potential but when we hold on to them so tight, it's hard for them to fully grow. Same as with our children the more we try and hold on to them and keep them little, the less they have the ability to grow on their own. So you know that's definitely one of them. For other firm owners, they feel like no one else can do it as well as they can. So they always will have to be involved. But change the model. If it's what you want, you don't have to finish your business where you started. That's what I love. I've changed my ideal client avatar several times throughout the last few years because I see what clients require me or an extraordinary person, what clients require automation and systems and are easy and finding something in the middle that fulfills my team but doesn't rely on one person being extraordinary to deliver. So helping firm owners understand how they can change and pivot their business model to have more freedom and flexibility and prioritize their family. You know I was always working weekends in the early days. I would always be working Christmas, new N Year period because I didn't have anyone else to do that work for our clients and I was never able to be strategic and plan in front to get things in place. I just have to react and still do it. And now we've put planning into place a couple of months before every Christmas to make sure everyone has time off. It's not just me and someone else has to cover the gap.

Kristy Fairbairn:

I want the same freedom for my team members and I want to help firm owners do that for their own teams, because our people are our biggest asset. They can also be our biggest headache and challenge, and retaining good people is really vital in this current labour market. So helping firm owners see the value in their team members without it being a risk. When we do rely on one person too much and they leave, our business might fall down, we might lose clients. So it's getting that balance in and place into every firm. So I love speaking to business owners who come with all sorts of different challenges, because I know that the WISE execution plan is a one-size-fits-all. You just come into it from a different angle but it all comes out the same way. We're all using the same map and blueprint, doesn't matter where we join it from and how we go around it.

Wize Claudia:

I love that you said this because it globally. We have members from all over the world and globally the issues continue to be the same. Maybe there are some local issues affecting them that's of course that has to do with regulations and accounting issues but basically every team structure issue, hiring issue, culture issue, they all seem to be the same worldwide and that's quite shocking. I know that you've been able to see this because you work with firms from the US, from Canada, from Australia, new Zealand.

Kristy Fairbairn:

And the UK, and the UK. Yeah, exactly. Yeah, one of the most common feedback I hear. It's really interesting how we all have the same issues, or, you know, it doesn't matter where we are, what size we are, we've all faced the same things. Yeah, exactly.

Wize Claudia:

In a little bit of a different way.

Kristy Fairbairn:

Yeah, we all have compliance deadlines. We all have clients who are crystal glass, who are late adopters, who are early adopters. We all have system implementation challenges. We all need to schedule the work schedule, the hiring process. We all need to have capacity in our team, in our client base. It's all the same, it doesn't matter where you are, it just is a little bit different for you, but it still really is all the same, little bit different for you, but it still really is all the same.

Wize Claudia:

yeah, and where they most notice this from working with you those who are wise growth members it's when they attend master classes and wise like webinars. When they go to coaching calls, they are in a room full of practice owners who just raise their hand and say, hey, I've been having issues with this. And then the other one speaks up and say, hey, me too. Where are you located? Yeah, I'm in, I don't know the United States. And then the conversation starts Actually, love to be there.

Kristy Fairbairn:

You see that happen because it's very cool and they ask for insights and we get to see it on even more of a micro level in our Super 8 pods where we have a select group of firm owners paired together. Every three months they meet and look at their fab five together and there will be differences in their firm size and location, but they're all going in the same direction and what I love coming from those pods is the group accountability that they're checking in with each other on what's your one item, that you're focusing on this quarter and also helping each other. You know one of my I love that.

Wize Claudia:

I haven't seen any of that happen, but I would love to you guys, if I can. It's the inside scoop.

Kristy Fairbairn:

It's very, very exclusive this club.

Wize Claudia:

I can tell I can tell I am not invited, but yeah.

Kristy Fairbairn:

There's great resource sharing, so community is such an important thing. Yeah, having a village around you, you know, takes a village to raise a family. It takes a village to raise a business, absolutely, and I love that we're all going in the same direction at Wise, and you know you are the sum of those you surround yourselves with, so why not surround yourself with amazing proactive firm owners who are following and implementing the same thing, because they help you accelerate the accelerated path through the execution plan.

Wize Claudia:

Absolutely. I couldn't agree more, K christy, I have one last question for you. I've loved our conversation so far, since you've gone from being very packed and full at your business to having more time being able to spend time with a family. Did you in the past have any hobbies that you enjoy that you're now getting back in into, or just any activities, or what do you love spending your free time in? I get a hint, I, but you tell me yeah, I love travel.

Kristy Fairbairn:

Yeah, you know, there were so many years where so many factors prevented me from travel. My kids are young, my husband works away for four or five weeks at a time. I didn't have anyone who could do the work in the business, so I just lived a really simple life that wasn't fulfilling, to be honest, really simple life that wasn't fulfilling, to be honest. And now I travel just about every other month. It's sort of when my husband's home for a month. I jet off and hang out with a girlfriend for a weekend. I attend beautiful retreats every three to six months. I really prioritise me up in our business or in our family that we lose sight of that. So what I've loved is actually getting the freedom that every you know. Three to four months I'm having a week out of my business Wow, surrounded by people who fill my cup and help me come back to my business and family and, even better, brighter version of myself. So, yeah, the biggest hobby for me now is the freedom of travel.

Wize Claudia:

Yeah, that's such a blessing. I know that you've worked very hard and mindfully for that. Which is the most important, I think it's being conscious of work over than doing the hard work it's even more important. So you've done it and here you are, the testimonial, living and breathing, of what you could do if you just put some time aside, get to it, organize yourself and just go ahead and run with it, and it's very inspiring. I'm sure for many this is another thing that makes you very special amongst our mentors. You're also a bookkeeping business owner, which many bookkeeping business owners don't feel like. The accounting structure resonates a lot with them, but you've actually worked with many bookkeeping firms and you continue to inspire many, many bookkeeping business owners that they have the same basis, that they don't have to block themselves out of this, building a business that runs without you dream.

Kristy Fairbairn:

Yeah, I think there are some great benefits to a bookkeeping business using the systems that accounting firms do, because we don't have to try and schedule all the work once a year. We get to schedule all the work once a week for everyone, or once a month. So it's a lot easier to implement because you're doing it straight away. You know, sometimes when you're only communicating with clients to do their work once a year, you might have just done it, so you've got to wait before you can close the loop on them. So there's swings and roundabouts for all. But we're all one industry and we're all helping small business owners globally achieve their own goals and freedom. So it's not only that it works for us within the Wize community, it makes us better service providers to our clients. I talk to clients in different industries now about the benefit and value of deep and narrow teams looking at the capacity of their team. What's the charge-out rate? What's the profitability margin on your team members? What's your ideal cost of goods, gross profit, net profit all of those things we get to also bring into the broader community. So, yeah, it really is changing the global look of business ownership.

Wize Claudia:

I love that and I love to see that you're involved in this process, that you're also bringing the girl power into wise. Loki love it. I'm sure many other business owners not only women, because that's limiting ourselves. Men, you work with many men and they love your work, so I really love this session. It was very insightful and I thank you so much for sitting down with me. Those were all my questions. I could have more honestly, but we're going to wrap it up. I know you have a full day ahead, so I want you to continue, but I thank you so much for being here with me, K Christy, and I'll be surely seeing you around.

Kristy Fairbairn:

Yeah, absolutely, I'm wise all the way. Thanks so much, claudia.

Wize Mentoring:

Thanks for tuning in. If you liked this episode, please remember to subscribe and leave us a five star review For more practical, W ize tips on how to build a business that runs without you, head over to wizementoring. com/ podcast to download a free copy of the Accountant's 20 hour workweek playbook. We've included a link in the show notes below. See you on the next episode.