Nathen McEown, Chief Executive Officer, Whitley Penn LLP
In an interview with Invest:, Nathen McEown, chief executive officer at public accounting firm Whitley Penn LLP, reflected on the firm’s strong growth in the Dallas-Fort Worth market, emphasizing its strategic focus on healthcare, real estate and energy, and expressed optimism about continued expansion in the region.
How would you describe Whitley Penn’s role in the DFW accounting market, and what have been some recent highlights?
Whitley Penn has deep roots in DFW, having been founded in Fort Worth in the early ’80s. This is our strongest market, with offices in Fort Worth, Plano and Dallas, and we have over 500 people in the DFW area. We’ve consistently experienced strong growth here, driven by the area’s net migration, which provides ample opportunities for accounting services. Over the past year, we’ve seen a rise in demand for our data analytics services and technology offerings, alongside our traditional tax and audit services. We’ve also been able to secure some significant clients, which has been great. The fight for talent is less intense than it was a few years ago, but it’s still a challenge. Fortunately, we have a fantastic team in place to manage our workload.
What makes doing business in Texas unique, and where do you see the most opportunities and challenges?
Texas is starting to develop three distinct markets: Fort Worth, Dallas and the Plano corridor. We’re fortunate to have offices in each of these locations, which helps us attract talent and target clients in these unique areas. As more companies move here, we’re able to take on larger, more complex engagements, which our professionals enjoy working on. The talent pool in DFW is excellent, and we’re consistently pleased with the quality of hires we’re able to make at all levels.
Which sectors are driving growth for Whitley Penn in DFW and how has demand shifted?
In DFW, the healthcare industry has continued to grow, which is great for us. We also have a strong real estate practice with significant opportunities, and our roots in the energy sector between Dallas and Fort Worth remain solid. These are the three areas where we’re focusing our growth efforts. In 2024, the demand for consulting services either steadied or decreased slightly due to economic uncertainty, particularly around interest rates and the election. We are predicting 2025 will be different and we believe our advisory practice will have strong growth. In 2024, clients were more cautious about incurring costs for one-time projects. However, services that were compliance-driven or ongoing, like tax, audit and large client advisory services, remained strong. It’s the one-time special projects we think will increase in demand in 2025.
Are there any tax or audit trends you are watching closely?
On the audit side, the Public Company Accounting Oversight Board (PCAOB) continues to maintain strong oversight, so we’re selective about the clients we take on. However, DFW has a lot of great companies to work with. As always, we’re heavily recruiting at campuses in Texas and beyond to ensure we have a strong pipeline of talent to meet the demands of our clients.
How is Whitley Penn approaching talent acquisition, retention and partner development?
We emphasize an office-centric culture where our people spend time together, building bonds and learning from one another. While we offer flexibility, we’re not a work-from-home firm. We believe being in the office helps train our people faster and fosters relationships that make work more enjoyable. We also prioritize face-to-face interactions with clients to better understand their businesses. We have an in-house learning and development team dedicated to providing opportunities at all levels. We have programs like our Next Generation Council for younger talent and our Growth Champions group for managing directors and senior managers, focusing on future partner development. We also host leadership programs and bring in outside speakers to support our in-house efforts.
What new initiatives or projects are you excited about?
We’re making a significant push in our wealth management practice; in 2024 we reached $1 billion in assets under management. Additionally, our advisory services, such as mineral management for energy clients and risk advisory services, are growing rapidly, along with our technology-driven offerings in our digital practice. We’re excited about these areas of expansion.
How is Whitley Penn integrating technology to enhance services and improve efficiency?
AI and automation are big topics in our industry right now. We’re actively exploring ways to leverage these technologies, but we’re moving carefully to ensure client data remains protected. We’re focused on staying ahead of the curve with a well-planned approach, so our clients benefit from these advancements.
What advice would you give to young professionals entering the industry?
It comes down to attitude and effort. With a positive attitude and strong work ethic, the sky’s the limit. We’ll provide the training and tools, but attitude and effort are what you control. If you bring those, there’s a lot of potential in this industry. Be patient, keep learning, and you’ll find it to be a rewarding career.
What is your outlook for Whitley Penn in the DFW region over the next few years?
DFW will continue to be a strong market for us, driven by employment growth and net migration. We anticipate double-digit growth over the next few years, depending on the economy. We’re excited about new opportunities and will continue to explore new services and acquisitions in other markets, but DFW will remain a key focus for our expansion.
