4 min read January 2024 — In an interview with Invest:, David Bundy, president and CEO of CPA and advisory firm Dean Dorton, discussed the firm’s notable expansion, strategic mergers and its client-centric approach across various service areas, while also addressing the challenges and strategies in a shifting economic and labor landscape.
Over the past year, what have been the key highlights and milestones for Dean Dorton in the Triangle and what has kept you busy?
Over the last 12 months, we significantly expanded our services. We also merged operations, which led to substantial growth in the area. A recent highlight was acquiring new space in the Glen Lake area, allowing us to consolidate all of our operations in one location. We experienced an organic growth rate of about 20% over the year and our expansion through mergers amplified that growth.
Considering the wide range of services that Dean Dorton offers, which areas are seeing most demand?
We adopt a unique approach with our clients, assessing their specific needs. While we offer traditional accounting services like audit and tax, which have grown significantly, our technology division has seen substantial growth, especially in the Raleigh market. We also assist entities with outsourced services, including accounting, and this area is expanding rapidly as well.
Taking a broader view of the economy, how have the market changes impacted your business, if at all?
The market has consistently created opportunities, which is positive. However, like many entities in our industry, we face challenges with the labor force. Securing the right workforce has been a hurdle. As a result, we’ve adapted our recruitment strategies, altering where and how we recruit and how we deliver some services.
We now recruit year-round. While there used to be a cyclical pattern to recruiting college candidates, it has now become a continuous process. We’ve expanded our internship programs to allow students a better insight into our organization. Additionally, we’ve increased hires with more experience and even have dedicated personnel focused solely on recruitment in these areas. We’ve devised various career pathways and revamped our retention strategies. We assess what an employee’s journey looks like, from their first to fourth year, and implement programs to encourage longer stays. We’ve also explored international options, resorting to outsourcing and other methods to fill roles when local talent isn’t available.
How does the company integrate its emphasis on relationships into daily operations and client engagements?
It begins with our training. While “relationship” might sound like a buzzword, we invest time in teaching our team its real significance. Our goal is to be the first point of contact for our clients. Whenever there’s an issue or decision to be made, we aim to be the adviser they turn to. This serves as our primary measure of success — we always want our clients to consult us before making any significant moves. Our responsiveness and comprehensive range of services ensure we aren’t limited in our assistance. While there are many aspects to our approach, our core objective is to understand our clients’ goals and guide them toward achieving them. This way, we cultivate the deep relationships we advocate for.
What added value does the company provide in the audit and assurance sector?
In the audit realm, there are significant guidelines to follow. Independence is a cornerstone of the assurance practice as it plays a crucial role in the economy. We prioritize being independent to ensure we never blur the lines, maintaining a balance. While we provide assurance services, there are instances when we identify areas where clients may benefit from advisory services. In such cases, we can offer advice and subsequently assist the client in finding another assurance provider if needed.
For those unfamiliar with the industry, there are strict parameters we adhere to. Beyond the assurance aspect, understanding a client’s needs and future direction is essential. This insight helps us transition to advisory services. Depending on the client’s situation, we may offer technology solutions. For instance, we’ve helped clients facing cybersecurity threats through our cybersecurity division. We also support clients struggling with their technology infrastructure. Additionally, we provide back-end operational support based on the client’s specific needs.
What strategies would you recommend for small businesses looking to strengthen their cybersecurity without allocating significant resources?
We have developed tools specifically designed for small businesses. While we often cater to larger companies for cybersecurity needs, we understand the unique requirements of smaller entities. As a result, we’ve created scalable tools that allow smaller businesses to benefit from our expertise. We offer training, conduct assessments to detect potential threats and assist in identifying latent cybersecurity vulnerabilities. Many businesses are unaware of existing threats and our aim is to illuminate and address those issues. By using efficient methodologies, we provide these services affordably to smaller enterprises.
How does Dean Dorton’s wealth management service support clients in achieving their desired legacy?
Our approach aligns with our foundational principle of understanding the client and their objectives. We avoid one-size-fits-all or off-the-shelf solutions. Instead, we prioritize getting to know the individual and tailoring an investment strategy to their specific goals. This personalized method reflects our firm’s culture and commitment to understanding where the client wants to go. Thus, our wealth management crafts plans designed around what each individual wishes to accomplish with their wealth.
Looking at the next five years, what are your top goals and priorities?
We are focused on expanding our reach and growing even larger. In our industry, numerous consolidations are occurring. While many firms choose to merge into larger entities, we wish to remain independent. We value our autonomy in selecting clients and delivering services in a way we believe is best. Our vision for the next five years includes continued growth, exploring new markets and maintaining our independence.
How do you envision the future of the industry and what role do you believe technology will play in shaping this future?
Technology will be instrumental in our industry. Our labor force, like many others, is shrinking. To adapt, we must harness technological solutions. Addressing the first part of your question, the demand for our industry’s services will only grow, especially given the strength of economies like that in Raleigh. The array of required services continues to expand. Despite a dwindling labor force, we must find innovative ways to serve these growing needs. Technology will be a key component in this evolution. However, while our methods may change, our commitment to understanding and helping our clients achieve their goals will remain steadfast.
For more information, visit:
