Michelle Herscu, Founder of MLHC Accounting Firm
Michelle first approached Pink Tank via Instagram as a way that we could collaborate. We immediately went to her website to learn more about her business and loved her user friendly approach to accounting. Her blog post topics were ones that resonated with us and we liked how she broke things down in areas that are generally quite complicated. We booked a meeting to chat further and were impressed to learn that she used to be a CFO in the construction industry and recently left to start her own boutique accounting firm. That is a hard step to take - moving from the security of the corporate world to the land of entrepreneurship. Read on to find out why she made the move, what her biggest success has been, her advice for the next generation of business women and more.
(Pink Tank Group) Tell us a bit about your background and how you started your own accounting firm:
(Michelle): I decided to pursue a CPA designation at a fairly late stage of my life as I realized this was the only way for me to expand my understanding, have a better future and a lot more interest at work (I really need challenges otherwise I get bored easily). MLHC was born as a result of me wanting to help more small business owners as I realized a lot of accountants are quite reactive in the way they operate. You have to chase them to get answers, they're not always willing to help and even when they do, clients are often still left in the dark and understand only half of what was told to them. I decided I wanted to make a difference and change the field and how people perceive accountants.
Be a proactive accountant, approachable, patient, non-judgmental and compassionate. All while educating business owners about accounting, finance, bookkeeping and taxes.
(Pink Tank Group): What was the hardest part about leaving the corporate world as the CFO? What was the best part?
(Michelle): There were a few parts that were hard, not just one. I would say the main three were leaving an amazing team of people behind, leaving a job that I actually really loved and of course leaving the compensation behind. Best part is that I get to spread my knowledge and use my designation and professional experience for the better good and help as many businesses as possible!
(Pink Tank Group): What has been the most surprising outcome about starting your own firm?
(Michelle): Learning that what I offer is rare in the sense that a lot of my clients have had very bad experiences in the past and when they come to me they feel so lucky and grateful. Meanwhile, I feel like I'm the blessed one because I'm just truly happy to add value and see their businesses successfully grow.
(Pink Tank Group): Covid has had such an effect on business as we know it. Some positive and some negative. What was one positive outcome that resulted from the Covid economy?
(Michelle): I would definitely say that it's the introduction of virtual into everyone's life. Why is that a good thing? Well, it helps firms like mine explain to clients that they can actually do everything online. No need to drive anywhere and waste time. Documents never go missing and we can conduct 'in-person' meetings using Zoom / GoTo Meeting just as well. Win-Win for everyone!
(Pink Tank Group): What has been your biggest achievement or success in your career?
(Michelle): One of my biggest achievements in my career was becoming a CFO and manage a team of 12. It was extremely satisfying and I learned a lot. In this current role, I consider it an honor to serve the business owners' community and to be able to alleviate their pressure from worrying about numbers, what they mean and helping them achieve better results.
(Pink Tank Group): What inspires and motivates you when things get hard?
(Michelle): Trying to remain focused and think about the achievements and satisfaction I've experienced to date.
(Pink Tank Group): Do you have any advice for the next generation of business women?
(Michelle): Yes - don't be afraid to take the leap of faith. Do your research, learn what you need to do in order to succeed, get all the education you can, talk to other business owners and start it slowly and gradually until you feel ready to step into this venture and give it 110%.
(Pink Tank Group): What is one thing women can do more of to support each other?
(Michelle): Stop competing. Just support each other in a natural way - even if some of us are in the same industry, we can still refer clients to each another because even if we target the same niche, not everyone is a good fit so there's always room for collaboration.
(Pink Tank Group): Who is one woman who has inspired you and your career?
(Michelle): My mom. Always has been and always will be.