Guide for Start-Ups Looking to Partner With an Outsourced Accounting Firm

Guide for Start-Ups Looking to Partner With an Outsourced Accounting Firm

by | Feb 23, 2023 | Accounting, Startups

For investor-backed companies, like start-ups, an outsourced accounting firm, also known as a financial operations management and outsourced accounting firm, offers many benefits that allow start-ups to scale, save time, and reduce operational costs and risk. Learn how to leverage a financial partner to help you and your team keep up with the demands of expansion, regulators, and investors.

What is Outsourced Accounting?

An outsourced accounting firm is a professional firm that provides financial services to client businesses. These firms are hired to provide specific services like cost reduction, financial reporting, payroll processing, and system and process assessments. An outsourced accounting firm can provide more comprehensive and reliable services than an in-house accounting team.

Common functions that investment-backed companies outsource include:

  • Bookkeeping
  • Managerial accounting
  • Tax accounting
  • Financial Audits
  • Controller services
  • Outsourced CFO services
  • Financial analysis
  • Payroll services
  • Compliance
  • Human resources

How Investor-Backed Companies Can Benefit from Outsourced Accounting

In the early stages of development, start-ups don’t usually have an established or consistent revenue stream, making growth and long-term financial stability essential goals.

As start-ups do grow, they need the right financial infrastructure in place to handle the rising cash flow, regulation requirements, and overhead costs.

This is where an outsourced accounting firm can deliver immediate value by offering these benefits:

Build Trust With Investors

Outsourcing accounting services can be a smart move for start-ups looking to impress their investors. By working with a reputable accounting team, start-ups can demonstrate to investors that they are serious about their financial management and have taken steps to ensure accuracy and financial transparency.

Additionally, an experienced accounting team can provide valuable insights and recommendations that can help start-ups make informed financial decisions and optimize their cash flow. All of these factors can contribute to a more positive perception of the start-up by investors, increasing the chances of securing funding and building long-term partnerships.

Access to Specialists Without Overhead

No one in business disputes the value of a quality CFO, but affording one with a start-up budget can put this essential role out of reach. Outsourced accounting firms make industry-leading proficiency financially accessible. Trust our knowledgeable outsourced CFO professionals, who possess industry-specific insights and a wealth of experience, to guide your financial decision-making.

They bring a level of experience to the table that start-ups may not have in-house or cannot afford to bring in-house. By leveraging the knowledge and skills of an external accounting team, start-ups can ensure that their financial management is accurate, compliant, and up-to-date without diverting internal resources away from core business activities.

Improve Internal Controls

Without a CFO in place, investor-backed businesses have no one to spot signs of fraud, like unusual transactional or billing activity. This puts companies at greater risk, which can be eliminated with an outsourced accounting partner.

Enhanced Data Security

Financial operations management firms protect business data with encrypted cybersecurity programs. This can be a real point of confidence for a start-up’s investors and employees, knowing that personal customer or employee information is safe.

Flexibility to Scale

A good outsourced accounting firm will tailor its services to meet its clients’ most immediate needs. This is good news for investment-backed companies who need to stay financially lean. By outsourcing financial duties, a start-up can save money by limiting spending to critical areas only.

Start-ups only pay for the services they need. Plus, start-ups can scale and decrease services with the ebb and flow of businesses. With an in-house team, you have to pay salary and benefits regardless of the workload.

More Time For Growth

Outsourcing can also free up time and resources for start-ups and their leaders, allowing them to focus on growth strategies.

First and foremost, outsourcing allows start-ups to delegate time-consuming and complex accounting tasks to an external team of specialists, freeing up internal resources. This can be especially important for start-ups, which often have limited staff and resources.

Outsourced accounting for start-ups can also provide access to advanced accounting tools and technology that they may not be able to afford or implement in-house. This can help to streamline accounting processes, reduce errors, and increase efficiency, making growth an attainable reality for start-ups.

Advanced Services You Can Expect from an Outsourced Accounting Firm

In addition to the benefits above, a financial operations management and outsourced accounting firm can provide these added perks to your invest-backed business.

Cash Flow Management

Use your outsourced partner to run an analysis of your expenses and profit statements. With this information, your partner can plan effective strategies to deal with potential roadblocks.

Forecasting

Leverage your partner firm’s forecasting experience to map out strategies that address performance needs in the short and long term.
Growth and Exit Strategies

Let your outsourced accounting firm prepare business plans, forecasts, and other essential documents needed to raise more capital for growth.

Business Systems and Process Improvements

Who better than an outside financial specialist to advise on areas where your start-up can improve efficiencies? This includes things like month-end reporting, credit and collections, and even your business strategy to maximize returns.

Potential Cons of Partnering With an Outsourced Accounting Firm

While there can be some potential obstacles when working with a financial partner, most can be avoided with good communication up-front and by finding a firm that feels like a natural fit.

Outsourcing for the First Time

If you’re not familiar with using an outsourced accounting firm, you may not know how to fully leverage the firm’s capabilities. To avoid this, start-ups can ask potential partners to walk them through their typical work process.

Cost

While using an outsourced accounting firm can save investment-backed companies money, if not carefully managed, the partnership can cause costs to soar quickly. This can be prevented by asking potential partners for a detailed estimate and factors that would impact the price. Also, be upfront about your budget. A good financial partner will tailor a solution to match it.

Poor Communication

Bad communication can result in many of the issues above. From the start, make sure you and your outsourced accounting firm are in agreement on the process and modes of communication, as well as goals and objectives.

Bad Fit

Just as there are numerous types of investment-backed businesses, there are also numerous investment firms that specialize in niche sectors. Look for a firm that has experience with a company similar to your size, structure, and industry.

Tips to Help You Choose the Right Financial Partner

As we mentioned, many of the potential risks of hiring an outsourced accounting firm can be avoided if you’re able to find a firm that understands your culture, verticals, and goals. Here are questions and considerations that can help you find the best fit.

What Are Your Short and Long-Term Business Needs?

Start by taking into account your specific business needs to determine if they’ll be met in your partner’s tailored package.

What services or support do you need?  What type of data is being shared with external personnel, and which tasks should remain in-house because of their confidential nature? For instance, if your company requires tax accounting or bookkeeping but not payroll processing, these duties are ideal for outsourcing.

What Is Your Budget?

If you are unsure about how much it will cost to outsource your finance and accounting services, don’t fret. You can make an educated guess based on some key factors.

Ask yourself:

  • How much can my organization afford to spend on outsourced services?
  • What specific services does my organization need?
  • What value will the services bring to my organization?
  • Are the costs of an in-house team and technology stack cheaper than the cost of an outsourced team and technology stack?

Keeping these questions in mind can help you make an informed decision about the cost of outsourcing your finance and accounting services. You can also compare and contrast pricing between your top picks.

Check the Firm’s Reputation & Experience

It is important to do your research when looking for potential providers. Check out what previous customers have to say about them, and make sure they have experience in industries or with clients similar to yours.

It is important to find a financial outsourcing partner that has experience in the industry and understands the complexities of your business. Make sure to ask for references from previous or existing clients.

Ask Questions

Here are a few questions to get you started, but you’ll likely have questions specific to your business structure.

  • What experience do you have working with start-ups?
  • What accounting software do you use and what features does it have?
  • What services do you offer, and what is your pricing structure?
  • How do you ensure the accuracy and timeliness of your services?
  • How do you communicate with clients?
  • Are you familiar with any tax regulations specific to start-ups?
  • What is your experience with raising capital?
  • What other services do you offer that may be beneficial to a start-up?
  • Are you willing to provide references from other start-up clients?

Next Steps

If you’re ready to start your search for an outsourced financial partner, here are a few to-do’s to complete before you begin your search:

  1. Are you open to new and updated accounting practices?
  2. Are you willing to share access to your financial data with a partner?
  3. Is your team ready to adopt process improvements your financial partner may recommend?

Contact Lavoie

If you answered yes to the questions above, it’s time to find a partner you can trust. With the right partner, you can gain the knowledge, skills, and experience required to optimize your financials and reach the goals you have for your start-up.

Contact Lavoie today to learn how their experienced team of financial professionals can provide you with the support you need to successfully manage your finances. We have extensive experience supporting investment-backed companies.

Contact us online or by calling 704-644-0235.

Contact Lavoie
How Outsourced Accounting Benefits Your Private Equity Clients

How Outsourced Accounting Benefits Your Private Equity Clients

by | Feb 13, 2023 | Accounting, Outsourcing

Today, more than half of market private equity firms use an outsourced accounting partner, and for a good reason. Working with a financial operations management and outsourced accounting firm benefits both your firm and your clients.

Jump Ahead

In the sections below, we’ll explain how a financial planning and accounting firm can help you.

Instill Confidence in Your Investors

Investors like funding good ideas, but only if they know an experienced team will manage that good idea to its full potential.

Investors will be looking at how well your team works as individuals and as a group before trusting your firm to source, negotiate, monitor, and exit fund investments.

So, when meeting with potential investors, you want your team laser focused and ready to answer every question investors throw your way, like:

  • How forward-thinking is your team on issues that impact private equity?
  • How comfortable is the team managing a complex portfolio like mine?
  • Describe the technology you use to implement proactive portfolio strategies.
  • How quickly can the team produce high volumes of customized reports?

Your team’s biggest barriers to making a good impression?

Admin Distractions

If your team has to manage basic accounting tasks or stay on top of regulation changes, their focus will be split between essential and non-essential business functions.

An unfocused team has a greater risk of delivering reactive and lackluster strategies or accruing costly regulator penalties.

Disorganization

When your team doesn’t have a central platform to store, view, and extract financial data, it’s easy for teams to mistakenly (and unknowingly) work off of inaccurate or dated information. Without a centralized location to store client data, your team is more likely to stumble over unnecessary redundancies and inefficiencies.

By outsourcing your firm’s financial operation management and accounting, you let your fund admins focus on improving investment strategies, reports, and client dashboards – tasks that have a direct impact on the business.

Furthermore, your team will all be able to leverage accurate data, the bedrock of effective and proactive investment strategies.

Preserve Your Reputation to Attract Investors

As private equity firms grow, it gets more difficult to maintain a high growth rate. But a high growth rate is exactly what attracts investors.

In response, private equity firms are eager to find efficiencies and cost savings that don’t impact core business functions.

Outsourcing your financial and accounting processes is an excellent way for firms to reduce overhead costs while maintaining transparency and accuracy. Plus, private equity firms can still maintain management fees this way.

Additionally, you can retain a penalty-free track record by relying on your financial partner to monitor regulatory changes and how they impact your business. Plus, your financial partner can make sure your firm is always financial audit-ready.

Broaden Your Proficiency

The very best outsourced accounting firms are the ones that can explain the meaning behind the numbers.

At Lavoie, we go a step further by also identifying:

Think of a company like Lavoie as an extension of your team that you can tap when, for example, you don’t understand why cash flow is low when the business is performing. Your financial partner has both the time and experience to investigate the problem and deliver a list of actionable next steps.

Finally, there is a degree of credibility you can achieve with investors when they know that a professional team is overseeing all the nitty-gritty details of their investment. This also reassures investors that your team’s focus is on their funds.

Free Up Cash Flow to Reinvest in Teams & Tools

There is a multitude of ways to enhance the investor experience at your firm, but very few of them are free.

An important benefit of partnering with an outsourced financial operations management and accounting firm is that it can free up more cash flow. This allows you to reinvest in other things such as team training, hiring new team members, or purchasing industry-leading tools.

When private equity firms experience rapid growth, they are suddenly inundated with heavy cash flow. A partner like Lavoie ensures that you can manage those funds efficiently.

Your financial partner can also manage your accounts receivable, allowing your company to collect payments faster or identify clients who are behind with payments.

They also have the time to carefully review invoices before they’re paid to check for any inaccuracies that can cost you.

The biggest cost savings come from not having to staff an in-house accounting team. With a financial partner, you only pay for additional financial support when you need it.

Meet Expectations of Digital-Savvy Investors & Regulators

Today’s most successful firms leverage the speed and accuracy of financial software to deliver superior client experiences and abide by current regulations.

All client investors expect financial transparency and accuracy and – with the emergence of technology – they expect them at a moment’s notice.

The Securities and Exchange Commission (SEC) also expects greater transparency and accuracy. The surge in private investments, plus the fact that private companies aren’t required to file information with local regulators, drew enough attention for the SEC to tighten regulations.

Today, regulators are more likely to request a report on performance or economic activity. All signs point to more regulations, re-emphasizing the importance of accessing financial information at a moment’s notice.

Financial software could easily alleviate these issues — but the software can’t do all the work by itself. Someone from your firm has to research and select the right product, learn the tool, and train other employees.

Realistically, private investors do not have enough time to do this, but the good news is that they don’t have to. Not when they partner with a financial operations management and accounting firm.

At Lavoie, for example, we make software recommendations to our clients based on the functionalities they need. We are proficient with several programs that satisfy a range of accounting needs.

We also:

  • Set up the software for you
  • Create custom dashboards for your clients
  • Show you how to maximize the tool in ways that add value to your strategy

In Summary

Private equity firms of all sizes can glean deeper insights at a faster pace and with greater accuracy when they have the support of a financial operations management and an outsourced accounting firm.

Firms like Lavoie can reduce operational costs, streamline inefficiencies, and introduce your team to the right software. The resulting improvements in accuracy, communication, and transparency will only enhance the client experience at your firm.

If you’re a private equity firm looking for financial support, contact Lavoie today!

Contact Lavoie
What Is Driver-Based Planning and How Can It Give Your Company a Competitive Edge?

What Is Driver-Based Planning and How Can It Give Your Company a Competitive Edge?

by | Jul 6, 2022 | Accounting, Small Business

Budgeting often leaves business professionals drifting aimlessly in a sea of details.

With so much information available, they struggle to determine which factors will propel their company forward and which will sink it altogether.

Fortunately, driver-based planning can serve as a beacon.

Intuitive and flexible, this budgeting technique allows companies to identify which factors have the greatest impact on financial performance. The budget is then built around these factors, also known as key drivers.

The result? A nimble and responsive budget that eliminates white noise by focusing on variables that actually move the needle.

Keep reading for more insight into this innovative budgeting technique.

Jump Ahead

What Is Driver-Based Planning?

Traditional budgeting methods focus heavily on details that have little impact on the bottom line. Comparatively, driver-based planning focuses on key drivers that are vital to a business’s financial performance and future success. 

Though key drivers vary from industry to industry, common examples include:

  • Call volume 
  • Quantity Produced
  • Product price

With driver-based planning, organizations can create models that explore the causal relationships between key drivers and financial outcomes. These models can then be used to make operational decisions. 

Driver-Based Planning in Action

At its simplest, driver-based planning helps businesses bridge the gap between budgeting and everyday operations. 

Your company can implement this forecasting technique in four steps.

Step 1: Identify Qualitative Goals

Much like in traditional budgeting, a driver-based model begins with an understanding of what your company hopes to accomplish. 

This goal doesn’t need to be overly complicated or even very specific. It can be as simple as “drive revenue growth” or “increase profitability.”

Step 2: Establish Quantitative KPIs  

After determining your high-level qualitative goal, map out how you will measure success. For most companies, this involves establishing key performance indicators (KPIs). 

Common examples of KPIs include net profit, operational cash flow, and inventory turnover.  

Step 3: Isolate Key Drivers

Now, your company must determine which factors – or key drivers – have the greatest impact on those KPIs. 

Hundreds of variables may affect a company’s bottom line. The objective is to isolate those that matter the most. 

Step 4: Develop the Model

The last step is to create a quantitative model based on your company’s key drivers. But a successful driver-based model can take days, if not weeks, to develop in a spreadsheet. 

Fortunately, financial planning and analysis (FP&A) software can minimize legwork while delivering a more precise and accurate forecasting system.  

Selecting Key Drivers With Momentum

Driver-based planning is grounded in the Pareto Principle. 

Also known as the 80/20 Rule, the Pareto Principle states that 80% of outcomes come from 20% of causes. In layman’s terms that means your company’s financial performance hinges on a handful of inputs.  

Determining which inputs – or key drivers – are worth your attention can be challenging. However, key drivers should be easy to manipulate. In other words, your company should be able to control key drivers with a high level of accuracy. 

For example, the number of sales representatives can easily be increased or decreased. However, the sales representative attrition rate is less predictable and harder to change.

Why Businesses Are Adopting a Driver-Based Approach

An increasing number of companies are moving away from traditional models and toward the driver-based approach. 

Why? Because this innovative methodology has clear advantages over the budgeting techniques of yesteryear. 

1. Driver-based planning puts the focus on key metrics that impact organizational success.  

Traditional models adopt a bottom-up approach, forcing the C-suite to wade through irrelevant information. But with a driver-based model, businesses can drill down on the metrics that actually matter. 

2. Driver-based models allow teams to quickly assess the impact of internal or external changes. 

In a rapidly shifting economy, the ability to pivot on a dime is invaluable. Luckily, driver-based plans allow companies to manipulate variables, run different scenarios, and determine how imminent changes could impact the bottom line. 

3. Driver-based approach nurtures operational alignment. 

Driver-based models link financials to the everyday activities of your company. This encourages finance professionals to collaborate with department heads to truly understand which inputs are linked to improved performance. 

4. Driver-based models ensure data integrity. 

The sheer volume of information associated with traditional models contributes to inaccuracies. But with driver-based planning, companies can focus on collecting a small amount of accurate, valid data. 

5. Driver-based planning helps stakeholders see the big picture.   

The chief advantage of driver-based planning is simplicity. This budgeting approach allows your company to explain – in plain language – the causal relationships between key inputs and profitability to stakeholders.

How Driver-Based Financial Planning Tools Maximize Precision

Driver-based models can give companies a competitive edge by illuminating key drivers that affect the bottom line. 

However, building one of these models in a spreadsheet can be tedious, requiring days of work from even the savviest of finance professionals. Worse yet, most spreadsheets get bogged down by the macros and equations needed for these models. 

Luckily, there’s a better solution. Driver-based FP&A software can offer cutting-edge precision and customizable forecasting solutions with a single click.   

Lavoie CPA and Jirav Software Solutions

At Lavoie CPA, we are dedicated to delivering strategic support so that businesses can focus on what matters most: catalyzing growth. With this in mind, we have partnered with Jirav, a driver-based financial planning tool, to help clients soar to greatness. 

“Jirav gives business professionals the clarity needed to make their next big move.”

— Sharai Lavoie, CEO of Lavoie CPA

As our preferred FP&A software, Jirav gives you a real-time look at financial projections. Rather than build budgets from last year’s stale data, you can rely on Jirav to help you visualize the future and test out different scenarios based on key drivers. 

Contact Lavoie’s financial experts to see if Jirav is the right software solution for your business. 

Schedule a Demo
How Monarch Doubled Revenue with Outsourced Accounting Services

How Monarch Doubled Revenue with Outsourced Accounting Services

by | Jun 20, 2022 | Accounting

From Startup to Success

Monarch Medical doubled revenue and tripled their workforce by partnering with expert outsourced accounting. See how your healthcare technology business can achieve similar growth with proven financial strategies.

This field is for validation purposes and should be left unchanged.

“[Sharai] takes pride in what she does. [Lavoie] is not a giant firm where there’s no sense of ownership or sense of pride. For us, that was extremely important.” 

Client

Monarch Medical

Industry

Medical Software

Outcomes

  • Annual revenue doubled
  • Headcount increased from 12 to 35 employees 

Solutions

  • Implemented cloud-based ERP solutions 
  • Set up software to track commissions
  • Built a system of internal controls 
  • Created a new purchase order process 
  • Supported payroll and HR functions

The Client

Monarch Medical operates in a highly regulated and competitive industry, where the quality of products and services directly impact patient care. At the outset of the engagement with Lavoie, Monarch (which was purchased by Eigen Capital in 2012) had minimal processes especially in terms of accounting systems. Lavoie took responsibility for the entire back office support function of the company, with Eigen Capital’s leadership noting of Sharai Lavoie “she just knew what to do.” Monarch doubled its revenues, increased its workforce and improved its systems relative to invoicing, purchase orders and preparing financial statements. This resulted in many positive outcomes, with Monarch’s senior leaders noting, “The business is running like a well-oiled machine.”

As a medical software company, Monarch Medical creates algorithmic dosing products associated with insulin for hospitals and other healthcare clients. These products help save lives and improve patient care while giving healthcare providers the tools to treat patients more efficiently. 

In 2012, Eigen Capital purchased Monarch’s IP product and services while integrating the existing workforce into its operations. The existing business consisted of 12 employees and minimal accounting and business infrastructure. Also, Monarch’s products exist in an FDA-regulated industry and must meet rigorous standards of quality and reliability.

The Challenges: A Lack in Structure 

Monarch Medical’s baseline accounting processes lacked structure. Leaders of Eigen Capital noted, “All of the mechanics of administering the company, from an structural standpoint, didn’t exist.” 

As a result, accounts payable and document retention policies were not well-defined. Also, purchase orders and purchasing processes were not in line with industry best practices. 

Monarch did not have an accountant or financial professional on staff to help improve operations. For Monarch to provide better service to internal and external customers, while maximizing shareholder value, it was necessary to create policies, processes, and procedures to run the business.

The Need: An Experienced Outsourced Accounting Firm

Monarch needed an outsourced accounting service provider to set up the entire back office function of its business. This service provider needed to be self-sufficient and low maintenance while having the tools and proficiency to revamp current operations and support future growth. 

Also, Monarch and Eigen Capital were looking for a financial service provider experienced with private equity clients. Lavoie’s holistic approach, accounting software applications and experienced personnel were an ideal fit to establish, improve and expand Monarch’s processes. Given the entrepreneurial mindset of Lavoie’s founder, Sharai Lavoie, and Monarch’s leadership team, there was a commonality of mindsets.

Sharai Lavoie also has a background in the healthcare industry. This proved critical for understanding the dynamics of Monarch’s operating environment. There is a wide spectrum of healthcare accounting applications, cloud-based technology solutions and add-on modules to standard accounting systems. Knowing how to parse through this array of systems to find the optimal solutions, based on the industry, size and nature of a company’s operations, is no simple task. Lavoie had the flexibility and knowledge base to do this effectively while having the acumen to communicate with private equity professionals on complex matters. Eigen Capital’s leaders appreciated Sharai Lavoie’s work ethic noting, “She takes pride in what she does.”

The Solutions

System Optimization and Process Improvement

To meet the objectives of the engagement, Lavoie implemented tools to make the company’s accounting systems more robust. These included cloud-based applications to streamline accounting and payroll tasks. Processes were standardized, measured and tracked to improve performance. For example, customer contracts were standardized. This led to the better management, evaluation and recording of important transactions that directly impacted the revenue cycle and cash management.

Internal Controls

A system of internal controls was implemented to meet the regulatory demands in this industry. Whether it was document retention policies, a series of account reconciliations to verify the accuracy of balance sheet accounts, or protecting confidential information, this system of controls was coordinated with all company personnel for maximum effectiveness. Lavoie participated in HIPPA training and integrated those guidelines relative to the tasks and accounting procedures they completed. Without an effective system of internal controls, a myriad of risks can impact the continued viability of Monarch Medical, which is why Lavoie placed emphasis on the integrity of the solutions implemented.

Commission Tracking 

Recommending and establishing the use of software to track commission, resulting in more clarity and accountability for the sales team to see commissions building up in real-time, was a beneficial best practice. It brought alignment and transparency for all stakeholders in the organization, improving morale, sales, accounting and other processes. Aligning business units is critical for efficiency and the continued growth of an organization, as well as for maintaining a competitive advantage in the global economy.

Attaining Purchase Order in Advance 

Another significant achievement was a new process to coordinate with hospitals to attain purchase orders in advance. Proof of purchase orders allows for bank funding alleviating funding concerns or restrictions. This process was integral for growing the business and was facilitated by Lavoie’s staff members. Fine-tuned processes are critical for enhancing the speed and capabilities of operations, as accounting supports management decision-making and helps attain the resources necessary to achieve organizational objectives.

The Result: Doubled Revenue 

Over the course of the engagement with Lavoie, Monarch doubled its revenues, increased its headcount from 12 to 35 employees and improved cash flow through effective accounting and treasury procedures. 

While some hospitals tend to be slow payers, Lavoie’s team worked with these customers to speed up payment and make more cash available for Monarch’s ongoing operations. Lavoie’s team undertook the many labor-intensive tasks required to streamline operations and establish a month-end-close for financial statement preparation.

Lavoie has proved to be a trusted advisor and strategic partner in the running of day-to-day operations of the business while building the infrastructure for future growth. Lavoie also participated in the interview of the CEO for Monarch Medical with Eigen Capital. This type of insight, combined with a clear illustration of company performance and the management of operational tasks, is where Lavoie’s added value really shows. Having a trusted partner to look to for advice and practical experience can yield a significant return on investment.

In Summary

Monarch Medical engaged Lavoie to perform outsourced accounting services, and help support the growth of their business while improving the efficiency, effectiveness and accuracy of Monarch’s financial reporting processes. The engagement was a success, with Monarch Medical doubling its revenues. 

If you’d like to explore how Lavoie can help your business, set up a consultation today. 

Start the Conversation
Women Who Lead: Fabi Preslar with SPARK Publications

Women Who Lead: Fabi Preslar with SPARK Publications

by | Mar 11, 2022 | Community, Entrepreneurs, Lavoie, Mentor

Each #WomenWhoLead feature will be showcased on a wall mural in South End Charlotte. If you know a woman leader who you want to feature on the wall, please click the button to nominate her.

Nominate a Woman Leader Now

Fabi Preslar (we’ve learned is pronounced “Faybee”) and her entrepreneurial life fueled by SPARK Publications have been one of perseverance and thriving through opportunities to get to a sparklier creative situation on the other side.

Although it seems like she lost a great deal as a teen, courageously leaping into her own new life eventually brought about a dream life of creatively working with her family, a great company serving high-profile business owners, and receiving national recognition. As a firm, SPARK Publications has won over 250 industry awards celebrating their marketing design and publishing work for clients.

Although little of this came easy, Fabi has been awarded an international 2021 Gold Stevie Award for Chief Happiness Officer of the Year, a national 2020 FOLIO magazine: Top Women in Media, was inducted into the 2019 North Carolina Women Business Owners Hall of Fame, and the 2018 First-Generation Family Business of the Year by the Charlotte Business Journal, and as Woman Business Owner of the Year by NAWBO Charlotte in 2017. 

We had a quick conversation with Fabi about her entrepreneurial life, providing her such a deep opportunity for personal growth while creating a successful business publishing for other entrepreneurial rock stars.

 

You are the founder of SPARK Publications. Tell us how you got to where you are now.

My business ownership story started several generations ago with my great grandfather and numerous other family entrepreneurial attempts. Each one ended with great detriment to the livelihood of our family. My parents immigrated from France to start their young married life. My parents, sister and I lived in many places including Canada, Bahamas, Paris, as well as various places along the East Coast in the United States. The summer before my senior year of high school, the restaurant my parents launched in Columbia, South Carolina, closed, which led us to lose our home and the farm we lived on. A family friend in North Carolina opened up her home to take in my family. Once my parents got back on their feet and started their new lives, it was time for me to start my own life. At seventeen, I moved to Charlotte without family support, no car, no money. I knew no one. I worked three jobs to put myself through Central Piedmont Community College to become a graphic designer. From there, I slowly built a life of creativity, love, and business as I worked as an art-director, general manager, and designer for various firms. While working at the Charlotte Observer, I met and married my husband, Larry, less than six months from when we met. At twenty-two, I gave birth to our daughter, started my first business, and then merged that graphic design business with a small printing company to form a corporate newsletter publishing company. That ended after six years with some really hard business lessons learned.

Today I am the founder and president of SPARK Publications, a twenty-four-year-old national award-winning, publishing firm specializing in custom magazines for trades and association and independently published non-fiction books to help grow businesses, brands, and platforms. Every day I get to work with my husband, daughter, a great team of SPARKlers, and a client base beyond my wildest dreams.

What has surprised you about owning your own business?

My biggest overarching surprises are the depth of what I’ve learned about myself and the amazing opportunities that come my way each year. I launched SPARK Publications with several goals: 1) to spend time with my family (everyone was spending more time with my husband and daughter than I was). I hadn’t placed the proper focus on my role as wife and mother, and I really wanted to. The first six years were home-based. 2) I’d gathered so much knowledge and applied skills as a designer, pre-press tech, the many steps in publishing and customer service, I couldn’t find a position that encompassed all the skills and creativity I had to offer. 3) I had lived life so fast from the age of seventeen that it was time for me to emotionally and spiritually get a better perspective, grow up, and truly discover who I am and how to best live my purpose (be careful what you ask for!).

Ten years into this business journey, my husband joined and at twelve years, my daughter became part of my firm’s full-time team. This enabled us, along with my other SPARKlers, to continue to grow ideas from my heart along with their exceptional talent. I have deep gratitude for these beautiful surprises. Owning a business brings constant surprises. I’m learning to celebrate the fun ones and more easily work through the tougher ones.

What’s something new you’re learning right now?

I love the impact my team makes with our magazine and book clients. Lately, the requests for me to become an entrepreneurial speaker, guide, and consultant are growing. I’m getting to vulnerably and authentically help business owners get clarity to love their life and businesses even more. I’m doing more speaking and workshops around the topics of “Fabulous F WordsTM to Fuel Your Future Story” and the fun concept of “Flailing ForwardTM”. I didn’t think I’d love it as much as I do. My time is currently limited to serve those increasing clients and opportunities while growing and managing SPARK Publications and SPARK Digital Design®. A third venture has me learning to get much better at scheduling my energy and time.

What advice would you give your younger self?

Although most who meet me for the first time wouldn’t know, I’m a deep introvert and still struggle with a lack of confidence. So, I’d let baby girl Fabi know that everything she experiences is going to be of value in a future situation. Everything gets you ready for the next thing and the next thing will be less hard because of the previous hardships and lessons. Be confident that you’re always on the right path for the next great lesson and experience. And have a bit more fun—hard times and challenges are a way of life and so are the good times.

Who are your mentors?

Joan Zimmerman, Dee Dixon, and Sara Blakely (from afar) are some of my business mentors. I was recently selected for a page feature in Entrepreneur magazine. When the printed issue arrived, and Sara Blakely was on the cover and our features were just a few pages apart…that was an energetic nerdy dance celebration moment for me.

Dee and Joan have always been there to cheer me on and provide that needed real-world kick and kindness just when I needed it most. Even with a great family, having mentors that can call you out and cheer you on is priceless. I’m paying it forward now with several amazing women in business.

 

How can you become a good leader?

I think to be a good leader we have to first be a good student of life. We need to be willing to take the time to be the best we can be as a person and take the courage to honor, and at times, rebuild the foundations we previously built that no longer serve us.