Rick Baumeister - Managing Partner

Team building & historic building add up to firm's success

 

After several wise mergers and acquisitions plus the addition of a crack team of professionals, the best thing that may have ever happened to Rick Baumeister's accounting firm is his purchase of Fort Worth's historic Sinclair building on Main Street. "It's the best business decision I've ever made", says the 46-year old CPA.

Since 1984 when he arrived fresh out of the University of Kansas business school, Baumeister1, one of the five partners in Sanford, Baumeister & Frazier PLLC, has been the go-to-guy by companies looking to increase profits and solutions to long-term planning.

Over the years he's seen a steady rise in his firm's own revenue as well as an increase in clients, partners and associates. SB&F - the result of a 1998 merger between Baumeister and partner Doug Sanford with Brantley, Frazier, Rogers & Co. -- has been helping businesses grow since 1949. The firm, which relocated after the 1998 merger to downtown's City Center Tower I, performs audits, tax planning and compliance, litigation support, pension administration and consulting in purchases and sales for an array of industries, including real estate, oil and gas, financial institutions, automotive dealerships, health care and retail.

Thanks to a strong economy being driven by the Barnett Shale play, Fort Worth and Tarrant County are continuing to experience record-setting growth. And that growth is spilling over into virtually all industries, much to Baumeister's delight. "It's a good time to be in the CPA profession." He says, "The economy is certainly not hurting anybody. It's certainly helping us. Fort Worth continues to have a very strong commercial real estate market. Our client list is expanding, which creates more work for us, which in turn, creates more need for employees."

Baumeister expects the company's revenue growth to be 20 percent to 25 percent this year, up slightly from 2007. Today, the firm boasts 33 employees, who by late 2006 had outgrown office space in the City Center tower. That's when Baumeister spotted the 16-story Sinclair Building, on of the city's architectural gems, and scored a coup in downtown real estate while giving his company a greater presence. "There was a for sale sign on the side of the building. I was driving to work one day and looked up and saw it. I've always admired the architecture; it's one of the neatest buildings downtown", he says.

Baumeister, along with wife Allyson Baumeister and Ken Jaffe of Swearingen Realty Group of Dallas, formed an investment group aptly named Sinclair Building Partners LP and bought the Art Deco building in September 2006 from a California based company. After a round of renovations and updates, the accounting firm has occupied the top two floors and a majority of the 14th floor since August 2007. "I knew the building would be the perfect location for us in the heart of Fort Worth", says Baumeister. "Our biggest plan was to allow SB&F a permanent location that we could be in for a long, long time. And we wanted to return the ownership of this building back to the people of Fort Worth."

Allyson joined the practice as a partner in 2000, making SB&F one of the only firms of its size in Tarrant County to have a female owner. She agrees that a major factor in the growth and the success of the company had been its move to the Sinclair Building. "It's been a really good investment and a positive thing for the firm" she says. "Not a lot of CPA firms are downtown so that differentiates us. And fewer still are in historic buildings."

Partners in business and now in marriage for the past three years, the Baumeisters are in perfect harmony on their vision for the future of the company. Allyson, currently serving as the Fort Worth Chamber of Commerce, says the firm's primary focus for the next few years is revenue growth. "We are focused on keeping up with changes and products to better serve our clients, and to attract new ones" she says. "Rick had a great vision of what to offer clients and how to grow that business. He had lots of energy. He is a super leader, very approachable and inclusive". "And", she adds, "He is the most positive person I've ever known. Nothing is a problem in his mind but an opportunity. I think our whole environment here is positive and that this is a fun place to work. Our staff and clients see that reflected and that has helped us grow".

Baumeister, who serves on the executive board of the Texas Society of CPAs, admits that there is a choice among CPA firms in Fort Worth these days. "What makes us stand out is our partner group. We have a very cohesive team and the people who work here sense that. We are young and energetic and proactive. Another thing that had helped us grow is our ability to attract and retain good employees," he says. "We want to be known as the firm of choice for the people to go to. That not only includes clients but also potential team members," she says.

Look beyond the wall-to-wall photos of hockey greats-outside work and family, Baumeister's lifelong passion is hockey; he even coaches his teenage son's team-and it's easy to identify with the company credo. There's a sign in each office reminding employees and clients alike, "Increase our firm's success by investing in the quality of our team."

Allyson says the biggest challenge for the practice is not so much adding and retaining new clients but in finding qualified people, a fact that is not unusual for CPA firms. "We are a very young, energetic, creative firm. Having a young staff and management team gives us a different perspective on things", she says. "Customer service is No. 1 with us. We have trained and dedicated people who stay, not on the bleeding edge, but the cutting edge. We are very focused on investing in the quality of our team to help us grow. We do want to be the go-to-firm for businesses and team members".

Craig Deen, second generation co-owner and manager of Deen Meat and Cooked Foods in Fort Worth, is a long-time client of SB&F, who appreciates the firm's top-line management. "Allyson has been very attentive to our business accounting needs and personal accounting needs as well", Deen says. "She has been available even on the weekends, when we had some needs that arose. Both she and Rick seem very dedicated to their accounting practices and to their family life as well".

Sinclair Building Partners added to its historic real estate collection last year with the purchase of the Shelton Building, built in 1900 and remodeled in 1937 by Wiley G. Clarkson, the designer of the Sinclair Building. The partners may convert the building, which once housed the Hogan Office Supply Co., into offices and/or condos.

And just last month, SB&F acquired the accounting practice of CPA Kent Altaras, who is beginning retirement. Senior manager and CPA Karen Abernathy joined SBF from Altaras and Thompson. Altaras also is on board, working one day a week to facilitate the transition.

Full of confidence and satisfied with his company's growth and future, Baumeister counts his blessings. "I know it sounds like a cliche, but I do believe that the harder you work and the smarter you work, a lot more successful you'll be", he says. "If you treat others the way you want to be treated and do what is best for your clients, everything will fall into place".

For more information on how your company can become part of our growing list of clients, contact Rick Baumeister.