Lucky in Lima

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From the Oct. 2008 Issue

Sometimes people see one small part of a successful person’s life and think, “They sure are lucky.” Well, some of those same people might consider Jared Walsh “lucky.” And while he thinks the word is misused, he says he doesn’t mind so long as people understand that his kind of luck isn’t easy. Or as he puts it, “The harder I work, the luckier I get.”

The CPA and partner in the Lima, Ohio, accounting firm of Sielschott & Walsh CPAs, Inc. (www.sielschottandwalsh.com), says that the history of his town, in the heart of the Rust Belt, has resulted in a culture where people expect to work hard, are resilient and are willing to change when conditions require it.

Over its 175-year history, many economic blessings and challenges have visited the residents of this city in the northwest part of the state. At varying times, Lima has seen booms and busts in manufacturing, oil production, locomotive works and other ventures. Over the past few decades, times have improved through a successful shift to medical, retail and service-based industries, in addition to nearby Ford and Proctor & Gamble plants. This success, he says, is because of the spirit of the people.
“Ohioans are strong and are emboldened by the challenges that economic change brings. If times are bad, they won’t look for a handout and they won’t starve. They help each other get back up, and then find or start something new because they have faith that things will turn around.”

While he doesn’t speak that way about himself, Jared certainly fits that definition. At 31, he may seem young for a partner at an 18-person accounting firm. But as natives of the town, Jared and his family have seen and experienced many of these economic variations first-hand. This led to his parents inspiring him to seek a trade or career with a more stable future. Through accounting classes in high school and the guidance of his teacher, David Eakins, Jared found his direction and received his degree from Ohio Northern University. Although tempted by offers from large national firms and also a lingering desire to enter law enforcement, he knew his real home was Lima, both professionally and personally.

While in college, Jared interned with a few practices, including one started in 1982 by CPA Robert E. Sielschott. After graduation, he returned and joined the practice, which Jared says was probably a strategic move. “Bob was looking at a succession plan. We connected professionally, had the same goals for the practice, and shared a commitment to the people and businesses in the local community. So it was a natural fit.”

Since Jared joined the practice in 2001, it has grown from a staff of six, partially through the acquisition of another local practice, and has expanded its client base so much that they are considering opening another office. This past year, the firm managed more than 2,700 individual returns and 500 business returns, a number that prompts “wows” from many professionals at similarly sized practices. Jared notes that the firm’s adoption of technology has allowed it to develop workflows that sustain those high numbers. “You have to be efficient to manage our workload, so streamlining processes is critical.” As a part of this effort, the firm mandates e-filing for all individual clients.

In addition to tax compliance, the firm also has a large base of payroll and compilation clients, while litigation support, tax planning and brokerage services are also developing into core revenue fields. In addition to his CPA credential, Jared is a Certified Financial Planner and holds Series 7 and 66 licenses. He says that he really enjoys these specialty services and that, in addition to providing clients with valuable benefits, they yield a better margin for the practice.