The Hardest Career Decisions: From Modern Mothership to CFO of Private Equity

Deciding to walk away from a lucrative career path is never easy. For me, the most difficult decision was choosing motherhood over remaining in an abusive relationship to protect my children from a traumatic childhood. This decision was not only a matter of personal integrity but also a reflection of the sacrifices one must make for the betterment of their family's future.

My career journey also included leaving a prestigious position as a partner at a regional CPA firm. Even though my decision was hard and took six months to fully commit to, it led me to a more fulfilling path. Here, I will discuss the factors that influenced this career move and how it ultimately turned out for the better.

The Most Difficult Career Decision: Leaving an Abusive Relationship

Although not a professional career decision per se, I have to mention my ultimate sacrifice: becoming a single mother and choosing to be homeless with my children rather than staying with an abusive partner. This was the toughest decision I've ever made, as it revolves around protecting my children from abuse that I experienced as a child. It was a powerful choice driven by the desire to shield my children from similar pain.

Leaving a Big 4 Firm for a Regional CPA Firm

Unlike the choice to be a mother, my career decision to leave a Big 4 firm for a regional CPA firm was a professional one made with specific goals in mind. In 1998, I became a manager at a Big 4 firm and later moved to a regional firm when my second child was born. I believed that this move would offer better work-life balance by working less. However, my expectations were not met; I found myself working just as hard, if not harder.

Becoming a Partner and Quitting

Despite reaching the pinnacle of my professional life by becoming a partner, I made the decision to quit. Here are the three major factors that led me to this difficult choice:

Lack of Trust in Partners

The first factor was a lack of trust in my partners. The big fraud cases like Enron and Worldcom were still fresh in my mind, and the movie The Firm reinforced my concerns. Some of my partners were not keeping up with the rules and enforcing them properly, which was a red flag for me. This lack of trust in my team made me question the integrity of the firm.

Preferring Larger Clients

The second factor was my preference for working with larger publicly-traded clients. These clients were more interesting, and they attracted a higher caliber of employees. I found that managing a portfolio of 20 clients rather than 200 smaller ones was more engaging and rewarding. Additionally, my referral network was robust, bringing in a significant amount of new business. However, the firm didn't share in this vision, leading to a significant loss of revenue.

Unequal Retirement Obligations

The final factor was the uneven distribution of retirement obligations. The firm was heavily burdened with unfunded obligations, and five of the older partners would be retiring soon. This meant that my earnings in my prime earning years would go towards funding their retirement, which was not a fair trade-off. I was willing to take on this responsibility, but not under these conditions.

The Decision-Making Process

Once I knew I had to leave, it took me six months to officially make the move. I remember sitting in a restaurant and telling my wife, a professional herself, about my decision. Her supportive response affirming that I needed to act for my own peace of mind was a turning point. I literally knew I had to leave for six months before I finally pulled the trigger on my decision.

Post-Decision Career Path

After leaving the firm, I took up the roles of CFO and COO of a publicly traded company. This experience was incredibly challenging but also incredibly rewarding. The last 15 years have been spent in various CFO and COO roles for private-equity backed companies. Despite foregoing deferred compensation, these roles have been financially lucrative and personally fulfilling.

Ultimately, my decision to leave the firm was the hardest but also the most rewarding. It allowed me to focus on my career goals while ensuring a more balanced and fulfilling life. Though the decision was difficult, it has paved the way to a successful and enjoyable professional journey.