Navigator of the Profession - Wayne B. Titus, III, CPA
For over ten years, Wayne Titus has served the public as a Certified Public Accountant in various areas culminating with the establishment of his own practice, AMDG Services, in 2002. Over the years, Wayne realized his CPA designation not only provided tremendous professional opportunities, but it also allowed him to enhance the lives of others both near and far. Wayne has devoted an incredible amount of time and energy to enriching the lives of Salvadorans, serving on the board of the Plymouth-Canton Music Boosters, and working on behalf of many other worthy causes. But, most of all, he is devoted to his family and religious faith. Wayne is the recipient of the MACPA's 2008 Public Service Award.
What made you decide to go into the accounting profession?
The consultative nature of being a CPA appealed to me most. I came into accounting in a way probably different from most. I hated my introductory accounting courses in college and consequently didn't take any other accounting courses at the time, but graduated with a BA in Business Administration. During the late 1980s, I worked with my dad in the retail boat business in Florida. The recession then impacted my father's business and his accounting system left him "blind" in terms of financial reporting and management of the business. The person responsible for the system was the controller for my dad's business and a CPA. I learned how very important a good CPA is to most small business owners and it inspired me to become a CPA.
I was happily married at the time (and have been for 21 years), and Lisa was pregnant with our eldest son. Remembering my aversion to accounting classes in college, Lisa was surprised at my desire to go back to school and get my CPA license. Thankfully, things were different when I went back to school and focused on obtaining a BS in Accounting. I interviewed with Ernst and Young and started working with entrepreneurial businesses in October 1991. I focused on developing "computer audit" skills, utilizing ACL software and developing expertise in systems audit while obtaining my Certified Information Systems Auditor accreditation along the way. From that point forward, I developed expertise on business process and controls to achieve specific objectives, mainly financial objectives in support of financial audit, but also related to process improvement and other consultative issues.
I was able to utilize and leverage these skills working with a team in Europe in evaluating and redefining international audit approaches for PricewaterhouseCoopers with the financial audit teams to teach and implement this approach on quite a few of our Fortune 50 clients.
When I became a fee-only financial planner, I continued my interest in business processes and implementation of an ISO-like approach in my own business. The Centre for Fiduciary Excellence certified the process, and AMDG Financial became one of the first 10 firms in the world to achieve this required annual certification.
What makes going to work every day fun and exciting for you?
Working with people who appreciate the services my business can provide for them. I see it as an opportunity for me to do what I like most: working directly with people, understanding problems, developing strategies and approaches to help solve them, and teaching and coaching my clients to adopt these processes based on their personal values.
Explain any obstacles you had to overcome to get to where you are today.
The biggest obstacle that I faced was both a financial and mental one.
During 2000 and 2001, I struggled with who I was serving and what impact I was making. In my mind, the accounting industry, and myself in particular, were not serving those who needed to be served - families and small businesses. At the time, accounting and financial scandals appeared in the press on a daily basis, with stories of people losing jobs and their life savings.
I didn't really know what else I could be doing, so I began two years of prayer and reflection. Finally, in late December 2001, I developed an idea of implementing a process to integrate tax, financial and investment strategies for families and small businesses. The solution was a singular wealth management service based strictly on fiduciary responsibility standards with a fee-only approach. The real issue was how to accomplish this and still support my family. I had become a slave to my income. Working for a Big Four accounting firm as a senior manager on the partner track, I was pretty comfortable with the income and lifestyle. The thought of leaving this "security" was challenging.
Lisa wanted to help and was willing to go back to teaching. After 11 years as a stay-home mom, the timing seemed right for her to rejoin the workforce. Lisa worked and we adjusted our lifestyle significantly. Lisa's income during the first few years of my practice paid our basic bills. When she was laid off in the fall of 2005, I needed help in the office and hired her as my office manager. We still work together every day, though I consider her a "free-agent." She has the option of renewing her contract, or not, on an annual basis!
Your involvement in the MACPA has been extensive. Can you explain how your participation in Association initiatives and programs have made a difference in your practice?
One of the other reasons I left my corporate position to start my own practice was to focus on better balancing my lifestyle. Spending time with my family and giving back to my community were areas that I always felt suffered. So getting involved more deeply in my profession was an immediate "must."
I began attending MACPA events, especially the Fall Advisory Forum, to stay connected. It's easy to bounce ideas off others when you're in a firm with multiple CPAs. However, a sole practitioner doesn't have the daily exposure, the challenges or the dialogues that are so important to build skills in our profession.
There was a posting by the MACPA a number of years ago seeking volunteers for a Hospice of Michigan project. I joined the Financial Planning Task Force and we developed the resource guide, "Financial Affairs at the End of Life." Participating in this task force was great for me personally and professionally. I've stayed in touch with other task force members, giving me the opportunity not only to keep in touch with others of similar interest, but also to be a part of a great resource I think is so important to so many families. I'm honored to have participated.
Not many people can say they have changed the lives of an entire community, but you can. Please explain your work in El Salvador, including the initiatives you've spearheaded to improve the quality of life for its people.
In 2002, a friend asked me to consider joining a non-profit board serving poor and marginalized communities in El Salvador. I knew nothing about El Salvador or the communities this organization served. I read a small biography,"Oscar Romero: Memories in Mosaic" by Maria Lopez Vigil, which recounts many different people in his life and the role he played in the lives of Salvadorans. It was very inspirational and prompted me to read more about the history of the country, current issues of the people, their government, and especially about the Civil War that ended in 1992 with over 80,000 innocent men, women and children murdered or "disappeared." After learning this, how could I ignore my friend's request?
My involvement started out with attending an annual board meeting in El Salvador, but soon I realized that wasn't deep enough for me. I wanted to really get to know the people, relate the efforts with the results. Since 2003, I've engaged my church in supporting a medical clinic there, and I'm currently developing an endowment and expanding services at the clinic. I have been working towards leveraging my involvement in Rotary District 6400 to develop a cohesive group of Rotary clubs that are located in Michigan, Ontario, Ohio and Indiana in support of what I call TAP (The Agua Project ~ Clean Water for Central America). I just led a weeklong trip of 11 delegates, including my 17-year-old son, to launch a well water project we started over a year ago. We also visited the site of our next project, a $58,000 solar powered water project. We identified two additional sites, which we are studying for feasibility and sustainability. One of these projects will serve a large rural area and costs may exceed $200,000.
When people ask about these projects, they often wonder about corruption. Since being involved in this region of El Salvador, I've met and have become close friends with many local Salvadorans and with a few U.S. nationals who have lived in El Salvador for over 20 years. They know firsthand which people and organizations are trustworthy. Additionally, when Rotary is involved, we work with a "host" club. I've worked on several local humanitarian projects initiated by the club in El Salvador. Working through Rotary requires checks and balances - knowing people on the ground and committing to walking in solidarity with those folks helps ensure that we deliver our projects to the people who need it most.
I see my role as helping people change their own lives, not me changing their lives. When your friends need help, you are there for them, right? This is what we are all called to do - to be a friend, whether in our own neighborhoods, country or in developing nations. If we're open to learning about the issues people face and developing relationships, the other "stuff" seems to magically happen along the way.
You're quite involved with the Plymouth-Canton Music Boosters. What is the significance of music in your life?
I never was a good musician and gave up trying in the 5th grade. However, I did sing in my school chorus and I continue to enjoy singing. Lisa has the musical talent. I'm sure she passed it to our sons, Wayne and David, who are both percussionists in the Plymouth-Canton Marching Band and Winter Drum Line programs supported by the Boosters. My sons are really the reason that I got involved. The Marching Band, Winter Drum Line and the Winter Guard are consistently among the best in the country. It takes a significant level of organization and funding (program costs approach $350,000 to $450,000 annually) to run these programs successfully year after year. The local school district cannot provide the level of funding needed to support these highly competitive programs, and the gross income required to generate these funds normally exceeds $1,000,000! That's a lot of financial transactions!
When I got involved in 2004, PCMB didn't have an accounting system, but used a pretty sophisticated group of spreadsheets to track member accounts and kept an expense register in a checkbook. My special interest in business processes, process controls and consulting kicked in. Developed with the assistance of quite a few dedicated individuals, PCMB now has a robust, online accounting system, which allows volunteers to access and enter transactions remotely. I wanted to help move this organization into the future because the programs are so important and they positively impact my children and others.
What does winning MACPA's Public Service Award mean to you?
It's very nice. Peer recognition for using my time and abilities to serve others is an honor, and many other CPAs out there should also be recognized. None of us do it for the acknowledgment, and while it makes me a bit uncomfortable, I definitely feel a boost too! I try to live my life in a way that is humble, and at the same time, I am enthused and invigorated helping to make a difference. By extending myself, focusing on doing the right things for the right reasons, I believe the outcomes provide real benefits. My hope is that through this annual award, others are inspired to do what they believe they've been called to do and enthusiastically go for it!
How do you balance your personal and professional life?
This has been a constant struggle for me throughout my career. Staying balanced requires constant adjustments. I believe that living a good life involves giving the first fruits of our labor, sharing our gifts with our community (locally and internationally), nurturing our families and praying with a grateful heart. The trick is to be able to recognize when the balance has shifted and to take action to "re-balance." For me, there is never one static point where all of my professional and personal obligations have an "equal" share of my time. Frankly, before starting my practice, it seemed that sharing and nurturing "slices of the pie" were always the smallest portion. Now, as my own boss, I'm able to allow for larger portions of these slices in my personal life, providing better balance between my professional and personal commitments. I still have to work at this daily, but I try to remain aware of the shifts and Lisa checks me by scheduling - and balancing - my calendar!
What advice would you have for those considering entering the CPA profession?
A CPA can assist the world in invaluable ways because our training involves so many aspects of problem solving. As a new CPA, I thought I had achieved something really great, but now I know that passing the CPA exam is really just the beginning! You can use and expand your skills in ways that benefit the profession and your community. I encourage anyone considering a career as a CPA not to simply focus on a job like taxes or auditing, but to explore opportunities, gather many experiences, assimilate the knowledge gained from them and apply it in various problem-solving situations. The more diverse your experiences as you get started, the better equipped you will be to serve others down the road.
What do CPAs need now to be successful in the future?
We are a profession founded on protecting the public interest. I believe we need to continue focusing on that objective to remain successful in the future. There are so many conflicting interests in this global economy. Who stands for the public interests? We have a fiduciary responsibility to the public we serve. We need to keep focusing on developing leadership skills and to be the voice of reason in situations calling for strong advocacy and independence in the face of adversity, especially where the public interest is threatened. If CPAs continue to do the right thing, the right things will happen.