How to start a CPA practice: Lessons from a firm founder and a risk expert

Starting a CPA firm can be both exciting and daunting, with financial, operational, and personal risks along the way. In this Journal of Accountancy podcast episode, Michael Meihaus, CPA, founder of Meihaus CPA, shares what he learned after launching his practice. Alvin Fennell, vice president and senior risk adviser at Aon, adds a risk-management perspective on what new firm owners must plan for from day one.  Together, they discuss practical steps, common blind spots, and how CPAs can balance growth with protection. They reference an e-book created jointly by Aon and the AICPA. The e-book's first chapter is unlocked, and readers can access subsequent chapters by supplying their email address. What you'll learn from this episode: The market opportunity that was one factor in a CPA deciding to launch a firm. What Meihaus meant when he said "your strengths and weaknesses are enhanced" as a firm owner. Some of the many business questions new firm owners should answer early. Why starting a firm can, according to Fennell, put CPAs in "a vulnerable spot." Risk-management considerations, including billing practices, engagement letters, and insurance coverage.