Managing Director of Ready Media Group, Rob Langton, recently sat down to talk with CEO and Founder of Bell Partners, Anthony Bell. From the halls of Waverley College to Sydney's high life, Bell's life has been an enviable one. As the figurehead for one of Australia's preeminent boutique accounting firms, he had plenty to discuss during this fifty-six minute interview. We’ve parsed through the extensive conversation to bring you some of the highlights.
Bell broke away from his father's firm to develop Bell Partners
Bell got his start in the world of accountancy via his father, who offered his son a cadetship at his firm, Donald F. Bell & Co, whilst Anthony was completing his Commerce degree at Charles Sturt University.
He did well in these early few years: by 1995, he was the largest fee writer in the accountancy practice, thanks to his emphasis on the fundamentals of the business.
“Effectively, the mentality I had there was relationship focused.”
In 1996, Anthony was offered a junior partnership by his father, but he feared there would be clashes between the two that would make running such a business difficult.
“I thought dad and I were two strong bulls in a paddock; I thought there was a good chance we’d clash.”
Bell Partners - Logo
Instead, Anthony went to his father in 1997 and expressed his intention to break away and start his own accounting firm. He incorporated Bell Partners that same year.
“Dad was disappointed [and] upset... dad said it was a stupid decision. He said, “You’re too young; you look ridiculously young. You haven’t got the experience, and you haven’t got any financing or banking and you’ll go broke.” That was a bit of fuel in my fire.”
Fast-forward to October of 2000, and whilst Bell Partners was struggling, the endeavour hadn’t failed yet. Anthony held a meeting with his father, who admitted that he was impressed by Anthony having not closed his firm. His father then offered to be bought out of Donald F. Bell & Co.
“It put dad and I together, and dad was a very good auditor. He’d had a lot of public positions over his 40-year career... We worked harmoniously together.”
Even up until his father’s death in 2016, the two worked in tandem at Bell Partners to deliver a high-quality accounting service for their clients.
Anthony Bell - CEO & Founder of Bell Partners
He has embraced a corporate-style leadership structure at Bell Partners
Contrary to the traditional partnership model typically utilised at a firm, Anthony has embraced a more corporate style of leadership, with a single figurehead guiding the company.
“I remember in 1996, we picked up a few clients from the floor above us, because a three-partner firm actually fell apart. [They] got into a partnership dispute.”
This experience, of seeing how both clients and accountants at this competing organisation were forced to pick sides between the partners, impacted the way Anthony formulated his management structures.
“The partnership model is a great model for growth, and it’s a great model for diversity and width. But if it falls into dispute - if there’s not a natural leader to it in a three-way partnership – what happens when no one can make a decision?”
Subsequently, Anthony decided on a model which emulated the top-down approach often embraced in the corporate world.
“The senior staff... weren’t made partners; they weren’t made equity holders. Which also meant they didn’t have to bear the risk.”
The struggle with this structure was creating incentives for employees to take a vested interest in the company, even if they wouldn’t end up holding a partnership stake in the firm.
“We developed a model... where guys can fundamentally be their own leader. They’ll have targets and results to hit; where they go beyond their targets, they’ll be renumerated highly for that. They’ll pick and manage their own staff, in coordination with me.”
“These guys will run business units within the business.”
According to Anthony, this approach has persevered throughout Bell Partner’s growth, empowering both senior accountants and young graduates alike.
Bell Partners is more concerned with quality service than client numbers
For most, the goal with a business is to expand rapidly and increase client numbers. Anthony doesn’t share this goal entirely.
“The big questions that came to us when people were deciding to leave [the Big Four] was that they didn’t want to be a number in the place.”
He found that part of his appeal was being able to provide a tailored, personal approach to accountancy.
“Size is a natural detractor from personal service.”
As such, Bell Partners became less focused on the quantity of clients they brought in, and more concerned with the quality of service they provided to clients. By doing so, they could attract more significant clients who were seeking a boutique service that gave them priority.
“We want to be able to compete with the big four firms. We want to be able to go service-for-service in advisory and tax; everything you can get up there you can get down here. We just don’t want to do it with 6,000 people.”
For individuals or businesses seeking a higher grade of personal service, Bell Partners became a destination agency.
He broke the Sydney to Hobart race record... with a boat that had sunk three years prior
An avid yachtsman, Anthony has raced in the Sydney-to-Hobart race repeatedly. After having won the Sydney-to-Hobart in 2011, Bell sat out 2012. He realised quickly that he missed the rigour of the race.
“I missed the competition of it. I missed the camaraderie; I missed the guys. The whole lead-up.”
Planning a return, Anthony and his naval captain found an incredibly fast boat with a catch – it had previously sunk into the Irish sea a year prior.
The Perpetual LOYAL - 2016 Sydney to Hobart winner
“All that was left was the carcass of the boat, the fibreglass part. I said, that’s the fastest part, so let’s buy that.”
After showcasing some tremendous speed in its first year of operation, the recently revitalised boat broke down two years in a row. In both 2014 and 2015, Bell and his crew failed to complete the race. He retired again after these frustrating defeats.
“And then dad died in late 2016... I got into a meeting with my great mate Peter Calligeros. Pete goes, “You know what? We’ve had enough bad luck; we’ll go again.” Now, this was about September, and you’re usually training by September.”
Despite the late notice, Anthony and his team put themselves together and entered the race for 2016. Even with major issues, like using a sail that struggled to carry the 40 knots that it was being exposed to throughout the race, the Perpetual LOYAL was able to win the race in a record time of 1 day, 13 hours, 31 minutes and 20 seconds.
“It feels like you’re Robbie Williams... the victory night goes for about a week.”
What are the key lessons from his career?
As he reiterated multiple times throughout the interview, for Anthony, it’s not about the transactions – it's about the relationships.
“For me personally, for the fabric of our firm, we’ve always chased the relationship.”
In his career, the key to his longevity has been maintaining clients for an extended period of time. Building rapport with the people his firm services is an integral contributor to their success. That rapport gives way to honest evaluations from clients, that he sees as incredibly important.
“Take constructive criticism, and get better, not bitter.”
He advises that when working in a service industry, the point of difference is made in the lengths to which you go to provide more than what is expected.
“If you have something that’s special in your service or in your product, then price doesn’t become the major factor; quality does.”
“Deliver something to the client that they’re not expecting to get... Think about the power of different, [and] what different means. Following the same old service standards or the same old products means that you’ll be up against a competitor who can pick you apart on price.”
Watch the full interview with Anthony Bell, conducted by Rob Langton, here.
