Naoise Cosgrove FCA, Managing Partner at Crowe Horwath, talks to Accountancy Ireland about his working life, professional challenges and the future for mid-tier accountancy firms.
Describe a typical day as Managing Partner at Crowe Horwath.
One of the most enjoyable aspects of my role as Managing Partner is the variety that it offers. I try to spend as much time as possible meeting with the firm’s clients to get an understanding of the opportunities and challenges facing their business and to see how we can help. I still get most satisfaction from working as part of a team in developing solutions that help clients achieve their objectives. Internally, there are a lot of strands to the business – working with partners and staff across our service lines and sector teams. The role also comes with a level of international travel where I meet with colleagues from the various Crowe Horwath network firms to share knowledge on the latest developments and work on international engagements.
What are the main challenges and changes your firm will have to grapple with in the short-term?
We have set ambitious growth plans for the practice over the next three years and now have the task of implementing these! We joined up recently with Phelan Prescott - a firm with similar heritage, culture and values to our own - and are integrating both teams to achieve a stronger and better practice. Attracting, retaining and developing talent is a key cornerstone of our growth plans and represents both a challenge and an opportunity for the firm. While we have made great strides with people development, it is an area of constant focus.
And what in your view does the long-term future hold for mid-tier firms such as Crowe Horwath?
We are very optimistic on the outlook for the Irish economy and the continued recovery and growth in our client businesses. For us, this growth is resulting in greater demands for services across all practice areas, but particularly in tax and succession planning, M&A, finance raising and consultancy. In general, clients have greater need for these multi-disciplinary services and we differentiate ourselves through our unique partner-led approach. Brexit creates a level of business uncertainty and through our international network we are working with clients to navigate through the issues that clients may face.
What traits do you value most in yourself and your colleagues?
Most of all, I want to see people enjoying what they do and having a fulfilling career. One of the more important characteristics in Crowe Horwath’s success over the past 75 years has been our collaborative approach, working hand-in-hand with clients and colleagues. The ability to adapt is also paramount – having the confidence to anticipate and react to changing market conditions – and is something we encourage in our staff. Overall, I’m a great believer that you get back what you put into something, so nothing beats hard work and endeavour.
Who had the greatest influence on your professional career?
Throughout my career, I have been privileged to work with excellent partners and colleagues who have been very giving of their time and experience, for which I am immensely grateful. I have also been lucky to work with many successful clients who have challenged me professionally and intellectually. I have great admiration for entrepreneurs who risk everything to pursue the dream of owning their own business and I think more should be done to support and incentivise those who do so and create valuable employment.
With the benefit of hindsight, what advice would you give your 22-year-old self?
Buy Apple shares! Leaving their ground-breaking IP aside, a 50-times return on investment with increased dividends to look forward to makes for a pretty solid investment to me.