steffen: leadership is about energy, not tenure | gear up for growth

when you’re too tired to lead, step aside.

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gear up for growth
with jean caragher
for 卡塔尔世界杯常规比赛时间

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in addition to highlighting self-awareness as a key leadership skill, steffen offered valuable insights for cpa firm leaders navigating today’s dynamic environment. 

in her interview, two major takeaways stood out:

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1. embrace continuous change – steffen explains that the pace of change will never be slower than it is today. “leaders can’t stop it; they can only manage within it.” she emphasizes the importance of staying adaptable as technology, workforce expectations, and ownership structures continue to evolve. 
2. master communication – steffen stresses, “understanding how to communicate, who to communicate with, and when is critical. poor communication can have unintended consequences that ripple across a firm and the profession.” she emphasizes that intentional, transparent communication is a cornerstone of effective leadership. 

steffen also discusses the value of her consulting and marketing experience in shaping her approach as a ceo. from helping smaller firms carve out their niche to navigating the realities of private equity and mergers, her insights provide a roadmap for sustaining the profession and developing the next generation of leaders. 

 other highlights:

1. steffen’s decision to transition from nearly 25 years as a consultant to ceo of the iowa society of cpas was driven by timing, curiosity, and a desire to continue serving the accounting profession in a new way. 
2. many leaders struggle to change or plan for succession due to their love for their work, attachment to their identity, or fear of letting go.
3. steffen favors independence but acknowledges that any choice comes with consequences and opportunities. 
4. focus on relationship-building with clients, colleagues, and the wider business ecosystem as a leadership superpower. 
5. being on the inside of an organization gives a broader perspective on challenges and opportunities compared to consulting externally. 
6. instead of competing directly with large firms, small and mid-sized firms should focus on defining their unique markets and strengths, something steffen sees as vital to the profession’s sustainability. 
7. steffen advises aspiring firm leaders to clearly express their ambitions and build advocates within their organizations. relationship skills – both internal and external – are essential to success. 

more about carrie steffen
carrie steffen was named the chief executive officer of the iowa society of cpas in may 2025. prior to that, she was a founding shareholder and president of the whetstone group for nearly 25 years. she is a long-time member of the association for accounting marketing and was inducted into its hall of fame in 2023.

transcript
(produced by automation. not edited for spelling or grammar.)

jean: hello. thank you for joining “gear up for growth”, powered by 卡塔尔世界杯常规比赛时间. i’m jean caragher, president of capstone marketing and your host. today’s guest is carrie steffen, who is named the chief executive officer of the iowa society of cpas just six months ago. prior to that, carrie was a founding shareholder and president of the whetstone group for nearly 25 years. she is a long-term member of the association for accounting marketing, and was inducted into the aam hall of fame in 2023. carrie, welcome to “gear up for growth”. 

carrie: thanks, jean. it’s so good to be with you. 

jean: yes, i always enjoy our discussion. this is not my first interview with carrie for those who probably know. so, this is kind of like old home week in a sense, except she’s now in this ceo role. so, of course, i have lots of questions about that. so, let’s start. so, after being a consultant for nearly 25 years, what motivated you to take on this ceo role at the iowa society? 

carrie: you know, it’s like a lot of things that happened to us over our careers. it just was sort of right place, right time. and it’s not anything that i went looking for or had aspired to. but it was one of those things where somebody i was connected with shared a post on linkedin and messaged me later and said, “hey, have you ever thought about this?” and so, it was just one of those things where i thought, “huh, that’s kind of interesting.” i hadn’t really thought about that, and i probably wouldn’t have if i hadn’t been asked to think about it. but once i started thinking about it, i got kind of obsessed with the idea, to be honest. and so, i sent a resume in and did the interview process and it was just a really good fit. 

but i think what was exciting about it was the opportunity, first of all, to stay connected to the accounting profession, because i have really, really enjoyed my time serving the profession in a number of different ways and as a consultant, but also, having worked at a firm a long time ago. and so, i was eager to be able to stay connected with the people that i had met within that profession over the course of my years. but also, eager to tackle some of the challenges, and especially, help firms and members with the opportunities associated with the profession in a different way. 

so, you know, when you’re a consultant, you move from firm to firm and you see a lot of the same things playing out from firm to firm. and on one hand, you love that because it gives you expertise and best practices and things that you can point to that you’ve done before. but on the other hand, i found it to be, at least, toward the end, maybe we need to look at these problems from a different angle. and that was what this opportunity was. so, i think that’s what drew me to the role. and i’m super grateful to the professionals who were involved in the hiring process at the iowa society because i was probably not a natural choice. i probably wasn’t the person that they would have looked for if we hadn’t stumbled upon it together. so, it all came together just in a very short period of time, but kind of unexpectedly in a great way. 

jean: right. now, it’s as if you got the questions in advance, which you did not, because my next question is, what’s the biggest surprise to you about leading from the inside of an organization, versus advising from outside of an organization? 

carrie: boy, the biggest surprise, that is actually a good question. and i would say that the biggest surprise to me is how sometimes when you’re looking at an opportunity from the outside of the firm, it’s not always apparent to you from the outside the breadth of the need. we understand that there is a need, and we are having a conversation based on a challenge that a firm is having or that a client is having, and sort of understanding based on other clients that we have worked with and what we know about the profession. but to me, i think what’s interesting about sort of being inside or being on the other side of that is you actually do get a broader perspective on all of the things. 

and even as consultants, when you try to be very horizontal in the way that you work with firms, meaning we’re going deep in an area, but we also are trying to look at all of the different things that the firm is dealing with, and all the different challenges and opportunities, and how our skill set helps across all of those. it’s really interesting to see that from the inside out and to understand, boy, the breadth of some of the things that our managing partner friends are dealing with, and that our practitioner friends, even in non-cpa firms, but in the profession in different roles are dealing with. and so, that to me, i think has been really surprising, just sort of getting that broader view of what’s happening in the profession. 

jean: right. so, given the years of your consulting experience, how do you think that’s shaped your leadership style now that you’re a ceo? 

carrie: well, i hope that it has fostered in me an ability to listen and to try to ask the right questions. and especially when i’m in a new position, you know, a role it’s adjacent to, but not exactly like what i had been doing before. you know, my goal this first six months especially has really been to just try to listen and understand and not try to come at it. and again, that part is like consulting, right? not coming at it thinking you know all the answers, or thinking just because you’ve seen this one thing before over here, that it’s exactly the same over here, knowing that it isn’t. 

and so, resisting that urge, i think, to come in and try to solve all the problems at once, but really having the patience to sit back and listen and make sure that i have an understanding of, if you move this piece over here, here are six other things that’s connected with that we also have to pay attention to. so, you know, that listening piece, i think is probably one of the skills that in my consulting role, has translated really well into this new role. 

jean: right, right. because now, you know, i’m putting myself in your shoes, and you have many, many, many clients now in the iowa society member firms who may have similar challenges so that there are, you know, lots of constituents now, you know, listening to you and the offerings that the iowa society is making to help them. 

carrie: yeah, it’s true. and, you know, i think the other skill set that’s valuable to the society, and hopefully, to member firms that we’re engaging with and member organizations is, i think, you know, coming at it from a sales and marketing background, right, looking at those problems, maybe in a different way than someone who has come out of the same path as a professional comes at it, you know, the same angle from which that person would come at it, i think is also may be helpful. somebody that looks at problems a little bit differently, someone who maybe has honed communication skills in a little bit different style or different way. at the end of the day, you know, we’re a membership driven organization, and so, we have to be open to what our members think. but sometimes, you know, members can get involved in too much of the group-think. and so, having just a different perspective, i think, is useful to them as well. 

jean: right, right. so, tell us what you think are the most critical leadership skills that cpa firm leaders need today. 

carrie: i think the first one is an openness to change and being willing to embrace what is never going to stop in this, like, amount of change that we’re dealing with. i heard barry melancon say a number of years ago at engage… and he’s, as you know, the former ceo of the aicpa. and it is stuck with me. i’ve probably heard him say it like 10 years ago. but the pace of change is never going to be slower than it is today. and so, we are just on this, like, continuing acceleration of change around the profession. and it’s in, you know, the legislation that’s coming our direction. it’s in the technology that we have to figure out how to leverage. it’s in the people that we are managing and managing those different generations and what they want from their workplace. it’s, you know, figuring out remote work and in-person and all of those things. and we know that that change is going to continue. you know, we have mergers and we have private equity and all of these things. 

and so, i think as leaders, recognizing, first of all, that we can’t stop the change, we can only manage within it. and so, that to me, i think, is one of the skill sets that leaders really need to be paying attention to. that, and i think coupled with that, what goes along with that is communication skills, and really understanding, how do you deliver the right messages to the right people at the right times? and a lot of managing partners that i work with struggle with that. they struggle with knowing how much to share, who to share it with. and, you know, what is the transparency effect if we’re not sharing it the right way? and so, all of these, like, unintended consequences of not great communication. so, those are two things i think that our leaders need to continue to work on and hone as we move into the next generation of what this profession is going to be. 

jean: right, right. and you list two skills that are not easy, you know. 

carrie: they’re not easy. 

jean: because whenever anyone says, “gosh, you’ve really got to manage this change,” i can just almost see, oh, god, just maybe the tension or the anxiety about it or the resistance. because i think as humans, you know, we get to a point where we’re pretty comfortable, you know, with how things are going. and i’ve had lots of cpa from partners tell me, “i’ve made more money than i ever thought i would. why do i need to do anything different?” but i think at this point, you know, in the profession, there are so many changes going on that are so critical to the longevity of a cpa firm that leaders need to keep up or they’re going to be faced with some very serious questions about whether their firm could move forward. would you agree with that? 

carrie: i would. i would definitely agree with that. and i think that the leaders that are, you know, mindful and intentional about looking at that, knowing that, you know, it’s like planting a tree, right? you may not necessarily be the one who benefits from the shade in 25 years when that tree finally matures and is, you know, big enough to offer that, but you’re doing it for that next group of leaders, that next generation. you’re doing it because it’s the right thing to do for the environment or, you know, the profession in this case. so, i would agree with that for sure. 

and, you know, i hear leaders say to like, “i’m just too tired to change. i’ve been doing this a long time.” and i think that leaders who, if they really do that sort of introspection of themselves and realize like, “i really am kind of too tired to continue managing this change,” there’s probably some little thing in their brain that should flip to say, “it might be time to transition to somebody who has that energy.” because the longer you hang on when you don’t have the energy for change, you know, the more of a disservice you’re doing, not only to the people inside of your firm, but to the profession as a whole. and we need this profession to be sustainable. and there are lots of things that are happening that are sort of picking at the edges of that. and we, you know, as a profession, need to come together and say to ourselves, “what part am i playing in making this profession sustainable for the next generation?” not just for the people, but for our economy, for everyone who gets everything, yes. 

jean: right, like the biggest picture, right, that we convey. 

carrie: right, the biggest picture, yes. 

jean: so, why do you think cpa firm leaders are resistant to making that leadership change or going through that succession planning for the future leaders of their firms? 

carrie: oh, jean, we don’t have enough time to talk about all of the reasons why i think that’s the case. i think there are lots of reasons. i think that deep down, most managing partners, most leaders really just love what they do. you know, it is part of their identity. it’s part of what they feel like they give to the world in some ways, right? they love their clients. they want to continue those relationships. and so, honestly, i mean, all other things equal, i think that what it really comes down to is they just really love what they do and love what they have done for the last however many years of their career. and so, i think that that creates a difficulty for them, letting that go. 

and so, i sort of come at it from this hopeful place that the reason why they’re unwilling or unable in some cases to make those changes is because they just love it so much. i mean, there’s probably the cynical side of the argument that says that they just don’t feel like anybody can do it as well as they did, or the next generation is not ready. and maybe there’s some of that, but again, i think if you sort of peel back even all of those layers that seem somewhat cynical, what it comes down to at the heart of it, is that they just really love what they do and they love the way that they have done it and they don’t want to give that up yet. so, i think it’s one of the things. there’s a lot of things too, but that to me is the core of it. 

jean: right. yeah, and i do agree that there’s many reasons there that we could name for that happening or not happening. how do you and the iowa society help the smaller firms compete with larger firms? 

carrie: you know, i don’t know that we help those firms compete with larger firms. i think we help them carve out their space. that’s what we’re really focused on is, how can you…? you know, a firm in a small community in marshalltown, iowa is probably never going to really be able to compete with a large firm in the des moines metro area. but there is a marketplace that needs what that small firm in marshalltown, iowa has to offer, that needs that skill set. and so, helping them to understand what that looks like, and how do they carve out that piece of it for themselves? how do they focus in on the opportunities that really make sense with their skill set and who they want to serve and what they want to do for those folks? and that’s where the marketing and sales background, i think, is useful in figuring that out. 

and i think some of it also is building up their self-esteem a little bit, right? that their practice is as important as any other practice in their communities across the profession. we need firms of all sizes serving all different kinds of opportunities in order for the profession to be sustainable. so, it can’t just be about big firm or small firm or big client, small current client. i think it’s just figuring out that section that makes sense for your firm, and then really, really doing everything they need to, you know, to grow. 

jean: right. okay. where do you stand on the private equity versus remaining, independent strategy? 

carrie: boy, that one is a pandora’s box that we will never close, right? private equity is here. so, again, i think it’s maybe one of those things that we have to figure out, how do we adapt and operate in that environment? because even if i said i’m 100% against it, i don’t like it, i don’t like what it brings to our profession, it’s not going to go away. so, it’s almost not worth the energy to keep fighting against it. i think what it is about is really figuring out for each, for a firm, what is the thing that makes most sense for that firm, and how do you help them be protective of what it is that they’re trying to build? and so, i think we’re all like unsettled about private equity. 

and i think you know this, jean, but in my background, many years ago, even before the whetstone group, i was with one of the firms that did the first alternative practice structure. this was back, like, in the late ’90s. so, this goes back a long way. this isn’t something that’s brand, brand new. it certainly wasn’t as prevalent as it is now, but it’s not brand new by any standard. and i think that it has been… and i think there were things that we saw as a result of that that we know are probably not sustainable for the profession. 

for example, what’s the role of our people inside of the firm. under a new ownership structure like that? what are we asking of our people in that model? and do our people want to deliver that? can they deliver that? is it realistic? or do we need to either adjust the expectation or we need to level set the employees, meaning, the people that feel like they want to operate in that system will stay. the people that can’t or won’t operate in that system will go find a different ownership structure. so, there is going to be some leveling out. 

again, i am not for or against private equity necessarily, because frankly, it’s just not a good use of energy to be for or against it. i think that it’s not going away. i personally love those firms that are committed fiercely to independence. that’s probably more my nature. just how do i stay independent as long as i can? and the control of the ownership being sort of limited in that way. but those firms also have challenges that they have to overcome to make sure that they’re creating the right culture for their people, and that they have the right growth to be able to compete and invest in technology and all of that. so, i don’t know if that truly answers your question. it probably feels like more of a political answer than anything because i’m sort of on the fence. but i think that regardless of how anyone feels about it, it’s one of those things that it’s here to stay. 

jean: right. yeah. i’m very interested to see how all this works out, because i’ve done episodes with managing partners who are part of that fiercely independent group. and then i’ve spoken to other people who have taken on the investment of what that’s meant to their firms. and now, i’m also getting feedback, and i’m sure you are as well, and whenever there’s a merger or acquisition, there’s always a fallout of people for whatever reasons, but i’m hearing people choosing to leave firms that are accepting the private equity investment because they don’t like what they think it’s going to mean for the firm and change about the firm. and i’ve also heard that when some prospective clients are calling a cpa firm as a prospect, one of their qualifying questions is, are you accepting pe investment, or do you plan to do that in the future? because they don’t want to select a firm that is accepting the private equity? 

carrie: yep. that’s super interesting. and i think i’ve heard similar stories, jean, to you. and so, again, i think that it’s a real thing that firms who make either choice have to figure out then, what is the consequence of that for us? and consequences aren’t always negative. we always say, oh, consequence sounds like so punitive or whatever, but there are positive consequences for both. and so, i think it’s just a matter… i think that the mistake that any firm can make is, a, trying to ignore that it’s happening, and b, trying to maintain the status quo in an environment where all of that is changing. and regardless of which side of that you’re on, you have to deal with the narrative of private equity that is a reality in our space. 

in addition to private equity, i think the other thing that we’re watching is the merger. when there’s not private equity involved, but when mergers, the mergers of some of these larger firms that are coming together or the larger firms that are bringing in the mid-market or the smaller firms, there’s culture and people issues. and you and i both have friends that have not come out on a great side of some of those consolidations. and so, it’s a reality in the changing practice world that we live in. and i don’t know what the answer is, but all i know is that we can’t change it. and so, we’ve got to figure out how to thrive within it. 

jean: yes. that’s a perfect statement. yeah, you can’t put the blinders on. you have to be aware of what’s happening and choose what route are you going to take. now, i know the answer to this next question could be many, many, many things and all. but what would you say right now is the greatest challenge that the smaller or mid-sized firms are facing? 

carrie: so, some of it… it’s interesting because i think that it depends on… well, i would say, across the board, technology is one of the things that everybody is dealing with. so, it doesn’t matter if you’re small firm, big firm, rural area, metro area, everyone is trying to figure out how to leverage technology, how to make the right decisions. and again, i don’t know that there’s right or wrong, but how to make decisions about technology and what do we sign on to and what do we not, how do we train? how do we keep up? so, that’s a piece of it. 

ai is, again, threaded in all of that, and figuring out how do we use it? and again, that’s one of those things that regardless of how you personally feel about it, it’s not going back into pandora’s box. and so, we have to figure out how to, again, thrive within that system that includes ai. and there are some small firms that i know, some tiny firms, 16-person firms that are doing some really cool things with ai in their firms. so, i think technology and just keeping up with it and understanding it is one of those things that’s probably a challenge across the board. 

i think right closely behind that, and probably somewhat related, again, i think a lot of these things are sort of interwoven, but the people issue, and still dealing with how do we attract and find people. and there are lots of things that are happening to help our talent pipeline. and i heard mark koziel at a meeting a couple of weeks ago say that we’re transitioning that language from talent pipeline to workforce development, because it’s more than just creating a pipeline of folks, but it’s also like, how are we keeping them and upskilling them and dealing with all of that? and i actually really do love the idea of workforce development. i think that that is more apropos of what we need to be looking at as a profession. so, that would probably be the other thing in a small firm, in a rural community. 

again, that looks like where do i find bodies that want to come here and work? in a larger firm, in a bigger community, it’s about, how do i keep the people that i have there, that are being courted to my clients and to private and all those other places? in a small firm in a metro area, you’re competing against a large firm who also wants those people. so, the nuances are a little bit different, but everybody is working on workforce development and upskilling their people. how do we train them up in this sort of new environment? what does that look like? what are the skills that are relevant and how do we teach them those skills? 

jean: right, right. okay, so i’ve got two more questions. what advice would you give to a cpa that has a goal of becoming a cpa firm leader or managing partner? 

carrie: my first piece of advice would be to make sure that your other leaders know that you aspire to leadership. advocate for yourself, because i think sometimes, we sit back and wait to be tapped on the shoulder. we sit back and we wait and think that somebody is going to notice or is going to assume or whatever that we are ready, or tell us when they think we’re ready. and younger leaders, in my experience… and you may have had this experience too, jean, because i know you interact with a lot of firms and a lot of professionals. i think that younger practitioners are ready sooner than we think they are to level up to that responsibility. and so, that would be one of the things. i would say, make it known and create some advocates inside of your firm that will help you develop whatever it is that you need. make it clear, “here’s where i want to get to. what are the steps that i need to go through? what are the skills at each of these places that i need to work on? what does it take for me to get where i am today to this level i aspire to? and how do we work together? and i don’t think enough professionals advocate for themselves internally with that. so, that would be one. 

i think that also really honing skill sets around relationship development. and i think that that plays into client relationships, relationships with the people inside of your firm, relationships from a business development standpoint, and building your ecosystem of referral sources outside of the firm, as well as prospecting. really leaning into the importance of developing relationships as a superpower, if you will, in practicing your craft of public accounting. so, those are a couple of things that i would encourage them to think about. 

jean: right, right. okay, that’s terrific. so, these first six months, has anything in particular surprised you or challenged you or maybe something that you didn’t expect? 

carrie: i think the thing that has challenged me the most in this first six months is what i didn’t realize. i sort of knew it when i was going through the interview process. but what i didn’t realize is the importance and the level of responsibility around advocacy in this role. and when i mean advocacy, i have been advocating for people in the profession in a variety of ways by speaking and writing and doing those kinds of things, but more formalized, like actual legislative advocacy, which is super interesting and very much not in my wheelhouse at the beginning. 

and, you know, it’s one of those things that i sort of knew was one of the pillars of this role, but really now that i’m into it, understanding how important that role is. how important it is to have some body that is working behind the scenes for the profession and the people who are in the profession and the firms in the profession and the businesses who have people in the profession that aren’t in public accounting, but care about economic development and care about taxes and all of those things, care about the license, the professional license and the standards. so, i think that that, to me, has been one of the most surprising and challenging pieces. but also, jean, i’m not going to lie, it’s one of the things that i’ve gotten really, really excited about in this role. 

you know, we talk about not liking change. and, you know, when you’ve been doing something for a long time, there are days where i come home and i tell my husband, “oh, my gosh, i don’t know, this is so much change and there’s so much i have to learn,” and all of that. but it is reinvigorated me in some ways, which that’s probably surprising. maybe not knowing that i needed that, i think. that might be the deepest surprise, is not really knowing how much i needed to learn something new, brand new, and stretch myself in that way. 

jean: and, kudos to you for that because as we’re just sitting here chatting, i’m thinking, we help firms and leadership change and all these things that we’ve talked about now. but then when you look at yourself, you’re like, “gosh, i have to change too. i have to learn a new skill, or there’s another area like that.” 

carrie: it’s good for you people over there. 

jean: that’s right. oh, my goodness. 

carrie: yeah, it is. it’s a little bit of, like, having to walk the walk now. and also, all of the things that i’ve talked about with change management, you know, with a staff of folks now that i’m managing, and having to help navigate the changes that they’re dealing. you know, they have a change in leadership. they’ve had other changes that they’re navigating. so, it is. i think that probably… but again, i think there’s something that didn’t recognize that i needed it until i was in it. and now, all of a sudden, i’m feeding this part of myself that i didn’t really know needed to be fed like it does. so, yes, i do. 

jean: yeah. well, i’m probably representing, you know, all of the association for accounting marketing when i tell you how proud of you we are. i mean, it’s a big deal. like, you’re a ceo of a state society, and another fantastic example of where a career that may have started in accounting marketing can lead to a leadership role like you have. i just think it’s such a fantastic example for everybody. 

carrie: thank you so much, jean. i appreciate it. and i have to say that there are a whole host of folks that paved that way before i came along, you included, but just a whole host of people that i’ve always looked up to for the innovation that you brought to the profession. so, thank you. 

jean: well, thank you. so, my last question is a bonus question. so, i believe that you could describe yourself as a foodie. 

carrie: oh, yes, i think i could. 

jean: okay. all right. so, tell us your favorite restaurant or your favorite meal or both. 

carrie: oh, man, that is a hard one. that one i wish you would prep me for, let me prep in the beginning. so, i love anything that is seasonal, sort of like close to home kind of food, right? so, wherever i happen to be, i want to try whatever happens to be local. but i have to give a shout out. and i travel a lot, and so, you know, i eat at a lot of different kinds of restaurants, but that’s always what i’m looking for when i travel. 

in my whole community though, if i have to pick a restaurant, if my husband and i are going out for a special night and we have to go to a restaurant, there’s a teeny tiny restaurant in downtown cedar rapids, iowa, and do not laugh, but it’s called cobble hill. and the head chef there, and the couple who started it lived in new york for a long time. and i think they were in, like, a cobble hill neighborhood, and so that’s the genesis of the name of the restaurant. but it is local. it is small plate. it is beautifully executed. it is delicious. and i can’t even pick just one meal that i’ve had there. i eat there regularly, but i can’t just pick one meal. but they are always rotating the menu. and cobble hill, cedar rapids, iowa. i’d go with that. 

jean: that is awesome. well, i’ve been speaking with carrie steffen, chief executive officer at the iowa society of cpas. carrie, thank you for sharing your perspective with us today. 

posted on november 14, 2025