From burnout to balance
Glenn Stephens, Partner at CE Smith & Co
Article by: Chris Sheedy OF The Hard Word
For Glenn Stephens, the sale of a block of equity in his business wasn’t just a business deal, it was a lifeline.
There’s a whole lot of extra work involved in accounting these days, Glenn Stephens, partner at Mackay-based firm CE Smith & Co, says. From constantly changing taxes and legislation, to surprise disruptions and the process changes they bring, to the fact that customer expectations are rising by the minute, there’s more work than ever for an accountant to do.
Add to that the stress of managing a successful accounting firm for several decades and you’ve got a recipe for burnout.
“After 30 or 35 years, you get a bit worn down,” Glenn says. “The stress levels in this job can be enormous. It can be unforgiving.”
Glenn’s biggest challenge was the fact that he simply couldn’t see a way out. He knew the value of a long-term exit plan, but two years ago he was faced with a lack of options. This lack of certainty around the future filled him with dread.
“At one point I felt snookered,” he says. “I thought, ‘I’ve built this thing and it’s really well respected by clients, but it’s too expensive for young people to buy into and I’m not prepared to give it away’. So I felt really despondent, because I thought I was trapped.”
Merge To Retire: A path back to sanity
Glenn originally looked into transitioning the business internally.
There were some key people in the office who had earned the right to step up as owners. But the business’s success had also become a barrier, as the rising value of the practice made younger accountants reluctant to invest.
“It was mainly due to them not wanting to take on the risk, not wanting to borrow a heap of money,” Glenn says. “The thought of borrowing lot of money seemed like a step too far.”
So Glenn turned to someone he had known and trusted for a long time, Kev Ryan from accounting firm transaction advisory KevRyan.
“I’ve known Kev a long time. He knows everybody in accounting – I think he must know every firm in Australia,” Glenn says. “I reached out to him to find somebody that would fit the mould for this business.”
Kev’s role, Glenn says, was both expansive and discreet. He investigated opportunities, recommended against several because of a mismatch in culture, then made various introductions with interested firms, large and small.
“I’m not here to force a deal – that wouldn’t be considered a success from anybody’s point of view,” Kev says. “My role is to help owners find the right match, whether that comes from internal succession, external investment or a full sale. In Glenn’s case, he wasn’t ready to stop working, but he was very interested in the comfort offered by a visible, long-term succession plan.”
“To make this succeed, I have to understand the values of the firm and its people – directors, employees and clients – as well as the region in which it operates. I can only bring opportunities to the table that make real sense for both sides.”
Numerous interested parties were considered, and several met with Glenn and partner Michael Hayles. It quickly became apparent that the best match was services firm Modoras, which already had a physical presence in Brisbane, Gold Coast, Melbourne, Sydney CBD and Western Sydney.
“We didn’t originally think they were the frontrunners,” Glenn says, “In the end it was about communication, what we could bring to the table and what they could bring to the table, and making sure our values and our ethics were a perfect match.”
In the background, Kev worked to ensure nothing got in the way of the deal.
“There were times when we got a bit scared,” Glenn says. “That’s understandable. After all, you’re dealing with one of the biggest sales you’ll ever make in your life. But having Kev there, who has seen a million of these deals happen, gives you confidence and settles you down. Kev’s straight talking is exactly what’s needed.”
In April 2025, a 30% stake in CE Smith & Co was sold to Modoras. Modoras will now be available to offer operational support whenever it’s requested over the next few years.
“I’m now excited about the future.”
The sale brought to Glenn a sense of relief and confidence that he hadn’t felt for several years.
“Two years ago, I was done,” Glenn says. “I was completely done. I was cooked. Now, I feel like a weight has been lifted and I have a new energy for the business.”
That’s what the KevRyan Merge To Retire process is all about, Kev says. It brings back a passion for business to owners who are potentially having a tough time with burnout, or who don’t want to make the very sudden and sometimes calamitous jump from business owner to retiree.
“It’s not an easy time for owners,” Kev says. “They’ve built something immensely valuable and something they care a lot about. The Merge To Retire process means they can enjoy it as they exit on their terms. That’s exactly what Glenn is now able to do.”
Not that Glenn is thinking of leaving any time soon.
“Now, I can see a future in my role,” he says. “I’m now excited about the future and I feel really upbeat about it all. That’s good for me, good for our clients and great for the Modoras team.”
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