Missi Bain Jennifer Coleman

When Larry Rippey and John Rathbun first approached Missi Bain and Jennifer Coleman about an ownership opportunity in the Fairfield accounting firm Graf & Company, the women didn't realize their full potential in the direction of the firm and the roots it had in the community.

Succession planning was a readily available topic of the firm's management team for many years. Their certified public accounting and financial management firm counsels clients every day for anticipated business transactions and retirement planning.

It was a current and relevant topic for the longtime owners and friends, Rippey and Rathbun. Friends since high school, Rippey had been partner in the CPA firm since 1986. Then Rathbun merged his financial management practice with Graf & Company in 1993. Their birthdays only a month apart, the retirement planning years would come at the same speed for the two, leaving the firm with a need to find new leadership and partners for all facets of the business.

Building the firm with the team from within its walls has seemed to be the right approach. Bain and Coleman had been mentored by the duo. The company felt local ownership was best for clients of Southeast Iowa. But Bain and Coleman were unsure at first that they were ready for the responsibility.

It had been a year from the initial conversation when other avenues were being explored. Offers from outside the community and outside of the state were coming in. Bain and Coleman quickly realized that their relationships with their clients far outweighed their uncertainty of leadership.

'Jennifer and I didn't want to see someone that didn't fully understand the uniqueness of our community and business try to underserve the client relationships we value,” Bain said. 'Our passion lies in the conversations we have with our clients. The ability to positively influence their small businesses, their families and the organization of their financial matters.”

Coleman and Bain said they realized the staff at Graf & Company added value of their clients' lives. That's when they knew they wanted to lead the firm into the future.

'We can't go wrong,” the two said. 'Our mentors Larry and John are here to guide us professionally and personally. The cumulation of their success, their legacy, will be a successful, growing firm that is firmly planted in Fairfield for decades to come.”

Bain and Coleman are the first female partners at Graf & Company.

Coleman said the two of them represent a growing population in the accounting field. She said there is a great need for professionals in their industry. Bookkeepers, tax advisors, CPAs, financial managers are hard to find, she said. It's also a challenge, in rural America, to attract qualified staff.

'We face the same issues in our school districts,” Coleman said. 'Our staff must want to be here. Right here in rural Iowa. They have to know and love the culture and the landscape. There's always somewhere bigger to go. But finding someone with the heart for our community is a rare gem.”

Who knew that taking over in January 2020 that their first year as business owners would bring challenges of pandemic proportions?

Halfway into tax season, 80 days into the year, like most of the state, their business was drastically halted. Face-to-face appointments, the center of the firm's business model, were put on hold. The office remained open because tax deadlines had not changed, people still needed their refunds. The management team decided it best to leave the front door open, so clients could still get their tax and financial management needs met. A lot of phone calls, front door service and video conferences took place.

Bain said that accounting and finances are a sensitive subject. Their clients want to come into the office, shake their hands and look them in the eyes.

'We've established decades of trust with people. It was hard to continue that level of professional counsel remotely,” Bain explained.

A large number of Graf & Company's clients travel to the office to meet with their CPA and financial manager in the same day. The professionals in the office meet collaboratively with the client. The discussion of taxation, college, retirement and estate planning, expenses, liabilities, charitable donations, or business needs make for healthy round table discussions.

Because tax deadlines were extended, many clients wanted to wait and come in for their appointment after the restrictions were lifted. Many times, collaborations with their attorney also took place. Arranging for trust documents, power of attorney, wills and business transactions are services the business offers.

'When at all possible, our clients opted to have all their professionals on board in the same discussions,” the two said.

Coleman explained they based their facility cleaning procedures on the ever-changing CDC guidelines to keep their staff healthy.

'We needed everyone here, but everyone to stay healthy to execute our services to the client,” Coleman said.

Clients needed their refunds. The firm's goal was for its professionals to operate in a safe and healthy environment, so Bain and Coleman minimized exposure as much as they could.

'We put cleaning protocols in place just like all the other businesses that had to stay open for the public,” the two said.

It meant providing more meals and treats to the staff to keep morale up. Mental health during a crisis is just as important as physical health, they said. Bain and Coleman said the combination of tenured ownership and adaptable new partners proved to be valuable to the firm's efforts.

'It took all the leadership skills each person brought to the table to get through unprecedented times,” Bain and Coleman said. 'We knew the first year in business is always rocky, but who could have guessed this.”

No noticeable changes are in the foreseeable future for the firm, said the pair. They plan to retain its 'experienced and talented staff.” The nine-person firm has almost 200 years of combined professional experience in bookkeeping, accounting, financial management, insurance and business consultations.

'We take a holistic approach,” Coleman said. 'We don't just do your taxes or invest your money. We look at all the aspects of your financial and legal life.”

The two said they want to reach out to more members of the community to see if they can help them, too. They're seeking to add more professionals to their team.

'All the employees of our firm have been in Southeast Iowa most of their lives,” Coleman said. 'We know the values of the people around us, not only the people we serve but the people we work with and appreciate what they have worked so hard for. We want to be part of Graf & Company's legacy, too!