CPAs on CPAs: All in the family

In this first-ever installment of CPAs on CPAs, two brothers—Nizam Shajani CPA, CA and Shafiq Shajani CPA, CGA—interview each other on what got them into the family business, what it takes to keep a firm going after nearly four decades, how they each maintain a work/life balance, and more!

Nizam: Ok, let’s start this off with an easy one. Why did you choose to become a CPA?

Shafiq: Growing up, it was not only our father who was in the profession, but also uncles and cousins that I was close to and admired. I was surrounded by it!

As I progressed through post-secondary, there was an inherent comfort level and enjoyment with accounting and tax courses that kept me moving forward. What about you?

Nizam: I don’t think I really chose to become a CPA; it was more like CPA chose me. I made a spontaneous decision to interview with a firm that was recruiting on campus, and they hired me the same day and offered to put me through the program. I think I got hired because I was able to speak enthusiastically about how I could make a positive difference in the lives of others as a CPA. And I think this came about from the many conversations between you, me, and dad! 

Shafiq: Ah, yes, the debates!

Nizam: You and dad would debate tax and tax policy for hours. At times, it got very passionate. I think it takes a bit more effort to be taken seriously as the youngest, so I discovered I needed to do some research and be current with the news before I could join in those family conversations. Those discussions, though, enabled me to join other conversations where people started seeking my advice on entrepreneurial things.

It all kind of goes back to that sense of belonging—with family, friends, and others—that pushed me into public accounting and following the family’s footsteps.

Shafiq: I also felt like keeping the firm going for another generation was appealing and an opportunity to leave a meaningful legacy for our family.

What do you think it takes to keep a family-run business going for almost 40 years?

Nizam: I think our family has always had an informal division of responsibilities that has contributed to the firm’s longevity and success. That being said, an accounting firm today is very different to one from 40 years ago. It is absolutely imperative to be on top of technological changes and updates to accounting standards, tax legislation, and administration. This can be difficult when faced with daily pressures from client requests, deadlines, and managing the business. 

Shafiq: Absolutely! And a substantial amount of work goes into this!

I would say one of the most important elements is being on the same page as your business partner—in this case, you, my brother—on both the day-to-day operations and the big picture.

Nizam: Yeah, we’ve really learned to rely on each other and trust each other because no one person could do it all. We also learned to value our clients, trust and nurture our team, network with other service providers, and foster win-win relationships. Our family-run accounting firm is as much about relationships as it is about accounting.

Ok, let’s really get into it: What’s the best part of working with me?

Shafiq: Your vision and ability to make the big picture a reality is a huge asset. You ensure we’re always working towards that.

Nizam: And you help balance our partnership. You allow me to pursue opportunities and work towards our vision by maintaining the day-to-day operations. I can always count on you.

Shafiq: You’re also able to provide excellent strategies and solutions for our clients on a day-to-day basis. And not only for taxes! Your support is invaluable.

What is the worst part about working with me?

Nizam: You always ground my dreams with a necessary dose of reality by asking the hard questions. You are, after all, a CPA.

Shafiq:If the numbers don’t work, we have to re-work the strategy!

Nizam: How do you balance work and family life with so much going on at the firm?

Shafiq: I’m sure my family would say I have a ways to go here!

I do appreciate the advice I’ve been given as to just how fast the childhood of your children passes, so I always ensure I’m there at the important events, and I really enjoy spending time with them, whether it’s at formal events—like a musical (Hamilton!), a hockey game (Go Flames!), or a vacation—or just trips to the dog park.

Nizam: I think it’s important to have goals outside of work. I review and update my goals regularly and each of my goals includes a why; of course, any goal requires a series of steps for achievement, so I schedule in time for health, work, relationships, volunteering, education, and spirituality.

Shafiq: This feels like the right time to ask—what do you admire about me?

Nizam: So many things! You keep the firm going. Day in and day out, you ensure clients are taken care of, and you watch the bottom line. This steadfastness is the foundation of our firm, and the reliability is admirable.

Shafiq: I really admire that you’ve been able to harness your passion for tax into impressive credentials, technical ability, and excellent results for our clients. Your big picture thinking is invaluable and provides a crucial framework for our day-to-day firm operations and decision making.

I also really admire your willingness to provide support for your family, friends, and community.

Shafiq and Nizam are CPAs, business partners, and above all, brothers. It should be no surprise they balance each other well and have successfully carried on the family legacy when accounting is so embedded in their DNA.