Trailblazing accounting firm founder retires — how his local business is continuing
Dennis Larson poses for a photo on Friday, Aug. 21, 2015 at the Daily Herald in Provo. Larson, of Highland, is retiring from his practice as a CPA after 40 years. SPENSER HEAPS, Daily Herald
Dennis Larson poses for a photo on Friday, Aug. 21, 2015 at the Daily Herald in Provo. Larson, of Highland, is retiring from his practice as a CPA after 40 years. SPENSER HEAPS, Daily Herald
Dennis Larson poses in this undated photo Larson, of Highland, is retiring from his practice as a CPA after 40 years.
Dennis Larson founded Larson and Company with one accounting office in 1975 in American Fork, specializing in providing accounting services for the insurance industry. Larson is retiring after 40 years of successfully servicing most of the bigger insurance agencies in the West, and expanding from that one office to four in Utah and one in Nevada. Family, friends and his 70 employees celebrated his retirement Aug. 28 at the Alpine Country Club in his hometown of Highland.
Larson and Company was originally founded with the central purpose of serving the insurance industry through accounting and auditing, but over the years the company has answered the need of the industry and has grown to include businesses in the nonprofit, government, middle market, SOC and technology niches.
“We have always been trailblazers,” Larson said. “When we began we were the first firm of our kind in the nation, a local firm specifically serving insurance companies. Now we are one of the top firms in the West with clients all across the nation.”
Larson attributes the success of his business to his management system and the strength of his employees. The company is run differently than many other accounting firms — there are no strict separation of duties and responsibilities. Employee work is assigned based on their skill and specializations.
“I developed the management system we use, the Expectation Agreement. Employees design their career with us based on what they want from their career paths,” Larson said. “The key is to help our employees improve themselves. If one of their expectations is to be a supervisor within two years, then we make that goal as a company, to build our business enough to make that happen.”
With the uniqueness of their system, the company has made most of their hires through recruiting from local colleges, and many of their employees have been with the company for decades. Larson said the few times they’ve tried hiring agents mid-career were not very successful because, though the hires were drawn to the company’s employee-driven culture, they usually started trying to change the system upon employment back to “the old ways.”
“We guard our culture. Even if an employee is great, but they don’t fit with the culture, then we let them go,” Larson said.
As part of nurturing the success of his employees, Larson also wanted to cultivate their health and overall wellness. Employees have a generous benefit program, and wellness goals are built into every expectation agreement. Larson led by example as well, being active in a variety of sports throughout his life, even climbing Mt. Kilimanjaro at age 56. That same year, he took up distance running, completing 16 marathons in the years since, and has a goal to qualify for the Boston Marathon.
“I love the sport of running. I haven’t yet qualified for Boston, but now that I’m retired, that is my main goal I’m working towards,” he said.
Larson’s management system has been very successful for his company, and his stepping down from the company has been seamless because of it. Larson will be succeeded as managing partner by Greg Denning, who has 25 years of public accounting experience. Larson said he felt it was the right time for him to move on.
“When I leave, it brings opportunities for everyone else. It’s a good time for the firm to continue that growth,” Larson said. “As I leave my career I feel great satisfaction in seeing the next generation of leaders step up, using their own personal goals and initiative to drive them forward. The power of setting goals is just amazing.”
