Posted Under: Entrepreneurship, Our Heroes

Today under the “Our Heroes” series we are chatting with Jeffrey Mallan. After being laid off from his 20 year career in the accounting and auditing field Jeffrey could not obtain employment in the area of his choice. This pushed him to open his own practice pursuing his passion in forensic accounting. Let’s hear more about how Jeffrey broke free of his Corporate America jail sentence…

DD: Who are you and what kind of corporate job were you at?

JM: My name is Jeffrey A. Mallan, CPA, CFF, CFE. I have more than twenty years of experience in the fields of accounting and auditing.  For the past 5-6 years I served as a litigation consulting manager with a well known accounting firm in San Francisco that primarily focuses on litigation and forensic consulting services.  I also served as a manager in the business assurance practice of a large regional CPA firm on the West Coast.

DD: What made you leave the job? When did you realize that you wanted to be an entrepreneur & why?

JM: I was given 2 months notice prior to being laid off in October of 2009.  After commuting daily for 3 hours to San Francisco, it was time to give that up and work closer to home.  However I couldn’t find any employment related to forensic accounting, which I am passionate about.  That’s when I decided I needed to go for it and start my own practice – Mallan & Associates, as a forensic accountant and internal control consultant.  Interestingly enough my wife told me the night before I was given notice that my son had wished that I no longer have to commute (but he did not wish me to lose my job!)

DD: How did you prepare yourself for the employee to entrepreneur transition?

JM: Using the 2 months notice that I was given, I used that time to plan, research and market my new practice.  Thankfully I had one client/case that stayed with me.  Since we did not have much in terms of savings, my wife took on a second job.  I have been looking for supplemental work/employment, but nothing has come along yet.  The challenges during this transition have been the stresses of my wife working two jobs, bless her heart and soul. In addition to this transition period, I founded and allied with a group of Certified Fraud Examiners in my area and I have been speaking to various business groups in the area on the subject of fraud prevention.

DD: What are your tips for employees who want to be entrepreneurs but are hung up on something?

JM: 1) Stay the course.  Don’t give up easily.  If you really want to start your own business, hold on tight and persevere.
2) Market, market, market.  Get your face and business out in the public spotlight constantly.  Check into public speaking.  Join business groups.
3) Set up goals and timelines to meet.
4) Be aggressive.
5) Be motivated.

DD: How are you now? Are you still in the same business, and how do you feel?

JM: Yes, and I am still excited and motivated.  After 6 months of having my own practice, it’s still stressful, however I recently landed my 5^th client/case, and I am aggressively looking to educate the public in fraud prevention by speaking at local business groups.  I would consider my practice as still in the startup stage, but it is slowly growing.  I am also pursuing some potential work as a bank investigator, as a supplemental income and to relieve my wife from one of her jobs.

DD: Thank you so much Jeffrey for sharing your entrepreneurial journey with us! I wish you all the best in the future with your practice Mallan & Associates.

JM: Thank you, Devesh, for having an interest in my story and for supporting entrepreneurs like me who have the skills and passion needed to make a difference in other peoples lives. Remember people: be motivated! It will all fall into place with some passion and motivation.

DD: Jeffrey Mallan everyone, up and coming entrepreneur who opened his own practice – Mallan & Associates as a forensic accountant and internal control consultant. I wish him the best of luck. Thank you Jeffrey for being an inspiration to us all; and we thank your son for wishing upon a star! Sometimes dreams really do come true.

Success to all!!