CPA designation helps the wheels go round for bike company exec
It takes John Williams, CPA, CA, about 90 minutes to cycle the 35km from home to work at Norco in Port Coquitlam. The commute is riddled with deterrents like navigating side streets, steep hills and the neverending stop and go of red lights. While cycling has many unexpected obstacles, the best cyclists use tools like maps to plan a direct route to their destination, much like Williams uses the skills he learned during the CPA program to navigate the business of cycling.
Williams is the president and CEO of Live to Play Sports Group, which makes one of Canada’s most recognizable brands of recreational bikes, Norco.
Beginning his career at EY (formerly Ernst & Young), Williams quickly moved from auditing to corporate finance where he found his niche.
“I think what I liked about corporate finance the most is that you’re forward thinking and you’re making decisions that impact the future of the business, rather than looking at the past,” said Williams. “Reporting what has happened is important, but the true value of a CPA is using those figures to move forward, not backward.”
During Williams’ 19-year career at Live to Play Sports Group, he’s seen the company grow in size and develop as a distributor of nearly 100 different bike brands across Canada. He’s also seen it expand to international markets, move from an owner-managed company to a professionally managed company and migrate to the next generation of shareholders.
With every shift within the company, Williams’ responsibilities increased and he took the helm as CEO in 2008. In 2012, he spearheaded the rebranding of the company as a distributor – Live to Play Sports Group – with Norco its house product. He also pushed for the expansion into international markets in Europe, Australia, New Zealand, Asia and the U.S.
“For many years our primary market was Canada, but we realized the Canadian market is not big enough to support a domestic brand because of all the international competition,” said Williams. “When you go into a foreign market, you have to understand how the financial system works – from foreign currency exchange and transfer prices, to understanding credit. That’s when I need to fall back on the training I received during the CPA program.”
Williams travels a few times a year to international bicycle shows in places like Germany, Taiwan, Las Vegas and China. There he has an opportunity to meet with partners, buyers and suppliers. A good impression is imperative and Williams has found that the CPA designation, with its focus on data analytics, sound financial reporting and leadership, gives him the confidence to make the case for Norco products in new markets.
“It also gives you more credibility when you’re talking to these foreign partners when they realize you have a strong business and financial strategy,” says Williams. “What the CPA designation teaches you is to conduct proper due diligence and align the financial strategy of the organization with business strategy, which is important during expansion.”
The cycling world, and the business world, has changed significantly since Williams began his career, largely due to technology, but the skills he learned through the CPA designation remain invaluable.
“I think CPA is a great designation as a gateway in any organization,” says Williams. “You may start off in finance within an organization, but once you’re in, you can transfer to other areas. Wherever you go, CPAs are seen as the financial and strategy experts of the organization.”
Williams may be a financial expert, but he categorizes himself as more of a leisure cyclist. And despite gaining some clout after losing a couple of teeth, Williams is happy to leave the hardcore cycling to the product developers – freeing them to do what they do best – making great bikes.
Instead, Williams leverages the skills and knowledge he’s acquired as a CPA to help him do what he does best – mould Live to Play Sports Group into a successful, internationally recognized brand.