(taken from the Sept/Oct 2006 issue of On Balance magazine)

Schmidt Bids

Farewell to WICPA

By Amy E. Gaeth, Managing Editor

If you know LeRoy C. Schmidt, CPA you will agree that his passion for the profession burns like oil. Attend a WICPA conference and you’re sure to be greeted by his warm smile and confident handshake. Travel to a college campus and witness his enthusiasm as he talks proudly about careers in accounting. Attend a political fund-raiser and see him advocate on behalf of the profession. Witness his compassion as he volunteers to serve his community.

Schmidt, who retires in October, has been vital to the success of the WICPA. He has been actively involved in the legislative process to ensure that issues important to CPAs and their clients are heard. He has passionately promoted the CPA profession, served on AICPA committees, mentored students and groomed future leaders. Now, after 16 years as executive director of the WICPA, Schmidt and his colleagues reflect on his career and professional milestones.

"LeRoy is a skillful consensus builder and has been instrumental in effecting change in the accounting profession. His legacy will serve the public interest for generations to come," said Frank R. Probst, CPA, Ph.D., retired accounting professor at Marquette University and former chairman of Wisconsin’s Accounting Examining Board.

Humble beginnings

Schmidt attributes his success to hard work, determination and family influence. He followed in his sister’s footsteps, leaving the family farm near Riverside, Iowa, in 1959 to attend college. After graduating from the University of Iowa in 1963 with an accounting degree, Schmidt pursued a career at Touche Ross (now Deloitte and Touche) in Milwaukee, met and married his wife, Judy, and had three daughters.

He held various roles at Touche during his 27-year tenure, including serving on the audit staff, recruiting, training and scheduling the audit staff, and serving as director of firm administration.

While at Touche, Schmidt got involved in the legislative process as a member and chairperson of the WICPA Legislative Committee. He also was a member of the Accounting Careers Committee and the Public Instruction Committee.

As he got more involved in the WICPA, Schmidt learned about a career opportunity in 1989 that would change his future and the future of Wisconsin CPAs. Joe Sperstad, longtime executive director of the WICPA, was approaching retirement. Bud Holtze, CPA, then president of the WICPA, encouraged Schmidt to apply for the job.

"LeRoy was the right person at the right time to assume the WICPA executive director position," said Holtze.

Schmidt’s role as executive director has been multifaceted. His primary responsibility is to serve as a resource. "My job has been to try to connect people, whether it’s members, students, parents, business people or legislators," he said.

"I’ve felt comfortable dealing with any issue that came my way. I didn’t necessarily know about every issue impacting the profession, but I knew a lot of people who did," Schmidt added.

Schmidt has created a resource go-to list of members who hold high-profile positions in the profession and in their communities. The list is a reference tool for nominating future leaders. "We don’t want to get to the point where we need to identify a president-elect in two months and we need to find that person," he explained.

Humble and somewhat reserved, Schmidt admits that he hasn’t concentrated on his own goals over the years. He has strived to build the best professional organization for Wisconsin CPAs: "I didn’t want to be the president of the United States or the partner in charge of Touche Ross. The important thing is the profession and the people who work in it."

Former President Karin M. Gale, CPA attributes meeting WICPA’s goals to the executive director.

"I have spent numerous hours learning from LeRoy. I have the utmost respect for him and what he has brought to our organization. His ability to surround himself with exceptional individuals is unparalleled," said Gale, who is shareholder at Schenck Business Solutions in Milwaukee.

Schmidt, in turn, credits many others with WICPA’s milestones. "I think we’ve done a wonderful job at the WICPA of identifying realistic goals that we can accomplish and not trying to achieve something that we can’t, so we don’t waste any resources. I’ve told each president there’s going to be hot-button issues. There will be things that you’ll move up the ladder and other things that we need to set aside."

One aspect of Schmidt’s job that may not be readily apparent to WICPA members is running the day-to-day operations of the organization and managing resources and staff. "I have always admired LeRoy’s passion and innovative ideas," said James F. Marshall, president of Christensen Investments, which handles the WICPA staff 401(k) plan. "Our organization realizes the power of partnering with the WICPA."

360 degrees

of change

Schmidt has witnessed monumental change in business. The world was less complicated in the ’60s. Now there’s business news available 24/7. There’s strong interest in the stock market and business is extremely competitive.

The image of the CPA profession has also changed, Schmidt said: "In the past when CPAs spoke they weren’t questioned. CPAs today are unable to assist their clients with all services because their independence is questioned." Business ethics are now a standard part of the curriculum at colleges and universities.

CPAs have to get the word out individually that they have a role to play in investor confidence.

"One of the greatest opportunities that CPAs have is to serve the public. We’re doing the right things; we just need to tell the world more about what CPAs are doing," Schmidt said.

There has also been a shift in how CPAs perform their jobs. "In the early days we were looking back. Now in many cases the past doesn’t mean a lot and we project to the future," he noted.

CPAs are now able to advertise their services and promote the profession. "The 360 degrees of possibilities ad campaign is a great portrayal of the facts and future facts. It is a good tool to draw people to the profession," Schmidt said. "The changing demographics of those entering the profession also play a big part."

Growing pains

The WICPA has evolved along with the marketplace. One of the biggest challenges in an association is the diversity of its members, Schmidt said: "The only thing we have in common is that we’re all CPAs. But one area we focus on is: Are we working toward the benefit of all members?"

"We also ask ourselves, ‘When do you know when the association should be identified as having an opinion or making a statement?’ Rather, you should encourage members individually to get their voices heard so that learned decisions are made," Schmidt said.

Another challenge Schmidt faced was helping make the tough decision to eliminate the WICPA’s chapter structure. "I was condemned to hell many times," he said lightheartedly. "But then members did their homework and realized that it was going to benefit both the members and the organization."

Professional

advocate

Not only has Schmidt been responsible for monitoring the profession’s issues, he has shared his leadership skills on many AICPA committees, including the Academic and Career Development Committee, AICPA/State Society Leadership Conference Task Force, Peer Review Board, Women and Family Issues Committee, and John Carey Scholarship Committee. He also served as president and a member of the Board of Directors of CPA/SEA, the association for state society executives.

"I look back over the years that I’ve been involved on AICPA committees and say, ‘Hey, these were all important initiatives and I was able to make a difference,’" Schmidt said.

"I’ve enjoyed helping people and having the chance to be involved in this great profession. Also, Judy and I have made wonderful friends throughout the United States."

Schmidt has many fond memories of serving the WICPA. Among his accomplishments has been mentoring students and encouraging them to join the profession. "My greatest enjoyment has been running into people who I had spoken with on campus visits and having them remember me," Schmidt said. "Some of my greatest rewards have been mentoring neighbor kids, of having members say, ‘How did you convince my son to join the profession?’ I said, ‘I didn’t, do it. We did it.’"

Another group he has enjoyed is the "influencers," those CPAs who impact high school students, associations, or the Legislature.

"LeRoy has been a thoughtful leader and a diligent worker who always responded to my requests for action on legislative issues," said WICPA lobbyist Michael R. Vaughan. "He is a good friend whom I will miss when he retires."

Schmidt is grateful for the support of his family and friends. "I would like to thank my wife, Judy, for supporting my career with the WICPA and for her patience for the many days that I was on the road," Schmidt said. "I also thank you, the members, for what you’ve done for the profession. I encourage you to continue to share your passion for the profession."

Schmidt has many plans for his retirement. First, he will attend his grandchildren’s school concerts, sporting events and other activities. He and Judy are planning an international cruise down the rivers in the Netherlands, Germany and Austria. They are also planning a trip to Phoenix to watch the Brewers in spring training.

Despite his travel aspirations, Wisconsin will remain the Schmidts’ primary residence: "We just love Wisconsin. We’ve talked about taking a fall drive through the Kettle Moraine, but never did it. Now we will do spontaneous things. We will play more golf and spend more time with family and friends."

Schmidt enjoys gardening and playing bridge, and has a broad appreciation of the arts. He is also a sports enthusiast. He played on the softball team at Deloitte and Touche in his younger years, coached youth softball as his daughters were growing up, and is an avid fan of the Milwaukee Brewers and Milwaukee Bucks.

As he dreams of the future, Schmidt reflects on his past: "As a kid, I never dreamed of the kinds of things that I’ve done during my lifetime. I just think of the opportunities that have been presented to me, maybe opportunities that I seized upon without ever thinking it was a big deal."

Schmidt added: "There was a time not too long ago where Judy and I had dinner overlooking the Pacific Ocean at sunset. We had dinner in the Florida Keys watching the sun go down there. We had dinner in New York City where we could see the Statue of Liberty overlooking the Atlantic. All I can say is: ‘Wow, Mom wouldn’t have ever dreamt it.’"

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