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Cool Careers in Accounting Ep. 12 - Venture Capital Achievement as a CPA with Haemi Kim
281 Plays2 months ago
Haemi Kim is Director of Finance at Detroit Venture Partners and joins us to share her journey from public accounting to venture capital. Emphasizing the importance of fundamentals and her CPA background, she describes her career evolution and offers advice for new professionals who are working to pass the CPA Exam, balancing work and personal priorities, and interested in pivoting their careers. Learn about venture capital, startup ecosystems, and how accounting sets you up for success within the field.
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Transcript
Celebrating AAPI Achievements in Accounting
00:00:09
Speaker
Welcome to AAPI month. We're excited to celebrate the incredible achievements and contributions of the Asian community throughout history and their mark on our profession, the accounting profession.
00:00:22
Speaker
This podcast is a wonderful opportunity to explore and acknowledge the unique contributions of some Asian colleagues in the accounting world. And thank you for being a part of this very special episode and happy AAPI month.
Hamey Kim's Career Journey to Venture Capital
00:00:39
Speaker
Okay, here we are today with Becker's Cool Careers in Accounting. Today, we are with Hamey Kim. Hamey, can you help us understand in this great big accounting and finance world, what what it is that you do how do? How do you introduce yourself to either family or friends or other people in this profession who but you want to tell where it is you you play in this world?
00:01:00
Speaker
Sure. I'm Heimi, Director of Finance at Detroit Venture Partners. It's a venture capital firm based in Detroit, and we focus on investing in early stage companies.
00:01:11
Speaker
ah We started out as a traditional venture capital fund, which means we raise capital from outside investors. But um once the fund was fully deployed in 2017, We shifted to operating as a venture arm for Dan Gilbert, the founder of Rocket Mortgage and also owner of the Cleveland Cavaliers. Yes, go Cavs.
00:01:33
Speaker
Yes, go Cavs. usually tell my family and friends that i invest in cool ideas. um That's usually pretty straightforward. But because I transitioned from, i started out in public accounting firm.
00:01:49
Speaker
And so transitioning to VC finance was such a foreign idea, especially to my parents. And so I remember at some point, my relatives thought that I was a mortgage banker at Rocket just because of simply because of Deion's affiliation.
Challenges Transitioning to VC Finance
00:02:04
Speaker
Yeah. um how like like You mentioned going public accounting into this, and it was ah ah you know it it felt like a completely different world. how How in the world did you make your way over into this into this venture-backed finance world where you invest in cool ideas from ah a CPA firm? How did that happen?
00:02:20
Speaker
Yes, ah it's kind of a adventurous thing that happens. So started out a very traditional route, got my accounting degree, um went got my CPA and started working at Ernst & Young in Chicago and spent handful of years there um thinking that the so this was it. you know I'm on the partner track and you know i I thought that that was kind of in my career.
00:02:46
Speaker
And when my husband's job moved us back to Michigan, i decided that I wanted a pivot in my career. So I joined Rock Ventures. um It's essentially a holding company for Dan Gilbert.
00:03:00
Speaker
um So, you know, think of it as like an umbrella organization that oversees, you know, 100 different portfolio companies and businesses. and So this opportunity was great for me because it exposed me to all these cool companies that I didn't even know that existed.
Thriving at Detroit Venture Partners
00:03:20
Speaker
And it just gave me an opportunity to learn about them. um And then fast forward to day five of that job, I got asked to help out with DVP because there were
00:03:33
Speaker
launching an e-sports organization. And by no means that I am an expert in e-sports. um I mean, I did play some video games. I played StarCraft as ah as a little kid. And apparently that was enough credentials for me to come on and help out with this assignment.
00:03:50
Speaker
Okay, you you've played a video game once. Cool. We'll bring you over here. Yeah, yeah exactly. Exactly. um Didn't know anything about, you know, Call of Duty, League of Legends, but here I am just getting kind of put on this project and say, good luck.
00:04:04
Speaker
And I have to say my nothing that I learned in school could have helped me what I ended up working on. I didn't know what I was going to work on at all. So I will show up and be like, hey, we need to... um have you called this immigration lawyer because we're trying to bring in a player from Korea and i need you to help with them to work on a visa application.
00:04:25
Speaker
Okay. I didn't know anything about this, but sure. i will work on that. Or the next day I'll be like, all right, well we got, you know, 18 something year old gamers that needs benefits package.
00:04:37
Speaker
And I'm in charge of putting together a package that made sure that we were ensuring their wrist injuries and eye strain and And so forth, whichever, you know, whatever they need, I will put together an insurance policy and I'll be like, sure, i I guess I will find out how to do that. But here I am, you know, working on that job. So every day it was a hustle. i I loved it. It was very fast paced, dynamic. um And i that's when I realized that that's exactly what I wanted to do. That that's what I was looking for in my career. the
00:05:13
Speaker
you know, the inconsistency and what I was required to do at my job and, you know challenging in so many different ways. And that's when I was like, you know what this, I want to make the, make the change. And that's when I left rock ventures and joined DVP.
00:05:30
Speaker
And i've been, I couldn't be happier. Honestly, I've been with DDP since 2018 and I love every day.
Overcoming Imposter Syndrome
00:05:39
Speaker
um i mean, now I got to ask what I'm hoping everybody in the audience is asking, right? Which is what in the world is ah the value of a good esports player's wrist?
00:05:51
Speaker
What is that worth? yeah More than you think. Yeah. And they also make a lot more than you do. but Unbelievable. All right. So how, so ah how in this world, do you know that you're obviously you've been there for, for a number of years, right? How in this world do you know that you're doing a good job, right? Like when you walk in and it's not like it's, you know, Hey, today you're going to do this to tomorrow. You're going to do this. How is it possible at the end of the year that you say, i had a good year this year. didn't okay this year, a year this How do you, how do you judge performance in a role like this?
00:06:24
Speaker
I actually struggled with that a lot. i you know Going from accounting to finance and VC finance, no less, I didn't know what cap table was. I didn't know you know if I was doing a good job. And you almost get a sense of imposter syndrome because you're like,
00:06:44
Speaker
am I just faking it till I make it kind of thing? um But I do remember one moment that kind of gave me a little bit of validation, um more of a reassurance that I was doing my job.
00:06:55
Speaker
So we were making an investment in this company and um you know we got the files and it was deemed final. It was signed off by the lead investors that were involved. It was signed off by the lawyers so who you know ah went through multiple layers of review and everything looked fine and signed off. So it was more of a, you know, here are the files. I, you know, you're, you're not going to find anything, but here it is.
00:07:19
Speaker
um And I ended up finding a really significant or click critical error that at the time didn't seem like a lot, but it was shortchanging one of our affiliated investors out of some shares.
00:07:35
Speaker
And so at the time i was like, oh great. Like I am actually doing my job and it felt like a small contribution, but it did give me some confidence boosts. And I, you know, what's what was the miss missing shares were probably few thousand dollars at the time, so no big deal.
00:07:53
Speaker
And as the companies grow, which, you know, we hope to see that in the startup world, and now those missing shares are worth half a million dollars. So it kind of goes without saying that I was like looking back at him like, you know what, that actually was something that I did right. And I'm hoping to continue to do the right thing here. But yeah, I would say that was one moment that I was like, you know what, I think I'm doing my job okay.
00:08:21
Speaker
I'd say so. I would want to be on the other side of that. I would be very happy that you were you were looking at that piece of paper. um what What's something that you're looking forward to at work in, say, the next three, six,
Detroit's Startup Ecosystem and Impact
00:08:32
Speaker
12 months? Are there any big projects? Are there any potential investments that look particularly interesting? Maybe there's an exit. What's exciting over the next three to six, 12 months?
00:08:41
Speaker
And maybe it's just the fact that you have no idea because this is such a dynamic world. But what yeah what are you looking forward to? Yeah, I mean, there's a lot happening at DVP, so I can't pinpoint to one specific project that excites me. But in general, overall, I am so excited to be part of the Detroit startup ecosystem and the city's transformation.
00:09:04
Speaker
I mean, just to name a few things that happened within the last couple of years, you know, with the city hosting the NFL draft or hosting Forbes 30 under 30 summit or reopening a Michigan central mid station, you know, one of the historical landmarks. I just feel like it's just the beginning of the progress. And I just am so excited to be being part of that journey. And I feel like we can truly make make impact in the ecosystem.
Work-Life Balance in VC vs. Accounting
00:09:33
Speaker
um Awesome. And can you speak a little bit now to to how this all impacts life, right? um So can you speak a little bit to kind of work-life balance over public accounting and then into this world where it's, you know, you don't necessarily even know what you're going to get tasked to do today.
00:09:49
Speaker
how How is that kind of balance with life and and professional all things professional, which sounds like this job lights you up, with all things personal? And like, how have you been able to balance the two and how has that how has that trended over time? I guess,
00:10:01
Speaker
At its core, like are you enjoying what you're doing and able to live the life that you want? And how is that how is that kind of trended over the course of your career? Yeah. um Pretty easy because UI, honestly, i i love my time spent at public accounting firm. i you know i was young, ambitious. I wanted to get as many hours in a day. you know I wanted to make sure my utilization stayed close to 100%. It was almost like I remember bragging to my friends, be like, oh, how many hours did you get in? you know Chargeable hours did you get in this year or this week?
00:10:34
Speaker
um I'll be like, well, I got 100, you know, and then that was almost like a badge of honor, like during busy season, of course. um But eventually it catches up to with You you know, he I and just at one point, I just looked at all the senior partners in the firm and I just didn't see myself in them.
00:10:53
Speaker
And You know, i i as much as I value the knowledge I gained, the strong work ethic that I i can lean on that laid a solid foundation for my career, um i didn't think that it was a right fit for me. There was a moment that I just kind of looked back and said,
00:11:11
Speaker
I don't know if I necessarily see myself having a good work-life balance with the grueling hours that you have to put in during a busy season and tight deadlines. And it just it just wasn't for me. and i know i'm I'm sorry, real quick. I'd love to hear more about this because you went from i badge of honor, 100-hour billable weeks to now you're describing a different feeling, which is more along the lines of this this is this is too grueling. This is not what I want. Can you just help us understand that transition? Is that you know first year to fifth year of slowly over time? like Because that's a very big 180 shift of kind of how you approached work. Can just help us understand how you made that shift?
00:11:51
Speaker
yeah i Yeah, like you said, I was young. i First two years, I would say, i loved it. i thrived the the hours, you know getting emails on the weekend. I'm like, yes, I will make myself available.
00:12:04
Speaker
I thought that that was me showing up and you know showing going above and beyond that I was going to get promoted and and you know keep making my way to the partner track.
00:12:15
Speaker
Then i realized that if I don't prioritize my well-being and my health, ah it wasn't going to be good for me and I wasn't going to produce the best work possible.
00:12:28
Speaker
um And i think it just took me a little bit of time to realize that. it you know After five years at Ernst & Young, I got to a point where i was burnt out, I was exhausted, felt felt like things I did was a little repetitive, you know, by nature a little bit routine. I know that some people thrive in that environment and that aspect of it that they like. But for me, I wanted
Adapting from Accounting to VC
00:12:57
Speaker
something different. I, every day I want to show up and not exactly know what's going to be like, you know, but something challenging, fast paced that, you know, I,
00:13:07
Speaker
I guess i I knew that that's kind of what was missing in my public accounting career that kind of set me to finally realize, okay, I think I'm going to make the pivot.
00:13:20
Speaker
Yeah. yeah and And how does that how does that impact how you approach kind of professional and personal life today? I'd love to just hear just because this evolution is so interesting. Hundred hours. I'm going fall in to like, whoa, that was too much. I can't sustain this.
00:13:33
Speaker
I don't want to sustain this. So how how do you kind of approach that today? Like what is what is that balance between living the life you want and being the professional you want look like for you today? How do you how do you manage that?
00:13:44
Speaker
So I think I'm really lucky to have a job that I have the flexibility of creating the work-life balance. So my you know my team, i think there's like a mutual respect that we have for each other where I know that the deadlines are going to be met. You're going to be responsible to get your tasks done.
00:14:02
Speaker
And so I don't feel like I have to be glued to my desk nine to five. And don't have to feel awful about, you know, having a doctor's appointment in the middle of the day, because that was the only time that I was able to get my appointments in. and um And, you know, to have that, have the flexibility gave me a sense of, you know, controlling how my day is going to look.
00:14:24
Speaker
And, you know, there are ten times that, yeah, like I will, maybe I have to leave a little bit early for whatever reason, And then if something still needs to be done by a certain period of time, I will log back on and work on the project. But, you know, it's not necessarily a micromanagement that, you know, is enforced on you.
00:14:42
Speaker
And I certainly had my own different types of leadership and management styles, you know, throughout my career where, you know, I remember as a staff at Ernst & Young, i it's nothing bad. I think it was just his style of leadership where,
00:14:58
Speaker
he will email me, say, hey call me. But then he will also call me 30 seconds after he sends me an email. And then if I miss that, 30 seconds later, he shows up at my desk.
00:15:10
Speaker
And that was his style. No matter what, it was the same people. Everyone had the same experience with him. And that was just... his management style. But for me, i i felt like, you know, by then you're you're an adult, you know, you you know, you have this sense of responsibility. And i just didn't think that it was necessary.
00:15:30
Speaker
And my current job has has that, has the flexibility, have the freedom of, you know, choosing what your day will look like. Yeah, and I will highlight, like, that is one thing, you know, coming from consulting where you're also, I'm bouncing between different projects, different bosses, et cetera, public accounting is relatively similar. One side benefit of that is you get to see all these different types of management styles. So you get to kind of steal a little bit from, oh i want I want to use some of that, but I don't want to use that.
00:15:58
Speaker
And I definitely don't want to use some of that, but I want to use this little thing that that person's, like, you get to kind of, like, You get to kind of look at all these different styles and kind of mold how you would ideally like to be managed and how you want to manage others.
00:16:10
Speaker
Whereas you in some professions, you might have the same boss for five years and you don't have that. You just know one thing. But in that world, you have such a variance, you can kind of steal from from what works best for you and apply it to others.
00:16:21
Speaker
um On that note of, you know, that maybe wasn't the style that that worked for you. um But what what are there? Are there any things that you do in your career or things that you consistently do that just work really well for you? And maybe you're surprised other people don't do those things. Or maybe you've told them and they ask you, hey, hey, me how do I do this? you're like, do this. And they don't do it. So what are what are some things in your career that just seem to work really well for you to get where you are here that you're surprised other people don't do more often?
Organizational Skills and Productivity
00:16:48
Speaker
Yeah, very simple. I'm big on staying organized. For me, i like to start a day with a list of to-dos and outlining what I want to achieve that day. um ah it might be a mixture of you know type A personality and the time I spent at a public accounting firm where you have to jot down every single hours that you spent on, you know you have to be able to charge the hours.
00:17:13
Speaker
um So I think it's partially of that, that you know I want to make sure I stay on top of things, you know i have a list and being able to just actually check check it off and you know make sure nothing slips through the cracks.
00:17:26
Speaker
Um, but I know it doesn't necessarily work for everyone. I tried to enforce this on my husband, but it, it's just, it's not his style and it's just, it's not for everyone. I realize.
00:17:38
Speaker
Yep. Um, and ah also looking back, especially with this, you know, you mentioned multiple times, all these cool businesses that you get to see, um,
Witnessing Startup Success
00:17:48
Speaker
what, what is, uh,
00:17:50
Speaker
What is say a ah wildest, craziest, weirdest story in business that you've experienced that you're able to share? and Maybe you can't share names or dollar amounts or things, but what's something that you look back on in your career and you say like, I can't believe that actually happened, or I can't believe that person said that, or any wild, crazy stories you look back on, um maybe D.Y., maybe in this venture world um that you still kind of can't believe happened that you're able to share?
00:18:14
Speaker
Yeah. Yeah. Oh man, ah I would say this also kind of overlaps with maybe like the proud moments that I have, you know, being in this in this venture world.
00:18:27
Speaker
um It's just so rewarding to see some companies that I remember from the beginning where they're like, hey, I have this awesome idea.
00:18:38
Speaker
I want to pitch to you and I get to be part of it. you know just I remember sitting in the initial pitch meeting and you know wanting our feedback and say, like what do you think? And they try to mold certain ideas to um ah ah business. And now that is worth $100 million. dollars And just seeing that going from point A to B is just so inspiring. and it just, I think it's the coolest thing part of my job, you know, um just seeing a mere, you know, idea that they have and they somehow scale and grow to something that is just wildly, you know, just, I mean, to have a team of two that started maybe five years ago. And then now they have a team of, you know, 40, 50 people.
00:19:27
Speaker
And it's great for the Detroit e ecosystem too, because now you're retaining the talent in the city you know, bringing people in. And i just think that that is like the most rewarding part of the job. And i know it's not the craziest story, but just seeing that to witness that from the front front row seat is just amazing.
00:19:47
Speaker
Yeah, yeah. And and you mentioned their kind of proudest moments, I guess, is that if if we were to ask, like, what's ah what's a proudest moment or something you've've you or your team have done in your career that you look back on and it kind of still makes you smile because you're like, i can't believe I can't believe we did that.
00:20:01
Speaker
Yeah, it's like a good reminder that of you makes an impact on everyone. Yeah, yeah. um And I guess I suppose that example you gave sounds like that's your your kind of proudest moment of, I mean, literally seeing a group of two people pitch an idea that your team maybe gives feedback, investment dollars, et cetera, and all of a sudden, you know, flash forward a few years, and that's a 50-person team that's making an impact, and there's all these new jobs that would never have existed. And it's like you have this blank piece of paper, and now there's this there's this thing that exists where there was nothing before.
00:20:34
Speaker
um It sounds like that, seeing seeing that example sounds like that's maybe a proudest moment that you've seen in your career. um And I guess some something that you get to see relatively consistently with investing in all these very early on new companies. Is that is that fair?
00:20:48
Speaker
Yeah, that's absolutely right. That's awesome.
Challenges with U.S. Visa System
00:20:51
Speaker
um And on on maybe another note of maybe not proudest moments, but like, you know, tough times. um Are there any tough times you look back on in your career or fork in the road moments?
00:21:01
Speaker
um You know, maybe there's a mistake that you made or, um you know, Should I go this way or should I go that way? I'm not really sure. any Any things you look back on in your career where they were either tough times or maybe big fork in the road decisions and you weren't sure which way to go, but you went this way and you're glad you did.
00:21:17
Speaker
um anything Anything strike you and how did you go about kind of either it was a mistake coming back or a big fork in the road? Like, how did you think about what you're going to go do? Sure. i This story might not necessarily mean that ah I had a choice in the decision that I made, but certainly is the biggest obstacle that I had to ah overcome in my career. So um I started as, and so I had an international student visa in college and In order for you to be able to legally work in the United States, you have to get a sponsorship from a company. And um only in accounting majors, at least, only four of the big four firms will sponsor you.
00:21:59
Speaker
And so, you know, I have gotten, you know, job offers from different accounting firms, but, you know, eventually it came down to one of the fours. And so I, you know, i ended up working ah at EY and I was very fortunate enough that they agreed to sponsor me you know,
00:22:16
Speaker
you know, get H-1B visa. um And then I think I was so naive to think that that was it. That's all it was needed. and ae then I realized that after one year of working full time, you the company will apply for the visa application um on your behalf. And so, you know, that was submit the application in April and by May or June, you will find out if you got selected.
00:22:43
Speaker
And when I say selected, it's a completely lottery system where, you know, there will be a finite number of visas that you can give out that the government can issue per year. And there's always way more applicants than um that there are the number of visas to give out. yeah So, you know, I remember it was think it was like 35 percent chance that i was going to get randomly selected. And if and and what what were the i say what were the ramifications if you didn't? what would happen?
00:23:13
Speaker
So what would happen is, it's so sad because i there were two applicants in my department. So it was me and this other girl. um And she i was fortunate enough that it worked out for me and I got chosen, but um for her, she didn't. So by July, you'll find out and your employment immediately gets terminated.
00:23:37
Speaker
And you have to either go back to school and try to apply the following year or you have to leave the country. um So for her, she ended up, but you know, leaving the country.
00:23:49
Speaker
um So it it was just something that i had no idea. i remember just losing sleep thinking about what would. you know, happen if I didn't. um But yeah, that's just kind of something that i I just keep remembering. And, you know, kind of a reminder for myself that I should cherish the this opportunity that was given to me. And, you know, just, just be reminded that you having a job, you know, being able to legally work here is a, it's a very fortunate thing for me.
00:24:24
Speaker
Wow. And so this was one year into your career when this kind of like oh coin flip for better or worse situation. Worse than coin toss. Yeah. Worse than a coin toss at a 35% chance.
00:24:37
Speaker
um Yeah. Like you mentioned some sleepless nights, like what was, I mean, if you don't mind, a a lot was what's going through your mind at that point, right? Like, like what Like, there's all this if then, like, well, what if i what if I'm in? what What do I do? Like, do i have to do i have to stay at this company for one year, two years, five years? What does that mean? Right? Like, did you even have clarity around what, like, all that if then logic was? And then, like, like what was going through your mind at that time? Right.
00:25:07
Speaker
completely blank. yeah but I kept coming up with plan B, plan C, plan D options. you know I was like, okay, well, if I don't get chosen, which you know there was a high chance that I wasn't going to.
00:25:20
Speaker
And i i remember thinking, you know talking to my relatives in Korea and say, all right, they're just letting you know there is a chance that I might have to move in with you all for the time being. And you know I got my education in the United States. So for me to move back to Korea and almost have a sense of starting all over, was just really tough to digest. um I truly don't know. I think at that point I was like, you know what, we'll find out in a month and we'll we'll take it from there. We'll find we'll figure something out. But at at the moment i I was ready to you know prepare myself to have an option to just go back to Korea and try to find a job there. Yeah. Yeah.
00:26:02
Speaker
My gosh. and Well, for for those of you who might be thinking, gosh, this accounting thing maybe isn't for me. Maybe I want a new job. At least you don't have to face, if I don't win this lottery system, then I have to leave to a whole nother country, right? That's a whole nother level of stress put on top of your day-to-day you know working in public accounting, which is already you know quite enough stress as it is. Unbelievable.
00:26:25
Speaker
Yeah. yeah Well, thank you for sharing that. Like, I've not heard that story before. um And obviously, glad it worked out for you, as I'm sure DVP is very glad that it worked out for you. yes i Absolutely.
00:26:37
Speaker
um If you don't mind my asking, is that still something that you have to face? Or is that now, ah you know you know, married in the United States, work for long enough? Is that something that that just kind of behind you? Or how how does actually how does that work? Because I genuinely don't know.
00:26:50
Speaker
ah Yeah, i for me, I i ended up, was so um how it works is once you get your work visa, so um every three years, you have to go back to Korea, get the validation stamp, and come back and renew for another three years. And you keep doing it until you- either you know decide to get green card, permanent residency, or um and then once you do that, then you can also get citizenship afterwards.
00:27:16
Speaker
So the company will, um ah once again, this was you know a few years back, so I don't know if things have changed since then, but Ernst & Young will um apply for your green card once you make it to the manager level.
00:27:32
Speaker
um So, you know, at least five years with the firm and then they will apply on your behalf. And after that, the process can take anywhere from five to 10 years um from my understanding. So that will be another. So you're pretty much with the firm for, you know, hopefully, hopefully a ah partner at the firm by the time you get your green card.
00:27:53
Speaker
Yeah, yeah. yet enough For me, um I, you know, I married my college sweetheart. And, you know, I didn't necessarily have to once I got my work visa, and then we got married, you know, a few years after. So for me, I got my green card that way. But, you know, um I was certainly I wouldn't have been able to make the, you know, a career change if it wasn't for the fact that I had that option.
00:28:19
Speaker
i But, you know, certainly i don't, I know a lot of people of my friends um who are, you know, with the public accounting firm for that reason. Yeah. Yeah. um And, uh,
00:28:31
Speaker
I don't know if this is correct or not, but I could see how navigating that experience of uncertainty and if this, then that, but then if this, then that, and there's all these different decision tree change, change, change, I could see how that all a sudden helps impact. Hey, we're bringing over this e-sports player and we don't really know exactly what the process is. And we are not sure how to ins ensure risks. Yeah.
00:28:56
Speaker
But Jaime, you have figured out stuff with incredible lack of clarity that you're thrown into. So I would imagine that that background, i would i would assume, and correct me if I'm wrong, helps tremendously in this venture-backed world where there isn't just a clear follow this procedure, follow this process, do this. It's more like, here's I think what we're trying to do. i don't go Go help us figure it out. I would imagine navigating that help tremendously in what you're doing right now.
00:29:21
Speaker
Yeah, exactly. You can't be... you can't be to focus on this way or no other way, you have to just think about what if this doesn't work, then, you know, let's think about plan B and, you know, like find ways that would make it work. And I think that part ah was a very critical part of me that I, that kind of, you know, um attracted me to a venture capital world, um you know, working, like you said, launching an esports organization where i there was no answer, there wasn't, someone that I can go to be like, hey, what can I what can i do here? you know yeah you know Everyone's trying to figure out themselves. So you know I love that aspect. i you know Not having the answer, but for me to come up with an answer.
00:30:07
Speaker
um But yeah, you're right. It's probably somewhat stems from you know me having the experience of, all right, if this doesn't work out and completely out of my control, then I need to figure out a way to you know, either stay or, you know, make it work in Korea, whatever it is.
00:30:24
Speaker
Yeah. And um I asked this question just because on this note, right, ah accounting by nature is is not exactly known for being, hey, there's a big blank white piece of paper. How how how should we do it? Right. There's a process. There's a we follow this logic.
00:30:38
Speaker
And so one thing, again, just just with that example in mind and maybe others, I would love
Leveraging Accounting Experience in VC
00:30:42
Speaker
to understand how how how have you found that transition from the accounting world of a little bit more process, you know, you know what you're going to show up and do every day, you know how this audit is going to work. You can look at last year's work papers, right?
00:30:54
Speaker
How have you transitioned from that, ah you know that kind of skill set and mindset to this world where that's not that's not how what you do right now works at all. So like how how have you made that transition? what has What has helped you be successful in a world that is just much less structured?
00:31:09
Speaker
Yeah, i I don't know if there was a certain moment where I'm like, you know, this is exactly what helped me too adapt. um Though... ah Yeah, i I think deep down, I just knew that the routine work, the repetitive work just, you know, wasn't challenging me enough. And i was always looking for new ways to change things up.
00:31:34
Speaker
And so, you know, maybe was just ah my ambition to, you know, look for something new, something different, you know, something to be, you know, to like kind of...
00:31:45
Speaker
really just like dive myself in and try to figure out the answers. um Maybe that kind of helped to with the critical thinking. But honestly, I also think that the years I spent at Ernst & Young also helped too. um It might not seem at the time, you know, putting all the hours in, it just probably felt like what felt like, you know, same thing over and over again. But, you know, you work with so many different teams, right? You get assigned to a different projects.
00:32:10
Speaker
You know, once one project is over, you work on another project, or sometimes you're juggling multiple um assignments that I think it just kind of prepares you for for you to just adapt, you know, like anything that happens with this team. And, you know, it might be something personal where, you know, like maybe you're not getting along with, like I said, like some of the management styles that I didn't like, you know, how do you adapt to that? How do you adapt to certain coworkers that wasn't pulling their weight? And, you know, how do you confront them about it? And, you know, certain work that I just
00:32:43
Speaker
Maybe like I got assigned to and and an engagement that, you know, in the industry that I have no idea what they do, what what they are, you know, you try to figure it out and educate yourself and try to make yourself as knowledgeable as possible before you start the engagement. I think that helped me navigate through certain, you know, it just increased my adaptability.
00:33:08
Speaker
Yeah, what i when what I heard there is incredible because what ah you know people might stereotype as, again, maybe sometimes the workload can be a little repetitive, et cetera. was like, there's actually plenty of change.
00:33:18
Speaker
There's new people you're working on new clients, new regulators. There's plenty of change where you have to learn how to adapt. that you can go apply that skill set into whatever it is that you want to go do next. A couple more rapid fire, more quick hittery type questions here as we wrap up.
00:33:32
Speaker
How did you approach your CPA exam? Did you do it kind of ah before working full time, while working full time? How did you approach it? And then how how would you recommend people who are you know maybe looking at that CPA cliff coming up, how would you recommend they approach it based on the learnings that you had from how you did?
Advice on CPA Exams and Networking
00:33:49
Speaker
Yep. I'm guessing a lot of people probably get the same answer for this, but definitely we finish your CPA exams before you start working full time because last thing you want to do is study after long hours of work.
00:34:02
Speaker
I finished three of four um before I started working Anderson Young and I... Even though it was just one exam to go, i hated it. i you know, just work until 10pm going home and, you know, trying to fit in couple more hours in that's the last thing you want to do And sometimes, you know, I was moving from, well, I was in Chicago, new city, I wanted to explore as much as I can. And, you know, my friends would be like, Hey, you want to come out to bars? And I'm like, sorry, i have to study. And, you know, unless you're, you're trying to be a CPA, you're, you're not going to understand it. Like, what do you mean? You're still studying. You're out of college.
00:34:40
Speaker
And so it was really hard to get adjustment adjusted to So highly, highly recommend finish it as soon as you can. And also believe that there are still is that, 18 month, um,
00:34:55
Speaker
expiration period where, you know, if you don't finish all four, then you start, you know, losing some of the ones that you pass. So you just don't want to be in that situation where you're worried about it.
00:35:06
Speaker
Yep. Awesome. and ah going back to, again, relatively similar time period in life, call it your, you know last year of college, maybe first year in the working world, knowing what you know now, what's the maybe number one piece of advice you'd go back and give yourself at that time or give to folks who are in that situation right now?
00:35:25
Speaker
I would say i emphasize this way more now than before. and Now that I am determined to partners where building relationships and knowing people in this world is very crucial and can make a huge difference in your career.
00:35:41
Speaker
So i I tell people, work on that, you know strengthen your network, you know, it's building the relationship, making the connections, you know, definitely work on that. Because I, especially Ernst & Young, I thought, heads down, getting my work done, you know, putting all the hours in, I thought that will get me far in my career, but I realized it's about the people you know too.
00:36:04
Speaker
um And what's that phrase, you know, you don't want to be the smartest person in the room, but you just want to know who is. um So just thinking in that phrase where you don't, you know, you can always tap into so many different resources and knowledge and insights.
00:36:21
Speaker
by knowing people in different industries. you know like I might not be super familiar with Intratech, for example, but I know who to go to or you know like I know an immigration lawyer to talk to you about certain aspects of you know questions that I have. and and um Just knowing people, i think, helped a lot in my career.
00:36:43
Speaker
And so I would emphasize on, you know, attending happy hours or attending some social events and get yourself out there. And I would say a accounting and finance growth is smaller than you think.
00:36:56
Speaker
And so, you know, you just never know when you're going to a cross paths. um Yep. Awesome. um and ah how, if at all, are you using AI in your work?
00:37:08
Speaker
everyone's Everyone's talking about it. Yeah. All these different programs out there. um But I mean, again, I ask a lot of people this just because I'm also curious, like, are you using it beyond just using it for basically a search engine and a little bit of a Google replacement? So I'm curious always curious, like how, if at all, are you are you or your team using AI in your work today?
AI in Due Diligence and Internships at DVP
00:37:26
Speaker
Yes, um we like to leverage AI to improve our due diligence you know process or this decision making process, or if we're trying to make investments in some companies or in industries that we're not super familiar with. We try to leverage yeah AI tools for that.
00:37:45
Speaker
ah I'm sure there's way more that we can do, but we're kind of, you know we're we're still exploring on how we can enhance our you know internal processes and how we can use that to support our portfolio companies. But you know I think, I mean, it's exciting, it's exciting time to time to really just you know kind of find out more of these capabilities.
00:38:10
Speaker
Yep. um And anything you need from the audience, there's a couple of directions I could go here, right? Are you hiring? Because people might say that sounds awesome. ah There could also be, do you need expertise in a shirt and a certain niche that you actually don't know that person yet and you're looking for them?
00:38:25
Speaker
um Or even, you know, if someone here is listening and they're a CPA and they have a they have a business idea and they're wondering where to get funding, is are you a good fit? So and anything there of like how how, if at all,
00:38:36
Speaker
ah Do you need anything from the audience? Is there anything that you're you're looking for or anything that they could they should or could be potentially looking to you or DVP for? Yep. um A couple of things. We are actually looking for interns. um So every summer we have the summer fellowship where they get to experience, you know, being part of pitch meetings and, you know, going through our due diligence process. And also they also get matched up with one of our portfolio companies in Detroit um and they get to, you know, help with the operations side. So
00:39:09
Speaker
We have the application open on Detroit.VC, so feel free to check it out if you guys are just looking for some experience or just to you know kind of find out what venture capital is about.
00:39:24
Speaker
And would say just kind of going back to the importance of networking, I would love to talk to anyone who is interested in connecting and just sharing stories. I i am available, so find me on LinkedIn.
00:39:39
Speaker
And um lastly, honestly, just reach out if you, I mean, if you have great ideas, you know, we are investing in early stage companies. So, you know, happy to take the call, happy to have a meeting. And, you know, even if we don't end up investing, um you know, we are always happy to share feedback and help you build your companies.
00:40:04
Speaker
um Awesome.
Endorsement of Accounting as a Career
00:40:05
Speaker
And knowing what you know now, would you still go down this accounting slash CPA path and recommend it for others? Absolutely. Yes. i I don't think I would change anything about it. I loved, obviously there are some luck involved, you know, being in Michigan at the right time um with opportunities that were given to me. But, you know, I truly value the skills that I gained from public accounting And also, obviously, you know, getting the sponsorship, too. But, um you know, just every I feel like it's just the basic foundation for your career. You know, accounting can be translated into so many different industries. So I highly would I highly highlyly recommend everyone to get accounting a major and get CPA.
00:40:53
Speaker
Yep. Awesome. And then anything else you'd like to share with the audience, anything that you haven't hit on, or maybe anything you already shared, like networking or being organized or some of the other things that you just think are so important that you're like, I want i want to re-highlight this. I know I said it before, but I want to re-highlight it because it's so important. So any any last words of wisdom or ah restated words of wisdom?
00:41:12
Speaker
Yes, ah ah yes, networking for sure. i think that's my number one recommendation, um you know just kind of work on putting yourself out there and learning more and be curious. As I usually like to say to people, you just never know you know what kind of industry you'll end up in if you end up leaving a public accounting firms.
00:41:33
Speaker
um And you know people that you meet along the way can go ah can be very crucial in your life too. And also one quick thing is um being an expert in Excel. I never took any classes in Excel, but I live in it now. So that would definitely be helpful.
00:41:54
Speaker
A hundred percent. I distinctly remember as one last quick point. I just, I was in an interview in college, right? And they, yeah and I was, I was interviewing it. I think it was JP Morgan Chase actually. And they asked, how are your Excel skills on a scale of one to 10?
00:42:07
Speaker
Right. And I said, I'm a two. like i've I've seen the models that people have built. I know what's possible in this program. like i I can do some stuff, but like I'm a two.
00:42:19
Speaker
And I remember them saying, this is actually one of the best answers we've ever heard. Most people say they're a nine. And then we're like, what's a VLOOKUP? and they're like, what's that? um So yes, the Excel skills are incredibly, incredibly important.
00:42:32
Speaker
um And I was lucky enough to be able to do something called, ah geez maybe it was Wall Street Prep or I can't remember what it's called. Maybe i'll in the show notes, I'll put it together. But there was there was like a two day course that we got to take in our first couple of weeks and it was incredibly helpful. So yes, Excel skills, highly recommend.
00:42:49
Speaker
Yes, absolutely. I couldn't agree more. Yep. Awesome. all right. Well, thanks, Haimi Kim with certainly a very cool career in accounting. Thanks so much for the time. Thank you so much.