Breaking Free from the Broken Business Model

In this episode of Canopy Practice Success, KC Brothers hosts Shannon Vincent and Colin Dunn—co-founders of Renew Group—to explore the broken business model that plagues many accounting firms. Drawing from decades of experience in public accounting and advisory, Shannon and Colin discuss how traditional firms are often bogged down by the wrong clients, outdated pricing structures, and unsustainable workloads.

Their approach centers on transforming firms into what they call “Model Firms,” which focus on fewer, better-aligned clients, consistent year-round engagement, premium pricing, and a healthy work-life balance for teams. The conversation emphasizes mindset shifts, proactive client selection, and using data to drive strategy—all while making the firm itself the number one client.

Here are the three main highlights you won’t want to miss.

1. The “Broken Business Model” Must Be Replaced

Traditional accounting firms often run on an inefficient, outdated structure that values volume over value—leading to burnout and low-impact client relationships.

“The broken business model can be summed up in the wrong types of clients, the wrong types of services at the wrong pricing… It’s that all-things-to-all-people model.” — Shannon Vincent

“The accounting profession is probably the only profession in the world that actually expects to work itself into the ground every year.” — Colin Dunn

2. Sustainable Change Requires Courage and a Phased Approach

Fixing a firm’s structure takes time, courage, and a willingness to say “no”—but it doesn’t mean losing revenue.

“This didn’t get created in one tax season. You’re not going to solve it in one tax season.” — Shannon Vincent

“It starts with mindset and courage to just jump into something different and say, ‘There is a better way.’” — Colin Dunn

3. Metrics and Mindset Drive the “Model Firm”

Successful transformation hinges on applying the right metrics and treating the firm itself as the top client—supported by better data use, subscription models, and boundaries.

“We literally have firms in the first tax season who will call us and say, ‘I don’t know—I have a bunch of anxiety because I’m not overwhelmed with phone calls and emails.’” — Shannon Vincent