After immigrating to Canada from China 25 years ago, Jing Liu juggled school, family and bookkeeping roles. By day, she worked in small and mid-sized companies. By night, she was building her own client base and her edge in tax planning and advice. “I realized I loved the complexity,” Jing says. “The more I learned, the more value I could create for clients.”
Her insight and entrepreneurial spirit led Jing to first earn her Chartered Professional Accountant (CPA) designation in 2015. It was a turning point for her career but also just the beginning. After establishing her first successful practice, Avenue Tax Professional Corporation , she moved quickly into building what is now a rapidly growing network of small accounting firms.
Jing sought out the right bank to be her partner in long-term growth. Scotiabank has supported her from the start, providing the holistic banking solutions Jing needed to complete her first acquisition of a small firm and launch her practice with confidence.
From that single operation to a six-location practice, Jing’s story is about discipline, grit and working with a banking partner that moves at her speed.
Jing’s Advice to Business Owners
- Hire great people and train them continually. Look for firms with long-tenured employees and stable, diversified clients.
- Secure financing early. Term loans, a line of credit for working capital and business credit card are invaluable tools.
- Plan integration before closing. Think about pricing, staffing, client communications, and a roadmap to centralize processes.
Acquisition as a growth engine
“Smart growth isn’t just buying more. It’s buying right — keeping great people, learning faster than the market, and partnering with a bank that moves at your pace.” — Jing Liu, CPA
Jing’s growth strategy was to approach retiring accountants looking to sell their practice. Scotiabank understood her unique business needs and provided the advice and customized financial solutions to achieve her goals.
“Buying established practices from retiring accountants is a better way to grow,” Jing says. “You get great clients and great people on day one, then your job is to support them.”
Since then, her strategy has stayed focused on strategic people-first acquisitions. “Long-term employees are everything in accounting,” she says. “We focus on growth paths and regular training, so their value increases every year. If you build the team, the business follows.”
That philosophy has served her well. A week after closing her first acquisition in March 2020, pandemic lockdowns began. Accounting was deemed essential, but tax filing deadlines moved, cash flow tightened, and uncertainty reigned. Jing leaned on her team and her training to weather the storm and ultimately, 99 per cent of clients stayed. “We kept serving, kept communicating, and when tax season hit, we were ready,” she says.
Trusted banking support to keep pace
As Jing set out to acquire two more practices at once, her branch introduced her to Lily Lu, a Professional Banking Specialist at Scotiabank. With Lily’s support, Jing accessed a holistic banking solution including term loan financing for her acquisitions, along with bank accounts, operating credit lines, and business credit cards for Avenue Tax Professional Corporation’s day-to-day operating needs.
But just as importantly, Lily guided Jing through documentation step by step, with clear expectations and fast turnaround times. “There are a lot of buyers who want to move fast,” Jing says. “Scotiabank acted quickly and stayed with me through every document and detail.”
After her first deal in 2020, she steadily expanded. Today, Jing operates six locations with a focus on personal and corporate tax, tax planning and cloud bookkeeping.
Beyond supporting her acquisition strategy, Lily helped Jing streamline her day-to-day banking for her business and personal needs. This holistic banking approach has proved to be advantageous as Jing has been able to unlock equity to support future growth and cashflow.
“Having a trusted banking partner move quickly in competitive situations and keep promises was a major advantage in winning a deal versus watching it go to someone else.” — Jing Liu, CPA
Moving forward and maintaining an edge
While operating multiple firms and growing fast is complex, Jing has stayed relentlessly focused on building her knowledge and client offerings.
She has expanded her tax planning knowledge and is embracing digital transformation to serve clients beyond each local market and to keep growing with younger clients.
Looking ahead, her focus is rebranding under one corporation and standardizing core processes that keep service consistent, all while preserving the relationships that have been part of her success – including with her Scotiabank Professional Banking Specialist.
At Scotiabank, we have decades of experience advising and providing customized financial solutions to Chartered Accountants and professionals. Our team of specialists provides comprehensive financial planning, banking advice and solutions specific to the needs of busy professionals.
Let us contact you so you can focus on growing your practice.
