XPX Northern California
At XPX, successful exit planning depends on collaboration, specialized expertise, and advisors who understand the full lifecycle of a business. In this member spotlight, we spoke with Robert Thomas, Audit Partner at WithumSmith+Brown, PC, about preparing companies for investment and exit, the evolving role of auditors in transaction readiness, and how coordinated advisory teams can help business owners navigate complex transitions with confidence.
From Bioengineering to the Audit Profession
Robert Thomas didn’t set out to become an accountant.
Today, he’s an Audit Partner at WithumSmith+Brown, PC, a nationally ranked Top 25 CPA firm based in San Francisco. In his role, Robert works closely with companies from their earliest startup stages through critical milestones, including institutional funding, acquisitions, and IPOs. His work focuses on ensuring financial transparency and credibility, giving investors the confidence they need to evaluate opportunities and compare investments across portfolios.
But Robert’s journey to public accounting was anything but traditional. His academic background is in bioengineering, and early in his career, he worked in operations for a small company in New York after completing his MBA. His entry into accounting happened almost by accident when the company’s accounting manager resigned.
Instead of hiring externally, Robert stepped in to help manage the financial side of the business.
“I realized I enjoyed the work,” he recalls. “I was already involved in the operational side—spending the money and running the business—so tracking the financials was a natural extension.”
What began as a temporary responsibility quickly became a passion. Robert went back to school while working full-time, completing the additional coursework required to sit for the CPA exam and eventually earning his license.
That pivotal moment transformed his career trajectory.
Supporting Innovative Companies
After transitioning into public accounting and relocating to San Francisco, Robert began working with SEC registrants and life sciences companies, an area that allowed him to reconnect with his bioengineering roots.
Today, he primarily advises companies in the startup and growth stages, helping them prepare for institutional funding, strategic transactions, or public offerings. His work ensures that financial statements are accurate and compliant, providing the level of transparency investors rely on.
Because of his unique background, Robert often brings a broader perspective to client conversations. “I can understand what my clients are building, not just financially but operationally and scientifically,” he says. “That helps me serve as a better advisor.”
He also brings the rare perspective of having worked on both sides of the table. Early in his career, Robert was audited himself, which helps him empathize with the challenges companies face during the audit process.
How the Accounting Profession Has Evolved
Robert has witnessed dramatic changes in the accounting profession over the course of his career. When he first entered public accounting, audits were still heavily manual, with some even performed using paper and pencil. Teams would spend weeks onsite with clients reviewing documentation and conducting testing in person.
Today, nearly everything has shifted to digital and remote processes.
While this transformation has made it easier to work with clients across the country and around the world, it has also changed the nature of client relationships.
“Accounting is a relationship-driven business,” Robert explains. “When you remove face-to-face interaction, it becomes easier for services to feel commoditized. That means we have to be much more proactive about building and maintaining those relationships.”
At WithumSmith+Brown, that means intentional outreach, regular check-ins with clients, and actively identifying ways the firm can provide additional value.
The Importance of Collaboration in Exit Planning
Robert values the collaborative nature of exit planning, which is one of the reasons he joined XPX.
Although auditors are rarely the “quarterback” of a transaction, they play an essential role in ensuring that the financial foundation of a deal is sound. Robert works closely with financial advisors, attorneys, tax specialists, and other professionals to help clients prepare for successful transactions.
“The best outcomes happen when everyone is involved early in the process,” he says. In particular, Robert emphasizes two areas where business owners often encounter problems during exit transactions:
1. Tax planning happens too late.
Many companies don’t think about tax implications until they’re already negotiating a deal. Structuring the business properly from the beginning can have a significant impact on the eventual tax outcome of an exit.
2. Financial records aren’t prepared for due diligence.
Companies that arrive at the negotiating table without reliable financial statements can face delays, renegotiations, or lower valuations. “Having audited financials or at least strong financial reporting in place ahead of time can significantly strengthen a company’s position during a transaction,” Robert explains.
Breaking the “CPA = Tax” Misconception
One of the biggest misconceptions Robert encounters is that CPAs are primarily focused on tax.
In reality, modern accounting firms provide a wide range of advisory services that support business growth and transactions.
Beyond auditing financial statements, Robert’s firm helps companies with:
- Transaction advisory and quality-of-earnings analysis
- Internal control assessments
- Financial system implementations
- Process improvements and operational support
- Business valuations
“All of these services help businesses prepare for growth and ultimately position themselves for successful exits,” Robert says.
Why Robert Joined XPX
For Robert, XPX offers something uniquely valuable: a network specifically focused on businesses preparing for transitions.
“In many networking groups, you’ll meet professionals from a wide range of industries,” he explains. “That’s valuable, but XPX brings together people who are all working with companies at a similar stage of the business lifecycle.”
The focused environment allows him to build relationships with professionals whose expertise directly benefits his clients.
“It helps me identify the right advisors to bring into a conversation when my clients need them,” Robert says. “That’s how you become a trusted advisor—by knowing when you can help and when to bring in someone else.”
Life Outside the Office
When Robert isn’t working with clients, you’re unlikely to find him sitting still. He and his wife love traveling with their daughter, whether that means quick trips to California wine country, visiting Southern California, or exploring destinations abroad.
“Travel is important to us,” Robert says. “We want our daughter to experience different cultures, foods, and environments outside of the city.” Closer to home, Robert enjoys building LEGO projects with his daughter, often creating elaborate flower arrangements for his wife.
A Lesson That Shaped His Leadership
One of the most influential figures in Robert’s life was his grandfather, an engineer at GE who led teams developing radar systems.
Despite his commanding presence, Robert’s grandfather treated everyone equally and evaluated ideas based solely on their merit, not on who presented them.
“That stuck with me,” Robert says. “Whether someone is early in their career or very experienced, their ideas deserve to be considered on their own merits.” It’s a philosophy that continues to guide Robert’s leadership today.
Robert was interviewed by Jaco Grobbelaar, CEO of BroadVision Marketing and XPX NorCal Communications & Marketing Committee Chair.
