In episode 38 of Built by Margin, Laurie Chen sits down with Johnny Terra, CPA, Partner at LPT CPAs and Advisors, for a conversation about tax strategy, risk management, AI, leadership, and the personal growth that comes from taking bold professional risks.

Johnny shares his journey from growing up in Rio de Janeiro, Brazil, to coming to Texas on a basketball scholarship, building a solo accounting practice from a pantry office, and eventually merging into a larger CPA firm. He talks about the mindset shift required to move from solo practitioner to firm partner, including the responsibility of leading staff, serving more complex clients, and building a sustainable firm culture.

A major theme of the episode is risk. Drawing from his background as a bank risk manager and auditor, Johnny reframes risk management as a tool that enables speed rather than prevents action. He compares risk controls to brakes on a car: the point is not to stop movement, but to give leaders the confidence to move faster without crashing. He also expands the classic risk formula by adding two modern factors: velocity, or how fast a risk hits, and persistence, or how long the pain stays in the system.

Laurie and Johnny also dive into how AI is changing tax research, tax preparation, and firm operations. Johnny shares how he uses tools like Thomson Reuters’ AI research platform, NotebookLM, Gemini, and other AI systems to speed up complex tax research while still verifying sources and applying professional judgment. They discuss why AI can increase efficiency, but why trust, source quality, and context remain critical in tax and advisory work.

QUOTES

• “Risk is having those parameters in place so you can move that car as fast as possible and still have the confidence to know that you're not going to crash.” - Johnny Terra
• "“It’s not about what might happen anymore. You have to add two more factors to it: how fast it hits and how long that pain stays in the system.” Johnny Terra
• “The coolest thing of it all is the person that you become in this journey.” Johnny Terra

Laurie Chen

Instagram: https://www.instagram.com/lauriechencpamba/

LinkedIn: https://www.linkedin.com/in/lauriechen/

Risk Worthy: https://www.riskworthy.co/

Johnny Terra

Instagram: https://www.instagram.com/johnnyterracpa/

LinkedIn: https://www.linkedin.com/in/johnnyterracpa/

LPT CPAs and Advisors: https://www.lpt.cpa/