Interview by Dave Mahanes
Dave Mahanes: David, Congratulations on your recent TSCPApex Lifetime Achievement Award. I understand that you were recognized for your exemplary efforts and achievements in advancing Tennessee’s accounting profession.
David Morgan: Thank you! It’s truly an honor. I’ve been fortunate to have a long and fulfilling career, and receiving this recognition from the TSCPA is very humbling.
DM: You are from Chattanooga, correct? What brought you to Nashville? DM: Actually, I’m originally from Dayton, Tennessee, but I moved to Chattanooga when I was in the seventh grade. From there, I attended Tennessee Tech for college. As I started exploring job opportunities, I interviewed with several accounting firms. While I considered larger cities like Atlanta, Nashville struck me as the right fit—big enough for career growth but not overwhelming. I took the job offer that paid the most, and that’s how I ended up in Nashville.
DM: What do you like best about living in Nashville?
DM: What I’ve always loved about Nashville is its growth and diversity. The city has evolved significantly, and with that growth, it has attracted people from all over with a wide range of skills. The healthcare industry, in particular, has been instrumental in driving this growth, bringing in professionals from across the country. You don’t have to be from a well-known local family to succeed here, which makes it an exciting place to live and work. Newcomers are welcome to come in, start companies, and contribute to the economy. If you’ve got something to offer, the city is open to you.
DM: How did you begin your career in accounting?
DM: It all started with a bookkeeping course I took in high school, which gave me a basic understanding of accounting. I chose accounting as a major in college because I knew it offered good job prospects and competitive pay. After an internship with Haskins and Sells (now Deloitte), I discovered a real passion for working on audits. That experience opened my eyes to how businesses operate, which fueled my interest in accounting. After college, I joined Peat Marwick (now KPMG) in Nashville, where I worked with a wide variety of clients and industries, from manufacturing to commercial businesses. It was a great learning experience.
DM: How did you come to start LBMC?
DM: After a few years at Peat Marwick, a friend and I decided to start our own small firm. We quickly realized we had more to learn, but it was a valuable experience. Around the same time, Jim Lattimore, Charlie Black, and a couple of others left KPMG to start their own firm, and we started doing some work for them. Eventually, we merged our practice with theirs, giving us access to larger clients and more opportunities. We officially formed LBMC when Mike Cain joined us. The three of us had a strong rapport—we had even played on the same softball team! Mike, Jim, and I were all passionate about working with privately held businesses, so we decided to focus our firm on that area. The rest, as they say, is history.
DM: LBMC has grown into an industry leader in financial, human resources, technology, cybersecurity, and wealth advisory services, now celebrating its 40th Anniversary. To what do you attribute this success?
DM: I think a lot of our success comes from strategic planning and being entrepreneurial. Early on, we didn’t want to be just another accounting firm focused solely on audits and taxes. We recognized that our clients needed more services like state and local tax advice, technology consulting, and HR. So, we started building those service lines based on client demand. We also recognized that to grow these services, we needed to bring in experts from outside the traditional CPA world. This led us to develop a unique ownership structure that allowed non-CPAs to become partners in our business. That innovation has helped us attract the right talent and scale the firm over time.
DM: Melissa and I love seeing you and Janice at many non-profit fundraisers. Philanthropy is a big part of what you are about. Tell us about some of the things about which you are passionate.
DM: Philanthropy has always been important to both Janice and me. Part of it is about giving back to the community that has given so much to us, and part of it is about meeting people and building relationships. For example, I’ve been heavily involved in the Nashville Wine Auction, which raises funds for cancer research. It’s a cause I care deeply about. I’ve also served on the board of the Nashville Symphony, which has given me a greater appreciation for music and the arts. Janice has been very involved in the Symphony Fashion Show for the last twenty years, and together, we’ve supported various local causes. I always tell people to find something they’re passionate about when it comes to giving back—whether it’s serving on a board, volunteering at your church, or coaching Little League, it’s important to find your way to contribute.
DM: I know you are a big wine collector and leader in several wine societies. Tell me more about your interest in wine.
DM: Wine has been a passion of mine for many years. It started as a hobby when I began attending wine tastings and classes. Over time, I became more interested in learning about the different regions, styles, and winemaking techniques. I’m currently the head of the local Nashville chapter of the Commanderie de Bordeaux and serve on their national Board of Governors. I love visiting wineries, meeting the people behind the wines, and learning about their stories. There’s something special about tasting a wine after you’ve seen where it was made and met the people who made it—it gives the experience a deeper meaning.
DM: Your love for creating extraordinary experiences aligns with your approach to working with your team and clients. Do you think that philosophy has contributed to LBMC’s 40-year longevity?
DM: Absolutely. At the core, it’s all about relationships. Whether we’re talking about wine, business, or life in general, the experience matters. At LBMC, we’ve always believed in providing the best service possible, whether for a tax return or a complex technology implementation. The key is building strong relationships and creating trust. If you have good people and care for your clients, everything else falls into place. That philosophy has been central to our success and longevity.
DM: What other interests do you have outside of work?
DM: I love spending time with my family, and I’ve always enjoyed sports. I used to play a lot of softball, and I’m still a fan of baseball. I’m also interested in history, particularly American history. I’ve supported historical landmarks like George Washington’s Mount Vernon and Thomas Jefferson’s Monticello. It’s important to me to stay active and engaged in a variety of activities outside of work.
DM: Tell me about your family.
DM: I’m fortunate to have two sons, both in their 40s now, and they’ve each found success in their own right. Both earned master’s degrees in accounting, which is better than their dad, who only has a bachelor’s! Interestingly, neither one works in accounting anymore. My older son works for a group purchasing organization where he is VP of Contracting. They’ve both carved out successful careers, and I’m incredibly proud of them. I also have four wonderful grandchildren, ranging in age from 10 to 20. Watching them grow up has been one of the greatest joys of my life.
DM: David, you could have simply retired, but instead, you’ve invested in the future leaders of tomorrow, both in the office and out in the community. Why is that so important to you?
DM: I’ve always enjoyed what I do, and while I may not want to work as much as I used to, I still find joy in mentoring and helping others grow. Investing in the future within LBMC and the broader community is about creating opportunities for others. As you get older, you realize that you don’t have to do everything yourself—you gain wisdom and perspective, and that allows you to help others grow. As I step back from some of my day- to-day responsibilities, I plan to stay involved by mentoring and coaching the next generation. Investing in people is one of the most important things you can do, both for the success of your business and for the community as a whole.
DM: At the end of the day, what’s the most important thing you want people to know?
DM: At the end of the day, it’s about relationships. Whether you’re talking about business, family, or community, success comes from building strong, trusting relationships. Nashville has been a wonderful place for me to build my career, and I’ve been blessed to live and work in a city that’s so welcoming and full of opportunity. This is a place where anyone can succeed if they’re willing to put in the work and build meaningful connections.
DM: Thank you, David for your time, it has been a pleasure! Any final words?
DM: As you age, your technical knowledge may wane, but your wisdom grows.
