Some people make achieving success look easy, but the truth is that success comes to a person only after the most difficult steps have been traversed and painful sacrifices have been made. Successful people are willing to sacrifice in order to achieve their dreams. Like athletes and musicians who spend countless hours in single-minded focus and practice, dream chasers identify their priorities and put off pleasure and self-gratification in the pursuit of their goals. Such has been the life of one of the most successful Pinoy CPAs in America, Victor Santos Sy.
Founder and president of Sy Accountancy Corporation, a 34-year old firm in Pasadena, Victor Sy admitted to Asian Journal that the prosperity and success that he has been enjoying did not come easy. It took a lot of sacrifices and perseverance amidst difficult odds. In an exclusive interview with Asian Journal, Victor shares many life lessons that have molded him and helped him achieve the American Dream.
Born and raised in Isabela, Philippines, Victor shared that he comes from a family of CPAs. “My father, Sy Pek Tat, was a merchant and did his own accounting. My brother is a CPA. So are my sister, brother-in-law, nephews, and nieces. I excelled in math, accounting, and finance. I guess, it was just natural for me to be a CPA.”
Victor revealed something that accounted much for his success, and that is a focused, systematic lifestyle. “Here are the ingredients of my career: hard work and systems. I devise systems in everything that I do. I didn’t enjoy my childhood because I worked at our department stores as a young child. Same with high school. I worked hard at the store while I vied for top honors in school. Same thing with college—I worked hard at keeping my scholarship at the University of the East (UE),” revealed Victor who graduated with a Bachelor’s degree in Commerce (Cum Laude), major in Accounting, and minor in Finance from the University of the East in 1966.
Even at a young age, Victor learned how to fare well in a very competitive environment.
During this college days in UE, he said, “they grouped honor students in the same classrooms for honor society. It was extremely competitive.” But, since he has trained himself to devise systems in his lifestyle, he has been able to overcome any challenge through sacrifice and sheer hard work.
After college, Victor joined Sycip, Gorres and Velayo (SGV), the premiere accounting company in the Philippines, which was founded by his idol, mentor and relative, Washington Sycip. “It doesn’t hurt to have an idol in SGV founder Washington SyCip, a revered member of our clan. I joined SGV, the best thing I ever did for my career. It’s the best place to train with bright people.”
Ever on the path to improving himself and developing his skills, Victor decided to pursue his Masters in Business Administration (MBA) in the US “I came to America as a full time working student. I had a killer schedule. I was working full time with Ernst & Young while pursuing an MBA. I worked from 8an to 5pm, hurried to graduate school from 6pm to 9pm, and then headed for the library for research from 10PM to midnight.
I remember going through my first Midwest winter without adequate warm clothing or snow boots. But all these sacrifices made life easy and sweet as they enabled me to provide well for my family,” said Victor.
Victor applied his creativity and dynamic thinking in everything he did. “One of the highlights of my career was taking the CPA board exam here. While students review and take the exam, I tried a reverse plan: take the exam first as a trial run to familiarize myself with the contents and style of US exam. So I took the exam first, then bought review materials, and formed a group to carpool from Bakersfield to attend a CPA course in Los Angeles. Funny thing is that I passed the exam before the review course! I called my cousin and we both cried on the phone,” said Victor.
Victor earned an MBA degree from Indiana State University in 1970 and passed the California CPA Board examination the same year. He worked with several CPA firms including Ernst & Young (then Ernst & Ernst) before establishing his own firm. He also holds CPA certificates for the states of California, Hawaii and Illinois.
“I had vital challenges in life. I learned that major problems either break or make you stronger. I survived and became stronger. I see people get depressed with issues that I consider tiny. I survived by getting closer to God and planning for the weeks and months ahead, instead of dwelling in the past. I moved on,” admitted Victor.
It has been said that if a man loves his job, he doesn’t have to work his whole life. Victor’s professional success is also a result of his great love for what he is doing. “My CPA corporation is 34 years old and I still have the same passion now as when I first started working. I come to work at 6am and leave at 7 to 8pm - every working day. I read developments at IRS, state, and local websites on taxes and finance at 6am. I even come on a weekend to clean up my desk to start Monday with a clean desk,” shared Victor.
In their company website, Victor says, “We are proud of our success with tax controversy work - IRS audit defense and collection cases that include Offers In Compromise (OIC) or Installment Arrangements (payment plans) for taxpayers who are unable to pay delinquent taxes.” This success is simply explained by Sy. “It’s probably because I love my job, especially defending taxpayers on IRS audits! It’s fighting and settling tax cases that keep me ticking. I would say that IRS audits are the love of life, next to my family.
I love the challenge. Solving people’s tax problems is my happiness,” declared Sy.
While his love for his trade thrills him, Victor revealed that talking about his family excites him even more. “I’m blessed with a very nice family: Marissa my level-headed wife, who gave me a fresh breath of air and helped me rediscover my old self; Karen, my sweet daughter, who is into I.T. computers; my three boys—Byron who is now with the Air Force, Michael and Jonathan, who are both medical students; Abigail, my talented youngest, who is a harpist and the president of her class at Glendale Academy, and Kirsten, my granddaughter, who is a karate champion at age 14. My victories in life come from them, my family, and my loyal friends,” said Victor.
Victor refers to his three sons as his chess wizards. “They are another exciting part of my life—my chess wizards—Byron, Michael, and Jonathan. They played among themselves (I don’t play chess). We first participated in the Santa Barbara Chess open for juniors through high school. Byron was only in 3rd grade, Michael in 2nd, and Jonathan in Kinder. We had to pretend that Jonathan was in 1st grade to be able to join the tournament. The organizers made a mistake by pitting Jonathan, the youngest entrant, against the top seed, a high school chess champion. I was a nervous wreck when they announced the pairings. But Jay did the unthinkable—he promptly mated the top seed and defeated all his next opponents. They finished their first tournament by taking first, second, and third prizes! Whew! What talented kids. They played again in their 2nd tournament at the Bakersfield Rook Open and again took the top honors! By the end of their first year, they jumped from unknowns to be ranked in the top 30s by the US Chess Federation. They were even featured in the US Chess magazine,” shared the proud dad.
Victor was also involved with community affairs having been a commissioner with the California State Legal Service Commission, Los Angeles City Cultural Heritage Commission, Los Angeles County Productivity Council, and Pasadena Code Enforcement Commission. He writes tax tip columns for local newspapers and trade magazines and conducts tax seminars for professional and trade groups. He has received awards as Outstanding CPA in Public Practice.
Victor’s valuable advice to his kababayans: “There’s no substitute for hard work. Systems make life easier. Planning is important but timing—knowing when to put things in motion - is even more critical. Learn, learn, and learn some more - even as you age, just like fine wine.”
His tips on how to find a job in today’s tough economy: “Don’t be choosy. It’s time to come down to earth from those years of being spoiled by good life. Dig deep into your God-given talents to discover what else you can do. This is an opportunity for you to learn more about yourself, to mend your ways.”
As a truly qualified and successful CPA, Victor has some important advice to give people regarding money. “ Learn how to save, and how to stay away from debt. Hard times have a silver lining. You learn to be frugal, to be thrifty. Hopefully, lessons learned from these tough times will stick.”
Victor also suggests a better way towards fiscal prudency. “There’s a cycle of financial life in America—Buy on credit, pay the credit. Buy a car, pay a loan with finance charges, over 4 to 5 years. When the car is paid for, buy again, pay again, then start another vicious cycle of debt-ridden years. Well, how about reversing the cycle and rearranging the timing of buying and paying? How about saving first and buying next? Save for a few years, then buy—cash. Save again, then buy cash again. All it takes is an initial sacrifice as tuition toward fiscal prudency. You save on finance charges. You also save yourself from stress of making ends meet.”
Victor’s advice on taxes: “On taxes, don’t be penny-savvy and pound-foolish.You may pay less to get your taxes done but receive no advice. You may pay more but get financial and tax advice which can save a lot more than the difference in fees. Tax planning is more important than tax preparation.”
When not busy doing accounting work, Victor likes taking pictures. “I like photography. I shoot Pacquiao fights for Oscar and Awee of Philippine Media and Radio Manila. I also like to play badminton and bowling.”
Aside from all the factors he has previously mentioned that were important ingredients to his success, Victor also believes in being charitable. “I have been supporting five schools in Jones, Isabela where I was born and raised. I send five to 10 balikbayan boxes of school supplies, and food. I equip each school with complete home theatres and TV for their audio-visual rooms where students view DVDs on history, health, science and some movies,” he shared.
With his hard work, systems, love for his work and family, and giving generously to those in need, Victor Santos Sy has found the sure way to become a Certified Pinoy Achiever!
(www.asianjournal.com)
(LA Midweek April 13-15, 2011 MDWK pg.2)
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