Women in Business: A Conversation with Shannon Reichelt

---

November 19, 2024

In honor of Women’s Entrepreneurship Day, we’re shining a spotlight on women in business who are breaking barriers and shaping industries with their vision. Today, we’re excited to feature Shannon Reichelt, founder of OnaWay—a local CPA firm making a big impact by empowering small businesses with tailored financial solutions.

What inspired you to start your business, and how has your relationship with financial institutions shaped your entrepreneurial journey?

I was young when I started OnaWay, in my mid-20s. My brain is part technical and part creative, so it made sense that I wanted the ability to craft a CPA firm of my own. I knew I wanted to help people like me. My family didn’t have much money, nor did I have connections. My ambition far outpaced my age, and I was turned away early on by various professionals because I didn’t fit the mold of asset wealth or was considered too young. Those moments of rejection settled in me the belief that everyone should have access to quality professional help, no matter their age or income level. That shaped every aspect of OnaWay over its 20 years of existence and still does. I valued relationships from that point forward and built a team of pros in each sector I needed to support my business: banking, attorneys, insurance, employee benefits, etc. It’s a much more fruitful, mutually rewarding experience when you can be yourself with those you work with. I’ve worked with my lenders to buy multiple businesses, properties, and working capital over the years. I’m a firm believer in the importance of maintaining financial peace, and it’s a delicate balance to get right.

What financial challenges have you faced as a woman in business, and how have banking solutions helped you overcome them?

The CPA profession issues statistics showing a tiny percent of women progress to being a partner or owner of a CPA firm. I experienced glass ceilings early on, but they were more based on my young age or limited seats at higher levels. I struck out on my own after only six years of working in those roles—maybe I just paved my own path out of the gate! My dedication, dependability, and willingness to work longer than most pushed me past any barriers. As my own boss, I simply didn’t stand for restrictions and adjusted course around them. Now, I ensure my team doesn’t face limitations on how far they can go here. My heart is very connected to supporting other women-owned businesses because I know how hard it is and what it takes from us.

I started OnaWay with only one client paying $200 a month—a far cry from what I needed to survive! I needed a base of clients and found a CPA firm for sale. I worked with a lender who believed in me and my future. They made it happen using a combination of SBA financing and their support, giving me the base I needed to survive while building my business. Twenty years later, and with 1,400 clients, I’d say they helped!

How do you manage the financial aspects of balancing personal life with running a business, and what banking tools have been most helpful?

Even as a CPA with a lot of formal education, no one taught me how to manage money. Money stress impacted my childhood, and I’ve seen the crushing impact it has had on thousands of businesses. You can’t ignore your numbers if you want financial peace. Many people carry shame due to money struggles, regardless of their income level. I hate money shame and want everyone to feel the relief of financial peace. A good example is the old saying about people who win the lottery only to lose it within a year. Why? Their habits and behaviors around money didn’t change—they just got a lot of it. A saver will save, and a spender will spend; both are behaviors we can change.

A good first step is to keep things simple: look at your monthly bank and credit card statements to see where the money is going. If you have more going out than coming in, that’s not sustainable. Start by cutting small, unnecessary expenses. What you’ll notice is the impact on your credit card debt going down or your emergency fund increasing, both of which fuel financial peace. Your mindset will start to change, prioritizing this peace over those minor expenses. Debt should be a tool, not a survival need. Building a relationship with your bank is not just about loans; it’s about building wealth.

What advice would you give aspiring female entrepreneurs seeking funding or banking support for their business?

Relationships matter, and so does your financial well-being. Both, done well, can lower your stress and keep you creative, inspired, and healthy. When it comes to my lender relationship, I trust my New Valley team and can talk with Renee about anything. I love that they hear and support small businesses in our community. We share the same desire to create something new in a very traditional industry, focused on local businesses and supporting owners. That shared camaraderie is a lifeline for us business owners, in both good times and bad.

Be honest with the professionals you work with, even if it might end with a ‘no.’ Sometimes, we need a ‘no.’ It could be a bad decision, the timing is off, or it would wreck your financial peace. When you respect and trust the person giving you that ‘no,’ you understand they have your best interests at heart. If there’s no relationship, a ‘no’ might mean they simply don’t know you or your business well enough. Set yourself up for success by finding a lender you connect with. Once you do, you’ll be able to navigate any challenge together.

Building Strong Relationships for Women in Business

Shannon Reichelt’s journey is a powerful reminder of the importance of resilience, self-belief, and the right financial partnerships for women in business. Her story shows how supportive banking relationships can help overcome challenges and create new paths for growth.

At New Valley Bank, we’re committed to empowering women entrepreneurs like Shannon with the financial tools and personalized support they need to thrive. If you’re looking for a banking partner who understands your vision and is ready to help you succeed, contact us today to start a conversation.