Last week’s post (March Madness, April Sadness Biases for Investors and Hoopsters Alike) generated more feedback than usual, so I thought we’d do a follow-up post. With the annual NCAA Men’s Basketball tournament (aka “March Madness”) behind us, have we learned anything new about what separates the elite teams from all the other contending teams?
Yes, but there’s more to it than meets the eye.
As mentioned last time, the 2025 tourney was only the second time in history that all four top-seeded teams (Auburn, Florida, Duke and Houston) made it to the Final Four. That being said, we expect fewer “Cinderella” upsets in the future because it’s easier than ever for elite players to transfer to top contenders. And it’s easier than ever to compensate college athletes directly through Name Image & Likeness (NIL) deals.
But what if there’s something more going on? Could that explain why Florida and Houston advanced to the national championship game and why Duke and Auburn – the two highest ranked teams coming into the tournament – had to watch the finals on TV?
Could those same attributes explain why some professional service firms sail through busy season and year-end crunch time, and others implode and point fingers when the pressure is on?
Dan McMahon, CPA, Founder and Managing Partner of Integrated Growth Advisors says, yes. He believes that team culture, whether in the office or the hardwood, has as much to do with it as raw talent, coaching and mentorship.
“Houston is a culture-first program,” noted McMahon. “Under head coach Kelvin Sampson, their identity is built on grit, relentless defense, and a next-play mentality. Their players embrace tough games and physical play—and they rarely get rattled,” McMahon noted. Against Duke, he said that Houston’s consistency and mental toughness showed through against the exceptionally talented, but relatively inexperienced Blue Devils.
“While Duke has a legacy culture from the Coach K era, sustaining that under new leadership takes time,” said McMahon. “Duke usually brings in the most talented freshmen in the country, but they’re still evolving [under third-year head coach Jon Scheyer] in terms of forging a new identity. Culture takes root over years—not just seasons,” asserted McMahon.
Florida, the eventual champion, “played like a team on a mission,” related McMahon. “Their chemistry, unselfishness, and execution were clear against Auburn in the semi-finals.” He said Auburn head coach, Bruce Pearl, had done an “incredible job instilling intensity and passion,” but Florida seemed more poised and more connected in high-pressure moments. “Auburn had energy—but Florida had balance. In March, the more emotionally steady, values-aligned team seems to win the big games,” explained McMahon.
Here’s the thing: culture doesn’t guarantee victory—but it raises your floor, and in March and April, that matters. “Strong cultures create clarity under pressure,” said McMahon. “And that’s often the difference between closing out big games or watching them slip away.” Every March he said, we witness elite college basketball teams rise—or fall—based on how well they execute under pressure. “The difference rarely comes down to raw talent. It’s about culture, clarity, and leadership,” he said.
According to McMahon, players at Houston and Florida don’t have to guess what to do in the final seconds of a game—they know instinctively what to do, having run through each scenario countless times in practice. The players inbound the ball with confidence, not confusion. They know exactly where to be on the court at the start of the play and where to move as the play develop. They trust their roles. They operate within a system that’s been built and reinforced day after day.
Now shift the lens to the world of accounting firms and other professional services firms.
Over the course of his career, McMahon says he’s found that the highest-performing firms share many of the same traits as the top tier college sports programs:
- Defined roles and responsibilities.
- Strong tone at the top.
- Clear mission, vision, and values understood by all.
- Proven systems in place that replicate success.
- Team members don’t need to be spoon-fed by coaches/superiors. They anticipate, adapt, and execute.
As a result, McMahon said the highest-performing firms don’t fall apart during tax season or year-end planning season —they rise to the challenge. “They’ve put in the reps,” asserted McMahon. “They’ve invested in leadership development, cross-functional communication, and process accountability. Their team members know what’s expected of them—and why.”
By contrast, McMahon said lower-performing firms resemble teams without a playbook. “They have lots of individual talent, but no shared system. They have unclear roles. Leaders haven’t built trust or communicated expectations. Every crisis feels like the first time. The firm survives tax season, but just barely – and excuses and finger-pointing prevail rather than accountability.”
On whose team would you rather be?
Conclusion
How is your firm managing through crunch time? I’d love to hear from you.
#marchmadness, #firmculture, #governance, #accountability
