When Max Palay, CPA, was studying accounting at the University of Manitoba Asper School of Business, he knew one thing for sure: he wanted to work for himself one day.
“I’ve been told I have a bit of an issue with being told what to do,” he jokes.
That same early self-awareness led him to pursue a degree in accounting and finance, skills he knew would be essential for running his own business, followed by the CPA designation. Like many new graduates, Max began his career in public practice, joining Deloitte’s Winnipeg audit department as a Staff Accountant and later a Senior Accountant. Those roles provided him with valuable exposure, along with strong mentorship and support as he progressed through the CPA program.
Max also worked in restaurants and bakeries throughout university, developing a passion for food and hospitality. When the pandemic hit, and remote work became the new normal, he found himself reflecting on what he really wanted his future to look like.
“I knew I wanted to get back into hospitality,” he says, “I just didn’t know how.”
As a CPA, Max approached entrepreneurship the same way he would any complex problem, with research, analysis, and a healthy respect for risk. Opening a full-service restaurant during the pandemic was daunting, but he noticed that certain businesses, including pizza, bread, and baked goods, continued to thrive.
“People need sustenance, and they also need comfort,” he explains.
Prepared with spreadsheets, business plans, and a growing collection of bread recipes, Max decided to create his own opportunity. He spent months refining his concept, securing financing, and searching for the right space, eventually opening Friend Pizza and Bakery to the public in March 2023. Nearly three years later, the business has grown into a community staple known for its babka buns, brown butter chocolate chip cookies, pizza and more.
As a business owner, his days are anything but predictable. Some mornings start before sunrise, mixing dough, while others involve payroll, GST and PST filings, costing, or supplier negotiations. On any given day, he could be developing new products with his team, delivering wholesale orders, sweeping floors, or counting the till at closing.
“There’s no job you’re too good for when you own the business,” he says, “If someone doesn’t show up, you cover. If the floor needs mopping, you mop.”
That humility and adaptability are qualities Max believes are crucial for any CPA considering entrepreneurship.
While technical accounting knowledge plays a role in his day-to-day operations, Max says the biggest takeaway from the CPA program is mindset.
“It’s learning how to look at a situation, understand the constraints, and make the best decision you can from a financial, people, and quality standpoint.”
Costing, pricing, and managing rising input costs have been ongoing challenges, particularly in an industry impacted by supply chain disruptions. Max is intentional about keeping his products accessible while still running a sustainable business.
“At the end of the day, we’re selling bread and baked goods,” he says, “We want families to be able to come in and enjoy them.”
Looking back, Max has no regrets about earning his CPA designation. “It’s a grind, but it opens so many doors,” he says, “You don’t realize how many CPAs are out there doing completely different things.”
For those considering the designation, Max sees it as both practical and empowering, allowing people to work in public practice, in industry, and as entrepreneurs.
“Every team needs someone with financial literacy,” he says, “And having those skills gives you the freedom to choose what you want to build.”
In Max’s case, that freedom helped him build a bakery that brings friends together, one loaf at a time.