In the heart of Waterville, Ohio, nestled in a historic downtown building full of charm and character, Riverfront Studios has become a vibrant hub for music and art education. Founded by Michael and Claire, a husband-and-wife duo with a shared passion for the arts, the studio has grown from a small home-based operation into a thriving business that welcomes over 300 students a week. But their journey to success wasn’t without its challenges, and having the right financial partner made all the difference.
Michael, a trained music educator, and Claire, an art teacher, initially started Riverfront Studios as a virtual endeavor during the pandemic. Michael transitioned his private piano lessons online, while Claire introduced virtual art classes to engage a community seeking creative outlets. The response was overwhelming. What began as a way to stay connected with students in a time of uncertainty quickly evolved into something much bigger.
By June 2021, Michael and Claire took a leap of faith and opened a physical studio space, offering in-person music lessons and art classes for both children and adults. Just a few months later, in January 2022, they moved into their current facility, where Riverfront Studios has since flourished. Today, they employ 11 music teachers, two art instructors, and a dedicated front desk team—affectionately referred to as “happiness engineers”—who ensure every student and parent feels welcome.
Like many entrepreneurs, Michael and Claire faced the complexities of transitioning from a small-scale operation to a fully-fledged business. Scaling their business meant navigating financial hurdles, managing payroll, and ensuring they had the right systems in place to support their growth.
One of the biggest turning points in their journey came when Michael discovered the book Profit First by Mike Michalowicz, which introduced him to a cash flow management system that prioritized financial stability. Implementing this method required restructuring their banking and accounting practices—something that could have been daunting without the right support. That’s where Padgett Toledo stepped in.
Michael’s relationship with Padgett Toledo began somewhat serendipitously. Initially, his taxes were handled by a local Padgett office through a connection at his former church job. When that office transitioned its clients to Tom Friedel and his team at Padgett Toledo, Michael soon realized he had found not just an accountant, but a true business partner.
Tom and his team played a crucial role in helping Riverfront Studios establish a solid financial foundation. “Probably the three biggest things Padgett Toledo helped with were preparing our taxes, helping us transition to an S Corp, and managing our payroll,” Michael shared. “Tom was the one who said, ‘You guys might want to really think about becoming an S Corp.’ That was something I never would have thought of. I’m a piano teacher! But knowing I have someone who has my best interests in mind, that’s invaluable.”
In addition to their tax and business structure guidance, Padgett Toledo also streamlined Riverfront Studios’ payroll process. “I don’t want to have to be worrying about payroll. Padgett makes it easy—we collect the hours, submit the pay, and we can move on with the things that matter to us. We know our people are getting paid on time and appropriately,” Michael emphasized.
One of the key factors in Riverfront Studios’ success has been their commitment to growing debt-free. From the very beginning, Michael and Claire made a conscious decision to scale their business only when they could afford to do so. “We haven’t really taken out any debt on our business,” Michael explained. “Everything we’ve done has been within our means. We didn’t add additional piano classes until we could afford more pianos to buy for the classes. We didn’t hire staff until we knew we could pay them. We allowed the business to grow with itself, and that has been a huge factor in our success.”
Michael offers a piece of advice to fellow entrepreneurs: “Don’t feel like you have to have every little thing figured out before you take that first step. There’s always space to figure things out along the way. That doesn’t mean making uninformed decisions or blind leaps of faith, but if you take small, intentional steps toward your goal every day, you’ll get there.”
He also emphasizes the importance of patience in scaling a business. “If we had bitten off more than we could chew at the beginning, it would have been too much, too soon. By starting small and scaling gradually, we were able to learn where we truly needed help rather than hiring prematurely. That approach allowed us to build a sustainable business without unnecessary debt.”
Beyond their financial success, Riverfront Studios has remained steadfast in its mission: to create a community where people of all ages feel inspired to pursue the arts. Their approach to education prioritizes collaboration, with small group music lessons that encourage peer interaction and communal art classes that celebrate creativity in shared spaces.
Looking ahead, Michael and Claire are excited to expand their offerings with a goal to make music education even more accessible beyond their local community.
Through every stage of growth, Padgett Toledo has been there to provide the financial guidance Riverfront Studios needed to scale sustainably. “Knowing that we have someone in our corner who understands our business and can help us navigate challenges has been invaluable,” Michael said.
From a modest home-based start-up to an award-nominated community staple, Riverfront Studios’ journey is a testament to the power of passion, strategic growth, and having the right financial partners along the way.
If you’re looking for a partner to help you grow, you can find your local Padgett advisor here!