Eight Services All Your Business Owner Clients Want!
First off, I must give credit where credit is due. Rob Nixon enumerated this list in his book The Perfect Firm.?I highly recommend you have this book in your library. With that said, let’s unpack the list.
Revenue, Profit and Cash Flow.
Think about the power you have to grow your firm! If you have just 50 clients with $5 million in revenue, reaching $250 million in aggregate and your fees are averaging 3% of that number, do the math… you’ve just created $7,500,000.
Too big a goal? Too small?
●?????You are at the hub of all the important data of your clients’ businesses.
●?????Use your cost accounting training to set up ratio and trend analysis to support good decisions.
●?????Position this as part of your enhanced services and get paid for it.
●?????Stop giving it away. Or even worse, being too busy to educate your clients. Become their mentor.
Tax Planning - Help me to minimize tax.
Now help them keep it.Your tag line can become we save you 50% almost 100% of the time.
Sequence and layer strategies to maximize after-tax income.
You can describe your new service as: “We help our clients transform money that would normally be paid in taxes into personal and family wealth.”
Retire Financially - Help me to be financially retired.
Part and parcel to having plenty of money is the ability to live a life you love.
This may mean pursuing other interests - you will give them that ability.
Also, manage their tax-efficient wealth structures and control assets for 50 clients with $5 million each. $250 million of assets under management would put you near the top of the Accounting Today annual survey.
Plan My Exit - Help me with succession planning or with the sale of my business.
Succession planning is a wave that is cresting, ride it!
10,000 to 11,000 Baby Boomers are turning 65 every day. Some estimates are that 30% of these are SMB owners.
It is a complicated process, but you can provide the steady hand to guide the leaders of the business and get top dollar upon sale or create wealth and income from an internal succession.
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?Protect Assets - Help me to protect my assets for future generations.
Tax planning strategies typically have an additional benefit... they protect assets from life’s unforeseen events.
The sequencing and layering can span generations, and can avoid the tax bite as well as creditors’ claims, all while leaving ultimate control in the hands of your clients and their families.
How much tax did Sam Walton’s estate pay? You guessed it zero. Sue Sam and you probably could get the old truck but not his billions.
Leave a Legacy - Help me to structure my business so I can leave a legacy.
Structure your clients’ affairs so that decades of hard work out live them. Do this and now you are really providing a valuable service: Organizing, Coordinating and Providing Structure.
Again, being the hub of your clients’ legacy goals is a skill that is almost instinctive for accountants.
Not only that but your firm becomes even more sustainable over generations managing the machine.
?Wrapping Up
The list above gives you an idea of the impact you can have for your clients and yourself.
Not only is it possible, there is a dire need.
If I can answer any questions you may have about my services, let me know. I would love to discuss how I can help your firm.
You can reach me at (681) 260-0057 or [email protected].
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