From Feeling Frustrated & Trapped to Feeling Free with Lynn Karam
We have a very special guest. Our special guest is not only a client here at the Abundant Accountant family, but she is also the CEO of?LEK Management Inc., which is a firm that works with business owners to build profitable businesses. She works with businesses that have at least three years of experience and have over a million in revenue, who are really frustrated and overwhelmed because they don’t have the financial guidance they need in order to make informed business decisions that can help them grow their business.?
Meet Our Guest Lynn Karam
Our special guest has given guidance that resulted in business owners having the freedom and peace of mind to have a better quality of life. She has more than twenty years of experience owning her own firm. Before we welcome her to the show, what if I told you there was a way you could work only with your ideal clients, just like she does, who value your expertise and your time, within just an eight-week period, without having to hound clients for paperwork, spend every night and weekend working just to keep up with things, or having to sacrifice family time and freedom?
What if in just eight weeks you could multiply your revenue while working just four days a week, even if you’re grinding 12 to 16-hour days? If you want me to show you exactly how to do this, go to?TheAbundantCall.com?and book your call with me and my team. Let’s welcome our very special guest to the show, Lynn.
Welcome, Lynn, to the show.
Thank you, Michelle.
Thank you so much for being here and taking the time to share with other accounting, tax, and bookkeeping firm owners, not only your experience of working with us here at The Abundant Accountant and going through our eight-week Sales Mastery and being a part of our mastermind group but really sharing your journey on what things were like before and where things are now. Before we get into that, could you give everyone some context, Lynn, on where you’re at in the country and what your firm focuses on?
I am located in Mount Vernon, New York, which is just North of New York City. We focus on outsourced CFO services and tax representation.
When you were doing your firm a year ago or before we met, what were things like in your firm before we met? What were the biggest challenges you were really struggling with?
The first thing I was struggling with was that I had some clients that I really didn’t like. Those clients ended up being the highest-paying clients. The frustration of having the clients that caused me to, let me say, fire the clients, which put a financial strain on the company. In light of not having these clients, I had to start looking for new clients who I actually liked, who wanted to grow their businesses and wanted to work, and it wasn’t going to be frustrating for me and the team. That was the biggest thing for us.
When you had that loss of revenue and you knew you had to get new clients in, what was the thing that had you reach out for help? What was the moment you decided you needed to do something about this, where you could no longer continue going on the way things were on your own?
I’m going to say it was my bank account. I couldn’t afford to pay myself. I was barely able to pay my staff, and that brought me to the point where I said that I could either go back to the same old way of business, or I could look for a new way of doing business. That’s what made me reach out to you and Denise.
Making The Decision To Invest In A New Way Of Business
I love that, and I’m so glad to have met you to turn things around. If you can look back, and I’m sure others reading, and we hear it all the time, “I don’t have a lot of money in my bank account. I know I need to make a change, but yet you’re going to ask me to invest time and money into something when I don’t really have the money.” How did you wrap your head around that when you were thinking, “How am I going to make an investment, take a plunge, do this new way of doing business with that skepticism that you’re reaching out for help because the bank account doesn’t have any money and you can’t even pay yourself?” Can you share what that moment was for you and where you were at that time, and how you overcame that to say, “I need to leverage this investment and make a way and find a way?”
Initially, when I got to that point where I needed help, I had to do a self-assessment. My self-assessment revealed that I didn’t have any sales training. I knew finance, I could work well, I could get results, but I didn’t know how to sell, and that was the issue. Knowing that that was the issue, that’s what I looked for, some program or someone that could honestly teach me, not just to be like a car salesperson, but to look at the needs of the client and bring that out so that they know that we would be able to help them. To be quite honest, we didn’t have the money. We didn’t have it. I remember during that conversation, we looked at PayPal, and of course, being in finance, the first thing you look at is the interest rate, and the interest rate was 28% after six months.
The program was eight weeks, so I’m calculating, if I go for this program for eight weeks, then I still have probably another four months in which I can implement and be able to pay off that debt and not incur that interest rate, that fee. I have to say that one of the things that I had to do was resign myself to listening to what I was being told to do. Believe it or not, that was the hardest part for me in the entire process.
How did it work out for you being able to sit back and just listen, even though it was the hardest thing for you to do? What were some of those immediate results that you had in your firm after you made the investment, you got the financing option, you leveraged it? What were some of those immediate results that you had in your firm so far?
The first thing was I was giving away a lot of information that I should have been paid for, that being tax planning. I remember I set up my first call with an existing client, and I remember on that call, I kept saying, “I have to ask for the sale,” and I’m hearing you in my head, “You have to ask for the sale,” and we were right there. Finally, I said, “I have to take this plunge.” I was able to secure my first tax plan at $20,000.
Where before, that was being done for $0. What were some of the lessons that you learned, Lynn, in going through the process, making the decision to leverage an investment, having this finance background, instead of saying, “I’ll make the money first, and then I’ll come and do this,” where you said, “No, I can’t. I actually need to dip into something, find money, make that drastic plunge on that end as well, and take the risk?” Even though you had a six-month leeway, you bet on yourself that this is going to work. What were some of the lessons that you learned in making all the decisions and being able to step back and just say, “I’m going to listen and implement whatever they tell me?”
The first lesson was that I actually had to believe in the process. There were a number of people who had gone through the program before who had the results. They did everything they were told to do, and I think that was, again, the biggest thing, just believing in the process. The other thing is that I had to believe in my ability because when talking to a client, you have to have that self-assurance because it comes out in your voice. That was the other thing that I had to learn that I knew my value, and I had to be able to communicate that. That was another important piece.?
The other thing was the value that I brought to the clients. That, I think, was another key part of the program, understanding the value, understanding what I’ve done to prepare for my career for the last twenty years, and knowing that I bring value. Therefore, whatever the clients are paying me for what I’m bringing to the table, they’re getting way more than that.
When you think about the program now versus when you had no idea what we did, or who we were, you just had one conversation with us, and you made the decision to do something different because of your bank account and knowing that you couldn’t continue going down that path. What would you share with your younger self right now, a year ago, or six months ago?
You know that I did all my homework. It was on time. I actually feel like I would have put additional effort into my homework because it does make a difference. Every time I sat down and I put pen to paper because I do write more than I type, I felt a change in me and how I perceive what I’m doing. I would actually just put a lot more effort into doing the homework.
I think you’ve had such a profound impact on your firm with what you did. The beautiful thing, Lynn, is you can redo it and keep enhancing your homework. You can still continue that. What did you like best about our program that you would love to share with other firm owners who might have tried a lot of other programs, spent thousands of dollars on other things, books, and YouTube videos, trying to figure out how to do their business better, and figure out the sales element, or maybe not even think they have a sales problem, where in reality, they think they just need more clients, when that’s not the truth. What did you like best about the program?
领英推荐
The Support From The Program
I like the support that I received from you and Denise. I really enjoy the no-nonsense approach at the end of the day. You are straightforward. You don’t sugarcoat, and that is good. Even when we started talking about pricing, or we started talking about speaking to this client and this client said, “I’m not ready yet.” Every time you made a suggestion, and I implemented that suggestion, I got positive results. There was never a question that you didn’t address, whether it was mine or someone else’s in the group. If we didn’t have time, there was always the following week. That support really made the difference, and not just the support, but the quality of the information being given.
Thank you for that. Seeing how far you’ve come, changing all of the pricing, not having accounts receivable anymore, getting paid upfront, not doing any work for free, getting paid significantly high premiums from your clients, and delivering the utmost value that you do for each of them. How do you feel now, Lynn, versus how you felt before? Maybe we want to start with how you felt before when you looked at your bank account and said, “I’m not paying myself, I have no money, I have to change.” How did you feel then, and how do you feel now?
I can tell you frustration was the biggest word in my vocabulary at that point. I felt underappreciated, like there was no hope, because I kept giving my best, and it just didn’t reflect in my bank account. Now, I’m going to say, believe it or not, it’s tax season, and I have peace of mind because I have the clients that I want to have. My bank account is definitely reflective of that. I’m optimistic about what the future will bring.
When you think about the future and that you have peace of mind, calm, and tranquility during what used to be the craziest time of the year, and it’s completely not anymore, what do you see as the vision for your firm and your life? I know you wanted to have more fun and enjoy life. I think that’s a big thing for a lot of firm owners. How many of us, in the past for you, started to resent the clients, resent the work, and then you were just angry and frustrated all the time, never going on vacation, working way too many hours for too little pay, and not having fun is what you shared with us. What do you see now for not only your firm but for you personally?
Lynn’s Vision For Her Firm And Personal Life
The first thing is that I can actually take a vacation, and a vacation that I want, not one that I have to take because I have to improvise, so that is definitely a big thing.
What does that look like, the one that you want versus what you were improvising?
The first thing is that I’m going to be flying first class, so that is definitely a yes, especially since I’m a little claustrophobic, so that makes a big difference, which means that now I can travel further. I’ll actually enjoy trips to Europe right now. I do like that. I am definitely looking to buy a new home, which I’m going to call my sanctuary. I’m definitely going to have that by next year. I am buying property this year also, so it’s definitely opened up a number of opportunities for me that I am taking advantage of.
I’m so happy. I got goosebumps. Flying first class, you’re going to have a sanctuary that’s going to be your home. I love that. I can just imagine what that looks like, and I don’t even know what it looks like, but when you get your house, I want a photo to see if it aligns with my vision.
How else do you feel now? Making these changes, you’re in our Mastermind program, you’re continuing to invest in yourself and coaching. Share what’s possible and how you feel now, and did you even think this was possible for you?
What I will say, and what I do love about the Mastermind group, is that the eight-week program is excellent, but I think it’s just a start. Because in this program, one of the key things is not just about a process. It’s about a mindset shift, a mindset in terms of how you view yourself, how you view the clients, and how you view your business. After you have that, you need to practice. There are so many situations that can come up that you cannot deal within eight weeks. The Mastermind really creates that environment to address those situations that could really increase your revenue exponentially.?
I’m actually excited to have our weekly meetings in the Mastermind group because you know that I bring all kinds of questions. I bring some of my videos in. Other members bring some of their videos in. We look at it. We talk about it, and it’s always in such a judgment-free zone that everyone gets value out of it. To me, I cannot even explain it. I just think that everything is up for grabs right now. There’s nothing that’s limited right now.
You feel free.
Definitely, and at peace. Peace is a good word.
Lynn, what words of wisdom would you have for a firm owner who might be in your shoes, just like you were six months ago, looking at their bank account, sick to their stomach, thinking, “I know finance, accounting, and bookkeeping. I’m so smart. I have an MB, I have a CPA. I’m an EA. I’ve got all of these things, yet I still feel broke. How can I keep going this way?” What words of wisdom do you have for someone in the audience that you wish you would have heard, and maybe you didn’t hear it in any of our testimonials or reviews or on our Google review page, but you want to share with that person that you think they might need to hear?
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Words Of Wisdom For Other Firm Owners
First of all, they need to take a self-assessment. At least for me, my challenge wasn’t not knowing the business being finance. My challenge was not knowing sales and marketing. Once you know where you’re lacking, at least for me, it allowed me to say, “If I need to be better, if I want to grow this business, if I want a better quality of life, then I need to invest in something that is going to give me some type of return.” It was just about paying the money. Believe it or not, that’s the easiest part.
It’s about making the commitment to follow the program, to attend the calls, to do the homework, to speak up in the class in those meetings, and to allow yourself to be vulnerable and allow yourself to get feedback so that you can grow. That’s what I would say to someone. In this program, and you and I have had this conversation before, if you’re not going to invest in it, then don’t do it. If you’re going to come in, come in and make that commitment.
It’s eight weeks. Before you know it, it will be gone. I couldn’t even believe when it was my last class and you said, “Lynn, this is your eighth week.” I said, “What?” I couldn’t believe it. It goes by so quickly, but the support is there. Just make the commitment. As crazy as it would sound, because it is something new, try it. You’d be amazed at what would happen.
Thank you so much for sharing, Lynn. It’s just been an honor to see your journey. I look forward to coaching you until you have your home sanctuary picked out and enjoy those first-class trips to Europe and all of the vacations that you are booking right now. I’m just so proud of the work that you’ve done. Is there anything else that you’d love to share with the audience that maybe we didn’t touch on, that you definitely want to share?
What I would like to say to them is that if you’re having challenges with your business, and if we look at the economic times, this is a difficult time. They need to really have a conversation with you. They need to make that plunge and they need to make that commitment. It will make a difference.
Thank you so much, Lynn, for taking the time to share your story and your experience and being here with us on the show. It’s an honor to have you.
Thank you for sharing your knowledge with me. I appreciate that.
You’re most welcome.?
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Thank you all so much for joining Lynn and me here on another lovely, amazing episode here at the Abundant Accountant Podcast. If I could tell you that there was a way that you could do this just like Lynn did and work with those ideal clients who value your expertise, but also get actually paid for every single thing you do, and multiply your revenue while just working 40 hours a week. Not only that, I’ll show you how to do all of this in a way that feels simple, effortless, and automatic so you barely even have to think about it.?
This is the same system that not only I showed Lynn, but I’ve shown hundreds of other tax, accounting, and bookkeeping firm owners just like you who have used it to create thriving firms that they’ve only dreamt of having. If you want me to show you exactly how I showed Lynn and other firm owners, go to TheAbundantCall.com and book a call with me and my team. We look forward to speaking to you soon. Have a lovely day, and we’ll see you in the next episode.