In this article, the author shares with readers that a number of practitioners expect a slow 2022; this is a departure from the current work frenzy. He shares his advice regarding what to do in anticipation of that fear. I have been talking to many of my colleagues lately—mainly, those who specialize in tax purpose valuations. Collectively, they have been, and they are up to their a$$es in alligators—resulting from the ongoing influx of E/G work triggered first by the COVID-19 pandemic and then the change in Presidencies. Collectively, they expect they will be much less busy come 2022. Feast…
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Rethinking the Role of Your BD Team (Part II of II) In the November 2020 post, an alternative way to structure your firm’s BD efforts that relies less on a central “rainmaker,” and more on an integrated team. In this post, the focus is on how to execute the various activities involved in BD, such as hiring, outsourcing, or cross-training existing staff. For this exercise, do not get hung up on specific titles; in reality, team members’ skills and interests are more important than their titles. Your BD team structure might look something like what is discussed here. Rethinking Activities…
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Turning Traditional Business Development on Its Head (Part I of II) Business development (BD) used to be simple: do good work for existing clients, be active in your local community, and watch the referrals roll in. To be a successful rainmaker for a firm, all a professional needed was a little confidence, some networking skills, and perhaps the occasional educational presentation. But BD has changed, driven by changes in the behavior of professional services buyers. Rather than ask a colleague about a business question, they began using search engines. In one industry after another, including professional services, digital transformation has…
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The Art and Science Most businesses have special characteristics that affect its value. Some are endemic to the industry and some relate to the personal nature of those managing the business. Wealth management businesses have both characteristics. Here are some considerations that go into determining the valuation. Most businesses have special characteristics that affect its value. Some are endemic to the industry and some relate to the personal nature of those managing the business. Wealth management businesses have both characteristics. Here are some considerations that go into determining the valuation. Defining a Wealth Management Business Wealth management businesses manage investible…
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As the regulatory landscape has evolved, compliance departments and the chief compliance officer (CCO) have become increasingly important, helping organizations to adapt. Many CCOs sit on boards and report directly to the chief executive. They are no longer on the outside looking in on business development; instead, they are a key cog in the machinations of the C-suite. To read the full article in Financier Worldwide, click: The Evolution of Compliance.
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What it is, How it Can Help You, How to Get Started The author discusses the purpose and value of signature content.
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To Market When You’re Busy Marketing requires a continuous effort and presence. In this article, the author shares a marketing alternative that appraisal practitioners should pursue when they are unable to network in person.
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Business development concerns outpacing technical issues A new survey by the AICPA reveals that priorities for forensic and valuation services (FVS) professionals have changed significantly in just the last three years. The report details what’s most important to them today and why it may not have as much to do with the economy as you think.
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On Marketing Mistakes Generally, Bad Marketing Messages in Particular, Social Networking, and More Geoffrey James at Inc.com writes: “A few months ago, I traded emails with best-selling author Seth Godin on the subject of marketing inside small businesses. The more I read over the interview, the more I realize that his advice is priceless.” Here’s an excerpt of the interview. Read the whole piece for the rest of Seth Godin’s answers to Geoffrey.
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Six Out of 10 Small-Business Owners Buy Business Benefits of Social Media; 41% Prefer LinkedIn; Only 3% Vouch for Twitter Not that that stopped Twitter from getting a $9B valuation this last week. Emily Maltby and Shira Ovide report that the Wall Street Journal and Vistage International recently surveyed 835 small business owners. Here are the results.
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There are Lots of Exit Options Owners Can Plan for, but Putting Together a Plan is Essential Business owners need to plan the sort of exit they hope for early on and treat exit options explicitly as part of their initial business plan. Whether owners are looking to sell outright, be acquired by another company, go public, choose simply to liquidate, or let the business run dry matters. Here’s why.
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Charles Green has posted an interesting thought-piece over at the Trusted Advisor site: When clients don’t buy what a CPA firm is selling, it’s unlikely that they don’t want what you’re selling. More likely it’s that they’re not buying how the service is being sold. For example, a potential client is talking with several accounting firms about a significant assignment. One firm has expertise in that area and understands the client’s issues, and the meeting goes well. The firm bids competitively, recognizing the value of potential future work. The final presentation is a hit, but another firm gets the engagement.…
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Cut Down on Email, Increase Your Biz Dev So advise Bret Owens and Dan Markovitz at AccountingToday: Too many CPAs begin the day reading through their email inbox. No doubt, reputations depend on near instantaneous client service. But let’s face it—if the only value you’re providing for your client is rapid response, you’ll eventually be replaced by someone in Mumbai, Shenzhen or some other time zone who can respond even faster. Moreover, that level of service comes at a cost: CPAs become reactive rather than proactive. No matter how quickly they respond, they are always fighting fires, always behind the…