GROWTH STRATEGIES

Build Exit Strategy into Your Business Strategy

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Ten action steps to take NOW, not someday.

By Jackie Meyer
The Balanced Millionaire: Advisor Edition

Having gone through the process of selling clients and eventually an entire firm, I gathered some invaluable lessons. If you ever consider selling part or all of your practice, keep these in mind:

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  • Always Have a Retention Clause: If you sell clients or your firm, include a clause in the sale agreement that protects you if clients don’t stick around.

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Get Your Fees Faster This Tax Season

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Be sure to provide details.

By Ed Mendlowitz
Tax Season Opportunity Guide

Accounting is a business and businesses need to be paid.

It’s harder to justify prices when providing services rather than products. Products are usually priced before delivery while many times services are priced after delivery, i.e. performance.

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Many accountants price tax returns before they are worked on, usually basing the fee on last year, or a rate schedule. Sending a bill with the return establishes the relationship that you should be paid promptly for the work done.

It shows that you run a business and also provides a courtesy to the client in that they can immediately evaluate the cost and value of what was done.

But just as importantly: READ MORE →

Four Financial Metrics to See Your Firm’s True Picture

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illustration of 4 key metrics

What you have now and what you have coming.

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

Having a solid understanding of their finances can make a huge difference for business owners. Not only does it help business owners make decisions about when it’s time to hire a new employee or whether or not to invest in new equipment, but it also enables them to sleep better at night!

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As a business grows, there are a few metrics business owners need to understand and review on a regular basis. When we work with growing businesses through our virtual CFO service, we help them focus on the following key metrics:
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It’s Time to Think about Your Exit Strategy

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businessman thinking with hand on his chin

It’s never too early to consider your legacy.

By Jackie Meyer
The Balanced Millionaire: Advisor Edition

Building a successful advisory practice is a significant achievement. But have you considered what happens next once you’ve reached your current goals? It’s easy to get caught up in the day-to-day operations and growth of your firm without thinking long-term. However, true freedom and peace of mind come from knowing you have a plan for the future of your business and the impact you’ll leave behind.

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This article delves into the critical topics of exit strategy and legacy. We’ll explore why it’s essential to plan for the future even in the early stages of building your firm, discuss various options for eventually selling or transitioning your business, and get you thinking deeply about the legacy you want to create. Planning your exit isn’t about wanting to quit – it’s about building a business that’s a valuable asset and ensuring your hard work carries on according to your wishes.
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Be Open to Unexpected Opportunities

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gift box wrapped in dollar bills and red ribbon

Good things can happen in surprising ways.

By Ed Mendlowitz
Call Me Before You Do Anything: The Art of Accounting

My friend Al is a sole practitioner with seven staff members and a thriving audit practice, besides the typical tax and small business tax clients.

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He is getting older, and while he has no plans to retire and is actively trying to grow his practice, he periodically meets with larger firms to see if there is an interest in acquiring his practice when that day comes. By doing this he stumbled on a fantastic business development formula.
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