Bissett Bullet: The Price Is the Price
Today’s Bissett Bullet: “If you want to become a trusted advisor then there must be no discounting. The price is the price.”
By Martin Bissett
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SURVEYS & RESEARCH
I’m 76. Should I Slow Down? How?
Many considerations factor into the best time to retire.
By Ed Mendlowitz
202 Questions and Answers: Managing an Accounting Practice
Question: I am 76 and am starting to think about slowing down and selling my practice. I am a sole practitioner with three bookkeepers and a secretary/admin person working for me. I have a nice spacious office in a small building I own.
MORE: Who to Hire When It’s Time to Grow | Hourly Billing Doesn’t Cover the Value; Now What? | Should You Merge? Here’s How to Chart Your Path | When Selling a Firm to Staffers Is Tricky | Want to Merge? Six Steps to Take | Courting a Client? Don’t Give Too Much Away for Free | Every Accounting Firm Needs Quality Control | Measure Knowledge Gaps (Then Close Them) | Should You Offer Financial Services? | Thirteen Things to Consider Before You Sell Your Practice | How Much Is Your Tax Practice Worth? | Ready to Retire? Selling Your Practice Is No Strategy
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I have been approached by a larger firm that wants to buy my practice, but they want a guarantee of retention, and I was thinking of working with them for two years to ease the transition, and then sell. How do I set up the work arrangement?
Also, they want me to move into their office, but then I will have to sell my office and the real estate market is soft. Also, we will negotiate the price now (a percentage of gross) but how do I know they won’t change their mind, or what happens if the transition period is not good and I have to pull out? What do you suggest I do or how should I proceed?
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BYU Students Launch Accounting Tech Platform | Know How Korner
Free online learning platform offers real-world challenges in software solutions.
Know How Korner
With Donny Shimamoto
Determining a Price … and When to Change It
Consider at least five issues when deciding how much to charge clients for your services.
By Jody Padar
Radical Pricing – By The Radical CPA
What is the lowest monthly fee paid by any of your clients? You probably don’t want to bring on any new clients at a lower fee, so use this as your new business baseline. No one enters your firm without paying this baseline monthly service fee.
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However, the question remains whether the client will be billed on a fixed-price or value-priced basis. Here are five issues to consider as you make this decision:
Nancy McClelland: Be the One Your Clients Ask First | The Disruptors
Rely on your professional network for answers you don’t know. Plus 13 key takeaways.
This is a preview. The complete 1-hour video episode, with commentary and transcript, is first available exclusively to PRO Members | Go PRO here
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The Disruptors
With Liz Farr
Nancy McClelland never intended to start a firm, but after leaving a toxic work environment, she took on a few part-time gigs. Because she’d never worked at a CPA firm, she built it “the way it made sense” without bumping up against the traditions of “This is how it should be done.”
MORE PODCASTS and VIDEOS: Alan Whitman: Stop Accepting the Status Quo | Sean Duncan: Discover Your Own Genius | Ingrid Edstrom: True Wealth Is Not Financial | Caleb Jenkins: Firm Growth Requires Owners to Shift Roles | Chris Hervochon: Be the Leader You Want to Work For | Ira Rosenbloom: Don’t Merge for the Money | Adam Lean: Get Out of the Accountant’s Trap | Geraldine Carter: Charging More is Better for Your Clients | Vimal Bava: When Working Smarter, Not Harder, Is the Only Option |
The name of her firm – The Dancing Accountant – reflects her passion for dancing and membership in several dance troupes, including one where she wears miniskirts and go-go boots. Sharing that passion with her clients means putting herself “out there” and having faith that her clients respect her work as an accountant. “And you hope that they don’t laugh too hard at your dancing or that they’re not disappointed to find out that you’re just doing silly, fun stuff.”