rod burkert

Turn the practice you have into the practice you want!

Let’s connect …

You work for a retiring BVFLS icon. Now what?

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What is the most favorite thing you do?
What is the most profitable thing you do?
Are they the same thing?

UPDATE: See [Note] below for information not included in the video.

You’ve been working for years alongside a well-known, well-respected BVFLS practitioner. Now they are looking to sell the practice and retire. Where does that leave you?

Hey, what’s up! I’m Rod Burkert. And welcome to my Practice Development Corner, the place where business valuation professionals like you come to learn how to turn the practice they have into the practice they want.

One of the issues raised by the tsunami of retiring baby boomer business owners is the matter of retiring baby boomer BVFLS practice owners. Hey, you only need to attend a few BVFLS conferences and see all of the gray hair to imagine that these people won’t be practicing too much longer. Present company excepted!

A potential coaching client reached out to me. She has been working with one of those BVFLS icons for over a decade. She’s happy where she’s at, but knows it won’t continue forever. She wants to plan her next move … which could include (1) staying with the practice under new ownership, (2) buying the practice, (3) starting her own practice, or (4) moving to another firm.

[Note: If you are looking for help with (4), I can think of no better person to recommend than John Borrowman. Most likely, you know him or heard of him … and that’s because he is a great guy. John specializes in recruiting the best talent in our BVFLS industry. You can reach out to him at Borrowman Baker, LLC, 544 Ryan Avenue, Gallatin, TN 37066, 615-230-4979, johnb@borrowmanbaker.com.]

While we fleshed out some pros and cons of each move, here are the two concerns I have for anyone in this situation: (1) who are the referral relationships with and (2) how old are they. For example, the phone rings and the client/referral source asks for Mr. or Mrs. BVFLS Icon. If that is always the case, it may be difficult transferring those relationships to any new practice owner.

And if the clients/referral sources are at or near their retirement age, THEY may not be around very long even if the relationships can be transferred.

I don’t have THE answer, but it’s certainly something to think about if you are in this position or will be within a relatively short time horizon.

That said, I think ONE solution is to start building your brand that is separate and apart from the firm you’re in. And if you stay, either as an employee under a new owner or if you become the owner, you will be in the best rainmaking position possible. And if you go, either to start your own firm or to move to a new one, you will likewise be in the best possible rainmaking position.

So that is this episode’s practice development tip. Hopefully, it’s been helpful. Let me know by taking just a few seconds to like, comment on, or share this video.

Even better – if you are looking to grow your BVFLS practice faster and smarter so you can get more time, money, and freedom from it – subscribe to my YouTube channel.

Thanks for tuning in!

Cheers!

 

 

 

Action Items:

– If you like what I write about, tell a colleague.

– If something resonates and you want to reach out directly, email me.

– If you think we share common interests, connect with me on LinkedIn.

– If you want a sense of how well your practice is working for you, take this Practice Self Assessment.

What are you willing to do for free to land new work?

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Greetings from southwestern PA. The RV is parked just outside of Confluence where we will be taking in the sights of Frank Lloyd Wright’s Fallingwater.

I hope you found our last conversation about ways to come up with ideas for your content to be useful. With that hurdle gone, you should be ready to launch your very own Authority-building messaging platform. Let me know if I can help!

On to this week. This newsletter was inspired by a post from a LinkedIn connection … basically asking the question that is the title of this newsletter: What are you willing to do for free to land new work? I have some thoughts about “for free.” And “for cheap.”

And if you’re new here, welcome aboard. This is what we do!

Seen on Twitter: If you want to have a stronger sense of urgency in your life (and you do) an easy way to accomplish this is as follows: take 100, subtract your current age, and imagine the number left is the % of cell phone battery you have remaining.

So, what ARE you willing to do for free to land new work? In our profession, we almost always write for free. We often agree to speak for free. And apparently, based on my connection’s LinkedIn post and the comments other people made on it, we sometimes offer to work for free … for example, a preliminary analysis that effectively is an audition for the paid engagement.

The tradeoff in writing or speaking for free is the exposure one gets for the effort. For example, the publications I write for have an audience of hundreds of, if not a few thousand, readers. For me, that’s huge … probably is for you, too. So I am all in here. Of course, it’s up to us to write great content that will be read by that audience and, hopefully, generates leads.

And I may be willing to speak to a small group of attorneys, financial advisors, or insurance people if I really want to get in the door with those specific people AND I feel confident they will send work my way once I fill their know, like, and trust buckets. But for presentations to larger groups or organizations, I always ask for an honorarium if they don’t pay a speaker’s fee.

What you’re willing to do for free likely depends on where you are in your career path and if you work for yourself or somebody else. For example, if you are just starting your own firm, you likely have more time than money to invest in your marketing. Hence, you do some things for free.

And if you work for someone, they may be willing to subsidize your marketing efforts (by paying your salary) to get exposure for yourself and the firm. Hence, again, you do some writing and speaking for free. The firm may even be willing to underwrite your for-free audition pitch.

Otherwise, we are probably in general agreement. Definitely, write for free. Probably speak for free (but ask if there is an honorarium).

But … are you willing to work for free? To audition your services? (I’m not, but that’s me.) What about willing to work for cheap?

I read a graphic that said, “Work for Free or Full Price – Never for Cheap.” The logic behind it is that once you do something for cheap, it will be hard to shake that reputation. The referral sources will forget it was a one-time favor or introductory offer. And they will tell their colleagues, “Hey, hire Rod … he works for cheap.” Just the mantle I want.

So what

As my LinkedIn connection said in her post, if you are going to do something for free, there has to be a good business case for it. To that, let me add Derek Sivers’ advice: if the for-free opportunity is not a resounding hell yes, then it’s a no.

In real life

Here is the marketing conundrum I see: people want free, but they don’t value free. And they are certainly willing to take advantage of for cheap.

Related Posts

Why I promote my speaking events on LinkedIn … and you should, too
How do you come up with a price?
The Future of Our Fees: What is the writing on the wall?

Cheers!

 

 

 

Action Items:

– If you like what I write about, tell a colleague.

– If something resonates and you want to reach out directly, email me.

– If you think we share common interests, connect with me on LinkedIn.

– If you want a sense of how well your practice is working for you, take this Practice Self Assessment.

How to create newsletter content that your audience wants to read

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So I am speaking at the NYSSCPA BV Conference in May and the NACVA Annual Conference in June. What is the most annoying thing you feel when watching speakers present their topics? Email me because I would love to know your thoughts before I take those stages.

Our recent conversations have dealt a lot with creating content … specifically, email newsletters and Authority-building videos. Based on the feedback I’ve been getting, you’re all in. But what’s stopping you is the concern about creating new content – week after week or month after month. Where do you get your ideas? How do you not run out of ideas? Well, here’s how.

Hey, what’s up! I’m Rod Burkert. And welcome to my Practice Development Corner, the place where business valuation professionals like you come to learn how to turn the practice they have into the practice they want.

Since I started in July 2015, I’ve published almost 200 weekly text- or video-based newsletters. I don’t think I’ve repeated myself yet, and I am not even close to running out of ideas to bring to you.

And the reason is, first and foremost, I listen to the practice development issues that my coaching clients, LinkedIn connections, and fellow conference attendees raise with me. Because if they have problems, chances are many other people in our world have them as well. And there are always new angles to the problems, which makes for valuable newsletter topics.

So if you are listening to your clients, what issues are they raising with you? Because if you have your ear to the ground, if you are keeping with changing economic and industry trends because they impact either the advice you can offer a client or the valuation you must perform for that client … then you won’t run out of ideas to write about.

Here’s another example of how to keep the idea wheel turning. One of my coaching clients created a new service that she wants to spread the word about. It’s a 12-module program so we created a content calendar for the next 12 months that will introduce and discuss each module. That’s one year of content ideas in the can!

So if you are looking to start broadcasting your expertise in a particular practice area or industry niche, create a content calendar for the upcoming coming months that outlines broad themes you want to cover for your audience. Then fill in the themes with specific ideas and examples that convey the themes. Bam! You’ve got your newsletter topics.

Even with these tips, ideas may still be hard to flesh out. That’s when exercise can be helpful. It’s something about the dopamine release that allows for new ideas to percolate. And if you don’t have time to hit the gym or go for a run, studies have shown that a simple five-minute change in latitude (like walking around the block) can ramp up your creative juices.

And here’s my last piece of advice. Coming up with great ideas does you no good if you forget them! … which can happen in the throes of everything else you need to get done. So I write down all of my ideas when they strike. I use the Evernote app on my phone, which I almost always have with me, and it syncs with my iPad and laptop so I always have the current “idea folder” on all of my devices.

So that is this episode’s practice development tip. Hopefully, it’s been helpful and gets you over the hump of starting your newsletter. Let me know what you think by taking just a few seconds to like, comment on, or share this video.

Even better – if you are looking to grow your BVFLS practice faster and smarter so you can get more time, money, and freedom from it – subscribe to my YouTube channel.

Thanks for watching!

Cheers!

 

 

 

Action Items:

– If you like what I write about, tell a colleague.

– If something resonates and you want to reach out directly, email me.

– If you think we share common interests, connect with me on LinkedIn.

– If you want a sense of how well your practice is working for you, take this Practice Self Assessment.

How you can beat cheap: 4 ways to compete against low-cost BV providers

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Greetings from the Cumberland Gap. The RV is parked at the tri-state intersection of Kentucky, Tennessee, and Virginia where we will be exploring the passage blazed by Daniel Boone back in 1775.

I hope you found our last conversation about creating Authority-building videos to be useful and that it inspires you to start using video to market your expertise. Remember the stats from a previous newsletter: the average person spends 6 hours per day watching video of some kind vs. 19 minutes per day reading text of all kinds.

On to this week. I am frequently asked about how to compete against low-cost BV providers. And, parenthetically, low-cost BV providers are not just the online services of our world. They are also found amongst traditional practices that, lacking differentiation, compete on the basis of price.

And if you’re new here, welcome aboard. This is what we do!

The year is 25% over. Are you 25% of the way toward reaching your 2019 practice building goals? What habit do you need to add or drop to get there? Email me and I’ll try to help … my inbox is always open!

The BV industry is becoming more competitive every day … more professionals doing the work and better informed prospects getting fee quotes. There’s tremendous pressure to lower prices and conform to the demands of “the market” as online firms like BizEquity gain traction. And this pressure is not limited to my coaching niche of 1-3 person BV practices because I hear even some big valuation shops are feeling the burn.

If you’re trying to build a profitable, sustainable practice, pricing can be daunting. But here’s the good news: you can compete if you are willing to do some things differently. I am not saying these things are easy … if they were, everyone would be doing them.

#1 – Narrow your focus and become the expert

You’ve tried the generalist route, and it isn’t working. The key to differentiating your practice from the low-cost options is to narrow your focus and build a brand as a leading expert in a standalone practice area or industry niche or a group of related areas or niches.

Then – like the Beatons, Dietrichs, Fannons, Grabowskis, Hitchners, Mercers, and other titans in our profession – work to build your reputation as the go-to expert for that specific area or niche. Write a newsletter. Publish articles. Launch a podcast. Speak at conferences. Write a book. Pick something, get started, and the rest will fall into place.

#2 – Build and maintain your referral network

For many of us, our referral sources are our clients. So you must build a network of referral sources who know, like, and trust you, believe in your expertise, and understand the value you provide. They’ll send you prospects who are a good fit and have already been prepped to pay your fees.

Thus, a major focus of your marketing should be maintaining relationships with your referral network and frequently reminding them of what you do, why they can trust you with their clients, and what makes a good referral. This activity is a large component of my 2019 BVFLS Practice Development Marketing Plan.

#3 – Demonstrate the cost of low-cost alternatives

It’s important to alert prospects of the hidden costs that may accompany a low-cost service as it relates to that prospect’s reason for wanting/needing a valuation. Hey, there are some reasons for which a low-cost valuation may be “good enough.” But it’s easy to point out why business owners who built companies over their lifetime and are now ready to exit shouldn’t rely on a $500 valuation to tell them what the selling price is.

And I think it’s important to have a script ready so that when you need to explain the hidden costs to a prospect it comes off as a thoughtful rejoinder and not a disparaging rant against all low-cost providers.

#4 – Eliminate the competition

Not by tilting at their windmills but by transforming your practice. If there’s too much competition in your market, create a new segment for yourself. If you can accomplish this, you’ll be selling in a vacuum and there will be nobody your prospects can price-shop you against. How can you enhance, combine, or structure your services to create something that nobody else offers? Read Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant for some ideas and examples.

What can you do to place yourself in the Blue Ocean category of one? What resources do you have … what relationships can you leverage … what unique value can you create … how can you mix, match, or restructure your current services? It requires innovation and a willingness to pivot. And if you haven’t thought about this before, it’s worth blocking off some time to consider the possibilities.

So what

Competing successfully in these conditions requires us to accept that many prospects will choose the low-cost provider every time … no matter how much it offends our sensibilities. So don’t chase those clients.

Instead, focus your business development efforts on a practice area or industry niche where you can stand out for an audience who will pay premium fees because they recognize the superior value you provide.

In real life

In many industries, there are insanely profitable businesses that charge premium fees and still win business despite the availability of free alternatives. Look at water.

Even though experts say we have high-quality potable tap water, millions of people buy bottled water every day … and bottlers position themselves to charge premium prices within this category (think Fiji).

If an entire industry can thrive by selling water – readily available for free – at high prices, there’s no reason for you to panic when you hear about low-cost competitors. But you must have a strategy to attract the right prospects who have the means to pay your fees and see the value in doing so. Because that is what you do when you hire a professional service provider.

Related Posts

Big Data Valuations: What we BV experts are up against
Big Data Valuations: What you said about them
Our fees are determined by the market. Which market?
Has anyone noticed that we are being disrupted? (a must-read)

Cheers!

 

 

 

Action Items:

– If you like what I write about, tell a colleague.

– If something resonates and you want to reach out directly, email me.

– If you think we share common interests, connect with me on LinkedIn.

– If you want a sense of how well your practice is working for you, take this Practice Self Assessment.

The 3-part blueprint for creating Authority-building videos

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Think you can’t do video? I used to think the same thing. (And I still have a long way to go to find my “camera” face and voice.)
But a sure-fire way to get started is to have a repeatable blueprint you can follow every time.
That’s what I have for you today.

This is a video about videos – short, Authority-building videos. There are 3 things you want from your videos and the audience that watches them: attention, engagement, and action. Stay tuned, and I will give you the 3-part blueprint I use to make that magic happen [see Update #1 below].

Hey, what’s up! I’m Rod Burkert. And welcome to my Practice Development Corner, the place where business valuation professionals like you come to learn how to turn the practice they have into the practice they want.

So, Authority-building videos … how do you create them?

First, let’s acknowledge that attention is scarce these days. Scarce because there is just soooo much content out there to digest.

But the best way to get noticed is to have a reputation for solving the problems of the people you want to do business with. That makes your videos practical, relevant, and useful. For example, you all know my videos give actionable tips that solve your practice development problems.

And to get noticed, you must also deliver the content in an engaging way in a style that is authentic to you. That style can encompass your voice, your clothing, or your backdrop. For example, I tend to be a little irreverent … I always wear an orange shirt … and I almost always shoot outdoors.

With this information in mind, here is the 3-part blueprint I’ve picked up from experience and use in my videos.

#1 – The Opening has a Promise and Branding

I always open with a statement or a question – a hook – that is designed to draw people in because they recognize something going on in their lives and are curious about it. In this video, my promise was to tell you how to create Authority-building videos.

Then I tell you who I am, where you are, and what I do. I say: I’m Rod Burkert. And welcome to my Practice Development Corner, the place where business valuation professionals like you come to learn how to turn the practice they have into the practice they want. That’s the branding.

#2 – The Content Teaches and Seeds

The teaching part of the content is what I am doing right now. I am telling you how to create Authority-building videos, fulfilling my opening promise.

Seeding is mentioning a next step you might take with me to learn more about building Authority. For example, I can mention that one of my favorite pieces in my coaching program is when I teach the module on how to build Authority with video just like this. Your seeding might be the BVFLS work you have done many times for clients with problems similar to the content your video is discussing … and you would be happy to work with anyone who is watching the video.

#3 – The Wrap-Up has a Call to Action and Sign-off

An authority-building video closes with a call to action and a sign-off. Generally, my call to action is an invitation to like, comment on, or share my video – thus spreading the word about who I am, what I do, and what this video is about. Your call to action might be to download a whitepaper [see Update #2 below] that deals with the specific content of your video. Then all that’s left is an upbeat goodbye … which is where I am now.

So that is this episode’s practice development tip. Hopefully, it’s been helpful. Thanks so much for watching!

—–

UPDATE #1: Comparable to Facebook Live, there is now LinkedIn Live. You can read more about it and why it’s happening here. Hint: “LinkedIn … says that video is the fastest-growing format on its platform ….”

UPDATE #2: After I recorded this video, Chris Mercer posted a whitepaper on How to Value a Wealth Management Firm. You can see exactly what he wrote here.

—–

Cheers!

 

 

 

Action Items:

– If you like what I write about, tell a colleague.

– If something resonates and you want to reach out directly, email me.

– If you think we share common interests, connect with me on LinkedIn.

– If you want a sense of how well your practice is working for you, take this Practice Self Assessment.