rod burkert

Turn the practice you have into the practice you want!

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Do you grow your practice by speaking? Here’s how to hit a home run.

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I continue to get most of my valuation and coaching work through LinkedIn. Part of the reason is that I stay on top of the changes LI makes to my profile that my leads and prospects see. So I hope last week’s conversation about the latest LI profile changes was helpful and that you take advantage of the suggested workarounds.

On to this week. From TED curator Chris Anderson: Speaking isn’t an optional extra for the few. It’s a core skill for the 21st century. It’s the most impactful way to share who you are and what you care about. So, do you use speaking as a means to grow your practice? And what does it take to be a good (or better) speaker?

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

Not everyone loves marketing and selling.

So think of it as your opportunity to tell a story about the work you do, why you do it, and how you got started. It’s guaranteed to make you look and feel less salesy.

My first presentation for the express purpose of growing my BVFLS practice occurred in 1993 … and I’ve presented 84 more times since then. I speak because I enjoy it … and I am getting better at it.

Do you want to use speaking as a tactic for growing your practice?
Are you good at it? Do you wish you were better?

Well, this isn’t going to be a compilation of all of the speaking advice that has ever been published – though as I write this, I would buy that book. But based on my speaking successes and failures, here is some advice I think is worth passing on.

How to use speaking to grow your practice

There are two fundamental questions I ask myself every time I craft a presentation to make sure it has my audience’s best interests in mind:

  • What is the core message I want to get across?
  • Why does it matter to my audience?

This serves me well whether I am speaking to 1-3 people in a company about why they should hire me to value their business, 10-15 people in a private banking group who want to learn about some aspect of valuation (e.g., the TCJA impact on business values), or 50-100 people at a BVFLS conference session who are interested in a valuation service I provide (e.g., report review).

Then, I answer these questions to make sure my presentation also has my best interests in mind:

  • How does this presentation fit into my business plan?
  • What do I need attendees to do when I’m done?

Answering all of these questions keeps my presentation focused, my audience interested, and my business model happy.

What does it take to be a better speaker

I won’t say what you should or shouldn’t do on stage because we each have our own style. For example, I’m a walker. No matter how hard I try, I can’t stay and speak in a 3-foot radius. That’s a cardinal sin when speaking. No one is perfect.

Instead, here are the best four things I’ve learned to do before I hit the stage so I can be better on stage – my roaming notwithstanding.

#1 – A workhorse presentation

I have a “workhorse” presentation that I constantly refine. In 2018, I spoke 14 times on the subject of How to Turn the Practice You Have Into the Practice You Want; it was my theme for the year. This year, my workhorse presentation is How to Scale Your Business Model; I expect to speak as many times on that theme.

Sticking with a theme builds your Authority in the practice area or industry niche you want to be known for. And having a workhorse presentation allows you to constantly refine the message. Also, it takes less time to prepare for an event because you are only ever speaking about one theme.

Here is a great example of a great speaker who does a great job with a workhorse subject: Roger Grabowski. All he ever speaks about is cost of capital. It is the space where he created his Authority and where it rests. (It would do him little good to discuss DLOMs, even though he assuredly applies them in his reports, because that is not what he wants to be known for.) And every year there is a workhorse “update” presentation that provides the latest information to all of the groups he addresses.

#2 – Don’t wait till the last minute

When an opportunity comes up to speak about something not covered by my workhorse presentation, I allow a lot of time to gather my thoughts and create my draft slides.

For example, l landed a speaking gig in mid-April. I’ve had conversations with the organizers, we’ve agreed on the message, and I already started a “notes & thoughts” file for a presentation I won’t be giving until October 28.

#3 – Limit your material

My presentations only have one core message. And I only discuss three points that support it. Why only three points? Because research shows that is all we can hold/process in our short-term memory. Go beyond three and you risk losing your audience.

I make my three points easy to formulate and remember for every presentation I give: WHAT the audience needs to know; WHY it is or should be important to them; and a little of HOW to get moving in the right direction. (I don’t give my audience all of the HOW because that is why they hire me!)

#4 – Rehearse

I rehearse because I want the audience to know that I know what I am talking about. And I don’t want to read (or even look at) my slides. But I need to rehearse less as the year goes on because I will have already given my presentation X times before.

I also rehearse to get my timing down. Generally, an important part of my presentation comes at the end when I am discussing the HOW (and the logic for hiring me). I don’t want this part of the message to be rushed because I didn’t manage my time and just got the 5 MINUTES TO GO sign from the moderator and-now-I-have-to-cram-everything-left-to-be-said-and-rush-through-the-remaining-slides-so-I-can-finish-on-time.

So what

Almost every prominent, successful practitioner I know got there because they used a combination of speaking and writing to build their Authority. Nuff said.

In real life

I drafted this newsletter in the Amtrak waiting area at New York’s Penn Station, having just finished my 85th presentation, How to Scale Your Business Model, to the NYSSCPA BV Conference.

I am not sure it was a “conference.” It didn’t feel like a conference because there were more people attending online than in person. Online attendance is a growing audience trend and something to keep in mind when you are speaking … because how do you “reach out and touch someone” who isn’t there?

Related posts

5 steps to prospect speaking success
Why I promote my speaking events on LinkedIn … and you should, too

Reading that can help

How to write a great talk: murder your darlings by Nancy Duarte
19 Powerful Presentation Stats to Transform Talks in 2019 by Alexa Harrison
(both are really good reads)

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 you need to know about the latest LI profile changes

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Just because we’ve always done it this way doesn’t mean there isn’t a better way. I hope our last conversation about having all of your eggs in one valuation basket inspires you to strategize how you can augment your 1:1 BVFLS clients with a 1:many BVFLS product. It is the most scalable form of leverage we can implement in our practices.

On to this week. LinkedIn is messing with rolling out changes to our profiles again. You may not have seen the changes to your profile layout yet, but it won’t be long. This week’s conversation will let you in on three significant changes LI is making and how to react to them.

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

Read on Twitter last week: If you constantly brag about how busy you are or how little sleep you get, I’m not entirely sure you understand how bragging is supposed to work.

Ripped from this week’s headlines: “All You Need to Know About the New LinkedIn Profile Changes” was posted by Wayne Breitbarth this past Sunday.

Wayne Breitbarth is a significant LI influencer and someone I recommend that all of my coaching clients follow, if for no other reason than to get advance warning of what is happening in the LI world … like the changes highlighted in his article.

All of the changes will occur “above the fold,” i.e., the part LI searchers see when they first land on our profiles before they begin scrolling down (if they scroll down) … which makes that first piece of profile real estate really valuable if we want those searchers to read more about us.

#1 – Headline

What used to be our Summary section will now be called the About section, and that section will now be below the fold. That means the only information LI searchers will initially see about who we are, what we do, and how we can help them will be in our headlines. Because time and attention spans are short, searchers will skip to the next profile if our headlines are not compelling.

What’s compelling? If your headline starts with anything like Partner/Shareholder/ Director/Associate and ends with your firm’s name, it’s not. It will not grab any searcher’s attention because the headline is too focused on you and not who you work with.

Remember, the people who know you and what you do will call or email you directly when they need you. And they already know you are a Partner/Shareholder/ Director/Associate at your firm. Thus, your profile needs to be prepared for the people who don’t know you … and distinguish you from the others who came up in the searchers’ results when they looked for BVFLS professionals like you.

We’ve got 120 cws (characters with spaces) to nail this. You may want to try different versions of your headline and monitor which one gives you the most profile views over some period of time.

#2 – Contact information

Our contact information is moving from the right side of the profile box to the bottom left. Not a big change, but it should be a reminder that all of our contact information needs to be current and professional. Because if people like what they see in your headline, they may head directly to your contact information to get in touch.

I do a lot of LI searches, and it amazes me how many times I open up someone’s contact information and see personal phone numbers and email addresses. How do I know it’s a personal phone number? Because that is the field you completed and LI tells me the number is “(personal).” How do I know it’s a personal email address? Because if the @domain name says gmail, hotmail, or any other name that does not match your firm name, I assume it’s a personal email address.

Worse, sometimes I see NO phone number or email address. So someone has gone through all the trouble of searching for someone like you and finding you, but now there is no way to contact you except via LI messaging. Which may not a bad thing IF you monitor your LI massages AND timely reply to them with the same gravity as you would a business call or email.

#3 – Profile and background photos

So much has been written about using a professionally prepared headshot that I won’t write more about it here … other than to say if you don’t have any photo or a casual one, fix it. As soon as possible. (I spent 2-1/2 hours of this past Saturday with a professional photographer shooting a whole new set of headshots. Cost – under $500.)

But what is often neglected is the rather large rectangular real estate on the “background” image behind the profile picture. When you see a blue background with random lines connecting silly dots that is the LI default setting; it is not captivating.

My background image is a photo I took on my RV travels. And I’ve seen other people use this space as a billboard for the books they’ve written, the clients they’ve served, or the media outlets where their stuff has appeared – all of which is designed to attract a specific target audience.

If you want to see what other people (not just BVFLS practitioners) are doing with this space, do some random LI searches. A graphic designer can create your attention-grabbing image for $50 or less.

So what

For those of you who believe a social media platform like LinkedIn is not important in attracting new clients, you are only hearing from the people who find you despite your lack of presence on that platform.

Imagine what you might be doing with a more robust presence.

In real life

First, I recommend that you perform a LI search so you know what the results of one looks like. In the search box, type “business valuation.” Depending on your LI account, different filters may pop up, e.g., connection level, location, and companies. As you will see, there is a very limited amount of information that will induce a searcher to click on anyone. But the profile picture and headline are the two most important pieces.

Second, test everything you do to your profile to see how it looks on the LI app since almost 60% of LI users are surfing LI on a mobile device.

Related posts

This is why you are not generating leads for BVFLS services on LinkedIn
Does your LinkedIn profile suffer from these 2 fatal flaws?

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.

Are all your eggs in one valuation basket?

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Will you be speaking to a room full of prospects any time soon … prospects at a professional firm, industry gathering, or trade organization? And hoping to convert them into clients? If so, I hope you found last week’s conversation about 7 secrets for presenting to prospects to be useful in your conversion efforts.

On to this week. We all start our practices with 1:1 BVFLS client service work. Up to a point, it isn’t a bad strategy. But all of your eggs are in one valuation basket. And eventually, you will hit a time/money/freedom ceiling because of how 1:1 work is delivered. There is a low-risk, high-value alternative that can get you off the 1:1 treadmill.

And if you’re new here, welcome aboard. This is what we do!
Also, this is my 200th newsletter!

Imagine two kinds of habits: One set of habits leads to 10x growth, and the other set leads to no growth. Both sets are just as hard to establish. So which set do you consciously choose?

On Monday, May 20, I will be speaking at the NYSSCPA BV Conference. It’s a fairly prestigious event in our BVFLS circles, and I am flattered to have been asked to present.

In fact, in all of the years of this conference’s existence, the organizers tell me that my presentation is the first ever to cover a non-technical topic. As you can imagine, I am speaking about practice development … the title of my talk is Scale Your Business Model.

Here’s a sneak peek.

At it’s most basic level, what we do is very simple.

– We attract leads … but it is a manual process.
– We convert those leads into clients … but it’s done one at a time over time.
– We deliver BVFLS services … but we swap time for money.

It is built on time and effort … and it does not scale (easily).

There is another way … a way to AUGMENT (not replace) our 1:1 services.

– We can attract leads using automation tools created for email and social media.
– We can convert those leads into users many at a time because we are “speaking” to many at a time.
– We can deliver BVFLS products using leverage to get more time, money, and freedom.

It is built on systems and IP, it does scale, and pretty easily at that.

But we’ve always done it (1:1) this way

Most of us operate in the 1:1 client service only world. We say we don’t have time to do it any other way because we are always doing it that way.

And that is exactly why we need to pivot.

(Note: We do build credibility, respect, and trust in the 1:1 world. Technically, it keeps us in the game. And there is satisfaction in building those personal client relationships and helping them solve their problems.)

Why bother with 1:many

The credibility, respect, and trust we build in the 1:1 world can be radically leveraged in the 1:many world.

We can unzip the intellectual property we use in our 1:1 world and create valuable courses, toolkits, webinars, etc. that hundreds of users in our respective practice niches want to buy … if only those things existed for that audience to buy! And the ability to help so many people at once is just as satisfying!

Let’s say the goal for your practice is $100,000 incremental revenue in the next 12 months … not an unreasonable goal.

Divide that by your average BVFLS engagement … say $8k, $10k, $15k.

You would need another 7-12 engagements … in addition to the ones you are already doing now.

What is the incremental effort/stress of landing those 7-12 engagements?
What is the incremental time/cost of completing those 7-12 engagements?

Now compare that to the effort/stress of developing a product you could sell to many users for many years … and to the time/cost of developing that product, knowing much of the work can be (gasp) outsourced.

If you wanted to increase your practice revenue by $100,000 via 1:many:

– You need 500 people to buy a $ 200 product.
– You need 200 people to buy a $ 500 product.
– You need 100 people to buy a $1000 product.

OR

– Get 500 people to pay $17/month for 12 months.
– Get 200 people to pay $42/month for 12 months.
– Get 100 people to pay $83/month for 12 months.

So what

It takes a lot of effort to make 1:1 client work profitable. And even though that effort lays the groundwork to make future attracting and converting easier, you still have to deliver it 1:1.

The things that you want to achieve, in work and life, will keep piling up. It’s not a question of your work ethic. You’re human, and you can’t avoid falling behind when you’re doing everything 1:1.

You’ll also likely run out of enthusiasm. 1:1 client service work is hard. It doesn’t leave you with a lot of free time to maintain your practice revenues, much less grow them.

Finally, it’s difficult to come up with better ideas when you spend your weeks repeating the same 1:1 strategies you’ve been using to attract, convert, and deliver.

In real life

You don’t have to stay stuck doing things the same way it’s always been done.

Automating your attracting and converting process, creating products, and delivering them 1:many can bring incredible changes in your practice and your life.

And I know it may seem overwhelming at first. A shift from 1:1 to 1:many will require some effort on your part. For example, how do you come up with the ideas for these kinds of products?

But the funny this is, the ideas have already been developed – courses, toolkits, webinars, etc. have been around for years. You just need to adapt what is already out there to the audience of your practice area/industry niche.

And after the initial effort is completed, you can reap the time/money/freedom benefits for quite some time.

You may be thinking 1:many would never work in your practice.
Don’t overthink it to the point where you believe you can’t do it.
1:many is just another way to offer the expertise that you are already selling 1:1.

Related posts

What would a valuation specialist say about your practice?
A balanced practice needs 2 kinds of marketing
Create and sell your own industry research: a benefit of specialization
Are we Sisyphus? Let’s break out of the rut.

Reading that can help

The Automatic Customer by John Warwillow

If you will be at the NYSSCPA BV Conference, please stop me and say hello.
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.

7 secrets for presenting to prospects you want to turn into clients

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Greetings from the City of Brotherly Love. The RV is parked just outside of Philadelphia where we will be visiting friends, family (my mom turns 94 this month), and neighborhoods we ran in. And eating soft pretzels.

Our last conversation about working for a retiring BVFLS icon got some traction from quite a few of you. One reader wrote back, “We should always be planning for our next position.” Yes, we should. I’m a Boy Scout so the “Be Prepared” motto comes to mind. Do your homework … have a sit-down with the icon … make an informed decision. It’s your career.

On to this week. Last Friday, I spoke at the ASA Philadelphia Chapter Spring Business Valuation Seminar about building/growing a BVFLS practice. It was a reminder that when you speak to an audience of prospects, there are things you can do to ensure your presentation helps you to land new clients.

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

Clients love options and certainty (just like you do).
Find a way to give them what they want (just like what you would want).

 

Will you be speaking to a room full of prospects any time soon … prospects at a professional firm, industry gathering, or trade organization?

Speaking to 1-to-many audiences like these falls between the extremes of 1-to-1 meetings and 1-to-masses social media, except it is both efficient and effective. Efficient because you could be “meeting” with anywhere from 5 to 500 people at the same time. Effective because you can broadcast your message to potential clients who have a need for your services and who will hire you if they think you can help them.

If you have a “high-converting” talk.
So here are 7 secrets I’ve learned to make sure you do.

#1 – It’s not about you

You should probably get rid of or move your opening slides if they speak to who you are, the designations you have, the companies you’ve worked with, and in general, how great you are.

These slides do not create value for your prospects. Once the prospects know your perspective about the issues and challenges they are facing, they know what they need to know about your firm.

#2 – Set the stage

So set the stage … what are you presenting and why should your prospects care? What will the prospects get from your presentation? What problem will you solve today? What can they take away and start using tomorrow?

Offer some quick facts or tidbits that will grab your prospects’ attention. Example: It is expected that the new corporate tax rates in the Tax Cut and Jobs Act will increase the value of businesses in this industry by x%. I’m going to show you why and [explore what impact that may have on your estate planning] [explain why 2019 may be the best time ever to sell your company].

#3 – Tell a story

A great way to engage your prospects is to pull them in with a story they can identify with and that builds your credibility. My story is how I started traveling in the RV. When the audience hears that story, they believe I can help them build/grow their BVFLS practices. They want to learn more.

So why do you do what you do? What got you started? How has that led you to the clients you serve now?

#4 – Share insights, not information

Share the insights you have about the practice area or industry niche of your audience as a result of you having performed the research or crunched the data. Let them know you know everything they know … and some stuff they don’t.

And those insights … neuroscience proves people buy-in and buy based on emotion, not logic. So use stories and visuals that help your audience feel something. Use slides that reinforce your words, not repeat them.

#5 – Provide a standalone outline

So how do you pass on all of your hard-researched information? Create a written outline as a leave-behind. But don’t pass out this document at the beginning. If you do, people will read THAT while you’re talking and ignore you.

When you start, tell the audience that you will give them all the details of your presentation after it’s over so they don’t have to try and write down everything you say. This allows them to sit back and take in the emotional and intellectual points of your presentation.

#6 – Offer one or two case studies

Your prospects want to see how you championed a project that would similar to their problem. Here are the five notes you need to hit:

  • What was the problem.
  • What was your perspective on it.
  • What alternatives did you propose and why.
  • What solution was chosen and why.
  • How did it turn out.

#7 – End with a call to action

What would you like your prospects to do now? Download your white paper? Grab your toolkit? Sign up for your newsletter? Schedule a call with you?

Tell them exactly how to do what you want them to do.

So what

It is easier to put together a presentation like this if you specialize in a practice area or an industry niche and part of your service to existing clients is keeping your finger on the pulse of what is going on in that area or niche. I give this 1-page Journal of Accountancy article to every one of my coaching clients … please read it.

And notice that you won’t have to create a new slide deck from the ground up every time you land a new speaking gig. That’s because your presentations should be to the same/similar audience (the prospects in your practice area or industry niche) and you only need to update your deck for new data.

For example, do you think Roger Grabowski creates a new slide deck for every BVFLS conference presentation about the cost of capital? Of course he doesn’t.

In real life

Remember, the primary goal of these presentations is to get work! To do that, you give your audience the what – what they need to know. Also give them the why – why it is important to them.

But don’t give them the how – how to do it. Because the audience is not going to replicate what you do; they are judging whether you can do what you say you can do. And assuming they judge that you can, and that they need you, they will hire you to do the how!

Related Posts

10 ways you can do better with PowerPoint (must read)

Reading that can help

14 PowerPoint Presentation Tips to Make Your PPT Designs More Effective by HubSpot
Presentation Zen: Simple Ideas on Presentation Design and Delivery by Garr Reynolds
19 Powerful Presentation Stats to Transform Talks in 2019 by Nancy Duarte
Resonate: Present Visual Stories that Transform Audiences by Nancy Duarte
slide:ology: The Art and Science of Creating Great Presentations by Nancy Duarte
Five Best Online Presentation Creation Tools by Lifehacker

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.

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.