rod burkert

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Is self-employment a risk-reduction strategy?

November 9, 2015 by rod burkert Leave a Comment

I hope you enjoyed last week’s conversation about re-booting your practice. Yes, sometimes it’s easier to work with what you have rather than invest the time and effort into starting over. But is that your long-term solution?

On to this week. I get a ton of questions asking what it’s like to be a sole practitioner. Couple that with the fact that our profession requires us to always assess risk. So, is it less risky to be practicing solo or to be part of a firm? Here’s my take, which focuses on one factor – your skills.

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


Recently, I listened to a podcast interview with Daniel Pink. Among his many credits (aid to Labor Secretary Robert Reich, speechwriter for Vice President Al Gore, five times New York Times best-selling author), Pink wrote the iconical “Free Agent Nation” article that appeared in the January 1998 issue of Fast Company. His article was teed up for success by Tom Peter’s article, “A Brand Called You,” which appeared five months earlier in the same magazine.

With the rise concurrent of the Internet, one could argue these two articles really set off the trend in self-employment. I mean, for those who remember, being self-employed before that time was often code for “recently laid off or fired – and looking for a job.”

But what Pink’s interview makes abundantly clear is that, today, self-employment is mostly a privilege for the talented.

Meaning, do we have skills (BVFLS or otherwise) that are in demand? Talents that are valued by our marketplace? If yes, we have a choice about being a W-2 employee or a 1099 free agent. If no, we don’t. It’s that simple. Here’s why.

If we have valuable skills, why would we want to attach our fortunes to an employer when we could spread our risk among multiple clients and customers? Yes, we’re out there … on our own. But with our in-demand skills, we have the talent and drive to be successful.

If we don’t have valuable skills … we’re in a world of hurt. There is no W-2/1099 choice. We’ll need to stay W-2 employees to mitigate the risk that we likely wouldn’t survive (long) as a free agent. We’ll need a company to take care of us for as long it’s willing. Or able.

Here is an acid test to assess our skills. How confident are we – REALLY – in our talents? Do we – REALLY – have the discipline for life-long learning? Then, long-term, who do we – REALLY – want to shoulder the risk of our work (gainful employment) and life (retirement plans) … ourselves or an employer?

I’ve had the privilege of interviewing 20+ professionals in my Practicing Solo column for NACVA’s The Value Examiner. For what it’s worth, most felt that their only regret about going solo was not doing it sooner. Certainly, something to think about.

So what

We love to talk about risk – risk management, risk-adjusted returns, holding period risk, risk this, risk that. But it’s always in the context of someone else’s risk … the risk belonging to that ephemeral “subject company” or “subject interest.” What about in the context of our own personal risk?

In real life

I think the lesson here is to be motivated to continually “sharpen the saw,” as Stephen Covey said. It’s a call to action to make sure we always have skills that are in demand whether we’re solos now or want to be prepared for that possibility in the future … just in case.

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.

Filed Under: Positioning Tagged With: goalscaping, practice silhouette

What if your practice needs a mulligan?

November 2, 2015 by rod burkert Leave a Comment

I hope you enjoyed last week’s conversation about grooming your practice for the little details that make you look like you care about how you present yourself. I got quite a bit of email feedback, mostly from people asking me how to make more radical changes. Like starting over.

So onto this week. Maybe your practice needs more than just a little grooming. Maybe a mulligan, a full-on do-over, is in order. What if you need to start over? How do you go about that? Will it hurt?

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


My first thought for the people who reached out to me about starting over is simply this: Do you need to? Or do you need to do a better job of executing your current business plan? If that is the case, please call me. I can help.

Assuming that is not the case, read on.

If you wanted to … needed to … HAD TO start your practice over, what would you do? Well, start by visualizing this: If you had the ability to redesign your practice what it would look like?

I am running into this as we speak, because of my own self-imposed reboot from a gift/estate tax valuation practice to a transition planning practice. Yep, I’m jumping on THAT bandwagon.

So, first question: If you wanted to start your practice over, pivot, what would you do differently?

And, second question: Since you likely know the answer to the first question, why aren’t you doing it?

I can probably guess at the reasons: There would be so much work to do. You’d have to plan. Make decisions. Invest time and money. And you’ve already invested so much time and money.

Or what if you did scrap everything that you worked so hard to build only to later realize it was all a big mistake? That you made the wrong choice and should have stuck with what you had? Crap!

Start over? Forget it … even if your current practice and service offerings aren’t generating the kind of clients and amount of revenues you were hoping for. It’s easier to tread the familiar path you’ve been on rather than blaze a new trail.

These are rational thoughts. Trust me, I was thinking the same things when I started planning my practice makeover. But as I thought about the reasons I called “bullshit” on myself when I realized I was just making excuses. My first tangible step in the new direction was to create a new website (www.rodburkert.com).

So, indulge me.

Imagine, after reading this email, that you close your office door and begin the process of outlining what your new practice would look like.

First, realize that you would not be starting from scratch. You’ve got experience. You’ve seen how other people created and marketed their practices. You’ve got your own ideas stirring in your mind about what you would do … if or when. So no one is really starting from scratch.

Imagine, then, that your goal is to build the 2.0 version of what your practice would look like. What does success look like to you?

It’s gonna be personal – what you do, how we do it, why you do it (and, as it is for me, even where we do it). Because there really is no one “best” practice. Just the one that is best for you. Jeez, when you look at it in these terms, starting over sounds like something you should want to do, right?

Imagine that your only job for the next few weeks is to think about giving your practice a completely fresh start. What would you do if you could do anything you pleased?

Is your firm a flourishing boutique practice or a growing, diversified regional practice? Who are your aspirational clients, the kind you want to work for and with? Do you see yourself in a different role? More of a technician or more in business development? Can you create a practice around your life, rather than a life around your practice?

So what

You can start over. It’s possible. You don’t have to, of course, and starting over might not be the right idea for some people. But there’s no good reason why you can’t. There’s no rule that says you have to stick with what you have.

If you’re always tinkering away at a practice that isn’t working as well as you hoped, starting over may be a good idea. Think of the reason it would give you to reach out to all of your current and potential prospects, client, and referral sources to announce the change.

In real life

If you have a long list of to-dos and changes you’ve always wanted to make, but never seem to get around to it, maybe this is the right choice. If you haven’t made a change in five years, maybe now is the time. When we were kids, we called it a do-over. And no one cared.

If you’ve been wishing for months that you could just … well, start over (but not really from scratch) … maybe this is the day you do. You could set aside the time to do this. You could map out a new and improved version. You could begin anew.

Nike probably has the best answer: Just Do It.

The question is … will you?

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.

Filed Under: Positioning Tagged With: goalscaping, practice silhouette

Does your practice need a grooming?

October 26, 2015 by rod burkert Leave a Comment

I hope you enjoyed last week’s conversation about pruning certain clients that can keep us from getting to the next level. The ones that can keep us from serving our aspirational clients.

On to this week. Let’s stick with the pruning theme. How often do you get a haircut? And within that interval between haircuts, how long do you procrastinate after looking in the mirror and realizing you need one? Because people ARE looking at you during that time and thinking: “Boy, you need a haircut.”

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


Why We Love Haircuts

There’s nothing quite like the magic worked by a barber’s clippers and scissors. (Sorry ladies, I’m a guy … so the analogy uses a barber, not a stylist. No slight intended!) You’re transformed from ragged to refreshed in a short visit.

You walk out of the barbershop with a smile. Your head feels cool. You feel confident, and the bounce in your step shows. There’s a noticeable upgrade in your condition. That just such a little grooming can change the image you project to the world is amazing.

What if you could do something similar to your practice?

No doubt about it, a regular trim keeps you looking well groomed and in control. If you wait too long between cuts, you look shaggy. Like you don’t really care about your appearance.

Your Practice Isn’t Any Different

Think about how your practice launched. It started out with a fresh haircut, you dressed it to the nines, and it was looking sharp.

Now picture that same practice a year later. You’ve been too busy working. You’ve forgotten to book a haircut. It’s still wearing the same clothes it was 12 months ago – they haven’t even been washed or ironed. The practice looks unkempt.

That’s how many practices end up.

You pay great attention to detail when you start out. You want everything looking polished. You want to come off looking credible, expert and trustworthy to prospects and clients. They, in turn, are drawn by your attractive appeal.

Then you get busy. You’re writing reports, billing and collecting, networking, and getting CPE. In short, you’re doing everything you can to build your practice.

You forget to give your practice an occasional grooming. S-l-o-w-l-y, your practice starts to look frumpy, the same way you would if you stopped bothering to look after yourself.

It’s easy for us to neglect our practices. You’re too focused on bringing in clients and doing the work that you completely overlook the small details begging for attention.

The little things. The small corrections and quick updates you’ve been putting off because they’re not damaging. But taking care of the little details can make a big difference.

Because prospects and clients notice the details. And when they see that you don’t pay attention to them, it can make them doubt your competence and ability to take care of their work if you’re not taking care of yourself.

So what

This week, schedule the time you need to work your grooming project. Don’t put it on your to-do list – write it on your calendar like a client appointment. Just take a step back from everything you’re chasing – or everything that’s chasing you – and do it.

Look over your website. Your LinkedIn profile. Your engagement and rep letters. Your model reports. Your various online professional bios. Make a list of all the changes and tweaks to be made.

Don’t look to make big changes. This isn’t a “makeover” where you get a new hairstyle and wardrobe. Look for small improvements that you can make in 15 minutes or less in a single sitting. A trim. A cleaned and pressed suit.

Make a list of these changes – call it a Grooming List. Then schedule a 1-hour weekly grooming, and do what you can in that time. If each item takes less than 15 minutes to complete, you’ll have something like 20 improvements made by the end of the month.

In real life

Your practice won’t experience a drastic transformation, but that’s not the point of this exercise. Drastic change is only for practices that have been neglected for so long that they need a complete overhaul. Your practice won’t reach that condition if you’re grooming it regularly. Rather, just think how polished and tidy your practice will become with all this consistent attention.

And imagine the nod of approval from your prospects and clients. Worth it, right?!

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.

Filed Under: Positioning Tagged With: practice silhouette

5 warning signs that it may be time to break up with a client

October 19, 2015 by rod burkert Leave a Comment

I hope you enjoyed last week’s conversation … it was a self-assessment, really, to see if you’re where you want to be at this point in your life/career and how to move forward if you need help.

On to this week. I recently met up with a colleague, and he related that he fired two long-term clients in the past week. And he was elated. He said, “Why didn’t I do this sooner!”

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


I think we should see other people. It’s not you – it’s me.

When these thoughts enter our mind about certain clients, it’s probably time to have the break-up talk. Without feeling fear or guilt. Because finding our ideal (aspirational) client (referral) base means occasionally pruning our current roster.

If we don’t, our work can get frustrating. Maybe our service level starts declining. And word of the decline spreads.

What better time to clean house then the 4th quarter so we can start off next year with a much cleaner slate.

Of course, the $64,000 question is: how do we know when it’s time to shed a client? Maybe if any of these reasons feel familiar …

Breakup Sign #1: Our client wants a service that we want to retire

What if we want to get out of gift/estate tax valuations or small case divorce work in favor of something more promising like exit planning? Different mindset. Different product. Different service. Different marketing.

How do we find time to make the changes if we don’t trim the clients that keep us in the game we want to leave?

Breakup Sign #2: Our client becomes too demanding

When one client (attorney) becomes a time suck, our other clients (and our family and friends) feel neglected. If we can’t go for an evening walk without our phone erupting in a barrage of after-hours text messages from this demanding client, that behavior may signal an unhealthy relationship.

Many practitioners feel they’re demonstrating dedication if they’re available 24/7. If that describes us, too often, consider that those overly demanding clients may suffocate our growth.

Breakup Sign #3: Our client makes us feel like an employee

If we feel that we can’t attend an important event because a client demands that we spend extra time on her project …

If we drain hours working on details for one client and we’re not making the other sales we need to grow our practice …

If the hours we put into one account feel as if we’d make more money from can and bottle deposits that we find in trash bins …

That means we’re working for somebody, not serving that person … or others.

Breakup Sign #4: We’re performing services that we don’t actually do

Has a client ever asked us to complete a service that we don’t actually offer? And did we do it?

While we all need to evolve and step out of our comfort zone by doing new things, that doesn’t mean we’re meant to step out of the realm of our expertise.

Breakup Sign #5: The service or relationship is no longer profitable

Anything from a shift in market dynamics, to proposed regulations, to increased cost of client acquisition may mean from one month to the next that we’re working on projects that are no longer profitable. It’s strictly a bottom line scenario.

As we prune our clients, we’ll create space to find new ones … the ones we aspire to have. Our new clients will be a better fit for us, they’ll be happier with us, and we’ll be happier with them.

So what

You know you have those “C” clients or referral sources who you want to jettison. Yank off the bandaid already.

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.

Filed Under: Positioning Tagged With: ideal client

Are we where we want be?

October 12, 2015 by rod burkert Leave a Comment

I hope you enjoyed last week’s conversation about business cards, poker chips, and the transformative message we can (and should) deliver to our prospects and clients. Several people even requested one of my poker chips

On to this week! I have seen much success from our current Practice Builder Academy members … and, unfortunately, much inertia. That’s why I’m asking the question: Are we where we want to be?

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


First things first

Do you LOVE your work? It’s a question we hear often, even though it’s a relatively new question. I mean, do you remember anyone asking your parents that? The question has taken on more importance because we have more options today. And our answer is important. Why? Here’s what writer/entrepreneur James Altucher recently said:

If you can’t start with ‘love’ then everyone who does love will beat everyone who ‘likes’ or ‘hates.’ The first humans who crossed the arctic tundra from Siberia to Alaska in -60 degree temperatures had to love it. The rest stayed in the East Africa Savannah.

It takes hard work and dedication to migrate from the anonymous ranks of 5,000-10,000 full-time appraisers (you pick the number) to the inner circle of 20-30 or so who are known for what they know or do (Pratt, Hitchner, Mercer, Trugman, Fannon, Damodaran, et al.).

The thing is, there is no real barrier holding you back from joining that inner circle. Here’s how it’s done.

Master the craft

I recently read Steve Martin’s autobiography, Born Standing Up: A Comic’s Life. Here’s the opening paragraph: “I did stand-up comedy for eighteen years. Ten of those years were spent learning, four years were spent refining, and four were spent in wild success.” Many people think Martin was ALWAYS a wild success.

Even more interesting was that Martin got his start as a magician (around age 13 at Knott’s Berry Farm). I was amazed to read that he spent four months practicing/perfecting a particular card shuffle (the kind where the deck is never picked up off the table and each card interlaces with the next one). FOUR MONTHS. ONE CARD SHUFFLE.

I watched Season 1 of Chef’s Table, a Netflix program. Each episode profiled a chef and what it took for him/her to reach the pinnacle of success, including having their restaurants named one of the top 50 restaurants in the world. IN THE WORLD. The years of training … where they traveled to learn the next set of skills … the sacrifices they (and their families) endured to make progress … the endless hours of the restaurant business.

Join a group 

Finally, getting to success – however we define that for ourselves– can be a lonely road if we go it alone. I had three or four colleagues who shared the passion (love) for BV work. Starting in the mid-90s, we “grew up” together. Twenty years later, we’re still together. This comradery-in-the-trade is not unusual. Altucher again …

Look at every literary, art, and business scene. People seldom get better as individuals. They get better as groups. The Beats: Jack Kerouac, Allen Ginsberg, William Burroughs and a dozen others. The programmers: Steve Jobs, Bill Gates, Ted Leonsis, Paul Allen, Steve Wozniak and a dozen others all came out of the Homebrew Club. The art scene in the 50s: Jasper Johns, De Kooning, Pollack, etc. all lived on the SAME STREET in downtown NYC. YouTube, LinkedIn, Tesla, Palantir, and to some extent Facebook, and a dozen other companies came out of the so-called ‘PayPal mafia.’ All of these people could’ve tinkered by themselves. But humans are tribal mammals. We need to work with groups to improve. Find the best group, spend as much time with them, and as ‘a scene’ you become THE scene. You challenge each other, compete with each other, love each other’s work, become envious of each other, and ultimately take turns surpassing each other.

Turn these questions into an action plan

#1 – First and foremost: Do you love the BV work?

If not, the people who do will do whatever it takes to stand out … while those who don’t will only do what it takes to get by. If you’ve lost the spark, keep these words from Seth Godin in mind: “It’s easier to find the passion in something you are already doing than it is to start doing something new that you have a passion for.”

#2 – Are you mastering the trade or just the tricks of the trade?

If the latter, it’s time to go back and learn the BVFLS-equivalent of the magician’s card shuffle and the chef’s knife skills. Then pick apart all of your old reports and see where you can do better … and use the File Autopsy tool I talked about here.

#3 – Do you belong to a group?

As the research shows, you are the average of your five closest friends. As it relates to BVFLS work, who is challenging you … who is competing with you … who do you envy … who is making your better?

Let me know if I can help.

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.

Filed Under: Positioning Tagged With: goalscaping

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What would it be like to sit down and talk over coffee with your trusted advisor … whose goal, every week, is to give you actionable ideas that move you forward? Well, it would be a LOT like my newsletter.

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