We have a large body of BVFLS knowledge that teaches us how to do the work, but few resources that teach us how to get the work.
It’s the very reason I began coaching entrepreneurially-oriented BVFLS professionals in practice development, management, positioning, and pricing … skills I learned building my practice that will help you design yours.
In short, I help you get clear on the direction you want to move in and arm you with the strategies, tactics, and tools to get there. To do this, I offer three coaching options for 1-3 person BVFLS firms: Jumpstart – Roadtrip – Accelerator.
It’s just a matter of determining which is the best fit for you.
Where Are You Now?
You might be starting each workday with a combination of these thoughts:
- It’s been a while since the phone rang with new work.
- Seems like everyone is looking for the lowest price.
- What happened to the purpose and satisfaction I had when I started?
- Why don’t I have the time, money, and freedom I hoped for?
Well, it’s not just you. It turns out that these are common problems.
The Real Problems Practitioners Face
In the 2013 FVS Membership Top Issues Survey, the #1 practice issue was “bringing in new clients.” Eighty-seven percent of the survey respondents thought this issue was either “somewhat important” or “extremely important” … 87%! The other top issues from that survey were #2) retaining qualified staff, #3) client retention, #4) fee pressure/pricing of services, and #5) firm differentiation.
These 2013 survey findings were echoed in the 2014 AICPA Survey on International Trends in Forensic and Valuation Services when it also listed practitioners’ concerns of competition, differentiation, and fee pressure.
And the trend continues. Forty percent of respondents to BV Wire’s February 2016 online poll “cite practice management as their biggest concern for 2016. This includes competition, fee pressures, hiring, succession planning, and the like.”
The truth is no one is clamoring for another approach to tax affect the earnings of a pass-through entity, another method to calculate the cost of capital, or another model to estimate a DLOM. It’s not that these subjects are unimportant, but they are not the ones keeping practitioners up at night.
And at the end of the day, it doesn’t matter how good you are at doing the work if you can’t get, or profitably complete, the work.
How Did You Get Here?
It began in college. You steeped yourself in accounting, economics, and finance classes because that’s what you needed to get on the path of becoming technically proficient in your career. Because that’s all you thought you needed.
This “technical-skills-only” mindset carries over into your CPE. Want proof? Look at your last recertification reporting. How many CPE hours did you invest in practice building skills? I know it will be little or none because there are few BVFLS programs out there teaching them.
Today, our marketplace is more competitive, our clients are more empowered, and our value is less obvious. We compete with do-it-yourself websites that offer cheap valuation solutions, leaving our prospects, clients, and referral sources with the impression that this is all we have to offer. And instead of invigorating their lives, colleagues confide to me that their practices are draining their spirit and energy.
Moral of the story: what got you here (technical skills) won’t get you to where you want to go (purpose and satisfaction … time, money, and freedom).
Thank you for all that you do. I was in your first coaching group and it helped tremendously. In fact, this year my revenues are up 40% over last year. I’m feeling the stress of success and much of it is your fault!
– Thomas Stevenson | Stevenson Valuation Group
What Does the Alternative Look Like?
The BVFLS world is a wonderful, honorable profession. You get to help people and solve problems – sometimes big ones. But BVFLS is not a life’s calling. You likely somehow fell into this profession, rather than pursuing it on purpose. Thus, the work is not likely to be an end in and of itself.
That’s why the primary goals of your practice should be to generate the time, money, and freedom you need to create the experiences that matter most to you and your family.
For me, that’s full-time traveling with my wife and dogs in our RV and seeing as much as we can, for as long as we can, together. All while running my valuation consulting practice. It’s not work-life balance – it’s just life.
I can help you achieve your “RV-equivalent” experience by helping you build and grow your practice. Imagine what it looks like to you. That is the alternative: a life with less stress, more stability, and a greater financial impact in and with your work.
3 Coaching Options to Get You There
Colleagues I talk to want more direction when it comes to expanding their practice development efforts. They want to know what to do and how to do it because they’ve given up believing they’ll find the time to figure “it” out by themselves.
They also mentioned their need for help with follow through and accountability when it comes to the strategies and tactics of building their practice. They know what they need to do … they just don’t do it.
To get there, I offer three coaching options depending on your specific needs.
And the framework I use to close the gap between the practice you have and the practice you want is my Four Pillars of BVFLS Practice Development™: Marketing [where you show up], Messaging [what makes you different], Positioning [who you serve], and Business Model [how you generate revenue].
Option #1 – Jumpstart
- Who it’s for: Practitioners who might not believe they need coaching, along with those who are curious about the results, and willing to risk a small amount of time and money to get a high-level assessment of their branding in their relevant marketplace. Everyone starts here.
- What it is: A 1.5-2 hour interview plus a review of your website and LinkedIn profile – all designed to address your strengths and weaknesses and what does/could set you apart from your competition.
- What you get: A 2-3 page brief that identifies needs, goals, and a plan to get you moving in the direction that answers your prospects’ most important questions: What do I get by hiring you? & What makes you different?
- Your investment: $1,800.
Option #2 – Roadtrip
- Who it’s for: Practitioners who want time to ease into the change they know they want and who need help being held accountable for the things they know they should do.
- What it is: Jumpstart plus twice-monthly, 1-hour coaching calls for 6 months, unlimited email support between calls, and a ton of resources – all to clarify the strategies, tactics, and tools we implement.
- What you get: Handholding and homework that guide you away from best practices, one-size-fits-all solutions, or what everyone else is doing so you stand out in the practice area or industry niche you want to dominate.
- Your investment: $6,800 (previous Jumpstart payment applied to this fee).
Option #3 – Accelerator
- Who it’s for: Highly motivated practitioners who desire a practice makeover NOW and can’t wait months for the overhaul to be complete.
- What it is: Jumpstart plus I come to your city for 2 full days of intensive coaching, working, and strategizing. A month later, there is a follow-up 1-hour coaching call to make sure you’re on track.
- What you get: We’ll look at what you need to do to take your authority to the next level. Then we’ll identify and bulldoze through the roadblocks holding you back. Finally, we’ll create a bespoke action plan detailing where can you be the most disruptive in your practice area or industry niche.
- Your investment: $8,800 (previous Jumpstart payment applied to this fee).
Who Is This Coaching For?
If you are a sole practitioner or are in charge of or working in a small BVFLS practice and thinking of going solo or wanting to stay put – then my coaching is for you and it will work for you.
If you are overwhelmed by and struggling to find the time to focus on practice development and related technologies tailored to your needs – then my coaching is for you and it will work for you.
If you want to be more productive and increase trust with your prospective clients so they hire and pay you for the value you bring to the table – then my coaching is for you and it will work for you.
What Is Your Outcome?
IF YOU DO THE WORK, I guarantee the lifetime financial benefits you reap will be multiples of your coaching investment through additional engagements you win as a direct result of our collaboration.
And what about the “psychic return” you receive from having less stress, more stability, and greater impact in your personal and business life? Well that, as they say, is priceless.
What to Do Now
When it comes to your practice, who is supporting and challenging you to get better? Because getting better – REALLY better – will happen faster if you work with someone who understands the journey. Someone like me.
Not sure which coaching option is best for you? Schedule a strategy call with me
and we’ll discuss how to get started on the path of turning the practice you have into the practice you want!
I look forward to talking to you, working with you, and moving the needle on your practice further, faster.
Rod established his coaching practice to assist professionals in building their practices with an eye toward quality of life issues. His aim is to help professionals build practices that they actually enjoy and which leave time for the truly meaningful things in life. Rod is committed to this endeavor, and he is good at it. I wholeheartedly recommend him to those who want to learn how to grow their practice efficiently and profitably.
– Ted Phelps | President, Phelps Consulting Group