Mastering Practice Management

10/17/24 • 32 min

Key takeaways from today’s episode include:

*The critical distinction between managing and leading employees.
*How to align employee performance with your company’s core values.
*Best practices for providing training and development tools to your team.
*Why marketing and branding are key to sustained growth.
*The role of personal growth in becoming a better leader for your employees.

Join Frank and Stacey as they break down practical steps for maintaining a successful firm beyond your initial transition. From fee structures and pricing to strengthening client relationships, this episode covers what it takes to manage and lead a business effectively. Listen now to discover how their leadership and storytelling approach is transforming the financial services industry- and how you can do the same.

Key takeaways from today’s episode include:

*The critical distinction between managing and leading employees.
*How to align employee performance with your company’s core values.
*Best practices for providing training and development tools to your team.
*Why marketing and branding are key to sustained growth.
*The role of personal growth in becoming a better leader for your employees.

Previous Episode

Greatest Hits - Hot Mic Discussion: What’s Your Practice Actually Worth?

Today’s show highlights include:

*Distinguishing between inflated numbers and the genuine value of a practice in order to achieve leverage in negotiations.

*A breakdown of the factors that matter and make an impact on the value of a practice.

*The importance of understanding the value proposition of the buyer, both culturally and economically, to determine if it is a right fit.

*How true value extends beyond monetary figures and not allowing money to be the primary influencer when making a life-changing decision.

*An explanation of how there will never be that one “perfect” deal; and instead, discovering perfect deals that fit into what you are truly trying to accomplish for long-term success.

Today’s discussion between Frank, Stacey, and Vince takes a long-term perspective on business valuation, emphasizing the serious endeavor that is buying and/or selling a practice. Understanding the factors that impact valuation in the RIA space is crucial, as is discerning between what price is realistic and what isn't. With careful planning, open conversations, and genuine understanding, both parties involved can maximize the potential success of M&A transactions.

Next Episode

Greatest Hits - Empowerment Strategies for Business Success

Show highlights include:

*A breakdown of Dan Sullivan’s Top 10 habits whichblend both personal growth and professional success.

*Why, as a business owner, carving out quiet moments for oneself isn't just a luxury; it's a strategic necessity for clarity, creativity, and decision-making.

*Elevating the client experience across all interactions to cement loyalty, foster referrals, and ultimately drive business growth.

*An explanation of the Pareto Principle and how it pertains to financial advisors.

Diving deep into these foundational elements can empower business owners and financial advisors to not only reach but exceed their goals. Walk away from this episode with insights that you can implement into your own life and business to experience the success you have not only sought but deserve!