Tips for Building a Firm Worth Growing: Ideal Clients and Strong Networks with Michael Clarke
09/16/24 • 46 min
“The smartest people in the world know where their expertise ends and someone else's begins. We all need to understand that because if we're on the right team, everybody wins.” – Michael Clarke
The finer details of this episode:
• Transitioning from individual-centric practices to sustainable business models in professional services.
• Importance of teamwork and collaboration among professionals serving the same clients.
• Common mistakes made by professional service providers in managing their firms.
• Strategies for building trust and effective communication with clients.
• The significance of understanding and targeting ideal clients for growth.
• The role of support staff in enhancing client relationships and operational efficiency.
• The concept of “trust compression” and its impact on client onboarding and retention.
• Emphasizing education and clear communication in the advisory process.
• The value of networking and continuous learning for professional development.
Episode resources:
● Summit Virtual CFO by Anders website: https://www.summitcpa.net/
● If you have questions or would like to be a guest on the show, email us at [email protected]
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
● Connect with Michael here:
● Check Protection Point Advisors out here: https://www.protectionpointadvisors.com/advisors/team/mike-clarke/
Timestamps:
Welcome and Introduction (00:00:00)
The host introduces the podcast and its mission to provide insights for accounting firms.
Guest Introduction (00:00:22)
Adam shares his thoughts on the upcoming discussion with guest Michael Clarke and his book.
Michael Clarke's Career Journey (00:01:40)
Michael discusses his background in the insurance industry and the founding of Protection Point Advisors.
Overview of "A Firm Worth Building" (00:03:03)
Michael explains the motivation behind his book and the lessons learned from his mistakes.
Transitioning from Individual Practice to Business (00:04:13)
Michael emphasizes the importance of moving from individual-centered practices to sustainable business models.
Building Relationships with Other Professionals (00:06:03)
Michael highlights the value of collaboration between professionals to enhance client service.
Common Mistakes in Firm Management (00:09:21)
Michael identifies key mistakes professionals make, such as being the center of their practice.
Practical Lessons in the Book (00:12:12)
Adam asks Michael to share one crucial lesson from his book on managing professional firms.
Understanding Trust Compression (00:12:50)
Michael introduces the concept of trust compression and its significance in client relationships.
Education as a Key Element (00:15:27)
Michael discusses the importance of educating clients to build trust and improve service quality.
Applying Trust Compression Beyond Onboarding (00:17:59)
Michael suggests ways to apply trust compression in various processes, not just onboarding.
Making Client Interactions Painless (00:19:01)
Michael stresses the need to solve client problems while making the process as painless as possible.
Good Growth Explained (21:22)
Michael discusses the concept of "good growth" and why professionals struggle with it.
Identifying Ideal Clients (22:48)
He emphasizes the importance of knowing your ideal clients to avoid bad growth.
Balancing Growth and Client Quality (23:35)
The speakers discuss the challenge of balancing client acquisition with maintain
“The smartest people in the world know where their expertise ends and someone else's begins. We all need to understand that because if we're on the right team, everybody wins.” – Michael Clarke
The finer details of this episode:
• Transitioning from individual-centric practices to sustainable business models in professional services.
• Importance of teamwork and collaboration among professionals serving the same clients.
• Common mistakes made by professional service providers in managing their firms.
• Strategies for building trust and effective communication with clients.
• The significance of understanding and targeting ideal clients for growth.
• The role of support staff in enhancing client relationships and operational efficiency.
• The concept of “trust compression” and its impact on client onboarding and retention.
• Emphasizing education and clear communication in the advisory process.
• The value of networking and continuous learning for professional development.
Episode resources:
● Summit Virtual CFO by Anders website: https://www.summitcpa.net/
● If you have questions or would like to be a guest on the show, email us at [email protected]
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
● Connect with Michael here:
● Check Protection Point Advisors out here: https://www.protectionpointadvisors.com/advisors/team/mike-clarke/
Timestamps:
Welcome and Introduction (00:00:00)
The host introduces the podcast and its mission to provide insights for accounting firms.
Guest Introduction (00:00:22)
Adam shares his thoughts on the upcoming discussion with guest Michael Clarke and his book.
Michael Clarke's Career Journey (00:01:40)
Michael discusses his background in the insurance industry and the founding of Protection Point Advisors.
Overview of "A Firm Worth Building" (00:03:03)
Michael explains the motivation behind his book and the lessons learned from his mistakes.
Transitioning from Individual Practice to Business (00:04:13)
Michael emphasizes the importance of moving from individual-centered practices to sustainable business models.
Building Relationships with Other Professionals (00:06:03)
Michael highlights the value of collaboration between professionals to enhance client service.
Common Mistakes in Firm Management (00:09:21)
Michael identifies key mistakes professionals make, such as being the center of their practice.
Practical Lessons in the Book (00:12:12)
Adam asks Michael to share one crucial lesson from his book on managing professional firms.
Understanding Trust Compression (00:12:50)
Michael introduces the concept of trust compression and its significance in client relationships.
Education as a Key Element (00:15:27)
Michael discusses the importance of educating clients to build trust and improve service quality.
Applying Trust Compression Beyond Onboarding (00:17:59)
Michael suggests ways to apply trust compression in various processes, not just onboarding.
Making Client Interactions Painless (00:19:01)
Michael stresses the need to solve client problems while making the process as painless as possible.
Good Growth Explained (21:22)
Michael discusses the concept of "good growth" and why professionals struggle with it.
Identifying Ideal Clients (22:48)
He emphasizes the importance of knowing your ideal clients to avoid bad growth.
Balancing Growth and Client Quality (23:35)
The speakers discuss the challenge of balancing client acquisition with maintain
Previous Episode
Navigating the Complexities of Financial Planning for Business Owners with Adam Koós
“Procrastination is a huge problem, but the bigger problem is the lack of awareness of the need for owners to start planning now, whether you're selling in three years or 13 years.” – Adam Koós
The finer details of this episode:
- Financial strategies for clients with appreciated properties
- Challenges faced by business owners in managing real estate assets and company structures
- Tax implications of selling a business and recasting financials
- Importance of proactive financial planning and business transition for business owners
Episode resources:
- Summit Virtual CFO by Anders website: https://www.summitcpa.net/
- If you have questions or would like to be a guest on the show, email us at [email protected]
- Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
- Connect with Adam here: https://www.linkedin.com/in/adamkoos/
- Check out Libertas Wealth here: http://www.LibertasWealth.com
Timestamps:
The introduction (00:00:00)
The hosts introduce the podcast and its mission, providing insights on accounting strategies and innovative tools.
Adam's career story (00:00:55)
Adam shares his unconventional career journey from pre-med to becoming a financial advisor and the founding of Libertas Wealth Management Group.
Services provided by Libertas (00:04:45)
Adam discusses Libertas' services, including financial planning, retirement planning, exit planning for business owners, and working with working professionals.
Financial strategies for clients with appreciated properties (00:07:26)
Adam explains the 1031 exchange and passive real estate investing as a solution for clients with appreciated properties who want to avoid active management and taxes.
Liquidity and risk management in passive real estate investing (00:13:51)
The discussion explores the liquidity and risk management aspects of passive real estate investing, including spreading risk by investing in multiple properties.
Impact of COVID-19 on commercial real estate (00:15:39)
Adam discusses the potential impact of COVID-19 on commercial real estate, including lease expirations and mortgage debt held at community banks.
Elevate your firm with a virtual CFO playbook (00:16:36)
An advertisement for a comprehensive online series to create and deliver scalable CFO services.
Real estate and business ownership (00:17:18)
Discussion on the strategy of keeping the building and retaining an income stream after retirement.
Transition planning and exit planning (00:18:00)
Clients' experiences in selling their companies, keeping properties, and the process of selling properties.
Engagements with business owners (00:18:55)
Exploration of the two types of engagements with business owners, focusing on personal and business guidance.
12-step process for business owners (00:19:47)
Explanation of the 12-step process to increase the value of the company, decrease time in the business, and increase efficiencies.
Risk assessment and advisory work (00:21:34)
Discussion on risk assessment, tax planning, and the need for expert assistance in various aspects of business planning.
Recasting and tax strategies (00:23:47)
Importance of recasting business expenses and tax strategies for business owners preparing to sell.
Cash balance plan and retirement strategies (00:26:27)
Explanation of cash ba
Next Episode
Mastering Excel: Essential Skills and Strategies to Boost Efficiency with Jeff Lenning
“I love Excel. It's helped me save so much time over the years, and when I began thinking about Excel more like an employee that I can delegate stuff to, it helped me save an incredible amount of time.” – Jeff Lenning
The finer details of this episode:
• Strategies for leveraging Excel to improve efficiency
• Continuous learning and development in Excel
• Common pitfalls and challenges in Excel usage
• Mindset shift from "if" to "how" in using Excel
• Role of AI in enhancing Excel skills
• Structure and offerings of Excel University
• Key Excel functions and features for accountants
• Real-world applications and case studies using Excel
• Importance of presentation skills in Excel reporting
Episode resources:
● Summit Virtual CFO by Anders website: https://www.summitcpa.net/
● If you have questions or would like to be a guest on the show, email us at [email protected]
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
● Connect with Jeff here: https://www.linkedin.com/in/jefflenning/
● Check out Excel University here: https://www.excel-university.com/tips
Timestamps:
Introduction to the Episode (00:00:00)
Overview of the podcast's mission to provide insights on innovative tools and strategies in accounting.
Guest Introduction (00:00:22)
Tom introduces Jeff, a Microsoft MVP and founder of Excel University, highlighting his career background.
Why Excel University? (00:01:18)
Jeff explains his passion for Excel and how it transformed his workflow efficiency.
Continuous Improvement in Excel (00:02:27)
Discussion on the iterative process of optimizing Excel workbooks for efficiency and accuracy.
The "Last Year" Trap (00:04:06)
Jeff addresses how accountants often stick to familiar methods without seeking improvements.
Mindset Shift in Excel Usage (00:05:53)
Jeff shares his approach of asking "how" instead of "if" when automating tasks in Excel.
Learning with AI Tools (00:07:00)
Jeff discusses the benefits of using AI to enhance Excel skills and troubleshoot formulas.
Excel University Experience (00:09:02)
Overview of the structured learning approach at Excel University, focusing on sequential knowledge building.
Continuing Education Credits (00:11:44)
Information on CPE credits offered through Excel University’s programs.
Focus on Presentation Skills (00:12:11)
Discussion on improving both functionality and presentation of Excel reports for better client communication.
Charting in Excel (00:14:16)
Tom and Jeff discuss the challenges of formatting charts in Excel for effective presentations.
Key Excel Functions for Accountants (00:15:25)
Jeff highlights essential Excel functions that every accountant should master.
Power Query's Benefits (00:16:59)
Jeff explains how Power Query automates data processing, saving time and improving efficiency.
Real-Time Data Refresh (00:18:07)
Benefits of using Excel for live updates during client meetings, enhancing responsiveness.
The Impact of Spreadsheets (00:19:01)
Discussion on the historical significance of spreadsheets in making personal computers indispensable.
Microsoft's Ongoing Investment in Excel (00:19:51)
Discussion on Microsoft's continuous updates and new features in Excel.
Learning Excel Functions (00:20:17)
Importance of learning new Excel functions beyond the basics through courses and online resources.
YouTube Channel Promotion (00:20:38)
Jeff shares his YouTube channel for quick Excel tips and updates.
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