Starting Your Own Practice: The Independence Guide for Investment Advisors, Attorneys, CPAs and Other Professional Service Providers

Provides expert insight and advice for professionals looking to strike out on their own, fully updated to reflect current trends and issues   Considering the overabundance of professional service providers toiling at monolith employers, you might want to start thinking about business independence. Starting Your Own Practice: The Independence Guide for Investment Advisors, Attorneys, CPAs and Other Professional Service Providers offers you step-by-step guidance on the entirety of the independence process, from your initial decision to break free, to managing your business, to your ultimate exit strategy.   In the 15 years since he first wrote Starting Your Own Practice, author Robert Fragasso has gained invaluable practical experience continuing to lead his own independent investment management and financial planning firm. Now in its Second Edition, this popular guide provides more depth on management considerations, transition to business maturity, and eventual profitable business succession. The author has added a wealth of alternative ideas on how to leverage your skills and talents in your own business, license your services and infrastructure, plan for your retirement, and more. Sharing new insights on making the independence move quicker, easier, and less costly, this new edition:  Provides straightforward information on both the financial benefits and risks of starting your own practice  Helps you decide if you truly want to go into business for yourself  Offers expert guidance on planning your move and structuring your marketing, managing, staffing, and general business operations  Discusses practical considerations such as leaving your current employer, converting existing clients, protecting your confidentiality, and financing your new business  Provides new and revised content throughout, including additional in-depth commentary on management considerations and transition to business maturity  Starting Your Own Practice: The Independence Guide for Investment Advisors, Attorneys, CPAs and Other Professional Service Providers is indispensable for anyone providing skilled personal services.  

Table of Contents:
Foreword xi Preface xiii Acknowledgments xv Chapter One: Is It Your Time To Move To Independence? 1 The Financial Benefits 3 Risk 7 The Entrepreneur’s Test 11 Chapter Two: What Does It Mean To Be In Business For YOURSELF AND WHO DOES IT WELL? 13 Time 13 People Make the Difference 14 Chapter Three: Creating Your Business 17 Choosing Your Market Niche 18 Structuring Your Business to Serve Your Market Niche 21 Your Unique Value Proposition 24 Creating Your Organizational Model 31 A Corporation with Departmental Special Ops Teams 35 Should You Build Resources Internally or Acquire Strategic Partners? 36 The Licensing Solution 40 Chapter Four: Staffing And Compensation 43 Your Fringe Benefit Package as a Recruitment, Retention, and Productivity Tool 48 Fringe Benefits Summary 53 Managing Workforce Growth 54 Chapter Five: Leaving Your Current Employer 57 Protecting Your Confidentiality 61 Chapter Six: Choosing Your Business Space 65 Interior Design 65 Office Location and Image 67 Finding the Right Building 68 Negotiating for Space 69 Chapter Seven: Equipment And Supplies 75 Financing 76 Legal Format and Protecting Your Investment 78 Protecting Your Business Investment 80 Ask What Your Government Can Do for You 82 Chapter Eight: Converting Existing Clients Or Customers To Your New Business 87 Chapter Nine: Gaining New Clients And Customers—The Right Way 93 The Sales Continuum 94 Advertising 94 Public Relations 96 Create Your Own PR through Newsletters and E-Newsletters 98 Direct Mail and Digital 104 Direct Mail and Email Tied to Demonstration or Consultation 105 Direct Mail or Email Offering Information upon Response 106 Networking 110 How to Network? 111 Educational Seminars 114 Teaching the Seminars 120 Referrals 124 Chapter Ten: Managing Your Business 131 Getting Started 131 Manage Your Business or It Will Manage You 134 Time Management 134 Activities Management 135 Putting Your Goals into Action 140 Personal 141 It Is as Easy as A-B-C 147 Techniques of Activities Management 148 People Management 153 Talk, Talk, Talk, and Talk 155 Creating Your Organization’s Employee Structure 156 Clerical/Secretarial Support 158 Revenues – Expense = Profits 158 CEO 159 Evaluate Results but Manage Activities 161 Corrective Action with Employees 162 Creating and Implementing Your Business’s Strategic Plan 165 Appreciate and Validate 166 Which Clients or Customers Do You Want? 167 Managing Your Clients and Customers 169 Treating Clients as People 175 Managing During Tough Times 176 Chapter Eleven: Your Exit Strategy 181 Who Will Buy or Receive Your Business? 181 Possible Exit Purchase Scenarios 182 Employee Stock Ownership Plan (ESOP) 183 External Sale to a Large Entity 185 External Smaller Entity 186 Price 186 How to Receive Payment for Your Business 187 Special Considerations in Selling to Family Members 188 Retirement Planning 189 The End of the Rainbow 189 Appendix 191 Index 197 About the Author 207

About the Author :
ROBERT FRAGASSO, CFP®, has over three decades of experience in the investment and financial planning fields. He directs the planning, management, analysis, research, and review of all client programs at Fragasso Financial Advisors. He graduated from Duquesne University, served in the Marine Corps, and did post-graduate work in accounting, finance, and economics through Carnegie Mellon and the University of Pittsburgh, and in investments via the New York Institute of Finance. Fragasso has been a Certified Financial Planner (CFP®) Professional since 1982 and is a member of the Financial Planning Association.