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.
