Robert Fragasso

Starting Your Own Practice (eBook, PDF)

The Independence Guide for Investment Advisors, Attorneys, CPAs and Other Professional Service Providers

• Format: PDF

Produktbeschreibung

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.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 224
• Erscheinungstermin: 1. Dezember 2020
• Englisch
• ISBN-13: 9781119723011
• Artikelnr.: 60720405

Autorenporträt

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.

Inhaltsangabe

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

Ind