Starting Your Own Practice - The Independence Guide for Investment Advisors, Attorneys, Cpas

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.

Sommario

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

Info autore

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.

Riassunto

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.

Dettagli sul prodotto

• Autori: Robert Fragasso, Fragasso Robert
• Editore: Wiley, John and Sons Ltd
• Lingue: Inglese
• Formato: Copertina rigida
• Pubblicazione: 31.12.2020
• EAN: 9781119723004
• ISBN: 978-1-119-72300-4
• Pagine: 224
• Categorie: Guide e manuali > Diritto, professione, finanze; Scienze sociali, diritto, economia > Economia > Economia aziendale; Private Finanzplanung, Finance & Investments, Finanz- u. Anlagewesen, Personal Finance / Financial Advising, Private Finanzen / Beratung