Build your own Rainmakers Presented by Art Kuesel
Build your own Rainmakers! Presented by: Art Kuesel HK Alliance Annual Roundtable
Art Kuesel, President EXPERTISE (Cont. ) ü Keynotes, Presentations, Workshops on Growth ü Growth Plan Development/Implementation ü Managing Partner Coaching ü Sales & Marketing Recruiting EXPERIENCE ¨ ¨ ¨ Sales Executive 3 years inside $60 M CPA firm 5 years inside $25 M CPA firm 6 years at PDI/Koltin Consulting 2. 5 years at Kuesel Consulting STREET CRED EXPERTISE ü Sales Coaching ü Sales/Marketing Training 2 → Top 100 Most Influential Person in Public Accounting: 2014 → In-house and external experience → Clients include scores of T 250 Firms including a third of the T 100 → Frequent writer and blogger for Accounting Today → Accomplished speaker and presenter on growth trends
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Discussion Outline I. Confirming the Need II. What’s a rainmaker? III. Skill Building IV. Supporting your Rainmakers 4
Top Five AICPA/PCPS Issues 2015 1. Retaining Staff 2. Finding Staff 3. Partner Accountability and Unity 4. Seasonality/Compression 5. Succession Planning (tie) 5. Finding New Clients (tie) Source: AICPA/PCPS 5
Average Firm Growth 2014 6. 3% This INCLUDES: üRate increases üCross-Selling üNew clients üMergers 6
Average Firm Growth 2014 Could 6. 3% fulfill your succession plan? We need more R-A-I-N! 7
What’s a Rainmaker?
Partner Job Description 1898 -2007 2008 -Present ü Technical Knowledge ü Technical Specialty ü Client Service ü Client Development PLUS ü Staff Development ü New Business Development 9
Types of Partners in 2015 Client Service/Technical Partner § Manages book inherited or grown § Client maintenance and development ($25 -50 k) § No new business goal § Small loss annually Annual Goal $25 -50 k 10
Types of Partners in 2015 Mistmaker § Manages book inherited or grown § Client maintenance and development ($25 -50 k) § New business ($25 -50 k) § Minimal practice growth – may feed others Annual Goal $50 -150 k 11
Types of Partners in 2015 Rainmaker § Manages book inherited or grown § Client development and new business § Feeds others Annual Goal $100 -200 k 12
Types of Partners in 2015 Business Developer § Manages no book § 100% Client development and new business development § Feeds a lot of people Annual Goal $BIG 13
Types of Partners in 2014 Rainmaker § Manages a book of business inherited/grown § Responsible for client development and new business ($150 -500 k) § Feeds others Annual Goal $150 -150 k 14 #MSCPAMAP 14
Types of Partners in 2014 60% 30% 1% 9% Rainmaker § Manages a book of business inherited/grown § Responsible for client development and new business ($150 -500 k) § Feeds others Annual Goal $150 -150 k 15 #MSCPAMAP 14
New Business by Partner Type $250 $200 $150 $100 $50 $100 $75 $25 $37 $50 $0 Client Service 16 Mistmaker Rainmaker
New Business by Partner Type $250 $200 $150 $100 $50 $100 $75 $25 $37 $50 $0 Client Service #MSCPAMAP 14 17 Mistmaker Rainmaker
New Business by Partner Type $250 $200 $150 $100 $50 $100 $75 $25 $37 $50 $0 Client Service 18 Mistmaker Rainmaker
Necessary Skills in a Rainmaker
How do they DO IT? ? ? 20
Rainmaker Skills Quadrant 1: Client Development Quadrant 2: Referral Source Development Quadrant 3: Personal and Professional Brand Quadrant 4: Prospecting and Sales 21
+ % 80 Niche Practice Growth 60 % + Source: Accounting Today Place client logo here
Building Rainmaker Skills – Like Building a House
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25 #MSCPAMAP 14
Step 1: Plans, Goals, Expectations
Plans: Setting Goals & Expectations Future Partners: To be a partner in this firm, you need to be able to bring in new revenue in the form of cross-selling and new clients. Current Partners: To keep your compensation at the level to which you are accustomed we need you to “up your game” in new business development. 27 #MSCPAMAP 14
Plans: Setting Goals & Expectations What are reasonable goals and expectations for a future rainmaker? 28 #MSCPAMAP 14
Plans: Setting Goals & Expectations Future Partners: To be a partner in this firm, you need to be able to bring in new revenue in the form of cross-selling and new clients. Current Partners: To keep your compensation at the level to which you are accustomed we need you to “up your game” in new business development. 29
Step 2: A Foundation of Client Development
Foundation: Client Development 1) x 31 #MSCPAMAP 14
Foundation: Client Development 1. Need to be Given the opportunity with existing clients 2. Requires Relationship Development ØMake Clients into Friends 3. Need to Understand the Building Blocks of Trust 4. Need to Know Firm Services 32
Foundation: Client Development 5. Need to be Proactive with Ideas 6. Need to Believe that selling is helping 7. Need to be Comfortable asking for Referrals 8. Have Confidence in knowledge and expertise 33
Step 3: Frame it up with Referral Sources
Frame: Referral Sources 35 #MSCPAMAP 14
Frame: Referral Sources 1. Need a Diverse Population of Referral Sources 2. Need a Network Capable of Providing 12+ Referrals/year 3. Need to spend time maintaining and developing these referral sources 4. Need to begin to reciprocate 36
Step 4: Internal Build out with Personal and Professional Development
Internal Build-out: Personal/Professional Development 38 #MSCPAMAP 14
Internal Build out: Trade/Business Group Involvement 1. Membership in 2 -3 Active & High-Quality Groups 2. Active Participation in Meetings 3. Involvement in Committees, on the Board, etc. Wherever the Influential People hang out! 39
Step 5: Creating Curb Appeal – Understanding what Sells!
Landscaping & Creating Curb Appeal 41
Landscaping & Creating Curb Appeal Ø Clear understanding of the Sales Process 1) 2) 3) 4) 5) 6) Know all firm services Understand recognize clues and triggers Effective discovery process Winning value propositions Effective Proposal/Orals Do-Loop to Win 42
Step 6: Ready for the MLS – Who’s my buyer?
Ready for the MLS: Who’s the Target Buyer? 44 #MSCPAMAP 14
Ready for the MLS: Who’s the Target Buyer? Ø Does this potential rainmaker have a specialty/niche focus? WHY is this so important? 45
Ready for the MLS: Who’s the Target Buyer? Think about this: 1) Firms are growing their niche practices much faster than their compliance practices 2) Wedge services open doors where compliance services do not 3) A specialist beats a generalist in value every day of the week 4) A specialist can create fame 5) Famous people can charge more! 46
Nurturing these skills to grow your rainmaker
How do you Nurture Skills Development in your Rainmakers? 1) Patience 2) Goal Setting 3) Motivation, Rewards & Encouragement 4) Skills Training 5) Personalized Coaching to Overcome Obstacles 6) Opportunities for Practice 7) Repetition, Repetition 8) Measurement and Accountability 48
Tax Partner Joe 120 Person Firm, Midwest 2008 $750 K 2015 $1. 3 M Realization: 89+% Hours Worked: Same Average Client Size: Up $10 K 49
Tax Senior Manager Kristi 75 Person Firm, Northeast @ 7/2014 $0 New Business Closed @ 7/2015 $35, 000 New Business Closed Hours worked: Same Revenue Source: Current Client Referrals and one Top Referral Source 50
Summary
THANK YOU! Art Kuesel, President Kuesel Consulting, Inc. 312. 208. 8774 art@kueselconsulting. com www. kueselconsulting. com
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