Aug 6, 2018
Chauncey Hutter Jr.’s
salesmanship is the core skill he leveraged throughout his tax
career. In this episode, he shares his insight, advice, and
experience on how you can take advantage of the huge opportunity in
the tax business today.
He began working in the tax
industry in 1990 in his father’s two room $50,000 per year tax
preparation office. In just a few short years, Chauncey took this
small office with a few part-time employees and built a
Multi-Million dollar company, with 27,000 clients, over 440
employees, and 15 market areas and across three states (in ten
years).
Chauncey sold his ownership
stake in the family business in 2007 to concentrate full-time on
coaching and consulting business owners and entrepreneurs to
greater levels of success.
Chauncey has worked directly
with over 3,700 tax business owner clients, helping create Million
Dollar breakthroughs along the way. Over the past several years, he
has seen such an amazing opportunity in the tax industry that he is
now getting back into owning tax businesses.
Listen in on what he sees, why
he is getting back into the tax business as an owner, and how you
can also capitalize on it by using salesmanship and unconventional
marketing.
To learn more, and for the
complete show notes, visit:
http://taxpronation.com/14
Resources Mentioned:
Quotables:
- [11:04] “If you don’t have marketing and
salesmanship at the top of the list as far as priority, then you
are really not stewarding the business well.” —Chauncey Hutter, Jr.
- [11:18] “If everyone else in the business does
what you’re doing, you’re probably not going to jump up ahead of
them.” —Chauncey Hutter, Jr.
- [12:28] “I would rather be stressed for 100
days to take the pressure off the rest of the year.” —Chauncey
Hutter, Jr.
- [13:30] “Bigger paydays bring bigger problems
too. But I prefer having those bigger problems.” —Chauncey Hutter,
Jr.
- [16:51] “Tax professionals are sitting in the
catbird seat.” —Chauncey Hutter, Jr.
- [26:13] “At the end of the day, it all comes
down to the trust you have with the client.” —Andy Frye
In This Conversation We Cover:
- [04:07] Why trying to be the best and makes
sales early in your career can take care of your legacy
- [05:33] Chauncey’s family dynamics as he
tripled his family’s tax business quickly
- [06:32] A quick tip on how to maximize your
profitability while taking your first tax class
- [07:51] How a thriving, growing business can
afford family vacations during tax season
- [08:42] How self-awareness can fast track your
success by matching skills with market opportunities
- [09:42] Why a focus on selling and marketing is
critical enough to hire out if you cannot or will not
yourself
- [11:04] “If you don’t have marketing and
salesmanship at the top of the list as far as priority, then you
are really not stewarding the business well.” —Chauncey Hutter, Jr.
- [11:18] “If everyone else in the business does
what you’re doing, you’re probably not going to jump up ahead of
them.” —Chauncey Hutter, Jr.
- [12:28] “I would rather be stressed for 100
days to take the pressure off the rest of the year.” —Chauncey
Hutter, Jr.
- [13:30] “Bigger paydays bring bigger problems
too. But I prefer having those bigger problems.” —Chauncey Hutter,
Jr.
- [13:55] Chauncey shares how the tax business
has changed since he saw his success
- [14:43] The Commoditization of the Tax Business
over the last 20 years
- [15:16] Chauncey’s view that the biggest
problem is the biggest opportunity
- [16:51] “Tax professionals are sitting in the
catbird seat.” —Chauncey Hutter, Jr.
- [18:17] Why now is the time while tax pros give
up on the Trump Tax Law to get into the tax business
- [19:24] How Chauncey is following his own
advice and getting back into the tax business as an
owner
- [22:26] What a tax industry deal looks like to
sell a tax practice and some ideas to make it more profitable for
both the buyer and the seller
- [25:06] How many years you will typically be
expected to work in your business after you sell it
- [26:13] “At the end of the day, it all comes
down to the trust you have with the client.” —Andy Frye
- [26:42] Why Jeff and Chauncey are offended at
the sale terms most tax pros get
- [27:14] How to put yourself in the best
position to get the best terms
- [27:37] Why the
Stabilization Step in
the Pronto Path is so important to master
- [30:16] What the best and little known areas
are for adding services to your tax business
- [33:22] The challenges of passing a business to
a family member
- [35:36] The sad truth of having to stop
enabling family members and letting them go
- [38:04] The main reason why tax businesses do
not scale and how Chauncey scaled after the first tax
season
- [41:03] Funny stories about why opening new
locations and scaling your business is not all roses
- [42:15] Turning crap into clients: An example
of why Chauncey is a master marketer
- [44:55] The key metrics to consider when buying
a tax business
- [46:58] Why the Refund Anticipation Loan (RAL)
of the 1990’s might make a comeback
- [50:38] How important tax education and
training is to growing your tax business
- [53:22] How one tax pro turned the sale of his
tax business into an annuity-like payment
- [55:00] Chauncey’s book BLOCKBUSTER: How to Build a Million Dollar Tax
Business
- [55:44] The #1 “starving crowd” that needs the
most help right now in the tax industry
- [57:00] A shocking truth about the large big
box tax franchises
- [59:39] If you are a business owner and just
want to get out, prepare for this
- [01:00:25] A winning strategy if you are 2-3
years away from selling your business
Tax Pro Nation is sponsored
by Pronto Tax School, Inc. Sponsored links include:
The Pronto Path
infographic
http://taxpronation.com/path
Basic Income Tax (Federal)
course link:
http://taxpronation.com/basic
Business Tax Verified online
course link
http://taxpronation.com/business
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