May 14, 2018
The ninth and final step on The
Pronto Path is Fruition. In this episode, we walk through how to
achieve a lasting legacy in
your tax career you can be proud of and enjoy. This step is truly
an achievement but only for those who prepare for it ahead of
time.
In this series, we are walking
through the 9 steps of The Pronto Path. The Pronto Path is a career
roadmap or framework to remove fear and doubt from the tax
profession. If you're wondering how to get from where you are right
now to where you want to be as an independent tax professional,
this show is for you!
If you are buying or selling
your tax business and want to connect with the Tax Pro Nation
audience, please contact us to help make an introduction.
To learn more, comment, and for
the complete show notes, visit: http://taxpronation.com/9
Topics discussed:
- [02:36] Sunflower or Sequoia?
- [04:18] 3 reasons the tax industry sets up
people for a favorable legacy step
- [08:04] The tendency in startups during good
economic times
- [09:06] Why taxes is one of the most
recession-proof, low cost businesses to enter
- [09:17] How low it costs to start a new tax
business
- [10:10] What is a good profit margin after
paying the owner’s salary?
- [10:34] Shareholder discretionary
earnings
- [11:56] 3 challenges during this Fruition
step
- [14:33] The lack of qualified buyers of tax
businesses
- [16:26] Do you have an exit strategy? Do you
have a succession plan?
- [17:22] What does the word legacy
mean?
- [18:56] What from my life’s work is going to
carry forward?
- [19:32] The exit strategy almost everyone
considers
- [21:45] The emotions that can go along with
selling to the Big 3
- [22:53] Email us if you are listening as a
trusted, qualified buyer of tax businesses
- [23:14] Opportunities for Tax Pro Nation
listeners who want to grow their business
- [23:47] Selling your business deal points you
need to know about ahead of time
- [24:32] The clawback provision in tax business
sale contracts
- [25:10] How to price out tax businesses using a
multiple of gross revenue
- [25:57] What a buyer of tax businesses looks
for when looking at your business
- [26:24] What happens if you skipped over the
Elevation step
- [27:21] Andy’s personal experience getting
offers from buyers
- [28:17] Why to avoid selling your tax business
until this step if you can
- [30:18] Andy’s experience when he stopped doing
taxes full-time
- [31:17] The wise sage option
- [31:44] The challenges and benefits of passing
the business to key employees
- [34:43] Giving yourself the runway to put
together your succession plan
- [36:37] Retiring to something rather than from
something
- [37:15] Avoiding depression in
retirement
- [39:06] How to sell your business for good
reasons
- [40:17] The key professionals to add to your
team during this step
- [43:15] The one person who can guide you
through the whole sales process
- [44:19] The large number of underutilized tax
professionals with experience in this area
- [44:53] How to buy a tax business with no money
down
- [46:01] The Baby Boomer generation’s exit from
the tax business over the next 5 years
- [46:51] How Tax Pro Nation can connect buyers
and sellers of tax businesses
- [47:57] What makes your business Fruition
worthy?
- [49:27] What Warren Buffett can teach about
communication at this step
- [50:44] Why businesses have a higher failure
rate with each generational successor
- [52:04] How Andy’s father clearly communicated
by example
- [54:00] What’s next for the Tax Pro Nation
podcast?
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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please email hello@taxpronation.com
Tax Pro Nation is produced
by Podcast Masters