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Build your own Rainmakers!

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Presentation on theme: "Build your own Rainmakers!"— Presentation transcript:

1 Build your own Rainmakers!
Presented by: Art Kuesel HK Alliance Annual Roundtable #MSCPACPE

2 Art Kuesel, President Keynotes, Presentations, Workshops on Growth
EXPERTISE (Cont.) Keynotes, Presentations, Workshops on Growth Growth Plan Development/Implementation Managing Partner Coaching Sales & Marketing Recruiting STREET CRED Top 100 Most Influential Person in Public Accounting: 2014 In-house and external experience Clients include scores of T250 Firms including a third of the T100 Frequent writer and blogger for Accounting Today Accomplished speaker and presenter on growth trends EXPERIENCE Sales Executive 3 years inside $60M CPA firm 5 years inside $25M CPA firm 6 years at PDI/Koltin Consulting 2.5 years at Kuesel Consulting EXPERTISE Sales Coaching Sales/Marketing Training

3

4 Discussion Outline Confirming the Need What’s a rainmaker?
Skill Building Supporting your Rainmakers

5 Top Five AICPA/PCPS Issues 2015
Retaining Staff Finding Staff Partner Accountability and Unity Seasonality/Compression Succession Planning (tie) 5. Finding New Clients (tie) Source: AICPA/PCPS

6 6.3% Average Firm Growth 2014 This INCLUDES: Rate increases
Cross-Selling New clients Mergers

7 Average Firm Growth 2014 Could 6.3% fulfill your succession plan? We need more R-A-I-N!

8 What’s a Rainmaker? #MSCPACPE

9 Partner Job Description
Technical Knowledge Client Service 2008-Present Technical Specialty Client Development PLUS Staff Development New Business Development

10 Types of Partners in 2015 Client Service/Technical Partner
Manages book inherited or grown Client maintenance and development ($25-50k) No new business goal Small loss annually  Annual Goal $25-50k

11 Types of Partners in 2015 Mistmaker Manages book inherited or grown
Client maintenance and development ($25-50k) New business ($25-50k) Minimal practice growth – may feed others Annual Goal $50-150k

12 Types of Partners in 2015 Rainmaker Manages book inherited or grown
Client development and new business Feeds others Annual Goal $ k

13 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

14 Types of Partners in 2014 Rainmaker
Manages a book of business inherited/grown Responsible for client development and new business ($ k) Feeds others Annual Goal $ k #MSCPAMAP14

15 30% 60% 1% 9% Types of Partners in 2014 Rainmaker
Manages a book of business inherited/grown Responsible for client development and new business ($ k) Feeds others Annual Goal $ k 1% 9% #MSCPAMAP14

16 New Business by Partner Type
#MSCPACPE

17 New Business by Partner Type
#MSCPAMAP14 #MSCPACPE

18 New Business by Partner Type
#MSCPACPE

19 Necessary Skills in a Rainmaker
#MSCPACPE

20 How do they DO IT???

21 Rainmaker Skills Quadrant 1: Client Development Quadrant 2:
Referral Source Development Quadrant 3: Personal and Professional Brand Quadrant 4: Prospecting and Sales

22 Niche Practice Growth 80% + 60% + Source: Accounting Today

23 Building Rainmaker Skills – Like Building a House
#MSCPACPE

24 #MSCPAMAP14

25 #MSCPAMAP14

26 Step 1: Plans, Goals, Expectations
#MSCPACPE

27 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. #MSCPAMAP14

28 Plans: Setting Goals & Expectations
What are reasonable goals and expectations for a future rainmaker? #MSCPAMAP14

29 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.

30 Step 2: A Foundation of Client Development
#MSCPACPE

31 Foundation: Client Development
x #MSCPAMAP14

32 Foundation: Client Development
Need to be Given the opportunity with existing clients Requires Relationship Development Make Clients into Friends Need to Understand the Building Blocks of Trust Need to Know Firm Services

33 Foundation: Client Development
Need to be Proactive with Ideas Need to Believe that selling is helping Need to be Comfortable asking for Referrals Have Confidence in knowledge and expertise

34 Step 3: Frame it up with Referral Sources
#MSCPACPE

35 Frame: Referral Sources
#MSCPAMAP14

36 Frame: Referral Sources
Need a Diverse Population of Referral Sources Need a Network Capable of Providing 12+ Referrals/year Need to spend time maintaining and developing these referral sources Need to begin to reciprocate

37 Step 4: Internal Build out with Personal and Professional Development
#MSCPACPE

38 Internal Build-out: Personal/Professional Development
#MSCPAMAP14

39 Internal Build out: Trade/Business Group Involvement
Membership in 2-3 Active & High-Quality Groups Active Participation in Meetings Involvement in Committees, on the Board, etc. Wherever the Influential People hang out!

40 Step 5: Creating Curb Appeal – Understanding what Sells!
#MSCPACPE

41 Landscaping & Creating Curb Appeal

42 Landscaping & Creating Curb Appeal
Clear understanding of the Sales Process Know all firm services Understand and recognize clues and triggers Effective discovery process Winning value propositions Effective Proposal/Orals Do-Loop to Win

43 Step 6: Ready for the MLS – Who’s my buyer?
#MSCPACPE

44 Ready for the MLS: Who’s the Target Buyer?
#MSCPAMAP14

45 Ready for the MLS: Who’s the Target Buyer?
Does this potential rainmaker have a specialty/niche focus? WHY is this so important?

46 Ready for the MLS: Who’s the Target Buyer?
Think about this: Firms are growing their niche practices much faster than their compliance practices Wedge services open doors where compliance services do not A specialist beats a generalist in value every day of the week A specialist can create fame Famous people can charge more!

47 Nurturing these skills to grow your rainmaker
#MSCPACPE

48 How do you Nurture Skills Development in your Rainmakers?
Patience Goal Setting Motivation, Rewards & Encouragement Skills Training Personalized Coaching to Overcome Obstacles Opportunities for Practice Repetition, Repetition, Repetition Measurement and Accountability

49 Tax Partner Joe 120 Person Firm, Midwest 2008 $750K 2015 $1.3M Realization: 89+% Hours Worked: Same Average Client Size: Up $10K

50 Tax Senior Manager Kristi
75 Person Firm, 7/2014 $0 New Business 7/2015 $35,000 New Business Closed Hours worked: Same Revenue Source: Current Client Referrals and one Top Referral Source

51 Summary

52 THANK YOU! Art Kuesel, President Kuesel Consulting, Inc. 312.208.8774


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