I am an award winning entrepreneur and trainer. My Tax & Business Solutions Academy serves attorney's/cpas/EAs who are currently doing tax resolution or who want to add this lucrative niche to their respective practices. I train and coach others in building highly profitable practices through unconventional, out-of-the box, highly effective and ethical marketing. In addition to marketing advice, I teach sales (closing the client) process best practices as well as operations management. Subscribe to get my updates.
John: I have a sales question for you. So you know I’m pretty good at closing deals but I’m very slow because I give the prospect a lot of free information before I sign them up because I just don’t get for myself, and I think my problem is I keep comparing consumers to how I would be the consumer which is wrong because there’s very different kinds of consumers and prospects. But I don’t get how I can get someone to buy transcript analysis when we don’t even know potentially what their problem is. So I have this fear on this side of my head where I’m selling them something that maybe they don’t really need because maybe they don’t really have a problem. But on the other hand I feel like if we get some people to sign up for transcript analysis then they’re more invested, so then it’s easier to get them to sign on for other services that they might actually need. But my question is should we try to sell transcript analysis upfront more often because right now I’m just providing it for free and then only trying to get them to do a deal once we see what their problem is.
When it comes to marketing, I always say, “One is a lonely number, and you need more than one marketing strategy to attract prospects.” Let me take that one step further and say that you also need different groups of people or industries to market to. Continue reading →
Why Are Artists and Tax Pros Afraid to Sell Themselves?
Earlier this fall, Roslyn and I attended a smooth jazz concert with a few of our friends. Roslyn is a big jazz fan, and I’m starting to get there, too. The show we caught, Dave Koz & Friends’ Summer Horns Tour, was part of an outdoor concert series, and the artists were incredible. Dave Koz was playing with other big talent, like Richard Elliot, Gerald Albright, and Rick Braun. It was fabulous — two hours of great jazz music that spanned from Duke Ellington to Kool & The Gang.
We all had a good time, but after intermission something strange happened. Before they started playing again, one of the musicians said, “By the way, we have CDs for sale for $10.” It wasn’t the fact that they were selling merchandise that was strange. I was taken aback by how apologetic he sounded — almost like he felt bad for even mentioning the fact that they were selling CDs at a concert!
Do you think the tax resolution market is too saturated? I get this question all the time. Instead of the myth, let’s look at the facts.
The Real Facts:
There are only 3,500 to 4,000 firms nationwide that are doing tax resolution today in any meaningful way. But only 200 of those firms do tax resolution as their number one source of revenue. So, the majority, over 90% of firms view tax resolution as just “something they do” if one of their clients’ needs help. In other words, they don’t invest a lot in marketing this service. They have traditional practices with very little emphasis on IRS Representation.
However, there are 14 million taxpayers in the IRS’s collection division right now that have an IRS tax debt large enough to warrant professional representation. 19 million people owe the IRS $391 billion dollars right now. There has never been a time that more taxpayers are in trouble with the IRS than right now!
If you want to learn more Facts vs. Myths regarding getting into tax resolution, watch the video above.
No matter how much you prepare, you can never control the outcome of something. This isn’t to suggest you can’t aim for a certain outcome. We should always do the legwork, putting in the time to prep and research as much as possible. But while you should commit time to preparing, you can’t become married to a certain result. Expectations are resentments under construction. Continue reading →
What does Paul Manafort and tax resolution have in common? A lot actually…
As we all know, if you’ve been reading the news stories online or watching the evening news, Paul Manafort, Donald Trump’s former campaign manager, was found guilty on five counts of tax fraud, one count of failing to report his foreign bank accounts (FBAR) and two counts of bank fraud. Robert Mueller’s Special Counsel went after him over the alleged Russia collusion with Donald Trump. But that’s not what he was found guilty on; he was found guilty of tax fraud.
Your tax resolution clients need to know that when they come to you, and they’ve filed fraudulent tax returns, or haven’t filed legally required income tax returns which they will more than likely disclose to you, there can be major consequences they face for these actions.
You know what I used to tell clients that would ask, “Mike, it’s not that bad is it?” What this week’s video to get a great strategy of how to answer that question if your client asks you the same thing.