Category Archives: Tax & Business Solutions Academy

The Power of Letting Go

In Michael’s cover story, he talks about the Genius Conference we attended. I can also say it was an amazing experience. Not only was it great to see people we know, it was nice to meet new people. One day at lunch, I was talking to someone attending the conference for the first time. He was in his 30s and shared that he lived in the Midwest and is a house flipper. He said he purchased, fixed up, and sold around 40 houses every year for the last few years, and he really enjoyed it. After talking with him a little longer, I learned it wasn’t his day job but instead his side job that he wished would turn into a full-time career. He told me the profit margin wasn’t that much for flipping houses in the area he lived, and he hadn’t felt comfortable enough to quit his day job.

“You can never really walk into another room until you let go of the door you are holding on to.”

I found what he said interesting in the sense that what he talked about first was his passion, only to realize he wasn’t 100 percent committed to it. I told him, “You can never really walk into another room until you let go of the door you are holding on to.” He responded by saying that he never thought of it that way. I took it one step further and said, “Literally, if you were holding onto a door and opened another door, and you liked what you saw in the room, the only way to really know what’s going on is to let go of the doorknob and fully walk into the next room.”

I hear his kind of thinking a lot from others, whether it’s a friend, a client, or a casual acquaintance — someone wanting to pursue something particular in their life but giving a host of reasons why it can’t be done. For me, once I’ve made a commitment to do something, I don’t look at the obstacles. Instead I think, “What do I need to do to make this happen?”

Of course, there’s no guarantee that all will be perfect once you’ve made that commitment or walked in the next room. Following your passion, whatever it is, will come with challenges and obstacles. Sometimes, the act of following a passion leads you to something else you would have never thought of pursuing but couldn’t unless you took that first action step. In the case of the man I had lunch with, it seemed that the fear of letting go of that weekly paycheck was his biggest obstacle of all.

Here is my question to you: What is the one thing in the back of your mind that you’ve wanted to pursue but haven’t because you’re holding on to a doorknob for security? Instead of thinking of the obstacles keeping you from following your dream, think of ways to make it happen. It’s a new year, which always brings the promise of new beginnings. No time like the present to pursue a vision or dream that’s been on your mind. And I don’t mean just career related; this pertains to all areas of your life. I hope you find all kinds of ways to open new doors in 2019, and happy New Year’s!

Who’s Running Your Practice?

When you started your practice,
you had a dream of what it was going to be…

…to make money, be looked up to in the community by your friends, your colleagues, your associates, your clients. You wanted to make an impact and difference in people’s lives.

You might find that you are now stuck in the mundane daily tasks of doing this or that, and that your vision got sidetracked.

I want to remind you—YOU are the owner of your firm, not your employees. YOU are the KING or QUEEN of your business. So, how do you reclaim command of your team and clients that try to “manage” you?

Watch today’s video where I share how to take back your power and be the ALPHA Dog in your business!

How to “Sell” the Transcript Analysis

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.

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A Moral Obligation

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!

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Is the Tax Resolution Market Saturated?

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.

Why We Don’t Make Promises We Can’t Keep

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