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
To sponsor an episode, please email hello@taxpronation.com
Tax Pro Nation is produced by Podcast Masters
