During November/December for the past twenty-five years, I receive calls from tax professionals and tax services firm leadership. The topic is always the same…it is about salary and what a tax professional should be compensating for tax expertise. This is the time of year firm leadership is working on their budgets, and they want to keep their people motivated and engaged. This year we have developed a solution for leadership teams to give team members a raise. We figured out how to make a tax services firms a destination firm with little to no turnover.
A goal of tax, accounting and legal services leadership should be to become a “destination firm” which is the ultimate destination for an employee – a firm people want to work with and stay with for a very long time. Your key to success is building a destination firm for your tax, accounting, or legal professional services firm. Destination firms are supported by highly motivated, engaged, productive professionals. They are staffed by happy contributors to firm success; they are new client acquisition magnets; and they generate increased revenue for the firm all year.
TaxConnections is building a Marketplace that is two-sided. This means you have buyers and sellers! Amazon changed the way books are sold; eBay changed the way things are sold; Wayfair changed the way things are sold; and TaxConnections Marketplace is changing the way tax services are sold. Tax, Financial and Legal Professionals upload content into the Marketplace that is for sale. We pay the content creator 55% of revenue earned on each sale of their content uploaded. (We wanted to pay 75% but with 10,814 sales tax jurisdictions in the United States, you can understand where the money goes in building and maintaining the platform.)
The easy part for tax services firm leadership is you can use the platform to upload content that many people will be happy to pay for. You make money by setting the price for the content you upload to TaxConnections Marketplace and we pay you for it. For those firm leaders who are bonafide Explorers, and want to be out in front of the market, you will want to be on the front lines when we go live.
Professional growth and increased income are the primary drivers of retention. We suggest firm leadership set up an Agreement With Employees that states any content they create and revenue they generate from the TaxConnections Marketplace, they will receive 50% of earnings over and above their base salary. This will motivate employees to produce more as they make your firm more money in the process. You split the profits 50/50 after they have generated enough to cover their base salary. They have unlimited income potential now and they will stay because you give them job security.
If you have high performing employees and nothing to put in their bonus stocking this year, contact kat@taxconnections.com and I will walk you through how to make them much happier in the coming year. Just getting started will get them excited this year. Let them know you care about their financial success.
If you do not have a plan to give anyone a raise this year, it is a great time to let them know you have started one.
Let’s Get Started, Take Action – To Give Your Team A Raise
https://www.taxconnections.com/membership/sign-up
Kat Jennings, TaxConnections, CEO and Founder and Advisory Team provides three areas of services: 1) Internationally recognized, retained executive search services for multinational corporations, public accounting firms, and law firms; 2) Introductions of sellers to buyers of small and medium size accounting firms; and 3) Provide brand building and education services that support and prepare accounting firm owners to buy/sell an accounting practice. We focus on educating the journey to sell a practice and how to increase firm revenue prior to any sale. Our program ensures you start years prior to a sale by learning what is expected of you during the selling process, and introducing firm Partners to cross selling opportunities that are easy to implement and reduce your workload at the same time. We introduce you to value added connections to smartly grow revenue in your accounting practice.
Kat Jennings has been retained by organizations worldwide to locate tax professionals with highly specialized tax knowledge and expertise. She has a thorough understanding of the tax business community, with a proven record of stellar performances matching professionals with organizations. Bringing two parties together to work successfully is the art of understanding personalities, cultural fit, expectations by both parties, flexible or inflexible work environments, understanding what drives and motivates each party, and revolves around the personality and ethics of each executive team.
Kat is a widely recognized expert in high level, tax executive search, as well as connecting buyers and sellers of accounting firms. TaxConnections provides and educates small to medium size accounting firms owners and Partners how to prepare and sell their firms so they can build a succession plan for their retirement. With larger firms seeking to acquire smaller accounting practices, there is a real need to help firm owners prepare to be acquired. Most firm owners are unaware they are not ready to sell when they decide to retire. TaxConnections educates firm owners’ what they need to do years in advance of selling an accounting firm practice.
Senior tax executives expect the utmost privacy when being introduced to multinational organizations about a new tax opportunity under consideration. Having said that, companies searching for a new head of tax expecting tax executive candidates to submit their resume through a resume portal, will never see a full slate of outstanding tax executives available due to a candidates’ desire for greater privacy. This is why privacy focused Uber Tax Recruiters consistently outperform in-house recruiters on tax executive searches.
We offer our clients a Performance Retainer Agreement arrangement so their HR department can still recruit and compete with the tax candidates we present on Head of Tax searches. The client pays us a partial fee upfront, and if they find a candidate they deem better than we introduce to them, we forfeit the final fee. Most of the time, they love and prefer our private introductions to tax executive candidates better than what they source through their own resume portals.
When we represent selling/buying small to medium-sized firms, firm owners/partners also demand greater privacy when considering the sale of their practice. TaxConnections provides a safe place to discuss their business needs, elevate their practices’ online reputation, and increase revenue through new streams of business development by outsourcing work and partnering with other firms. Over three decades, we have worked tirelessly to build relationships between firm owners most organizations rarely have access to in the world of tax. There are numerous possibilities you may never have considered previously to bolster the value of your practice and service offerings.
As a globally recognized consultant to multinational organizations, accounting firms, and law firms searching for tax expertise, Kat has been retained by public accounting firms, law firms, and corporations worldwide including Apple Computer, AC Neilson, Accenture, Agilent Technologies, Allergan, Alza, American Express, American Media, Aon, Baker & McKenzie, Barclays Bank, Bechtel, Cargill, Carl Zieuss Vision, Century Aluminum, Chevron, Clorox, Citigroup, Commercials Metals, Constellation Energy, Countrywide, Del Monte, Deloitte Touche, DFS, DLA Piper, E&J Gallo Winery, Electronic Arts, Ernst &Young, Fox Entertainment, Fremont Investments, General Electric,General Motors, Herbalife, Hewlett Packard, Hyatt, Intel, Jones Lang LaSalle, Kimco Realty, KLA Tencor, Koch Industries, KPMG, Levi Strauss, Liberty Mutual, LKQ, Loews, Logitech, Lucas Film, Maersk, McKesson, Nalco, Newell Rubbermaid, Nissan, Oracle, Orbitax, Pacific Gas & Electric, PwC, QAD, SAIC, SanDisk, Sanmina, Sempra Energy, SONY, Synopsys, Ticketmaster, Trimble Navigation, Toyota, Univar, Wal-Mart, Wells Fargo, Vertex, Yahoo, Xilinx, and many more not listed here.
Contact Kat at 858,999.0053 Office/858.232.4415 Cell or kat@taxconnections.com to request a private consultation regarding the sale of your practice, adding top talent to your organization, or merging your practice with another firm owner with a book of business. The possibilities are endless; if you have a dream of a new vision for your professional life; we will scout opportunities throughout the market to make it happen.
Recent Comments