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STORY: How I built a $1 Million Accounting Firm & Bookkeeping Business - Feedbackwrench Accountants

Published on: December 6 2022 by FeedbackWrench

STORY: How I built a $1 Million Accounting Firm & Bookkeeping Business - Feedbackwrench Accountants

STORY: How I built a $1 Million Accounting Firm & Bookkeeping Business - Feedbackwrench Accountants

hey what's up guys if you want to start
a tax or accounting business boy my name
is Rob and I own feedback wrench I love
helping with Consulting writing
messaging web design and digital
marketing we had a cool little team here
a feedback wrench I've got a full-time
designer we've got some writers with us
project manager and we just love helping
small business but here's what I want to
tok about I want to tell you my story
of how I actually started Nuance
Financial which is nuancefinancial.com I
don't work with them anymore they do a
good job they got kind of a big shot but
man we went from nobody no customers
literally zero and we took two stiks
together we rubbed them together until
some Sparks fell and we built it up and
we built up a really successful sweet
little accounting practike and I just
want to tok to you about like what my
journey was to get that so that
hopefully you'd be interested in toking
with us what I found is that when I'm
working with accountants the main thing
that we do is we help people present
kind of a value proposition that's more
compelling because I tell you what if
you're going to focus on doing taxes
you're in a race to zero I was toking
to somebody you're up against Watson IBM
Watson matched with h r block software
and the dirty little secret about tax
preparation is that we're just one or
two AI breakthroughs away from the tax
code or the tax system really being
super cheap in fact you look at Turbo
Tax you look at h r block software even
the tax business itself is either built
on Drake or Intuit software Thompson
Reuters software it's all about just
putting the right numbers in the right
boxes when it comes to tax preparation
tax preparation is a race to zero and
yet tax preparation is the thing if a
small business owner or somebody doesn't
do tax prep they go to jail so it's
important I think it's a really valuable
thing I don't think everybody has to do
tax prep you can be an accountant you
can help people keep their books up to
date provide more of a CFOs I tell you
what business tax returns are still
super relevant and that's going to help
you build what I call this outsourced
accountant model long story short let me
just walk you through how I got or let's
tok a little bit more about the model
to get a little distracted this model is
all about providing excellent value in
being more of a guide and a coach and an
accountant that helps small businesses
really do three things and you'll hear
this throughout all my videos number one
is to help them mitigate their taxes and
pay only their fair share there's not
one person who I've ever met that sees
the gross amount of their revenues get
absolutely obsessed about keeping as
much of their revenue as they can and
you want to make sure that you do
everything possible with these small
business owners to make sure that they
get paid and not Uncle Sam I have and I
could go on and on and on it's about to
get harder and tax planning is going to
be even more important as we move into
this world where corporate tax rates are
going up um we're going to lose a lot of
different options there's going to be
these hard breaks at income levels tax
planning under this new Administration
is going to get more difficult but tax
planning is important because there's a
huge difference between somebody who
makes 150 250 000 a year if they
Implement some of the strategies you're
going to save them you know three four
five ten thousand dollars a year in
self-employment taxes and income taxes
it is game changing so this model is all
predicated on delivering on this value
proposition that you're going to work
with them throughout the year to help
mitigate their taxes because let's be
clear when all you do is a tax return
you're a historian the year has already
completed there's almost nothing you can
do short of making some contributions to
retirement plans to actually mitigate
the taxes of a business when you're
working as a year-end tax person so the
first value proposition is really about
working with them throughout the year to
make sure that their taxes are mitigated
now how do you actually do that the way
you're going to do that is you're going
to make sure that they have Immaculate
spectacular fantastik sweet books
throughout the year do their bookkeeping
for them so the foundation of excellent
tax planning comes from the second value
proposition where you're just going to
take care of everything you're going to
do the bookkeeping form you're going to
do the accounting for them you're going
to help them pay in their taxes
throughout the year you're going to help
them run their payroll the number two
thing is you're going to save them time
by just handling it all for them and I'm
telling you reconciling bank statements
making sure that the accounting is all
done making sure that the books are
spectacular is such a great way to help
a small business owner because it saves
them time and it allows them to focus
I'm your Prime customer I hate
accounting I don't want to sit down and
reconcile bank statements it's not what
I want to do I want to go add value I
want to create videos I want to write
and work with my clients and I love the
meetings that we have to unbox who they
want to be as a customer and then make
that real on their website and to help
them win trust that's what I don't want
to spend time bookkeeping it's not what
I want to do and most entrepreneurs are
the same way not only do they not want
to do it but it's usually outside of
their skill set generally speaking most
entrepreneurs and business owners are
hardwired to execute really well then
they learn how to lead develop and
manage people and do sales and that can
even be a difficult thing and the last
thing that they want to do is just sit
down and do their bookkeeping and and
make sure that they're paying in taxes
it's something that gets neglected so
number one mitigate their taxes number
two help them by handling everything and
then number 3 keep them compliant keep
the the taxes or keep them compliant and
mitigate their risk there's kind of
three parts to that or two parts to each
one of these in fact number one when it
comes to the tax reduction help them
build tax efficient wealth and be why is
it their money so it's billed wealth and
reduced taxes number two you want to
make sure that you help them by saving
them Time by doing their bookkeeping and
help them focus on what they do but
you're going to serve as a staff
alternative let's tok about that a
little bit later and then the third
thing that you're going to do is you're
going to keep them compliant just do
stuff right for them you know in this
whole Spectrum this is something I just
had a guy call me he's like do you have
to be a CPA to do this you know you have
to get your ptin number there's some
things you have to do to file taxes
professionally but for the most part you
can help a business owner without a ton
of qualifications now I think
credentials and qualifications and
training and legitimacy in your
knowledge is important but that being
said remember that you have two
spectrums on one end you have small
businesses going to a big CPA firm and
getting helped and they're paying
someone like you maybe to do everything
for them and then on the other side they
do it themselves like what you have to
come to grips with is that you can
really help them out by doing things for
them and and you can be this happy
medium for them and I'm telling you
these are this is a great business to
start and anybody that wants to stay
organized that wants to learn about this
stuff is going to be excellent so let me
walk you through how I got to this model
because this isn't something that came
out because I just started like paying
attention to you know I clicked on a
bunch of Facebook
um ads I I genuinely I mean this I
orchestrated this value proposition out
of thin air now I got some perspective
from Sandy botkin and Mark Kohler but
really that was about showing me how you
can actually mitigate taxes for a small
business owner this business model came
out because I actually was hired at
Eagle Brook Church I was a group's
pastor and got fired because I butted
heads and I had to grow through some
things and I got recruited to go to
Thrivent financial or faith and finance
meet and uh you know that business
didn't gel with me because it didn't
feel great about the products we were
selling I didn't like the model was
based off of selling variable annuities
quite frankly didn't love it so while I
was doing it though I'm like I want to
get around all the super successful
people and what I found was that the
successful investment in insurance and
investment planners what they were doing
was is they were doing they were like
providing value in terms of Estate
Planning and tax planning so that they
would earn the right to have a
conversation about retirement planning
investment advising and insurance and it
was really interesting for me to watch I
went and watched the tangwell group who
would work with 3m owners and tok to
them about estate planning what do you
do as a as a 40 to 65 year old when you
start thinking about well what happens
if something happens to me what happens
if I die do I want a will do I want to
trust what happens to the cabin up north
what happens to my real estate what
happens to my 401k how do I make sure
that you know my 18 year old doesn't get
a ton of money and it was really
interesting on the other side I started
to learn that the the most successful
people were toking all about taxes now
when I take a step back I realize the
reason why they were doing that is
because people with Estate Planning and
tax planning Pro have money people that
are concerned with Estate Planning and
tax planning they have money so they can
pay for your services which is a good
thing right but uh long story short I
started seeing how they did that so I
went and I I taught myself I genuinely I
read everything from Robert Kiyosaki
about the cash flow quadrant I read
their tax loopholes of real estate book
I read everything I could from Tom Tom
wheel right I think was his name about
how to mitigate taxes I went and got
Sandy botkin's book this was back in
like 2015 or 14 or something about how
to reduce small business taxes I went
and bought Nolo books that taught me how
to actually process a lot of these uh
conversions of S Corp and then I read
Mark Kohler's book the tax and legal
Playbook which has been updated since
the tax cut and jobs act and I would
highly recommend that and I started
finding all of these things that we
could do that would add way more value
than what we were adding when it came to
the financial planning now what's weird
is when I back back up to the what I had
learned in the financial services world
was it was 80 sales 20 advice and the
advising was really about hey let's help
people be wise with their money and you
can help them be wise with their money
which would mean hey let's make sure
that they pay off their debt that they
have a cash flow plan that they save up
six months of cash uh backup so you have
a reserve right we would make sure that
they'd start investing we'd start
showing them how much you need to invest
to actually get to a point in retirement
where you would have a nest egg that you
could actually live off of and we would
just add a ton of value to them and then
what we would do is in there we would
show them well you should buy life
insurance you should buy a long-term
disability insurance maybe you want to
look at um what's it called long-term
care insurance and then roll all your
funds over to me and I'll help manage
them and that's how we would get paid I
had add value and then I'd get paid if
they actually bought something from me
or if they rolled their assets and I got
so frustrated because I'd go out there I
could Prospect people would trust me I'd
give them great coaching advice but the
only way they roll stuff over is if they
get fired or they have some sort of
event or their 401K get rolled over and
I was finding people that would buy
insurance but you know I'm working I was
24 or five or whatever I'm 39 now maybe
I was like 30 years old
it seems like so long ago but it wasn't
but long story short you know you work
with five people up and five people down
in terms of years around your age is
usually you have relationships with and
I just found that these guys they were
good they were in good position but I
didn't like the model and it was
frustrating so I also had listened to
um a guy named Patrick Lencioni Patrick
Lencioni um is a speaker that has been
at the Global Leadership Summits which
are put on by um Willow Creek
Association excellent content to help
you move upward and forward in your life
and I had gone to those and and uh he he
made a comment around his book called
naked which was about vulnerability in
the professional world right do you have
to act like you've you've got everything
together you fake it till you make it
you just be authentik and move forward
well he argues that you should be
authentik and move forward and one of
the things he toked about is as a
consultant you know a lot of consultants
and guides and coaches so I'm a
Financial Consultant at the time you
know you get really guarded about how
much value do you want to give away
versus charging and getting for the
retainer or for the the actual fee for
the Consulting right and he said you
know what when you meet somebody just
run around and add value just just
question do a little Columbo Bumble it
out around a little bit don't be afraid
to ask stupid questions but find ways to
just add value don't be so concerned
with milking and making sure that you
get the absolute best return on your
time right and I just took that to heart
I've taken that to heart it's why this
YouTube channel exists it's why my
business exists and it really helps so
all that being said I started finding
all these ways to help people be wise
with their money to mitigate their taxes
to prepare for retirement to mitigate
their risk so I was locked up with all
this information and I had some licenses
that I could apply to it but I hated the
model where I only get paid if they roll
over things and if they buy insurance a
long story short
um I concocted this idea I'm like I'm
gonna go out there and I'm going to work
with self-employed people I prospected
like 10 to 15 people and I was like hey
there's two things you can do I'll show
you I'll kind of Coach you I won't give
you legal tax advice but I'm going to
show you uh the type of thing you should
be bringing to your tax professional so
that they can actually reduce your taxes
here's the s Corp here's real estate
here's a separate simple IRA solo 401k
or an actual 401k and here's some fringe
benefits and here's how you can do all
this stuff to mitigate your taxes
meanwhile let's do those retirement
plans and you can do them with me and we
can invest and by the way you should
probably buy long-term disability
insurance you might want to do a buy
sell agreement if you own a business
which is life insurance on your partner
if you have that or for your spouse for
if I die my spouse can buy me out and
sell the business whatever that is I go
out there and they're all like Rob yeah
I'll do that investing thing someday but
my accountant doesn't do this and I
don't think he's going to in fact my
accountant just does my taxes at the end
of the year and they kind of reconcile
my books like once a quarter they're
paying my quarterly taxes that's it do
you know someone that can help me and
I'm like that's kind of interesting no
your guy doesn't do this then the next
guy same thing next guy same thing that
I get in front of like it was probably
like seven or eight before I'm like
there's an opportunity here not only
because their people don't do this but
because I know what's going to happen if
they implement this strategy I started
doing the math on this and this is what
Core V tax planning software does you
know imagine a world where you intersect
with somebody and you save them seven to
eight grand a year then you take that
seven or eight grand a year and you
invest it into a 12 percent or eight
percent or whatever it is S P 500 Index
Fund and then you do the future value on
that so what was interesting is as I was
looking at this as good Lord I'm gonna
make multi-millionaires if they're 20 or
30 years old you put 30 years of
compounding interest at eight to ten
percent or even five or six percent on
money that you just created because you
did tax planning it this is compelling
stuff this is important then I started
to realize that business owners just
need help and there are business owners
everywhere the gig economy construction
economy is has just been booming even if
it goes through downturns it's still
important so I called my buddy Nick my
old best friend I was like hey man I
think there's there's an opportunity
here and I had bumped into a guy named
ed Reese and uh he had kind of been like
yeah you know he was doing tax planning
and tax returns for 50 bucks a month for
people on the side while they worked at
a CPA a Furman so we just said you know
what let's put together a scope of work
and kind of a value prop and go in front
of people so I started prospecting get
in front of people and we'd run some
meetings and try this we signed up a
couple clients we signed up a couple
more sign up a couple more we started
doing it and they Nick and Ed actually
did the stuff they're the accountants
they're the ones that do the time
they're they're uh Bean counters I do a
little bit different thing and uh so
those Bean counters would do it and then
they'd learn it and then we'd kind of
okay well we gotta price it this way and
let's put a project fee on the front
let's put a scope of work container on
the back to make sure that they don't
cancel and oh man we gotta do backup
booking so we learned so much through
this and they to this day I think could
write books and books and books I want
to interview them uh moving forward
there's a little bit of hurt there
because there are some shenanigans that
happened so I don't really intersect
with them but long story short we've
started finding out that the market
responds really well to this idea of
somebody that will come alongside a
business owner and be a staff
alternative for them and not only be
this staff alternative where they don't
have to hire Patty part-timer to do
their books you know two days a week or
one day a week and you know you kind of
fast forward that if if somebody were to
come in and help a small business owner
with their bookkeeping and maybe some of
their AR and invoicing or whatever if
that was just one day a week that's
eight hours a week times four that's 32
hours times 20 bucks an hour you know
that's six seven hundred dollars and
then you have self-employment taxes you
have to manage them and let's be frank
most of these people want more hours
than that they're trying to get more
work out of that you know for you to
have somebody to do what we were doing
at Nuance Financial for you to have a
staff person do that it was significant
investment like it it was genuinely
um usually a staff person right at two
three four thousand dollars a month
depending on what was going on so we
found that the market was responding big
to this 300 and 900 a month type of deal
and uh I tell you what we grew that big
time we started to protect ourselves
there were some lessons that we learned
I'll make more videos about that but you
know I I got out of the business because
as I was connecting with all these
people I'd find all this opportunity I'm
like that dude we we can mitigate your
taxes they'll do your bookkeeping that's
cute that's great count beans how boring
um but man if you do this this this and
this you're going to be able to grow
your business big time uh so all I did
was after I found out that some stuff
had happened in the business we I kind
of said man I gotta get out of here you
guys I I can't I can't be part of this
anymore and I shifted out and I started
feedback and I just went back to some of
my clients and said hey here's what I
can do I can bring a little bit of what
I brought to nuance and bring it to you
how does that sound and it has been
great since that so all that being said
what I want you to realize is that
there's great opportunity for you to be
an accountant but there's more to it and
I'm going to hit on some of those things
um in terms of like value sales how do
you unbox the value that you're
delivering how do you connect with
people how do you do professional sales
because the biggest difference between
nuance Financial is twofold and I'm
going to hit on that in the next video
like And subscribe if this is helpful if
you're on the podcast man I'd love it if
you would like this podcast I'm going to
keep sharing information that helps
people but this is just a little
introduction to what we were doing good
luck God bless and just appreciate the
time give us a call if you need help