Chauncey Hutter Jr.’s salesmanship is the core skill he leveraged throughout his tax career. In this episode, he shares his insight, advice, and experience on how you can take advantage of the huge opportunity in the tax business today. We also highlight the Fruition step on The Pronto Path.
He began working in the tax industry in 1990 in his father’s two room $50,000 per year tax preparation office. In just a few short years, Chauncey took this small office with a few part-time employees and built a Multi-Million dollar company, with 27,000 clients, over 440 employees, and 15 market areas and across three states (in ten years).
Chauncey sold his ownership stake in the family business in 2007 to concentrate full-time on coaching and consulting business owners and entrepreneurs to greater levels of success.
Chauncey has worked directly with over 3,700 tax business owner clients, helping create Million Dollar breakthroughs along the way. Over the past several years, he has seen such an amazing opportunity in the tax industry that he is now getting back into owning tax businesses.
Listen in on what he sees, why he is getting back into the tax business as an owner, and how you can also capitalize on it by using salesmanship and unconventional marketing.
[55:00] Chauncey’s book BLOCKBUSTER: How to Build a Million Dollar Tax Business
[04:07] Why trying to be the best and makes sales early in your career can take care of your legacy
[05:33] Chauncey’s family dynamics as he tripled his family’s tax business quickly
[06:32] A quick tip on how to maximize your profitability while taking your first tax class
[07:51] How a thriving, growing business can afford family vacations during tax season
[08:42] How self-awareness can fast track your success by matching skills with market opportunities
[09:42] Why a focus on selling and marketing is critical enough to hire out if you cannot or will not yourself
[11:04] “If you don’t have marketing and salesmanship at the top of the list as far as priority, then you are really not stewarding the business well.” —Chauncey Hutter, Jr.
[11:18] “If everyone else in the business does what you’re doing, you’re probably not going to jump up ahead of them.” —Chauncey Hutter, Jr.
[12:28] “I would rather be stressed for 100 days to take the pressure off the rest of the year.” —Chauncey Hutter, Jr.
[13:30] “Bigger paydays bring bigger problems too. But I prefer having those bigger problems.” —Chauncey Hutter, Jr.
[13:55] Chauncey shares how the tax business has changed since he saw his success
[14:43] The Commoditization of the Tax Business over the last 20 years
[15:16] Chauncey’s view that the biggest problem is the biggest opportunity
[16:51] “Tax professionals are sitting in the catbird seat.” —Chauncey Hutter, Jr.
[18:17] Why now is the time while tax pros give up on the Trump Tax Law to get into the tax business
[19:24] How Chauncey is following his own advice and getting back into the tax business as an owner
[22:26] What a tax industry deal looks like to sell a tax practice and some ideas to make it more profitable for both the buyer and the seller
[25:06] How many years you will typically be expected to work in your business after you sell it
[26:13] “At the end of the day, it all comes down to the trust you have with the client.” —Andy Frye
[26:42] Why Jeff and Chauncey are offended at the sale terms most tax pros get
[27:14] How to put yourself in the best position to get the best terms
[27:37] Why the Stabilization Step in the Pronto Path is so important to master
[30:16] What the best and little known areas are for adding services to your tax business
[33:22] The challenges of passing a business to a family member
[35:36] The sad truth of having to stop enabling family members and letting them go
[38:04] The main reason why tax businesses do not scale and how Chauncey scaled after the first tax season
[41:03] Funny stories about why opening new locations and scaling your business is not all roses
[42:15] Turning crap into clients: An example of why Chauncey is a master marketer
[44:55] The key metrics to consider when buying a tax business
[46:58] Why the Refund Anticipation Loan (RAL) of the 1990’s might make a comeback
[50:38] How important tax education and training is to growing your tax business
[53:22] How one tax pro turned the sale of his tax business into an annuity-like payment
[55:44] The #1 “starving crowd” that needs the most help right now in the tax industry
[57:00] A shocking truth about the large big box tax franchises
[59:39] If you are a business owner and just want to get out, prepare for this
[01:00:25] A winning strategy if you are 2-3 years away from selling your business