The eighth step on The Pronto Path is Transformation. In this episode, we walk through how to achieve profitability in your business even when you’re not there. Not many achieve this level of mastery in their business.
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!
Tax Pro Nation is sponsored by Pronto Tax School, Inc. Sponsored links include:
- The Pronto Path infographic (free)
- Basic Income Tax (Federal) course link
- Business Tax Verified online course link
[01:49] Why did Jeff choose the podcast format to help independent tax pros?
[03:13] What does the transformation step entail?
[04:06] Some reasons why tax pros will not want to achieve this step in their career
[04:23] Andy mentions Pronto Tax School member Tony Diaz in Manning, CA, whose father enjoys working in the business at 96 years old
[05:05] What if you don’t ever want to retire from your business?
[05:21] Why not starting your businesses with the end in mind can prevent success at this step
[05:59] How entrepreneurs today are like rock stars and why that can be challenging to transform
[08:04] How having the transformation mindset at all stages of your career can serve you well
[08:36] The Superman complex and its addicting quality
[09:23] How the employee mentality can cause issues as an entrepreneur
[11:30] Why listening to this episode at an early stage in your career will help you achieve transformation
[13:00] The infamous passive income debate. Is it possible?
[15:40] What is freedom worth to you?
[16:27] Is it greedy or lazy to earn money passively?
[18:54] Why having a transformed business makes your business more valuable
[19:35] How experienced tax professionals are like football players
[22:24] Selling your tax business to one of the Top 3 franchises
[23:24] Rule of thumb on company valuations in the tax industry
[25:10] An example of how powerful a transformed business is when selling
[26:08] Selling your tax business to pay for retirement
[28:56] Clawback provision in sale of your tax business
[30:15] How long should you plan on working in the business after a sale?
[31:27] Two important metrics to keep in mind when gathering your numbers for sale
[35:28] Selling a tax business is not like a tech IPO
[36:14] Leaving your tax business to your family
[37:20] Andy’s personal stories about keeping the business in the family
[40:16] How your business can become a burden on your family
[41:19] The checklist of things to prepare at each step to achieve transformation when ready
[43:41] Why the Initiation step is such an important time to capture your thoughts and lessons
[45:53] Getting yelled at by a client and how to leverage it
[47:35] Why getting the Activation step right can be the key to achieving transformation
[51:00] Andy’s 5 Step process when sitting down with a client
[53:08] What is the pricing power of your business? Who is doing all the niche work?
[56:05] How to leverage the enthusiasm of the Acceleration step for transformation
[58:34] The trap of not modeling your processes
[59:43] If you take a day off, what happens to your business?
[01:00:33] The test run of building a transformed business
[01:04:25] For employees, are you the kind of intrapreneur who can build a transformed business?
[01:06:37] Practicing Absence