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Resources From This Episode

Featured Guest(s):

Geraldine Carter:

www.linkedin.com

Business Coaching for Single-Owner CPAs | Geraldine Carter

Down to 40 Hours: A Roadmap for CPAs to End Overworking Without Giving Up Revenue

Courtney Holness:

www.linkedin.com

Avant Tax Consulting & Accounting

Avant Tax Consulting & Accounting | Tax Planning & Tax Resolution Expert | Sicklerville ,NJ

Additional Resources:

Read AI

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📺 Show Notes:

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Guest Speaker: Geraldine Carter

“Pricing is not math, it’s psychology.”

Geraldine Carter is a business coach for overworked solo CPAs and firm owners who want to go down to 40 hours without giving up revenue. Her clients stop working weekends, get their work under control, and get their lives back. Her podcast, Business Strategy for CPAs has more than 100,000 downloads and is ranked in the top ten podcast for CPAs, by Apple Podcasts.

Geraldine holds a BS in Engineering from Cornell University, is the co-founder and CFO of a company where her cashflow forecasting models resulted in millions of dollars for climate change efforts. In her free time, she can be found mountain biking forested trails or running after her two small children in her hometown of Ketchum, ID.

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Guest Speaker 2: Courtney Holness, EA, MBA, MSCTA

Courtney Holness is a seasoned tax strategist and the owner of Avant Tax Consulting & Accounting, with over 20 years of experience in the accounting industry. As an Enrolled Agent (EA) with the highest credential issued by the IRS, Courtney specializes in tax resolution and strategic tax planning for business owners, real estate investors, and individuals.

She expertly resolves complex IRS issues, including unfiled tax returns, unpaid taxes, audits, liens, and levies, while helping clients achieve long-term financial stability.

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Summary:

Membership Experiences

• Participants: Joshua, Geraldine, Courtney, and Seth shared their positive experiences with the 97 and Up membership program, highlighting:
  • A supportive community for accounting professionals.
  • Resources that empower members to pursue niche projects and enhance professional growth.
  • Seth estimated the membership size at approximately 150 members, including guests, showcasing the program's broad reach and engagement.

Challenges in Transitioning from Employee to Business Owner

• Geraldine and Seth discussed challenges accountants face when transitioning from employees to business owners, focusing on:
  • The need for effective systems and pricing strategies as firms scale.
  • Understanding client value and shifting from hourly billing to value pricing, which requires a change in mindset.
  • Geraldine provided insights into the complexities of hiring and systematizing processes at different revenue levels.
  • Seth elaborated on the dynamics that evolve as firms grow, especially in the mid six-figure to low seven-figure range.

Pricing Strategies

• The conversation delved into pricing based on efficiency and urgency, with real-life examples shared by Seth and Geraldine:
  • They emphasized the importance of educating clients about the costs of urgent services and addressing misconceptions about pricing fairness.
  • Courtney shared her experiences in tax planning, pointing out common client misconceptions about tax elimination and the importance of setting realistic expectations and maintaining clear communication.

Scaling Strategies for Accounting Firms

• The group discussed strategies for scaling accounting firms, focusing on:
  • The importance of saying no to non-ideal clients.
  • Prioritizing sustainable growth over rapid expansion.
  • Geraldine shared an overview of various pricing tools available to accountants and emphasized the need for experimentation to find the right pricing model for each business.

Conclusion and Future Plans

• Seth wrapped up the meeting by introducing a new AI tool and expressing gratitude for the group's collaborative atmosphere.
• He outlined plans for continued discussions and future learning opportunities within the group, reinforcing the program's commitment to ongoing professional development. </aside>

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Chapters & Topics:

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Introduction and Discussion of 97 and Up Membership Program

• Joshua, Geraldine, and an unknown speaker discuss their familiarity with the 97 and Up membership program and express their positive views on it. Courtney joins the conversation and elaborates on the benefits of the program, highlighting the supportive community and diverse resources it offers to accounting professionals. </aside>

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Membership Renewals and Original Members

• Seth David shares the origin of the original members' concept and how it evolved from a Patreon level to a comprehensive resource for accountants and bookkeepers. He talks about the challenges of raising the bar each year and the impact of advancements like chat, GPT, and AI on his work. </aside>

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Dynamics of Scaling a CPA Practice

• Geraldine Carter explains the challenges CPAs and accountants encounter when scaling their practices, emphasizing the shift from being an employee to a business owner, the need to reshape their firms for better control and happiness, and the complexities of hiring and systematizing at different revenue levels. Seth David also raises questions about the dynamics that change at the mid six to low seven figure range and the importance of creating systems and understanding client value. </aside>

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Pricing for Efficiency and Value

• Seth and Geraldine share examples of clients needing urgent solutions and how they priced their services based on efficiency and value. They highlight the need to educate clients about the cost of urgency and compare it to other industries' pricing models, such as rush charges for printing or surge pricing for ride-sharing services. </aside>

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Connecting with Geraldine and Discussing Book Takeaways

• Joshua inquires about Courtney's connection with Geraldine, leading to a discussion about the coaching program and book by Geraldine. Joshua expresses his admiration for the book, highlighting its comprehensive guidance for accountants starting their own firms. Courtney and Geraldine also share insights about the coaching program and its impact on Courtney's business. </aside>

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Understanding Financial Statements and Niche Identification

• Seth David emphasizes the importance of understanding financial statements, particularly the balance sheet and cash flow statement, beyond just profit. Geraldine Carter discusses the common trap for accountants in connecting accounting too closely with business and the need to recognize and shift this mindset, emphasizing the fundamental aspects of business that accountants often avoid. The conversation also touches on the marketing challenges faced by accountants and the process of niche identification for new businesses. </aside>

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Tax Planning and Misconceptions

• Courtney Holness shares her shift to the tax world, emphasizing tax planning, cuts, and resolution for individuals and businesses. Joshua Standley inquires about common misconceptions in tax planning, and Courtney highlights the unrealistic expectations some clients have about eliminating taxes completely. Seth David adds a perspective on the importance of giving clients a realistic view of their tax situation. </aside>

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Strategies for Scaling Accounting Firms

• Seth David and Geraldine Carter delve into the difficulties faced by accounting firms when trying to scale beyond certain revenue thresholds. They explore the concept of firing clients to create capacity, systematizing processes, and implementing subscription pricing models to improve efficiency and profitability. Courtney Holness also shares her experiences with value pricing and subscription models in her tax planning and preparation packages. </aside>

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Pricing Strategies and Tools

• Geraldine Carter explains the abundance of pricing tools available and the importance of selecting the right ones for the business and clients. She encourages listeners to experiment with different tools to find what works best, reassuring them that it's achievable with persistence. Additionally, Joshua Standley highlights the significance of considering pricing from the client's perspective rather than solely from the accountant's viewpoint. </aside>

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Learning to Say No and Focusing on Ideal Clients

• Seth David shares his experience of learning to say no and the positive impact it had on his life and business. Geraldine Carter highlights the significance of saying no to opportunities that do not align with one's ideal clients, emphasizing the importance of focusing on the right fit for one's business. </aside>