How to Get Larger Clients from CPAs

How to Hit More Home Runs in Your Financial Practice

Key insight: You hit home runs and grand slams by NOT focusing on hitting home runs and grand slams.

Case Studies in Practice Growth

Case Study #1: The Power of Starting Small

A $109,000 target premium case that might seem modest compared to larger deals, but represents the type of consistent business that builds credibility and establishes trust. These cases:

• Are easier to close
• Have shorter sales cycles
• Build confidence with partners
• Create steady revenue streams
• Lead to referrals for larger cases

Case Study #2: The Evolution to Larger Cases

An $833,000 target premium case that emerged after establishing solid relationships and proving value through smaller cases. Important note: This type of case typically doesn't come from a new relationship. It developed because:

• Trust was already established through smaller successes
• Partner had seen consistent performance
• Client relationships were well-managed
• Professional competency was proven
• Track record of successful implementations existed

These cases illustrate our core principle: While the $833,000 case makes headlines, it's the consistent execution of smaller cases that builds the foundation for larger opportunities.

The Baseball Strategy for Growth

Focus on Base Hits

1. Get more at-bats
2. Focus on singles and doubles
3. Build momentum through small wins
4. Create consistent revenue streams

Types of "Base Hits"

• Basic financial planning
• Standard insurance policies
• Simple annuities
• Basic assets under management
• Fundamental business planning

Building Strategic Partnerships

Early Stage Focus

• Don't ask for biggest clients immediately
• Focus on solving basic problems
• Start with lower-risk opportunities
• Build credibility gradually

Partnership Evolution

1. Start with small wins
2. Build trust and credibility
3. Demonstrate consistency
4. Earn larger opportunities
5. Get more "fastballs down the middle"

Scaling Your Practice

Team Structure

1. Focus on singles/doubles initially
2. Add junior advisors as you grow
   • Can be employees or 1099 contractors
   • Let them handle basic cases
3. Senior advisors can then focus on larger cases

Revenue Management

Basic Revenue (Singles/Doubles)

Use for:

• Ongoing expenses
• Regular bills
• Operating costs

Large Cases (Home Runs/Grand Slams)

Use for:

1. Business Reinvestment
   • Marketing campaigns
   • Company acquisitions
   • Book of business purchases
2. Team Growth
   • New employees
   • Social media managers
   • Support staff

Financial Management Tips

Liquidity Strategy

1. Maintain strong cash positions
2. Avoid unnecessary luxury purchases
3. Prepare for market downturns
4. Be ready for acquisition opportunities

Common Mistakes to Avoid

• Buying expensive cars
• Purchasing luxury items ($20,000 Rolex)
• Increasing lifestyle too quickly
• Ignoring liquidity needs

Keys to Long-Term Success

1. Focus on consistent performance

• Aim for regular, smaller wins
• Build sustainable practice with predictable revenue
• Establish strong foundation before seeking larger cases

2. Build sustainable revenue streams

• Create recurring revenue models
• Diversify income sources
• Maintain steady cash flow

3. Reinvest in business growth

• Prioritize business development
• Focus on team expansion
• Invest in systems and processes

4. Maintain strong liquidity

• Keep substantial cash reserves
• Prepare for market opportunities
• Stay ready for strategic acquisitions

5. Stay prepared for opportunities

• Build strong professional networks
• Maintain updated business plans
• Keep acquisition strategies ready

6. Think long-term over quick wins

• Focus on relationship building
• Prioritize sustainable growth
• Build lasting professional partnerships