Provides expert insight and advice for professionals looking to strike out on their own, fully updated to reflect current trends and issues
Considering the overabundance of professional service providers toiling at monolith employers, you might want to start thinking about business independence. Starting Your Own Practice: The Independence Guide for Investment Advisors, Attorneys, CPAs and Other Professional Service Providers offers you step-by-step guidance on the entirety of the independence process, from your initial decision to break free, to managing your business, to your ultimate exit strategy.
In the 15 years since he first wrote Starting Your Own Practice, author Robert Fragasso has gained invaluable practical experience continuing to lead his own independent investment management and financial planning firm. Now in its Second Edition, this popular guide provides more depth on management considerations, transition to business maturity, and eventual profitable business succession. The author has added a wealth of alternative ideas on how to leverage your skills and talents in your own business, license your services and infrastructure, plan for your retirement, and more. Sharing new insights on making the independence move quicker, easier, and less costly, this new edition:
- Provides straightforward information on both the financial benefits and risks of starting your own practice
- Helps you decide if you truly want to go into business for yourself
- Offers expert guidance on planning your move and structuring your marketing, managing, staffing, and general business operations
- Discusses practical considerations such as leaving your current employer, converting existing clients, protecting your confidentiality, and financing your new business
- Provides new and revised content throughout, including additional in-depth commentary on management considerations and transition to business maturity
Starting Your Own Practice: The Independence Guide for Investment Advisors, Attorneys, CPAs and Other Professional Service Providers is indispensable for anyone providing skilled personal services.
Autorentext
ROBERT FRAGASSO, CFP®, has over three decades of experience in the investment and financial planning fields. He directs the planning, management, analysis, research, and review of all client programs at Fragasso Financial Advisors. He graduated from Duquesne University, served in the Marine Corps, and did post-graduate work in accounting, finance, and economics through Carnegie Mellon and the University of Pittsburgh, and in investments via the New York Institute of Finance. Fragasso has been a Certified Financial Planner (CFP®) Professional since 1982 and is a member of the Financial Planning Association.
Klappentext
The world is not waiting for you to start your business. But it may welcome you with open arms once it sees what you have to offer.
"In the quarter century since he himself went independent, Bob Fragasso has steadily built one of the smartest, deepest, and best-managed financial advisory firms in the country. In this greatly expanded Second Edition of his landmark book, Bob offers an encyclopedic guide to independent success. I can't imagine how any service provider would begin his/her journey to independence without it."
NICK MURRAY, AUTHOR, SIMPLE WEALTH, INEVITABLE WEALTH
"Maybe one of the single greatest shifts in the history of our economy is yet to come as more and more workers in this service-based economy cut the ties to their employers and go into business for themselves. If you want to be a part of this new wave, your first step is to read Starting Your Own Practice."
DR. BOB FROEHLICH, FORMER VICE CHAIR, DEUTSCHE BANK; OWNER, KANE COUNTY COUGARS BASEBALL CLUB; MUTUAL FUND TRUSTEE
Zusammenfassung
Provides expert insight and advice for professionals looking to strike out on their own, fully updated to reflect current trends and issues
Considering the overabundance of professional service providers toiling at monolith employers, you might want to start thinking about business independence. Starting Your Own Practice: The Independence Guide for Investment Advisors, Attorneys, CPAs and Other Professional Service Providers offers you step-by-step guidance on the entirety of the independence process, from your initial decision to break free, to managing your business, to your ultimate exit strategy.
In the 15 years since he first wrote Starting Your Own Practice, author Robert Fragasso has gained invaluable practical experience continuing to lead his own independent investment management and financial planning firm. Now in its Second Edition, this popular guide provides more depth on management considerations, transition to business maturity, and eventual profitable business succession. The author has added a wealth of alternative ideas on how to leverage your skills and talents in your own business, license your services and infrastructure, plan for your retirement, and more. Sharing new insights on making the independence move quicker, easier, and less costly, this new edition:
- Provides straightforward information on both the financial benefits and risks of starting your own practice
- Helps you decide if you truly want to go into business for yourself
- Offers expert guidance on planning your move and structuring your marketing, managing, staffing, and general business operations
- Discusses practical considerations such as leaving your current employer, converting existing clients, protecting your confidentiality, and financing your new business
- Provides new and revised content throughout, including additional in-depth commentary on management considerations and transition to business maturity
Starting Your Own Practice: The Independence Guide for Investment Advisors, Attorneys, CPAs and Other Professional Service Providers is indispensable for anyone providing skilled personal services.
Inhalt
Foreword xi
Preface xiii
Acknowledgments xv
Chapter One: Is It Your Time To Move To Independence? 1
The Financial Benefits 3
Risk 7
The Entrepreneur's Test 11
Chapter Two: What Does It Mean To Be In Business For
YOURSELF AND WHO DOES IT WELL? 13
Time 13
People Make the Difference 14
Chapter Three: Creating Your Business 17
Choosing Your Market Niche 18
Structuring Your Business to Serve Your Market Niche 21
Your Unique Value Proposition 24
Creating Your Organizational Model 31
A Corporation with Departmental Special Ops Teams 35
Should You Build Resources Internally or Acquire Strategic Partners? 36
The Licensing Solution 40
Chapter Four: Staffing And Compensation 43
Your Fringe Benefit Package as a Recruitment, Retention, and Productivity Tool 48
Fringe Benefits Summary 53
Managing Workforce Growth 54
Chapter Five: Leaving Your Current Employer 57
Protecting Your Confidentiality 61
Chapter Six: Choosing Your Business Space 65
Interior Design 65
Office Location and Image 67
Finding the Right Building 68
Negotiating for Space 69
Chapter Seven: Equipment And Supplies 75
Fi…