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Marketing To Business Owners Workshop Session 7: Generating Referrals From CPAs, Attorneys And P&C Agents

Marketing To Business Owners Workshop Session 7: Generating Referrals From CPAs, Attorneys And P&C Agents. 7/13/2014. For producer use only. Not for distribution to clients. 1. I:Knowledge BasePresentationsWholesalers2009 Wholesalers. Referral Sources. CPAs Attorneys P&C Agents.

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Marketing To Business Owners Workshop Session 7: Generating Referrals From CPAs, Attorneys And P&C Agents

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  1. Marketing To Business Owners WorkshopSession 7: Generating Referrals From CPAs, Attorneys And P&C Agents 7/13/2014 For producer use only. Not for distribution to clients. 1 I:\Knowledge Base\Presentations\Wholesalers\2009 Wholesalers

  2. Referral Sources CPAs Attorneys P&C Agents 7/13/2014 For producer use only. Not for distribution to clients. 2

  3. Accounting Industry: Background Information • 500,000 CPAs – 50% in public practice¹. • “Flat is the new growth” – fee pressure and consolidation¹. • <5% have valuation credential (i.e. CVA, ABV, AVA, ASA) ¹Source: Tom Hood CPA, CEO Maryland Association of CPAs 7/13/2014 For producer use only. Not for distribution to clients. 3

  4. What Small Firm CPAs Fear • (Usually no in-house valuation expertise) • Fear referring clients to CPA competitors • A referral gone awry • SSVS, 6695A concerns 7/13/2014 For producer use only. Not for distribution to clients. 4

  5. What Large Firm CPAs Fear • (Usually has in-house valuation expertise) • Audit vs. Consulting • A referral gone awry • Fear referring clients to CPA competitors 7/13/2014 For producer use only. Not for distribution to clients. 5

  6. Be agent for “safe” valuator. Train CPA to refer clients to you, not valuator. Win CPA’s trust over time. The Concept 7/13/2014 For producer use only. Not for distribution to clients. 6

  7. CPA “Cheat Sheet” 7/13/2014 For producer use only. Not for distribution to clients. 7

  8. Referral Sources CPAs Attorneys P&C Agents 7/13/2014 For producer use only. Not for distribution to clients. 8

  9. Legal Industry: Background Information • Gross revenues -6.9%, net income -6.1% (Q3 ‘08 vs. ’07)¹. • Since 11/08 over 41,800 legal sector jobs lost. • 10% of staff attorneys were cut in 2009. ¹Source: Wachovia Legal Services Group survey ⁿwww.law.northwestern.edu/career/markettrends 7/13/2014 For producer use only. Not for distribution to clients. 9

  10. What Attorneys Fear • Clients dislike expensive valuations • Recommending someone who screws up 7/13/2014 For producer use only. Not for distribution to clients. 10

  11. Be agent for “safe” valuator. Train attorney to refer clients to you, not valuator. Win attorney’s trust over time. The Concept 7/13/2014 For producer use only. Not for distribution to clients. 11

  12. Attorney “Cheat Sheet” 7/13/2014 For producer use only. Not for distribution to clients. 12

  13. Referral Sources CPAs Attorneys P&C Agents 7/13/2014 For producer use only. Not for distribution to clients. 13

  14. P&C Industry Background Information Source: Nat’l Ass’n of Insurance Commissioners Annual Statement Database, via Highline Data LLC 7/13/2014 For producer use only. Not for distribution to clients. 14

  15. P&C Industry Background Information Source: Nat’l Ass’n of Insurance Commissioners Annual Statement Database, via Highline Data LLC 7/13/2014 For producer use only. Not for distribution to clients. 15

  16. What P&C Agents Fear Looking dumb. Losing control of client relationship. Loss of business due to fierce competition. A referral gone awry. 7/13/2014 For producer use only. Not for distribution to clients. 16

  17. The Concept Show P&C agent how to interpret tax returns. Team up to help owner. 7/13/2014 For producer use only. Not for distribution to clients. 17

  18. The P&C Agent“Cheat Sheet” 7/13/2014 For producer use only. Not for distribution to clients. 18

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