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Developing Future Rainmakers - Presented by Sam M. Allred

Join Director Sam M. Allred of Upstream Academy for a 60-minute presentation on developing future rainmakers in your profession. Learn the best strategies, observations, and tactics for identifying and nurturing future rainmakers. Email questions to sama@upstreamacademy.com.

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Developing Future Rainmakers - Presented by Sam M. Allred

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  1. THE BEST WAY TO DEVELOPFUTURE RAINMAKERS PRESENTED BY SAM M. ALLRED, DIRECTORAT UPSTREAM ACADEMY

  2. OUR CHALLENGE FOR 60 MINUTES With most of the profession’s best business developers—not to mention client contacts and referral sources—retiring in the next 10 years, nearly every firm knows it needs to be preparing its future rainmakers. Unfortunately, many firms have struggled to develop their future rainmakers.

  3. Observations regarding our profession and rainmakers How early should we identify future rainmakers? The best way to develop future rainmakers Questions and answers Email questions tosama@upstreamacademy.com PRESENTATION ROADMAP

  4.  OBSERVATIONS REGARDING OUR PROFESSION AND RAINMAKERS

  5. OBSERVATION #1 Our profession will lose many key rainmakers in the next 5-7 years. These are the individuals who have consistently brought significant clients and engagements into their firms.

  6. OBSERVATION #2 The majority of our key client contacts will retire in the next decade. Many of our firm’s referral sources will also retire within the next ten years.

  7. OBSERVATION #3 Far too many partners in our profession function as their client’s most trusted historian rather than their most trusted advisor. Clients may be less loyal in the future as younger CEOs take their seats and look for more helpful business relationships.

  8. OBSERVATION #4 Those partners who have great rainmaking skills are likely to create a large book of business and then curtail their business development efforts as they find themselves with less and less capacity.

  9. OBSERVATION #5 A strong catalyst for driving growth during the recession has been the transformation of many mistmakers back into rainmakers. 9

  10. OBSERVATION #6 Many individuals in our profession struggle with business development and simply don’t see themselves as ever becoming rainmakers.

  11. OBSERVATION #7 Many of the rising generation are completely turned off by the thought of selling services and solutions to clients. Much of the current training philosophy appears almost offensive to these young professionals.

  12. Many firms are focusing less on the term “rainmaker” and more on the term “trusted advisor.” Most young leaders are more comfortable with this term. OBSERVATION #8

  13. OBSERVATION #9 Most accounting firms expect partners to bring in business. In determining whether an individual makes partner, the firm usually considers whether the person has the capability to bring in business.

  14. OBSERVATION #10 We generally wait too long to identify future rainmakers and we often start them on the business development path too late in their careers.

  15. OBSERVATION #11 Some firms don’t do a very good job of communicating business development expectations to up and coming stars. In fact, some partners may actively discourage managers and senior managers from spending time on business development activities if that takes any time away from doing billable work.

  16. OBSERVATION #12 Partners are asked time and again to take young people with them when meeting with clients or calling on prospects. They all nod their heads and then go alone to the majority of these meetings.

  17. OBSERVATION #13 While outside courses can be a good way to train future rainmakers, too many programs focus on selling to the exclusion of helping. While the programs may help to develop discipline and self-confidence, they focus participants more than a few degrees away from where their attention should be.

  18.  HOW EARLY SHOULD WE IDENTIFY FUTURE RAINMAKERS?

  19. A PERSONAL STORY When I started my career in 1984 with Main Hurdman, I had absolutely no desire to become a rainmaker – then something changed.

  20. SELECTING FUTURE RAINMAKERS • The reality is that we cannot identify future rainmakers too early in their careers • We should be looking for talents or strengths in this area when we are interviewing prospective employees • The key attribute we are looking for is a strong desire to help others

  21. SELECTING FUTURE RAINMAKERS • We should be formally evaluating for business development interests and skills at the senior and supervisor levels • Business development is a marathon, not a sprint, and needs to be viewed as a growth process

  22. THE BEST WAY TO DEVELOPFUTURE RAINMAKERS

  23. THE BIG PICTURE The best way to develop future rainmakers is to identify them as early as possible in their careers and be appropriately demanding that they work every year to get better and better in their ability to help clients and prospective clients. A coaching program with a group dynamic will most likely enable them to persevere in their efforts to get better each year.

  24. THE BIG PICTURE Help these individuals early in their careers to develop basic rainmaking skills by working on goals every year. As they progress, assign them coaches/mentors to help them get an increasing number of opportunities to help clients and prospects.

  25. RAINMAKER IN TRAINING PROGRAM • Select candidates as early as possible in their careers • The goal is to work on one or more attributes of effective rainmakers every year – to make steady progress throughout the individual’s career • The following slides contain some of the attributes they could focus on

  26. 1. IMPROVE LISTENING SKILLS Make a commitment to improve listening skills every year. A great place to start is by working diligently to remember names.

  27. 2. IMPROVE PRESENTATION SKILLS Schedule at least 4-6 presentations each year. Videotape the presentations and have a trusted co-worker critique each presentation.

  28. 3. DEVELOP A NETWORK STRATEGY Develop a business network and discover the strategy of success by helping others get what they want.

  29. 4. BECOME A MEETING GURU Commit to getting really good at leading meetings and contributing in meetings.

  30. 5. IMPROVE YOUR ABILITY TO HELP Commit to getting better every year in your ability to help clients and prospects. Work diligently to become a forward-thinking, proactive trusted advisor.

  31. 6. HAVE THE DIFFICULT DISCUSSIONS Have the courage to hold direct conversations with clients and prospective clients about services and fee expectations. Develop a relationship of openness and honesty with those you serve so that they can have absolute trust in your abilities.

  32. 7. BUILD LASTING RELATIONSHIPS Much of the success current business development leaders have experienced can be attributed to their superior ability to build lasting relationships with the clients they serve.

  33. To build lasting relationships, you need to have a process in place for asking the right questions, recording the answers, and regularly updating vital information about the clients you serve.

  34. To develop a long term relationship, you must be willing to make investments in that relationship by giving away some time to the client.

  35. 8. BECOME AN EXPERT Too often, individuals end up becoming generalists. On a scale of 1-10, they become a 5 or 6 in a lot of different things. Select, research and work to become an expert in one or more areas.

  36. 9. LEARN ABOUT FIRM SERVICES Develop a way to organize the information you learn about services offered by others in the firm so that you can effectively use it to help clients and prospects with their issues and challenges.

  37.  QUESTIONS AND ANSWERSEmail questions tosama@upstreamacademy.com

  38. UPCOMINGEVENTS MANAGEMENT PRESENTATIONS Rating Your Clients A to D: Why and How October 3 & November 1, 2013 Playing to Partner Strengths: Examples That Make Sense November 14 & November 20, 2013 Moving From Historian to Trusted Advisor December 5 & December 17, 2013 BESTPRACTICES CONFERENCE October 22-23, 2013 – San Antonio, Texas 38

  39. Thank You! sama@upstreamacademy.com

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