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Embracing The Fear – Learning to Grab Ahold of My New Responsibilities as a Founder

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Timing is everything. I became a firm shareholder just weeks before the start of the Great Recession. Years later, I became the sole owner. After stabilizing the firm after the exit of my majority partner, COVID-19 hit. Talk about bad luck. During those times, I was confident in the direction of the firm. Just keep spending time meeting client expectations. I wasn’t afraid – I was energized. My reward would be the eventual sale of my business.

Pro Serv Blogs

10 Tips for Entrepreneurs to Go the Distance in Professional Services

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As entrepreneurs in the professional service firm arena, we often embark on a journey with dreams of scaling our businesses, achieving success, and ultimately reaching the coveted exit. However, the reality is that many founders falter along the way, lacking the endurance required to go the distance. In a world where millions of firms are started each year, only a select few make it to a successful exit. Why? Because the path is long, challenging, and demands unwavering mental toughness.

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How to Prepare Your Professional Services Firm for AI Adoption

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Tech enablement is essential for professional services firms looking to remain competitive in an increasingly digital world. By leveraging AI and other technologies, firms can:
1. Increase efficiency and productivity
2. Enhance decision-making through data-driven insights
3. Improve client experiences and satisfaction
4. Attract and retain top talent
5. Scale their services and reach new markets
However, attempting to implement AI without first optimizing your firm’s processes is like building a house on a shaky foundation. It may look impressive at first, but it’s unlikely to stand the test of time. That’s why it’s essential to take a “process first, tech second” approach to AI adoption.

Pro Serv Blogs

Narrow your Focus and Grow your Pro Serv Business

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When I launched my consulting firm in 2021, many people were shocked and worried for me when I told them I would only work with construction companies. Initially, I wondered if they might be right, but choosing to specialize in a vertical market has turned out very well for us. My company Well Built Construction Consulting works in strategic plan development and execution support for the construction sector. We’ve been in business for less than four years and have experienced comparably rapid expansion to peer companies precisely because of our targeted approach. We have 10 full-time staff members, an extended team of another 5-8 professionals, and strong net profits at this early stage of growth.

Pro Serv Blogs

The Evolving Landscape of B2B Sales: Navigating Complex Buying Committees with Limited Resources and AI

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Imagine a high-stakes chess game where the rules change mid-play, and your opponent is a shape-shifting committee of diverse minds. Now, picture yourself playing this game with limited pieces and minimal training but with a powerful AI assistant at your disposal. This is the new reality faced by many professional services firms in today’s B2B sales environment. As founder-led organizations with tight budgets and often basic sales processes, these firms navigate an increasingly complex landscape with constrained resources. However, the advent of accessible AI technologies offers a game-changing opportunity to level the playing field.

Pro Serv Blogs

Scaling Sales in Professional Services: What Goes Wrong and How to Avoid It.

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Scaling a services firm takes more than hiring salespeople and boosting your marketing budget. This is a common, major, and costly oversight. The cost of this mistake is typically $450k to $3 million in direct costs and lost sales. At Collective 54, we call these avoidable things that are simply down to a lack of experience “dumb taxes”. This cost is incurred before the founder realizes they skipped the steps needed to build the foundations correctly because they have not done it before. It often takes 2-3 years for founders to run out of patience with burning cash and not growing. Then, they take action to fix it. The solution is creating a systematic, replicable sales and marketing process that can grow along with your business.

Pro Serv Blogs

From Undervalued to Unstoppable: How to Price Your Expertise

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I get it – most professional services companies get paid for what they do rather than what they get done. The uncomfortable truth is that you are producing much more value than you are being paid for. All to say this: Your company can and should be compensated better for what you do – and it’s your fault that you’re not. That’s Ok, you can also fix it.

Pro Serv Blogs

Exit Dreams and Tax Nightmares: The Lurking Threats behind your S Corporation

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A few years ago, we advised a group of professional services sellers in connection with a dream of an acquisition event: $100 million+ exit as a platform company to a well-known private equity group within the professional services space. The deal promised not only a healthy cash payment of $50-60mm at closing, but potentially, future riches from the sale of the owners’ rollover equity once the business achieved another exit at an even higher valuation.

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