It’s common sense to do a little background research before any important purchase — whether that means checking reviews for a new dishwasher, having a mechanic inspect a used car or browsing forums before choosing a contractor.
Business partnerships are built on trust, years of collaborative decision-making and, often, an initial foundation of friendship. So, when a rift forms, or simply when partners’ goals diverge, the end of a partnership can be challenging to navigate, both personally and professionally.
One of the toughest transitions for consulting firm owners is letting go of client work. It’s easy to worry that stepping back might jeopardize client relationships you’ve spent years cultivating. After all, clients often come to us for our expertise and personal touch. But holding on too tightly to client work can actually hinder growth—for your firm, your team, and even your clients.
For founders of boutique professional service firms, the shift from a non-recurring revenue model to a recurring revenue model is often a strategic move towards long-term stability and growth. However, this transition can be challenging, especially in terms of cash flow management. This article aims to guide you through this complex yet rewarding journey.