Kevin’s Rule Number 3

/6 Comments/in , , , , , , , /by

Hey Kevin Pritchett here

Kevin’s Rule Number 3
‘Only Deal With People Who Want To Deal With You.  If They DON’T, The Reasons Don’t Matter

Now just stop and think about this rule for a moment…..
Makes incredibly good sense doesn’t it?  Too many times business owners fret over ‘the one that got away’ or ‘why didn’t he/she sign the deal?”

Now for sure, honest critique and evaluation of your sales processes are absolutely important in correcting problems and seeing where you could do better.

The Reasons They Say’No’ Don’t Matter…Seriously!!

Through bitter experience I have learned that the customer that doesn’t choose me, for whatever reason, by definition is NOT the RIGHT customer for my business…I hope you get this!!

Unfortunately, most business owners don’t.  They  dwell on the failure to gain that WRONG customer  much more and with much more energy than they think about ways to attract the RIGHT customer…I hope you get this too!!

The RIGHT Customer

The RIGHT customer is the person who

  1. Has a problem/need they are ready to solve NOW
  2. Appreciates that you have the solution they seek
  3. Is ready, willing and able to move forward with you NOW.

If for whatever reason someone is NOT every one of those 3 points above that prospect is NOT the right customer for you and the reasons why they are not are not in your control and shouldn’t be of concern to you.

This Is Where Most Mess Up….

Your big mistake is worrying about why Fred didn’t sign your contract .  FORGET WHY FRED DIDN’T DO BUSINESS…

Instead, continue to follow up with that FREEDA, preferably in an automated fashion, that allows you to stay  in front of that prospect or ‘top of mind’ until they ARE ready, willing and able to do business with you NOW.   This is where most business owners mess up…they don’t follow up the right way.

There’s A Right Way And  Wrong Way To Follow Up

And why don’t you follow up…it sucks that’s why.  Let me clarify a bit…. It sucks because  in many cases you’ve been brainwashed into believing ‘effective follow up’ consists of:

–badgering the prospect on the phone,
–leaving endless voicemails and texts, and now facebook
messages….all in the vain attempt to break through…
–sending expensive and useless direct(JUNK) mail

Listen Up And Listen Good….
If someone doesn’t want to deal with you, all the phone calls and texts and facebook messages in the world won’t change that!!!

Instead:
–Discover who you your target market is
–Discover what they desperately want/problem they have
–Offer to solve it
–Stay in front of them (using automated follow up and
appointment setting tools) with your targeted solution to their
searing pain…and over time the ones who want to do business
with you will.

Stop Worrying About The Ones Who Say No

Take-home message, STOP WORRYING ABOUT WHY SOMEONE WON’T DO BUSINESS WITH YOU AND START FINDING THE ONES WHO WILL.

In future posts I’ll show you how to make a FORTUNE from the ones who say ‘No’ (without spending one second worrying about why they said ‘No’..how bout that!!!)

Remember…..
“Things don’t get better with neglect…..”

Kevin Pritchett, Esq
Founder-Founders/CEO Business Collective (FBOC)
JPI Ventures LLC-Private Equity
Managing Director

P.S. Starting next week, on the ( CLICK HERE TO JOIN FBOC Linkedin Group, I’m beginning my much anticipated series entitled:
How To Create Tax Free Income For Life…

Or you can leave your email in the box to the right to start receiving the series….

How To Create A Business Plan That Gets You Money

/2 Comments/in , , , , , , , /by

Hey Kevin Pritchett here:

Forget All The Crap You’ve Been Taught…Seriously!

As the Managing Director of a Private Equity Fund and as a business attorney who has represented high net worth business owners and gets pitches and business plans presented to me  for over 30 years…..

I can tell you there’s a bunch of crap floating around about how to REALLY raise money using business plans, pitches and such.

The truth is:

–the format of the business plan/pitch is NOT the critical issue

–the ‘credentials or firm’ of the person/entity does NOT make as much difference as people would have you believe…

-Here’s what DOES matter a TON

The 4 ‘No B.S’ Business Plan Components

1.How Much Money Do You Want?
I can’t tell you how many times people approach my Venture Capital firm or my law firm wanting to ‘pitch’ their plan…but they NEVER make clear how much money they want!!

You must make clear up front early how much funding you’re seeking and…DON’T MAKE ME ASK YOU HOW MUCH MONEY YOU WANT…or worse..don’t have me ask you and you don’t know or you say ‘it depends…WRONG WRONG WRONG.

2.  How Much Money Are You Going To Give Me?
“What’s In It For Me‘ applies to venture fund sponsors like it does for ALL human beings…you MUST tell me how much money you are promising in exchange for the investment..again…upfront…early.  Don’t make me guess or wonder what my return will be…a kiss of death to any pitch…’ask me how I know..and how many pitches I toss in the trashcan?!!

3.  When Am I Going To Get Paid?
After your ‘better mousetrap’ is completed and you ‘rock the world’ how soon are you going to pay me? As an potential investor, I must know upfront and as early as possible how soon I’m gonna get paid.  It can be short or long as fits the investment program,…but it MUST be clearly stated and as early as possible in your presentation. Get the themes here….

4.  How Likely Is It That You Will Pay Me What And When You’ve Promised?
This is the section where you put your operators profiles, spreadsheets and operational guidelines, market niche, intellectual property uniqueness, other barriers to entry for competitors, sales forecasts yada, yada, yada.

Bottom line here though, after all the song and dance,  you MUST convince me that everything you promised me (or most of it at least LOL) is logical and is likely to occur. Proof trumps puff and the more sales examples to act as your ‘proof of concept’ the better.

Ideally you can show a track record of sales successes or performance successes that then can be ramped up by the investment you’re seeking.  Alternatively, its the ‘kiss of death’ when someone asks me for money for something that hasn’t been tested with sales…think Mark Cuban’s questions on Shark Tank..”how much have you sold?”

Granted there are some early stage applications where the proposed plan is groundbreaking, never been done before…mostly in the tech space.  That’s fine but you STILL must connect all the dots and show how your proposed product fills a void, solves a pressing problem with a huge market, etc.

Even with first impression, first in space applications…proof trumps puff!!

The Bottom Line
So the form of your business plan software, your damn logo, your ‘Steve Jobe-seque- ‘Apple-like’ cool-ass presentation style matters far, far less than your business proposal containing substantive components containing the information above.

Hope this helps…it sure is the TRUTH!!

“Remember..Things Don’t Get Better With Neglect…..

Kevin Pritchett, Esq
Founder-Founders/CEO Business Collective
www.KevinPLaw.com
JPI Ventures LLC
www.JPIVentures.com

Do ‘Business Texts’ Irritate You?

/4 Comments/in , , , , , , , /by

 

 

 

 

 

 

Ok…I REALLY should be writing today about Business Owner tax free income strategies (given its the day after business tax filing deadline…) but I’ve got another ‘stone in my shoe’ to share first.  Let me ask you a question…

DO BUSINESS TEXTS IRRITATE YOU?

They irritate me and let me tell you why…..
For YEARS I never understood the whole point of texts..just pick up the phone and call me already!!!

Then EVERYBODY started texting as the standard way to communicate with me…so much so that it seems NOBODY answers the phone now!!!

The thing that irritates me about texts (and why the promoters of texting are pushing it so) is because texts are IMMEDIATE.

By that I mean, we all immediately read a text and presumably immediately act on it….unlike email now that can sit for hours and sometimes days without opening and response.

But here’s why texting in the business area irritates me ( if you’re a regular reader of my feed, you’ll notice how a BUNCH of stuff irritates me…I digress!!)

JUST BECAUSE YOU TEXT ME DOESN’T AUTOMATICALLY MEAN I’M REQUIRED TO RESPOND TO YOU!!

Isn’t the pace of our business world fast enough?
In MY world of working with Founders and CEOs and their business succession, tax planning, income planning and estate planning issues… I MUST have a clear, thorough audit trail of communication…and text snippets just don’t cut it.

But more to my own personal point I don’t care for a perfect stranger or even a business client expecting me to stop EVERYTHING I’m doing at whatever time of the day or night and respond to him or her…not going to happen!!

So here’s my ‘take home’ message for you business types…

text your wife, significant other, child or buddy to let them know you’re home safe, on your way, thinking of them,…..

But for your business associations….

PICK UP THE PHONE!!

Remember…
“Things don’t get better with neglect…..”

Kevin Pritchett, Esq
Founder The Founders/CEO Business Owners Collective (FBOC)

P.S.  I’m starting a series on TAX FREE Income Planning for the members of my Founders/CEOs group.  To receive the series CLICK HERE.

 

These 3 Things NEVER Lie!

/1 Comment/in , , , , , , , /by

 

 

 

 

 

 

The 3 Things  That NEVER Lie…

  1.  The Scale
  2. Your Mirror
  3. Your Bank Account

The Scale
You eat Doritos, donuts and Frappachinos all day every day but just can’t figure out why you can’t lose weight….RIIIIGHT!!

Guys, suck in their guts and ladies well, I don’t even want to start to describe what YOU do…smaller sizes, tight jeans…you know what you do!!!

But the great truth teller is the scale.  You either carry more weight than you should or you don’t…and the scale tells the truth!!

The Mirror
You all know the famous question..
“Do these pants make my butt look big?”
A bachelor will say…YEP
A married guy will lie…and say ‘oh no dear.”

Guys will stand sideways, and try to hide the protruding gut…
But here again, the great truth teller is the mirror..look and see what REALLY is.

Your Bank Account
Now before you all go ‘PC’ and rant on about how money is NOT the measure of all things and such…I’m NOT repeat NOT saying money is the measure of all things.

But  for BUSINESS OWNERS, the bank account ABSOLUTELY IS a measuring stick to how you’re doing in your business.

You can have all the fancy- pants branding, and social media presence and web site opt in and Search Engine Optimization prowess you want…..but at the end of the day if you don’t have more money in your business and personal bank account than you did the week, month and year before…SOMETHING’S WRONG AND NEEDS TO BE FIXED.

Why I’m Ranting About This Right Now

And why am I ranting on about this right now??
I just completed my 2017 tax returns for all my businesses (they’re due March 15 sports fans!!!) and the monthly and yearly income and expense compilations are EXTREMELY REVEALING.

I see EXACTLY where I failed and where I need work.  It should NOT have come as a surprise but it did…because I was in denial about certain projects and businesses  However. the the numbers on my balance sheet and the money NOT in my bank account for those businesses doesn’t lie.

Tell yourself the truth…always.  It is WAY easier in the long run!!

“Remember…things don’t get better with neglect.”

Kevin Pritchett
Founder-Founders/CEO Business Owner Collective FBOC
P.S.  If you want to join the sharpest CEOs and business owners  in a no holds barred community..CLICK HERE

Attention High Net Worth Business Owners/Individuals

/4 Comments/in /by

                                        Business Owners

Are you concerned about …..

 –How To Extract The Equity From Your Business
Without Triggering A Huge Tax Bite ?

 –How To Transition Out Of Your Business Without
Ending The Business?

 – Who Will Take Over Your Business…How To Pay
For The Transition?

–How To Protect Your Successful Business From
Lawsuits?

–How To Transfer Your Business and Personal
Wealth To The Next Generation  Smoothly, Privately
With Minimum of Tax Eroding
Your Estate?

Does This Sound Like You…..

 “I’m ready to leave my business but I don’t know how to do it”

“If I leave my business will I have enough money to retire?…
“Can I really receive TAX FREE income from my business?”

“How do I protect my business and myself from frivolous
lawsuits?”
“How do I transfer my wealth smoothly to the next generation with  probate and taxes?

Is this you?  I’ll bet it is.

Hello… Kevin Pritchett Attorney at Law here.

For those of you who may not know me, I’m managing director of The Law Office of Kevin Pritchett, Inc. a Law Firm in the Chicagoland area with practice areas  designed to serve the specialized needs of successful business owners and high net worth individuals including:

–Business Succession Planning

-Tax Free Income Planning

-Asset Protection

-Estate Planning.

That in and of itself may or may not mean anything to you…but this will…

I’ve been serving clients for over 30 years!!  The things I’m about to tell you are not theoretical by any means.  Every single strategy I’m sharing with you here and in my “Business Owner Insider Secrets email and video report being delivered to your email inbox every day for the next few days, is tested and proven through literally hundreds and hundreds of my clients.

                          The High Net Worth Business Owner


     Our clients are all successful business owners and individuals ( 1 Million Dollars net worth and higher).  This group, as you know, have extremely unique needs and require specialized, interdisciplinary customized plan designs to fully serve the needs of this dynamic group of business owners and individuals.  In this special report, I’m going to pull back the curtain and reveal some little known secrets that are regularly discussed  in  wood paneled conference rooms all across America.

                                        A Little About Me

Before I do that, let me tell you a bit about me.  I’m a graduate of the University of Notre Dame.  I’m also a graduate of  the University of California  at Berkeley School of Law where I served on several law journals and received honors grades Constitutional Law.  While in Law School I completed an externship on the Ninth Circuit Court of Appeals.

For what its worth,  I even attended one year at the University of Michigan at Ann Arbor Medical School……don’t ask!!

I tell you these things about my education, not to brag, but to show you that I’m a pretty sharp guy..and not easily bamboozled by the latest business fad.  Over the 30 years of my practice I’ve seen it all and probably planned for it all for my clients..who as you can imagine are extremely demanding.

As a matter of fact, other attorneys and advisors don’t appreciate how candid and honest I am with my clients .  They don’t want you to know all the dirty little secrets, myths and effective, but little known strategies I’m about to share with you.

                             The Most Important Question

 

As a successful business owner considering transitioning from your business, the number one question YOU have on YOUR mind  and the number one question ALL   my clients had on their minds when they booked their initial appointment with me is…

 “How do I extract the economic value I’ve built up in my business to obtain a monthly income with or without having to sell or leave my business ?” 

Other questions my clients have when they come to us:
“How do I obtain true asset protection and  protect my business against lawsuits?” 

“How do I  transition my business to new owners with or without having to leave the business? 

“How do I transfer my business and personal wealth to the next generation without Federal and State Taxes eating up all the wealth I’ve built up over my life?

These questions literally keep most business owners up at night…true for you?

                      The Dirty Secret Nobody Will Tell You

Here’s the unvarnished truth.   It’s no coincidence nearly all successful business owners have these questions.   THE SYSTEM IS RIGGED TO HIJACK YOUR BUSINESS WEALTH FROM YOU and you know it.  You’ve done battle with the IRS, state regulators, pain in the neck lawsuit attorneys and all the rest.

While you’re well aware of the problems, risks and pitfalls….you’re not really sure how to best  protect your business and your personal wealth.  In point of fact..as long as you sit and worry without taking the appropriate action steps…..YOU’RE A SITTING DUCK for taxes…lawsuits and all other manner of factors all poised to suck the life from your hard earned business and personal estate.

                                     It’s Not Your Fault

Little wonder you don’t..can’t know all the things you don’t even know you don’t know…(but that you absolutely MUST know to protect your business and yourself in today’s environment.) You’re a successful business owner and you’re absolutely NOT a tax, asset protection, estate planning or succession planning expert.

For example, many business owners believe that A Will is sufficient to prevent their heirs from having to expend money and time in Probate….NOTHING COULD FURTHER FROM THE TRUTH.

Here’s another one….that trusts will provide asset protection…NOT EVEN CLOSE TO BEING TRUE.

And finally, that in order to receive income from your business you have to sell the business…NOPE…NOT TRUE!!

                                             There Are Proven Solutions

Over the 30 years of my legal practice, I’ve seen and helped literally hundreds of my clients  identity these and other myths and address and successfully solve the problems associated with them.                                                                 

In fact, there are a number of very powerful, proven ways to extract equity out of your business, protect you from lawsuits, receive TAX FREE income streams from your business for life.
In fact its not uncommon at all for our high net worth business owner clients to receive $250,000 or more per year in TAX FREE income.                                                     

 

Of course, each client’s situation is different and there are no guarantees.  However, if you meet the guidelines you could very well be able to receive this kind of income.

Several of these strategies DO NOT require you to sell or leave the business to receive the equity built up in your business or personal high net worth estate.

Additionally, there are ways for you to receive this equity TAX FREE…yes you heard it right…TAX FREE.

And when you combine the income stream you could receive from your business in addition to whatever other income you may be receiving, you can then easily determine how much you will have all throughout your life no matter whether you are in or out of your business.

No guesswork, hocus- pocus or obscure Wall Street, IRS or Tax Code mumble jumbo.

 

 

 

The strategies I use with our clients are based on the law.  They’re the strategies  high net worth business owners and individuals have used for generations.  Why…because they’re proven and they work!

Each client’s business and personal situation is unique so each plan design must also be uniquely tailored to the needs of each client.  No cookie cutter solutions work for high net worth business owners and individuals.

                          What You Should Do Right Now                                             

You’re already receiving my complementary multi- part “Business Owner Insider Secrets”  Planning Email and Video Series delivered into your email in box each day over the next few days.  If this report and my Insider Secrets series stirs up questions and makes you want to learn more….here what’s you should do right now.

                    Request Your 1 on 1 Consultation

If you would like to schedule a 1 on 1 consultation with me so I can review your specific situation and determine if we can help you… put your name and email in the box to the right on the site here or CLICK THIS LINK  and you’ll get IMMEDIATE access to the video series (if you don’t already have access to it) as well as request an appointment directly with me.

My friends, if you’re at the point in your life and business when you  want to:

– find out how you can extract the equity built up over a lifetime;

– find out how to protect your business and personal estate from           lawsuits;

– find out how to create a business succession plan with or
without you being in the
business;

-find out how to pass your business and personal estate on to the        next generation  privately and with as little tax as possible

Here’s your opportunity, RIGHT NOW, to step out of the fear and anxiety you’re currently living in regarding these questions.  You literally have NOTHING to lose and everything to gain by learning more and getting the REAL ANSWERS to these pressing issues.

                                The Clock Is Ticking

Each passing day you operate your business without the proper mechanisms in place to protect your business and personal assets is like ignoring a ticking time bomb sitting right next to you. Don’t believe me?  Well believe this….

-There are over 450,000 attorneys in the US.  With
law schools pumping out over 34,000 new attorneys each
year!!!

-Little wonder there are over 100 million lawsuits filed in
state  courts against business owners every year….
100  MILLION LAWSUITS.

Your chances of getting named in one of these lawsuits….
With just over 326 Million US population…
And 100 Million cases filed (that’s just in state courts)

Your chances of being sued are a whopping 1 in 3!!!

Believe me NOW that you need protection and RIGHT NOW???

Put your name and email in the box to the right or CLICK HERE and request a no obligation 1 on 1 appointment to get your specific questions answered.

Talk Soon
Kevin Pritchett, Esq
Law Office of Kevin Pritchett, Inc.

P.S. CLICK HERE to schedule your 1 on 1 appointment with me to
ask all your business succession. business income, asset
        protection and estate planning questions.