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From Struggling Solo Founder to Thriving Firm: The Power of Giving and Joining Collective 54

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There’s a common thread among founders of boutique professional service firms – the pursuit of success, growth, and ultimately, a life-changing exit. Today, we’re going to share the inspiring journey of a brilliant founder who specializes in customizing and implementing the Snowflake software application. His story is not just about expertise but also about the transformative power of understanding when to give away value and when to charge for it.

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The Eject Button of Exits: Opportunities and Perils of Acquihires

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Founders, executives, and investors in professional services firms should be generally familiar with the motivations, elements, and commercial considerations that attend “acquihires.” These transactions not only present a viable (if not optimal) path to exit a professional services business, but they also present attractive opportunities to assemble qualified teams, import unique knowledge and capabilities, and ultimately grow or defend market share. This article seeks to help the leaders of professional services firms understand the circumstances in which they might be involved in an acquihire (either as seller or buyer), the motivations of each party in such circumstances, and common structures for acquihire transactions.

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The Payroll Peril-o-Meter: A Tool to Help Young Firms Survive

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If you’re a founder of a young and small professional service firm, you know the constant struggle of keeping your business afloat. The late nights, the relentless pursuit of clients, and the endless worries about making payroll each month are all too familiar. But fear not, for there’s a tool that can help you navigate these treacherous waters – the Payroll Peril-o-Meter. In this blog post, we’ll introduce you to this powerful tool that can be a game-changer for your business.

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How Good Are You at Predicting the Future? Reflections on Attempting to Time the Market for your Exit

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The road to a successful exit is littered with the bodies of entrepreneurs that have attempted to time the market1. Lest you become another casualty, I wanted to give you some things to consider before you try your hand at predicting how future macroeconomic or sector-specific conditions are likely to unfold. Start by accepting that you are never going to know the perfect time to sell with 100% certainty.

Pro Serv Blogs

Transforming Your Professional Service Firm’s Pricing Strategy for Success

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As founders of small service firms in the US with 10-250 employees, you understand the significance of a well-crafted pricing strategy. Pricing isn’t just about setting a number; it’s about defining your firm’s value and ensuring sustainable growth. In this article, we’ll explore how a professional service firm’s pricing strategy evolves through the three lifecycle stages – Grow, Scale, and Exit, based on the framework presented in my book, “The Boutique: How to Start, Scale, and Sell a Professional Service Firm.”

Pro Serv Blogs

Embrace the Competition: Why It’s Great for Boutique Professional Service Firms

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In professional services, it’s not uncommon to hear founders proudly declare, “We are the only firm that does (insert blank).” While this statement may seem like a badge of honor, it could actually be a red flag. In this edition of Collective 54 Insights, we’ll dive into why having lots of competition is a good thing for boutique professional service firms, and why being the only firm that does what it does is a risky proposition.

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Moving Up Market: A Strategic Shift for Boutique Professional Service Firms

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In the ever-evolving landscape of professional service firms, one question looms large for boutique firms: How can we move up the market and focus exclusively on strategy work? In this article, we’ll delve into why your firm might want to make this shift and outline a four-step method to successfully transition from implementation to strategy. By the end of this journey, you’ll see why bigger is not necessarily better, but being more profitable is.

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7 Key Diagnostic Questions to Determine If Your Firm Is a Strategy Firm or an Implementation Firm

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Are you wondering whether your boutique professional service firm is a strategy firm or an implementation firm? This crucial distinction can significantly impact your business growth and operational strategy. In this blog post, we will provide you with a comprehensive diagnostic tool to help you identify your firm’s true identity. Knowing whether you’re primarily focused on strategy or implementation is crucial when aiming to scale your operations effectively.

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The Gift & The Curse: Non-Billable Time

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Most firms have hours, days, weeks even – of non-billable time unceremoniously dumped into “admin” every month… or worse, not even recorded at all (but we’ve talked about that before!).That could be $100’s of thousands of dollars of time on genuine, useful & essential “admin”… or not. Mostly likely “not” to be honest.

Pro Serv Blogs

Choosing Between Strategy Work, Implementation Work, or Both: A Founder’s Dilemma

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Hello, Collective 54 subscribers, I’m Greg Alexander, and today, we’re diving into a crucial decision many founders of boutique professional service firms face – whether to focus on strategy work, implementation work, or a combination of both. This decision can significantly impact the trajectory of your firm, the types of clients you attract, and your overall satisfaction with your work. Let’s explore the pros and cons of each approach:

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