The journey of a professional service firm owner can simultaneously be exciting, daunting, and fulfilling. Many have analogized this endeavor to that of a sailor crossing mercurial seas. The hardest part of any voyage is letting go of the past comforts of the shore and beginning your courageous trip. As you reflect on the early days of your business, you clearly remember the cash flow constraints, the scarcity of time, and the importance of each sale.
Hiring an investment banker isn’t something a person does every day. Statistically, most entrepreneurs sell only one business in their lifetime, often using the proceeds to retire or pursue new opportunities. For Collective 54 members, hiring an investment banker might be associated with the culmination of a 15-year project.
We all know the story: owners who built successful firms through deep personal involvement struggling to scale beyond themselves. If you’re reading this, you’ve likely already recognized this challenge in your own firm. The question isn’t whether to address owner dependency – it’s how to do it systematically.
As Founder & CEO of your firm, you are ready for the next chapter. But the change and the effort feel daunting. Those fears are standing between new beginnings and dreams you’ve cherished for years. Personal evolution meets business transformation is finally here.
The road ahead is both thrilling and full of challenges requiring careful navigation. The exit demands balancing personal dreams and sharp business strategy.
The 95/5 rule in business builds on the idea that a small number of focused efforts can solve most issues. By directing 95% of attention to the most impactful 5% of processes, people, or technologies, businesses can maximize efficiency and drive meaningful change. This concept aligns with the Pareto Principle, often known as the 80/20 rule—but goes further by focusing even more precisely on critical areas. The 95/5 rule does not just reduce complexity; it empowers businesses to leverage minimal resources for maximum effect, bringing clarity to operational focus.
For professional services founders seeking to grow, scale, and exit their firms successfully, membership in Collective 54 (C54) is a treasure trove of resources and connections. But with such a wealth of content — from coaching and Block courses to solution guides and peer meetings — the abundance can feel overwhelming. Here, I share my journey of turning their content into a structured system that has transformed how I use C54 to achieve my goals at The AMG Team.
Let’s have a candid conversation about where your organization stands regarding its AI Maturity. If you’re feeling a bit lost about your company’s AI journey, don’t worry—you’re in good company. Think of the AI Marketing Maturity Model as your roadmap from “just playing around with ChatGPT” to running a fully AI-transformed marketing powerhouse.
In the dynamic world of professional services, whether you’re leading a consulting firm, a leadership development training company, or a systems integration business, one universal goal resonates: making more money. Achieving financial growth in such industries isn’t just about hard work and expertise; it involves strategic business model evolution. Below, we outline a three-step process designed to guide owner-operators of small professional service firms towards greater profitability.
Sure, that title is clickbait-worthy, but you made it this far, so what is the real story? A common mental model: If we only had a larger sales team, we could grow revenues at a pace that is faster than the growth in costs. But salespeople cost us more than any other type of labor, and their comp plans are usually tied to invoices, so we pay them first before anyone else. It can be challenging to afford to grow your sales team, especially before you even know who will make their quota.
The pursuit of entrepreneurial excellence is a crucial component of success. Many founders, though, unintentionally hinder their pursuit with simple missteps in defining roles and expectations.
Building an entrepreneurial culture fosters ownership, buy-in, innovation, and growth within your company. However, there are common missteps that employers make when it comes to fostering this within their teams. Getting these wrong can have an impact on more than company culture. It can also have legal, financial, and operational ramifications, as well. It will throttle your growth, impede scaling, and delay (or foreclose) your exit.
