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Friday, January 06 2023
4 Tips For Selling Your Payroll Service In 2023

4 Tips For Selling Your Payroll Service In 2023
By Glenn Fallavollita, President of SellMorePayroll.com

  • Word Count: 157
  • Read Time: 36 Seconds

If you plan to sell your payroll business in the next 6 to 9 months, here are four tips to help make your business more appealing to a buyer.

1. Be Clear About Why You Are Selling Your Business:

  • Retirement
  • Monetary Gain
  • Medical-Related Issues
  • Family-Related Issues
  • Burnt-Out From The Day-To-Day Grind

2. Understand Your Clients: Prospective buyers typically want to see:

  • 3 Years’ Worth Of Sales/Profits (Balance Sheet, P/L Report, etc.)
  • Average Annual Revenue Per Client
  • How Many Clients
  • Pricing Per Client
  • Services Each Client Uses

3. Get Your Paperwork In Order: You need to have your paperwork in one file:

  • Your Payroll Platform’s License
  • Insurance Policies
  • Staff’s Non-Compete Agreements
  • Tax Returns
  • List Of Assets
  • Building Lease(s)
  • Staff List
  • Any Costs Associated With The Cancellation Of Your License Agreement 
  • Monthly Expenses

4. How To Maximize Your Multiple: Ways to add value include:

  • Cut Operational Costs And Increase Prices
  • Reduce Labor Costs
  • Add New Payroll Clients To The Business
  • Tighten Vendor Agreements And Employee Non-Compete Agreements
  • Purchase A CPA’s Book-Of-Business For 1X Or Less
  • Remove Unnecessary Assets Used By Family Members

About The Author:

Glenn Fallavollita is a nationally recognized keynote speaker providing money-making advice to help payroll service owners, sales pros, and marketing gurus build more profitable relationships with their database of prospects, referral partners, and clients.

Additionally, Glenn is the president of SellMorePayroll.com and Drip Marketing, Inc. and has written 50+ whitepapers and three sales/self-marketing books, Supercharge Your Payroll Sales NOW!Stop Whining AND Start Selling, and Drip Marketing: A Powerful New Marketing Strategy That Gets Prospects To Buy From YouHe also writes blogs for LinkedIn and other national websites.

To hire Glenn for your next conference, visit DripMarketingSpeaker.com.

© Drip Marketing, Inc.  All Rights Reserved May Not Be Used Without Written Permission.

Posted by: SellMorePayroll.com AT 05:44 am   |  Permalink   |  Email
Thursday, January 05 2023
Is 2023 The Right Time To Sell Your Payroll Service?

Is 2023 The Right Time To Sell Your Payroll Service?
By Glenn Fallavollita, President of SellMorePayroll.com & Drip Marketing, Inc.

More and more payroll owners are considering selling their payroll service due to:

  • High Multiple On Annual Sales
  • Slowing Economy
  • Rising Taxes
  • Buyers Are Flush With Cash
  • X-Factors, i.e., retirement, health, quality of life, etc.

The "Potential" To Pay Higher Taxes Is Very Real With The Biden Administration.

While the decision to sell a payroll service should never be based on taxes alone, Biden's proposed tax plan would increase one's capital gain tax bill (see below).

  • The proposed 39.6% capital gains bracket would apply to taxpayers with earned income in excess of $1 million ($500,000 for married filing separately).
  • A taxable event, such as the sale of a business, could temporarily push income over the $1 million mark.

Click Here To Read Biden’s Tax Plan

A Successful Sale Requires Preparation On Your Part.

Succession planning is much more complicated than taking a check from a new owner, as there are many complex financial, legal, and relationship issues to consider.

If you want to read more about selling a payroll service, click this link: 4 Tips For Selling Your Payroll Service


About The Author:

Glenn Fallavollita is a nationally recognized keynote speaker providing money-making advice to help payroll service owners, sales pros, and marketing gurus build more profitable relationships with their database of prospects, referral partners, and clients.

Additionally, Glenn is the president of SellMorePayroll.com and Drip Marketing, Inc. and has written 50+ whitepapers and three sales/self-marketing books, Supercharge Your Payroll Sales NOW!Stop Whining AND Start Selling, and Drip Marketing: A Powerful New Marketing Strategy That Gets Prospects To Buy From You. He also writes blogs for LinkedIn and other national websites.

© Drip Marketing, Inc.  All Rights Reserved May Not Be Used Without Written Permission.

Posted by: SellMorePayroll.com AT 07:14 am   |  Permalink   |  Email
Tuesday, January 03 2023
How To Increase Your e-Mail Open Rates By 20%, 33% Or More

How To Increase Your e-Mail
Open Rates By 20%, 33%, Or More

(PRINT AND USE AT YOUR NEXT SALES MEETING)
By Glenn Fallavollita, President of SellMorePayroll.com & Drip Marketing, Inc

  • Word Count: 389
  • Time To Read: 1.6 Minutes

Are you concerned that your e-mail marketing campaigns aren’t being opened by your database of payroll prospects and/or referral partners? If you are, you will find the strategies I have below of tremendous value.

Factors Affecting E-mail Open Rates.

Many factors will influence the open rate of an e-mail campaign. They are:

  • Content relevance from past e-mail campaigns.
  • Database being used, i.e., client vs. prospect database.
  • Day of the week the campaign was sent.
  • Frequency/recency of past e-mails sent.
  • Subject line used.
  • The name in the “From” field.
  • Time of day.
  • Word count from past e-mail campaigns.

7 Subject Line Tips:

  1. Use A Subject Lines That Generates Curiosity: Curiosity is basic human nature. When your subject line strikes one’s curiosity chord, it will trigger them to open your e-mail.
  2. Use A Personalized Subject Line: Personalizing your e-mail subject line helps foster familiarity with a reader, therefore, increases their sense of trust in you/your business.
  3. Announce A Free Offer In The Subject Line: Freebies; who doesn’t love them as they act as incentives to help someone take the next step in the buying process.
  4. Use A Humorous Subject Line: Humorous subject lines will stick out in your readers’ inboxes and trigger them to smile; therefore, open your e-mail.
  5. Use A Shocking Subject Line: A good way to grab a reader’s attention is to state something unexpected.
  6. Ask A Question: Asking a question in the subject line makes someone think, i.e., Do you hate your payroll service? or Do you need a new payroll service in 202X?
  7. Fear Of Missing Out: You can use fear in your subject lines by adding 1. an element of shortage (limited availability) or 2. Urgency (offer end date).

How To Do An A/B Test:

  • Sort your e-mail database by e-mail address.
  • Create two lists (of equal size) from the abovementioned sort.
  • Create two identical e-mails.
  • Write two different subject lines for each campaign.
  • Send the campaigns out on the same day/time. 

If you are unhappy with your e-mail open rates, take a moment to change things up. Conversely, if you are happy with your e-mail open rates, you can always do better.

About The Author:

Glenn Fallavollita is a nationally recognized keynote speaker providing money-making advice to help payroll service owners, sales pros, and marketing gurus build more profitable relationships with their database of prospects, referral partners, and clients.

Additionally, Glenn is the president of SellMorePayroll.com and Drip Marketing, Inc. and has written 50+ whitepapers and three sales/self-marketing books, Supercharge Your Payroll Sales NOW!Stop Whining AND Start Selling, and Drip Marketing: A Powerful New Marketing Strategy That Gets Prospects To Buy From You. He also writes blogs for LinkedIn and other national websites.

Copyright © 2022

Posted by: SellMorePayroll.com AT 10:28 am   |  Permalink   |  Email