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Friday, May 19 2023
10 Must-Read Tips BEFORE Selling A Payroll Service

How To Sell Your Payroll Service
With Confidence: 10 Must-Read Tips

By Glenn Fallavollita, President of SellMorePayroll.com

  • Word Count: 464
  • Read Time: 1.4 Minutes

Selling your payroll service is a life-changing event. And while most owners are successful entrepreneurs, the majority of them have limited experience when it comes to selling their business.

10 'Must Read' Tips BEFORE Selling Your Payroll Service.

#1: Hire A Broker Who Knows The Payroll Industry - The vast majority of owners in the payroll industry don’t know where the landmines are when selling their business. A broker can help you in these key areas:

  • Discuss what buyers would be willing to pay for your book of business, i.e., the multiple.
  • Identify 4 – 8 potential buyers, along with their pros and cons.
  • Help you select the optimum buyer for your situation/needs/goals.
  • Together with the help of your lawyers, take part in negotiating the sale.
  • BEFORE the transition process happens, help you set expectations for your staff and limit their uncertainty post the sale (this is huge).

#2: Retain Experienced Legal Counsel - This may be a once-in-a-lifetime event for you, and you need to make sure you choose an experienced attorney.

#3: Update Your Corporate Files, Records, And Agreements - A review (and clean-up) will save you some significant time and costs with a buyer.

#4: Re-Examine All Contracts - From lease contracts, employment contracts, loan agreements, shareholders, and vendors, all need to be reviewed for termination wording, etc.

#5: Create An Internal Team - The selling process takes a lot of work, and you will likely need help from people familiar with the business, i.e., CFO, spouse, HR manager, etc. In some cases, your internal team is given a bonus if they stay on for X weeks post-closing.

#6: Consider Your Tax Issues - Take a moment to consider if there are any major financial and/or tax consequences – and then work with your tax and legal advisors about how best to maximize your situation.

#7: Determine A Post-Closing Employment - Depending on how your deal is structured with a buyer, you may want to stay on a consultant to maximize retention.

#8: Pay Attention to A Buyer’s LOI - The LOI is often the primary document you will enter into with a buyer. While most LOIs are normally “non-binding,” it’s an important document because it sets out the parties’ general expectations. IMPORTANT: Review your LOI with your key advisors before signing it.

#9: Your Staff – Based on how your deal was structured, you need to know what will happen to your employees post the sale. 

​#10: Know The 'Restrictive Covenants' - Restrictive covenants are the details in your LOI/Purchase Of Sale agreement that could present you from starting a new business, contacting past clients and referral partners, to hiring past employees. Talk with your attorney(s) about your plans so they negotiate them into the purchase agreement. 


About The Author:

Glenn Fallavollita is a highly acclaimed keynote speaker renowned for delivering invaluable sales and marketing advice to business owners and sales leaders, enabling them to win more payroll sales and produce more referrals from their database of clients and referral partners.

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.

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

Posted by: SellMorePayroll.com AT 06:01 am   |  Permalink   |  Email
Monday, May 15 2023
Payroll Service Newsletters: How To Write Hot, Engaging, & Timely Content

Payroll Service Newsletters: How To Write
Hot, Engaging, And Timely Content

(To Help You Win More Payroll Sales & Referrals)

By Glenn Fallavollita, President of SellMorePayroll.com

  • Word Count: 441
  • Time To Read: 1.7 Minutes 

Writing content for a payroll newsletter requires a balance between providing valuable information and engaging your readers. That said, I have listed a step-by-step guide below to help you write effective content for your payroll newsletter:

  • Understand Your Audience: Consider the database(s) your newsletter is being sent to, i.e., payroll clients, prospects, and/or referral partners, i.e., CPAs. Tailor your content to meet their needs and solve their problems and frustrations.
  • Establish A Goal: Determine the purpose of your newsletter. Do you want to educate your readers, provide updates, or promote new services? Having a clear goal will help you structure your content effectively.
  • Create An Outline: Plan the structure and organization of your newsletter. Divide it into sections or topics, ensuring a logical flow. Common sections in a payroll newsletter include payroll tips, regulatory updates, employee spotlights, and company news.
  • Provide Educational Content: Share informative articles, tips, and best practices related to payroll management. You can cover topics such as payroll / HR compliance, tax updates, payroll and timekeeping automation, employee benefits, and time management strategies.
  • Highlight Regulatory Changes: Keep your readers informed about new payroll-related laws, regulations, or compliance requirements. Explain the implications and offer guidance on how to adapt to these changes.
  • Feature Employee Spotlights: Showcase outstanding employees or teams and recognize their achievements. Highlight their contributions to the company and how they positively impact payroll processes or related areas.
  • Include Company News: Share updates about your organization, such as new hires, promotions, company events, or upcoming changes. Make it personal and emphasize the impact on payroll and HR functions.
  • Incorporate Visual Elements: Use relevant images, charts, or infographics to enhance the visual appeal of your newsletter. Visuals can help break up the text and make the content more engaging.
  • Use A Conversational Tone: Write in a friendly and conversational style to connect with your readers. Avoid jargon or complex terminology, and instead, explain concepts in simple and understandable language.
  • Add A Low-Risk Call-To-Action: Include a clear call-to-action at the end of your newsletter. It could be encouraging readers to contact your payroll team for assistance, signing up for a webinar or training session, or providing feedback on the content.
  • Proofread And Edit: Before sending out your newsletter, proofread it thoroughly for grammar, spelling, and formatting errors. Ensure that the content is clear, concise, and error-free.
  • Schedule Regular Newsletters: Consistency is key. Set a schedule for sending out your payroll newsletters, whether it's monthly or quarterly; stick to the schedule to maintain reader engagement and build anticipation.

Summary:

Remember to analyze the performance of your newsletters by monitoring open rates, click-through rates, and reader feedback. This information will help you refine your content strategy and create even more engaging newsletters in the future.

About The Author:

Glenn Fallavollita is a highly acclaimed keynote speaker renowned for delivering invaluable sales and marketing advice to business owners and sales leaders, enabling them to win more payroll sales and produce more referrals from their database of clients and referral partners.

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.

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

Posted by: SellMorePayroll.com AT 07:26 am   |  Permalink   |  Email
Monday, May 15 2023
6 Steps To Help You Become A Payroll Industry Subject Matter Expert

6 Steps To Help You Become A
Payroll Industry Subject Matter Expert 

By Glenn Fallavollita, President of SellMorePayroll.com

  • Word Count: 483
  • Time To Read: 1.9 Minutes

In today's competitive business landscape, establishing your payroll service as a subject matter expert (SME) can provide significant advantages. More importantly, being a SME plays a key role in attracting new payroll clients AND referrals from your database of referral partners, i.e., CPAs. And by sharing your expertise and insights, you will gain visibility and credibility as an industry leader.

6 Steps To Help Position You/Your Business As A SME.

#1: Develop Deep Industry Knowledge

To position your business as an SME, it is crucial to have comprehensive knowledge of the payroll service, timekeeping, and HR industry. Stay updated on industry trends, regulatory changes, best practices, and emerging technologies. I also recommend attending/speaking at industry conferences, seminars, and webinars. Also, don’t forget to write blogs for your website and partners.

#2: Specialize and Identify Your Niche

Identify a specific niche within the payroll service industry where you can focus your expertise. This could be a particular sector, such as healthcare or retail, or a specific aspect of payroll, like compliance or payroll software solutions. Specializing allows you to differentiate your business from competitors and showcase your in-depth payroll, timekeeping, etc., knowledge.

#3: Create Valuable Content

Sharing high-quality, informative content is a powerful way to establish yourself as an SME; therefore, it is important to create blog posts, articles, whitepapers, case studies, e-books, and video tutorials related to the payroll, timekeeping, HR, and related industries your target audience should read. You can distribute your content through your website, social media platforms, industry publications, and relevant online communities to reach a wider audience.

#4: Engage in Thought Leadership

Actively participate in industry seminars, webinars, conferences, etc. Don’t forget to seek opportunities to be a guest speaker or panelist at conferences, webinars, or podcasts. Offer to write guest blog posts or be interviewed by influencers in the payroll service industry.

#5: Leverage Customer Success Stories

Obtain testimonials from satisfied clients and showcase them on your website and marketing materials. Actively engage with your clients, listen to their feedback, and continuously improve your services based on their needs. Positive customer experiences and testimonials can significantly enhance your reputation and attract new clients.

#6:  Network And Join Industry Events

Building a strong professional network is vital for positioning yourself as an SME. Attend industry events, join relevant associations and organizations, and actively participate in networking opportunities. Don’t forget to consider joint partnerships to expand your reach within the industry.

Summary:

Becoming a subject matter expert in the payroll service industry requires dedication, continuous learning, and a strategic approach. And by deepening your industry knowledge, specializing in a niche, creating valuable content, leveraging customer success stories, networking, and investing in professional development, you can position your business as a trusted authority in the payroll service industry. Establishing your SME status will enhance your brand reputation, attract clients, and open doors to new growth opportunities.

About The Author:

Glenn Fallavollita is a highly acclaimed keynote speaker renowned for delivering invaluable sales and marketing advice to business owners and sales leaders, enabling them to win more payroll sales and produce more referrals from their database of clients and referral partners.

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.

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

Posted by: SellMorePayroll.com AT 07:10 am   |  Permalink   |  Email
Monday, May 01 2023
How To Write Great Content For Your Payroll eMail Newsletter

How To Write Great Content For
Your Payroll eMail Newsletter

By Glenn Fallavollita, President of SellMorePayroll.com

  • Word Count: 496
  • Read Time: 2.0 Minutes

As the payroll industry continues to grow and evolve, it is essential for clients, prospects, and referral partners to stay informed about the latest developments, HCM trends, government / IRS regulations, and new technology. And because of this, sending them a newsletter can be an excellent tool for keeping them up-to-date with important news and best practices.

However, creating engaging content is not always easy. In this article, I will provide you with some tips, ideas, and guidelines for writing compelling and informative content for your payroll service newsletter.

  • Identify Your Audience  - The first step in creating great content for your payroll service newsletter is to identify your audience. Who are you writing for? Are you targeting business owners, CFOs, and HR pros with less than 20 or more than 250 employees? Understanding your audience will help you create content that is timely, relevant, useful, and engaging.
  • Keep Your Content Concise - Payroll is a complex and technical field, but your content should be easy to read and understand. Avoid using jargon and technical terms that may confuse your readers. Keep your sentences short and to the point, and use bullet points and subheadings to break up long paragraphs.

  • Be A Fountain Of Knowledge - Informative content is king. Share insights, best practices, and tips that can help your readers improve their payroll processes or stay informed about the latest industry trends. Make sure your content is up-to-date and accurate.

  • Use Real-Life Examples - One of the best ways to make your content more engaging is to use real-life examples. Share stories about how other businesses have tackled payroll challenges or improved their processes. Use case studies and testimonials to show how your readers can benefit from your advice.

  • Include Visual Testimonials/Stories - Visuals can make your content more engaging and help your readers understand complex topics. Use videos for charts, graphs, and infographics to help illustrate your point. Use images and videos to break up text-heavy content and make it more visually appealing.

  • Engage With Your Audience - Encourage your audience to share their feedback and insights. Ask for comments and questions, and respond to them in a timely manner. Use social media to engage with your readers and share your content. Use polls and surveys to gather feedback and insights from your audience.

  • Develop A Drip Marketing Plan - Consistency is key when it comes to creating great content for your payroll service newsletter. Set a schedule for publishing your content and stick to it. Make sure your content is consistently high-quality and relevant to your audience.

In summary, creating great content for your payroll service newsletter requires a clear understanding of your audience, concise writing, informative content, real-life examples, visuals, engagement, and consistency. By following our guidelines, you can create a newsletter that is both informative and engaging, and that helps your readers to stay up-to-date with the latest government regs, compliant with HR-related laws, etc.


About The Author:

Glenn Fallavollita is a highly acclaimed keynote speaker renowned for delivering invaluable sales and marketing advice to business owners and sales leaders, enabling them to win more payroll sales and produce more referrals from their database of clients and referral partners.

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.

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

Posted by: SellMorePayroll.com AT 01:07 pm   |  Permalink   |  Email
Monday, May 01 2023
6 Tips To Read Before You Sell Your Payroll Service

6 Tips To Read Before
You Sell Your Payroll Service

By Glenn Fallavollita, President of SellMorePayroll.com

  • Word Count: 405
  • Read Time: 1.6 Minutes

Selling a payroll service business can be a complex process, but here are some steps to consider:

#1: Determine the value of your business: You should start by valuing your payroll business by talking with an independent broker and other owners who have sold their payroll business in the last 12 months. Factors that will affect your value: The number of clients on file, what services you sell to each client, pricing, each client's annual revenue, if a small percentage of clients generate a large portion of your annual sales, etc.

#2: Prepare your financial records: Your financial records should be in order, including your P/L statements, balance sheets, and tax returns.

#3: Find potential buyers: There are several ways to find potential buyers, including talking with a broker, your network, employee(s), back office license holder, and your industry colleagues who have sold their payroll business in the past 12 months.

#4: Interview potential buyers: You should interview potential buyers to ensure they have the financial means to purchase your business and have the expertise to operate it. You also need to determine what will happen to your staff, i.e., being part of the purchase or they need to find new employment.

#5: Negotiate the Letter of Intent (LOI): Once you have identified a buyer(s), you will need to negotiate a letter of intent (LOI). As I tell my brokerage clients, the best deal is when the owner thought they didn't get enough AND the seller thought they paid too much.

#6: Finalize the sale: After negotiating your LOI, you will need to finalize the sale with the new owner. Unfortunately, this is where many deals go sideways, as the buyer starts to add new terms to the agreement, i.e., working capital in a checking account, defining when a client becomes their "client, capping the purchase price, etc.

Important Points To Read:

  • During the 'purchase of sale' agreement process, a buyer will start to nibble at your multiple by adding extra costs for you to absorb or capping the 'purchase price,' etc. When you see me at the TPG Conference May 8th - 10th in Orlando, FL, ask me how I know!
  • Selling a payroll service will always be an emotional process for an owner(s). And if an owner(s) isn't careful, they could leave a lot of money on the table. Again, ask me how I know!
  • It is important to seek professional advice from a business broker AND attorney to help guide you through this process.

About The Author:

Glenn Fallavollita is a highly acclaimed keynote speaker renowned for delivering invaluable sales and marketing advice to business owners and sales leaders, enabling them to win more payroll sales and produce more referrals from their database of clients and referral partners.

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.

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

Posted by: SellMorePayroll.com AT 09:27 am   |  Permalink   |  Email