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Wednesday, November 29 2023
 4 Tips For Selling Your Payroll Service In 2024
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:
2. Understand Your Clients: Prospective buyers typically want to see:
3. Get Your Paperwork In Order: You need to have your paperwork in one file:
4. How To Maximize Your Multiple: Ways to add value include:
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. To hire Glenn for your next conference, visit DripMarketingSpeaker.com. © Drip Marketing, Inc. All Rights Reserved May Not Be Used Without Written Permission. Sunday, November 05 2023
 Is 2024 The Right Time To Sell Your Payroll Service? More and more payroll owners are considering selling their payroll service due to:
The 2024 tax year, and the return due in 2025, will continue with these seven federal tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Your filing status and taxable income, including wages, will dictate the bracket you are in (as of 11/9/23).
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).
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. Thursday, August 24 2023
 The 5 Key Advisors You Need
The sale of your payroll business can and will be emotional, stressful, and exciting all at the same time. However, to maximize your multiple, it will be a lot of work on your end. Most Owners Will Only Experience The Process Of Selling Their Payroll Business Once In Their Life. Based on my years of consulting with hundreds of business owners in the payroll industry, many of them are not ready for the ‘selling process’ and oftentimes leave money on the table at closing. That said, if you or someone you know is thinking about selling their payroll business, I’ve listed a few tips on who should be on your 'advisory team.' The 5 Key Advisors... Selling your business is not A DIY process; therefore, I recommend assembling a team of advisors, as they will be instrumental in getting the deal over the finish line at the maximum multiple.
Summary: As you go through this process, it’s important to put your emotions to the side and focus on who the right buyer would be for your business. Remember, it’s a multifaceted process that touches on your financial future, your employees, and your payroll/HCM clients. Friday, May 19 2023
 How To Sell Your Payroll Service
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:
#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 You. He also writes blogs for LinkedIn and other national websites. © Drip Marketing, Inc. All Rights Reserved May Not Be Used Without Written Permission. Monday, May 15 2023
 Payroll Service Newsletters: How To Write
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:
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 You. He also writes blogs for LinkedIn and other national websites. © Drip Marketing, Inc. All Rights Reserved May Not Be Used Without Written Permission. Monday, May 15 2023
 6 Steps To Help You Become A
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 You. He also writes blogs for LinkedIn and other national websites. © Drip Marketing, Inc. All Rights Reserved May Not Be Used Without Written Permission. Monday, May 01 2023
 How To Write Great Content For
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.
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 You. He also writes blogs for LinkedIn and other national websites. © Drip Marketing, Inc. All Rights Reserved May Not Be Used Without Written Permission. Monday, May 01 2023
 6 Tips To Read Before
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:
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 You. He also writes blogs for LinkedIn and other national websites. © Drip Marketing, Inc. All Rights Reserved May Not Be Used Without Written Permission. Tuesday, January 03 2023
 How To Increase Your e-Mail
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:
7 Subject Line Tips:
How To Do An A/B Test:
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 Tuesday, December 20 2022
 5-Steps To Help You Close
Most payroll salespeople stop following up on a proposal after one or two attempts at moving the sales process forward. Therefore, if you are a sales leader for your payroll service, it would be in your best interest to train your sales team on the steps below, especially when you consider the staggering statistics below. How Many Contacts Does It Take To Close A Sale?
Try This 5-Step Proposal Closing Process: If you are in sales (or a sales leader), you might find the 6-step process I have outlined below of value:
Other Steps (For Sales Leaders):
Click here for a sample "Thank You" greeting card via Amazon.com. Send This e-Mail Within 24-Hours Of Delivering A Proposal. Dear (first name), Thank you for the opportunity to earn your business this week. By the way, I have attached a few items you might want to read:
Again, thank you for giving us the opportunity to earn your business! Warmest Regards, (Your name, title, etc.) Executive Summary: During your next one-on-one meeting with your salespeople, ask each person to give you their proposal pipeline report. Now, ask each salesperson these two questions: 1. “When will this company make a buying decision?” After listening to their answers, this e-mail will make complete sense to you. 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 |
