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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
Tuesday, December 20 2022
5-Steps To Help You Close More Payroll Proposals

5-Steps To Help You Close
More Payroll Proposals

(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

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?

  • 2% are made on the 1st contact.
  • 3% are made on the 2nd contact.
  • 5% are made on the 3rd contact.
  • 10% are made on the 4th contact.
  • 80% are made on the 5th to 12th contact.

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:

  • Step #1: Proof Every Proposal - A second person should proof all proposals.
  • Step 2: Log The Proposal - A salesperson needs to track every proposal to their proposal tracking report.
  • Step 3: Proposal Review Call Time - Before a proposal is sent to a prospect, the salesperson sets up a proposal review time with a decision maker. 
  • Step 4: Executive Follow-Up Call - The owner/sales leader calls the prospect to thank the person for the opportunity to earn their business and do a trial close, i.e., “When did you want to run your first payroll with us?”
  • Step 5: Thank You Note - The salesperson sends a handwritten "thank you for your time" greeting card via the USPS.

Other Steps (For Sales Leaders):

  • Set up a sequence of phone calls (or meetings) to follow up on the proposal.
  • Develop an educational e-mail follow-up campaign/s (see sample below).

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:

  • An article/whitepaper on X, Y, and Z.
  • Some recent client testimonials about our X, Y, and Z.

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?”
2. “What is your follow-up plan for every proposal that hasn’t been closed?”

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

Posted by: SellMorePayroll.com AT 05:44 am   |  Permalink   |  Email
Thursday, December 15 2022
3 Tips To Get More Payroll Prospects To Open Your Next e-Mail Campaign

3 Tips To Get More Payroll Prospects
To Open Your Next e-Mail Campaign

(Print And Share At Your Next Sales Meeting)
By Glenn Fallavollita, President - SellMorePayroll.com

  • Word Count: 371
  • Read Time: 90 Seconds

The people who buy what you sell spend 40% - 50% of their day dealing with their inboxes. That being said, e-mail marketing is a great way to reach your database of prospects, clients, and referral partners, i.e., CPAs.

To help your business get more people to open your next e-mail marketing campaign, I have listed below a few tips you might want to read and share.

Tip #1: Segment Your List - The first thing you need to do is segment your list by the target audience, as this will help you deliver messages that are more relevant to a reader. Plus, it will make it easier to track the success of your campaigns and identify which groups are most interested in your products or services.

Here are a few ways to segment your e-mail databases:

  • Prospects – X Industry Association Members
  • Prospects – Sales Rep #1
  • Prospects - Received a Proposal In 20XX
  • Prospects – Uses A 3rd Party Payroll Service
     
  • Referral Partners – Enrolled Agents
  • Referral Partners – CPAs
  • Referral Partners – Bookkeepers
     
  • Clients - Active
  • Clients - Inactive

Tip #2: Send e-Mails At The Right Time - The day and time that you send an e-mail campaign has a direct correlation to its open rate. With that in mind, it’s a good idea to use a tool to help you send a campaign between 8:00 am to 9:00 am or 2:45 pm.

IMPORTANT: We’ve had the most success sending our clients’ campaigns on a Tuesday with a follow-up campaign to the subscribers who didn’t open the original campaign on a Friday. Sure, there are exceptions to this rule, but after sending 131 million e-mail messages, I am sharing what works for our clients.

Tip #3: Use A Great Subject Line - A subject line is a headline for the reader; therefore, it’s crucial to write a subject line that will get someone's attention. Here are some tips for your next subject line:

  • Personalize a subject line with the person’s name or company name.
  • Make your subject line relevant to the majority of readers.
  • Consider using a subject line that is either negative or positive. 

About The Author:

Glenn Fallavollita is a nationally recognized keynote speaker providing money-making advice to help 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 06:25 am   |  Permalink   |  Email
Tuesday, December 06 2022
Why Your Payroll Service Needs More Than A Newsletter Blast

Why Your Payroll Service Needs
More Than A Newsletter Blast

By Glenn Fallavollita, President of SellMorePayroll.com | Drip Marketing, Inc.

  • Word Count: 189
  • Time To Read: 45 Seconds 

Blasting a generic one-size-fits-all newsletter and placing an ad in the yellow pages was cutting-edge marketing 15 years ago. Unfortunately, it doesn’t work in today's information-overloaded society. Owners, marketing pros, and sales leaders at fast-growing payroll services go beyond a newsletter blast to win new payroll clients and referral partners.

5 Types Of e-Mail Campaigns.

1. Sales-Based Newsletters: My team and I pioneered a sales-based newsletter to help trigger a prospect and/or CPA to take the next step in the buying process.

2. Information-Based e-Mails: These e-mails deliver specific information about a new product/service to essential updates such as changes in the company.

3. Education-Based e-Mails: Education-based e-mails are a great way to position your payroll service as a subject matter expert, which is the foundation of building trust, credibility, and brand recognition in the marketplace.

4. Announcement-Based e-Mails: Announcement-based emails usually contain an important upgrade, new hire, or capital improvement to letting your clients know about a new cost-saving service.

5. Feel Good-Based e-Mails: Feel Good-based e-mails do nothing more than tell someone how much you appreciate their business or enjoy an upcoming holiday.


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 07:10 am   |  Permalink   |  Email
Tuesday, December 06 2022
e-Mail Marketing: Why It's A Great Marketing Tool For Your Payroll Service

e-Mail Marketing: Why It's A
Great Marketing Tool For Your Payroll Service

By Glenn Fallavollita, President of SellMorePayroll.com | Drip Marketing, Inc.

  • Word Count: 196
  • Time To Read: 48 Seconds

A proactive e-mail marketing strategy has proved to be more cost-effective than social media marketing.

Don’t get me wrong; social media is still a great way to connect with your audience; however, e-mail marketing remains on top when it comes to the positioning of you / your payroll service as a subject matter expert.

5 Benefits To e-Mail Marketing.

  • 1. It’s Cost-Efficient: e-Mail marketing is the best when you look at the cost of acquisition. 
  • 2. Customize Your Messages: Unlike the one size fits all social media ad, e-mail marketing allows you to customize the relevant message, i.e., chamber member, association member, CPA, etc.
  • 3. Everyone Checks Their Inbox: Your target audience checks their inbox 5 - 6 times a day; therefore, you will have a greater chance to be noticed than a pop-up or banner ad. 
  • 4. It’s Measurable: With e-mail hosting services like Constant Contact, you can measure trends with just a few keystrokes. 
  • 5. Helps Your Salespeople BIGTIME: You can give a list of people who received, opened, or clicked on a link and then call them with an "Oh, by the way" call within 4 – 36 hours of receiving a campaign.

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 07:06 am   |  Permalink   |  Email
Monday, October 17 2022
6 Reasons Why A Payroll Prospect Will Forget About Your Payroll Service

6 Reasons Why A Payroll Prospect
Will Forget About Your Payroll Service

By Glenn Fallavollita, President of SellMorePayroll.com | Drip Marketing, Inc.

  • Word Count: 507
  • Time To Read: 2.0 Minutes @ 250 Word Per Minute

According to data from the Census Bureau’s Annual Survey of Entrepreneurs, there were 5.6 million “employer” firms in the U.S. in 2016. Here’s the breakdown:

  • 500 or fewer workers accounted for 99.7% of those businesses.
  • 100 or fewer workers accounted for 98.2%.
  • 20 or fewer workers made up 89%.

Click Here To Read The Census Survey @ SBE Council.org.

With this many businesses in the U.S., you are probably saying to yourself, "If they only knew about my payroll service, I would be able to grow my sales exponentially." Unfortunately, the items listed below are working against you.

6 Reasons Why A Payroll Prospect Will Forget About Your Payroll Service.

  • Reason #1: 40% of all salespeople feel that prospecting is one of the most challenging aspects of their job (therefore, most salespeople flat-out ignore this activity).
  • Reason #2: 70% of all salespeople are either disengaged or completely disengaged in their job (now re-read point #1). 
  • Reason #3: 50% of all salespeople stop calling a prospect, for 9 to 12 months or altogether, after their first unsuccessful attempt at moving the sales process forward.
  • Reason #4: 50% of what you tell a prospect during a presentation is forgotten in less than one (1) hour, 70% in 24 hours, and 90% in a week.
  • Reason #5: 90% to 95% of all "prospecting calls" go directly to voicemail.
  • Reason #6: 95% of all small businesses (and most likely yours) don't provide their sales staff with any sales training after 30-days of employment.

If you want more payroll prospects and referral partners to remember your payroll service when they're ready to switch to a new payroll service (or recommend a payroll service to someone they know), I have listed below some proven money-making campaigns.

Marketing Campaigns To Help People Remember Your Payroll Service: 

Here are some time-tested drip marketing campaigns (sent as an e-mail):

  • Refer Us To A Friend/Business Client
  • Client Survey
  • Holiday Card(s)
  • New Hire Press Release
  • New Product Or Service Press Release
  • Product Or Service Spotlight
  • Sales Letter
  • Webinars (Every 3 - 4 Weeks) On Ways To Improve X, Y, Or Z

Even More Ideas:

  • Send each salesperson's top 10 list of prospects and/or referral partners a lumpy mail campaign. 
  • Send someone a thank you gift card if they referred you to a prospect that resulted in a sale.
  • Sponsor a Shred Your Documents Day with a shredding company in conjunction with a local bank or credit union. 

Executive Summary: You will see an immediate increase in sales by doing three things:

  1. Build/update your e-mail marketing database(s) each week.
  2. Send your database of referral partners, clients, past clients, and prospects relevant content.
  3. Follow up most e-mail marketing campaigns with an "oh, by the way," phone call. 

Yes, it's that simple. 

P.S. The days of winging it with your marketing efforts are over. If you want to have a break-out year, set your goals and then take action.

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.

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Posted by: SellMorePayroll.com AT 01:28 pm   |  Permalink   |  Email
Friday, September 16 2022
Why Your Payroll Company's VP of Sales Needs To Be A Great Salesperson

Why Your Payroll Company’s VP of Sales
Needs To Be A Great Salesperson

(Print And Share At Your Next Sales Meeting)
By Glenn Fallavollita, President - SellMorePayroll.com Drip Marketing, Inc.

  • Word Count: 563
  • Time To Read: 2.1 Minutes

When hiring a sales leader for your payroll service, you want to ensure your VP of Sales is a great salesperson. If not, there is a good chance they won’t perform well for you.

“But Glenn, Aren’t All VP of Sales Great At Selling?”

No! Here’s why: Let’s say you are interviewing 10 candidates who claim they have increased sales tenfold at XYZ company.  What they aren’t telling you is this: They worked for a larger, more well-established payroll, HR, PEO, or tech company that had a large client base and a loyal referral partner base (AKA sales lead machine).

Unfortunately, if you are a smaller payroll/HCM business with only a handful of salespeople, you want to avoid hiring a sales leader that can’t sell, no matter how strong their resume or LinkedIn profile looks. Trust me when I say, “small payroll services are not like Fortune 1,000 businesses or companies with a large client/referral base.”

If Your VP of Sales Can’t Sell, Here Is What Will Happen.

  • They are poor sales trainers.
  • They don’t know how to create a competitive sales team.
  • They don’t know how to create sales tools and marketing messages that will resonate with your target audience.
  • They don’t know what top talent looks like.
  • They focus on non-revenue producing reports, i.e., how many calls a salesperson is making.
  • They won’t be able to dissect a sales call to help improve a salesperson’s sales skills. 
  • They won’t be able to land the bigger deals or be brought in on deals with their salespeople (now read the next bullet point).
  • They won’t gain the respect of their salespeople.

8 Tips When Hiring A VP of Sales:

  1. Ask for three customer/client references. 
  2. Ask them to give you an elevator pitch on what they are currently selling.
  3. Ask them to make a PowerPoint presentation on what their current employer sells.
  4. Ask them to role play with you (with you being a prospect for what they are selling).
  5. Ask to talk with a past owner (as a reference).
  6. Ask to talk with three salespeople they hired.
  7. Don’t hire a VP of Sales who is also responsible for marketing your business.
  8. Ask the candidate what they would do in their first 60-days on the job.

What Their Answer Should Be On Question #8:

  • Develop a client survey, client referral program, CPA referral program, and a lead nurturing (drip marketing) system.
  • Get in the field to determine the salespeople who can sell.
  • Go talk with your clients and referral partner.
  • Learn your payroll/HCM platform.
  • Review your marketing campaigns to determine if the messaging is based on the buying triggers of your target audience.
  • Review your sales staff’s compensation plan.
  • Set up a sales pipeline report for each salesperson.

Summary:  Sales leaders who aren’t great salespeople tend to be a costly endeavor for the smaller payroll service bureaus – and blame the poor sales on their sales staff and how nobody knows who your company is.  Conversely, the VP of Sales who is both a great manager and a solid salesperson will figure out your problems fast and correct your revenue problems. 

P.S. Be careful of hiring a VP of Sales who only worked at a large company with a larger client/referral partner database. Although they are good for many things, they just won't be good for your business.


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 06:52 am   |  Permalink   |  Email
Tuesday, September 06 2022
6 Ways To Generate More Q4 Sales & Referrals

6 Ways To Generate More Q4 Sales & Referrals
(Print And Share At Your Next Sales Meeting)
By Glenn Fallavollita, President - SellMorePayroll.com Drip Marketing, Inc.

  • Word Count: 473
  • Time To Read: 1.9 Minutes

The Q4 selling season has officially started for the payroll service industry. And if you want to jump-start your Q4 sales, I have listed below some key selling tips for all owners, sales leaders, and sales pros to read.   

#1: Build A Massive e-Mail Database - If you want to see an immediate increase in sales, work on building a massive e-mail database of clients, prospects, and referral partners. If you don’t have enough e-mail addresses, call or e-mail me as we have an e-mail address acquisition service.

Click Here To Learn More About Our e-Mail Address Acquisition Service.

#2: Connect With Your Payroll Clients - Satisfied clients are the lifeblood of any business. That said, here are a few ideas to help generate more referrals from your database of clients:

  • Say "thank you" to your clients for being a customer.
  • Ask your clients to proactively recommend your business to someone they know.
  • Survey your database of clients to determine how well you are performing (see point #5 below). 

#3: Develop A Drip Marketing Strategy - To market your business cost-effectively, I recommend sending a consistent series of bite-size marketing campaigns versus taking the start-then-stop approach to marketing your business.

#4: Write Relevant Content To A Reader – The first step you need to take is to develop a database of clients, prospects, and referral partners. After that, start sending relevant messages to each group on file.

#5: Pick Up The Phone To Follow Up - Once a drip marketing campaign has been sent, make sure your salespeople call to follow up a campaign. By the way, this is the best way to shake the prospect tree if you want more sales leads and referrals.

To help you sound more professional on the phone, I have outlined two voicemail scripts to consider:

  1. Hi _______this is ______ from ______________. I’m just quickly following up on an e-mail we sent to you about our free _______ offer.  If you would like to find out how our ____________ can reduce employee lawsuits, call me at (800) 555-1212, again, (800) 555-1212.
  2. Hi _______this is ______ from ______________. I’m just quickly following up on an e-mail we sent you about our free ________ demo.  If you would like to find out how we can reduce your ______ by XX% in 21 days or less, call me at (800) 555-1212, again, (800) 555-1212.

#6: Survey Your Clients - A client survey can provide you with a tremendous amount of feedback. Specifically:

  • How well your business is performing.
  • Generate more referrals (we show our clients this all the time).
  • Determine if a client needs a particular product or service.

Executive Summary: Bringing on new clients is the lifeblood of any payroll service. And if you want to see an increase in new business, you need to TAKE ACTION today, not tomorrow. 


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 06:00 am   |  Permalink   |  Email
Friday, September 02 2022
Before You Sell Your Payroll Service To Your Kids, Read This Article

Before You Sell Your Payroll Service
To Your Kids, Read This Article

By Glenn Fallavollita, President - SellMorePayroll.com Drip Marketing, Inc.

  • Word Count: 714
  • Read Time: 2.9 Minutes

So, you have built a successful payroll service, and you are now considering the idea of selling your business to one of your children(s). And as with many decisions in life, you need to think through the process to ensure a smooth transition to this transaction.

Staggering Facts To Consider:

According to Businessweek.com, 2010…

  • ~40% of U.S. family-owned businesses transition to a second-generation business.
  • ~13% are passed down successfully to a third generation.
  • ~3% survive to a fourth generation or beyond.

In an article by Beau Ruff, Cornerstone Wealth Strategies, he wrote the following:

Gift Rules Apply

"A business can be gifted, but how does one determine if any part of the business transition is a gift?

  • Any time a person sells an asset (including the family business) below fair market value to a child, the seller must analyze the application of gifting rules (and the associated gift tax).
  • Gifting applies to the total sale price but could also apply to other parts of the transaction, such as the interest rate charged on an installment sale note (where the parents effectively loan a portion of the purchase price to the child buyer)."

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Reasonable sale price?

  • The responsible solution is to get the business appraised by a qualified business valuation expert. This allows a competent third party to evaluate business metrics for an unbiased view of value. Once a clear value is established, it can then be used to later drive other components of the business transition strategy.
  • Whether the interest rate charged by the seller parent to the buyer child is a gift is more straightforward. The IRS monthly publishes the Applicable Federal Rate (AFR) which is used to determine if the interest rate charged gets into gift territory. The long-term (over nine years) AFR for May 2022 is 2.66% (compounded annually).

Accordingly, this sets the floor for the minimum long-term interest to be charged on the sale of the business to avoid the implication of the gifting rules.

Favorable timeline

Parents often structure these sales with the minimum amount of down payment, carry the loan for a period longer than a typical third-party sale, and charge lower interest on the contract balance.

  • For example, a parent trying to avoid the implication of gifting (but still create favorable terms for the child) might require no down payment, a 10-year installment plan, and 2.66% interest on the declining balance (based on the May 2022 AFR).

Partial gift

A common misunderstanding regards the limits of gifting.

  • The federal gift annual exclusion allows parents to make gifts of up to $16,000 without any reporting requirements, but parents can gift much more than that.
  • For example, under current law, a couple can gift a total of $22.12 million during their lifetimes before being required to pay any gift tax, but that couple would be required to file a federal gift tax return.
  • And, if a couple made a gift that large, it would entirely eliminate their estate tax credit thus pushing all assets remaining to the 40% tax level at death. Accordingly, a gift that large should be heavily scrutinized.
  • More likely, the parents might choose to gift, say $1 million, out of a total business value of $5 million. Then, the child has instant equity in the business and the parents can help to finance the remaining $4 million purchase price. This too would require filing a gift tax return, but no gift tax would be owed.

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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.

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