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Case Study

Tax Prep to Tax Resolution, How One Accountant Made the Switch

Goals Goals

  • Understand which KPIs are most important
  • Define firm targets for the coming years
  • Learn to price and scope services more accurately

Key Benefits Experienced Key Benefits Experienced

  • Doubled revenue each of the past two years
  • Defined and implemented standard operating procedures
  • Furthered his desire to grow his tax firm

“If you grind the ax, it will cut the wood. The 7 Figure Firms program works, but you have to do the work.”

BEN GOLDEN, EA

Ben Golden operates a tax resolution firm in Alabama. His goal is to give clients peace and protection from the IRS. He joined the 7 Figure Firms program three months before beginning his firm in 2017. Since that time, his firm revenue has steadily increased. Here is his story.

Creating a Mid-Sized Tax Firm that Only Has Mid-Sized Profits

Originally, Mr. Golden started a tax firm in 2004, which he built over the course of 10 years to include 1,000 business returns and 2,500 individual returns annually. As a mid-sized firm, he was stuck doing compliance work with no good options of increasing revenue without taking on even more clients. Mr. Golden sold the tax firm in 2014 to pursue another tax firm opportunity with a construction company. 

Then, in the spring of 2017, he signed up with 7 Figure Firms with the intention of opening his third tax firm over the summer, this time concentrating on tax resolution rather than compliance services. “I learned the first two times around that my pricing wasn’t right. Sometimes I’d do tax planning for my clients and wouldn’t even charge for it. The truth is, I didn’t know how to charge more,” Mr. Golden explained. 

With a 3-month lead time before opening, Mr. Golden studied the materials inside the 7 Figure Firms program to get focused and find direction on how to run his new business. “I felt it really helped me get prepared to open my third tax firm the right way. I know if I had charged more and given more value between 2004 and 2016, I would have made millions of dollars more. I wasn’t going to make the same mistake again.”  

New Tax Firm, Bigger Goals

The most important things Mr. Golden was looking to gain from the program included KPIs to measure his new business and getting his standing operating procedures nailed down from the start. He knew tax resolution was where he wanted to go with the firm, and the 7 Figure Firms program gave him a springboard to get his business in order. 

I focused on learning the technical parts of how to do the work during the first six months rather than on making as much money as possible,” he explained. “Education and processes took priority.” Revenue began to take off in 2018 as the firm surpassed six figures, doubling again in 2019 and on pace to double once again for 2020. 

Why did he focus the firm on tax resolution? “My tax identity was stolen. Not my personal identity, but someone attempted to file taxes as me to get a huge refund on my personal return. The IRS stopped it thankfully, but I knew many people out there have tax issues that need to be fixed,” explained Mr. Golden. “Another time an IRS bully attempted to get me to pay a debt of $171,000. I went to two managers above her to get it resolved.” He knew that there had to be others in this situation fighting the IRS, and he wanted to dedicate his firm to help with just that. 

With tax resolution as the focus of the business rather than tax prep, Mr. Golden knew the sales cycle for each client would look a lot different. However, because of the pandemic, the IRS has been backlogged and the lifecycle of his clients has increased even more, now to nearly 24 months. He will start introducing more tax planning to address this, but currently the firm is 99% tax resolution, 1% tax planning. 

More Effective and Efficient Firm Processes

“I won’t teach something without putting it into practice for myself,” Mr. Golden said. “I used seven strategies to save over $100K in taxes for myself using the tax planning strategies I give to my clients. What I love about 7 Figure Firms is that you get the mindset as an accountant that you’re valuable. I never fully understood the value I provided until I got in this program—but beyond the mindset part, you get the technical expertise to build your firm. No matter what size your firm is or what services you’re offering, you can improve it with the coaching and resources inside the program.” 

Mr. Golden went on to explain that the processes he has in place are more effective and more efficient than what his first two firms ever had. “I needed 7 Figure Firms to put a system behind me and help put standard operating procedures in place.” 

With his firm now running on all cylinders and with high profit margin, Mr. Golden is excited to continue to grow the firm and take advantage of the continually new resources available within 7 Figure Firms. “When COVID-19 hit, all of us inside the program were able to pivot our services offerings because Andrew Argue [CEO of Corvee] saw the need to change for the rapidly changing marketplace. Knowing that we have relevant materials and up to date resources for our clients is a great comfort.” 

The Outworking and Outsmarting Tax Professional

Mr. Golden has always been driven, but the 7 Figure Firms program has given him a track to run on to use that drive and to focus in on his business and excel at it. “When I was in 10th grade, I lost a state wrestling match. I knew I wasn’t the smartest or most talented guy out there, but I knew what I could do from that moment forward: outwork my opponents and outsmart them in different ways.”

Mr. Golden has been using that same mindset used for sports and transferred it to his business. He wants to be more, do more, and be excellent…and the 7 Figure Firms program gives him an outlet to become more of those things in his business. If you’re also driven but just need the tools, resources, and coaching to take your firm to the next level, schedule a call at the button below. 

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