300 Client Consults in Year 1? Learn How and More w/ Max Minsker
Podcast
Summary
On this episode of Growing Your Firm, David Cristello interviews Max Minsker, the founder and CEO of Bookmate, a remote accounting firm. Max shares insights into his journey of establishing Bookmate, focusing on tax returns and bookkeeping services.
The discussion delves into his unique approach to packaging and pricing, highlighting his atypical path to success in the industry. Tune in for valuable insights on building a successful accounting firm.
What you’ll learn
The listener will learn about how Max Minsker founded and runs Bookmate, a remote accounting firm focused on tax preparation for new companies, as well as the atypical path he took to building a successful firm.
Guest Bio
Max Minsker is a dynamic entrepreneur who has carved his own path in the business world, showcasing a unique blend of ambition, adaptability, and a keen eye for market demand.
With a background in sales and a passion for entrepreneurship, Max’s journey has been marked by a series of strategic pivots and bold decisions that have led him to success.
Starting his career in sales, Max quickly realized his desire to break free from the constraints of corporate structures and pursue his entrepreneurial dreams.
This drive led him to co-found 2K Analytics, a venture that eventually led to an exciting opportunity with the Minnesota Timberwolves, where he delved into the gaming division for nearly two years.
Despite achieving a dream role within the NBA, Max found himself unable to shake the entrepreneurial bug that had fueled his ambitions from the start. This restlessness led him to explore various business concepts, eventually leading him to the founding of Bookmate, a remote accounting firm that has since become his primary focus.
Max’s ethos revolves around listening to the market and adapting to its demands. His journey into the world of tax preparation was not a planned one but a response to the overwhelming feedback from potential clients. This flexibility and willingness to pivot have been key to his success in building Bookmate into a thriving business.
Throughout his career, Max has demonstrated a knack for identifying opportunities, building strong relationships, and leading with a blend of ambition and pragmatism. His approach to business is rooted in a deep understanding of market needs and a commitment to providing cost-effective solutions for his clients.
With a background in finance and accounting, Max brings a unique perspective to the world of tax preparation, focusing on simplicity, efficiency, and client satisfaction.
His ability to attract and retain talent, leverage technology, and adapt to changing market dynamics has set him apart as a forward-thinking entrepreneur in the accounting industry.
Max’s journey serves as a testament to the power of perseverance, adaptability, and a willingness to listen to the market. His story is a reminder that success often lies in the ability to embrace change, take calculated risks, and stay true to one’s entrepreneurial spirit.
Detailed Synopsis
Max founded Bookmate with a focus on providing tax services, specifically tax returns, for new companies, particularly those in their early stages. While his original plan was to offer bookkeeping and financial services, he noticed a higher demand for tax work.
This shift led Bookmate to evolve into a digital-first tax preparation firm catering to newly formed companies. The target clientele consisted mainly of small businesses, startups, and SMBs across sectors like e-commerce, software, and consulting.
Max’s pricing strategy for Bookmate’s services was designed to meet the needs of clients in the early stages of business. He ensured that the services were affordable and accessible for companies with simpler tax requirements, making the pricing suitable for businesses with limited revenue.
By focusing on serving this specific niche of new and small companies, Bookmate was able to build a strong client base and establish a reputation for providing cost-effective tax solutions.
Targeting new companies for tax services was a strategic decision by Max, recognizing the potential for growth and long-term relationships with clients at the beginning of their business journey.
By tailoring tax services to the needs of startups and small businesses, Bookmate positioned itself as a valuable partner in helping these companies navigate their tax obligations efficiently and affordably. This approach not only attracted clients but also fostered loyalty and referrals within the entrepreneurial community.
Max’s emphasis on serving new companies with tax services through Bookmate underscores the importance of understanding the specific needs of a target market and tailoring services accordingly.
By aligning pricing and services with the requirements of startups and small businesses, Bookmate carved out a niche in the market and established a successful tax firm that resonated with its target audience.
In the episode, Max shared his strategies for acquiring clients and growing his business. He utilized a combination of email outreach, Facebook engagement, and partnerships to acquire his initial clients and expand his business.
- Email Outreach: Max began by reaching out to individuals in entrepreneur forums and other platforms via email, focusing on small or newly formed companies. By offering tax assistance to these early-stage businesses, he established connections and acquired his first clients through email outreach.
- Facebook: In addition to email outreach, Max engaged with individuals who had recently started side projects on Facebook, offering his tax services to them. This approach allowed him to tap into a different audience and broaden his client base through social media outreach.
- Partnerships: Max emphasized the importance of forming partnerships to grow his business. By collaborating with formation companies to offer tax services to their clients, he generated more traffic and referrals for his business, leveraging existing client relationships to establish strategic partnerships.
Max’s strategic use of email outreach, Facebook engagement, and partnerships played a pivotal role in acquiring his first clients and laying the foundation for Bookmate’s growth.
By targeting specific audiences, engaging with potential clients through various channels, and forming strategic partnerships, Max successfully built a remote accounting firm focused on tax preparation for new and small businesses.
Max also highlighted the significance of building a team at Bookmate, recruiting team members from his community who shared his entrepreneurial spirit. Leveraging personal connections, he brought on board young, ambitious individuals aligned with his vision and values, contributing to the business’s growth and success.
Utilizing part-time hires was another key strategy Max implemented to support Bookmate’s operations. By recruiting part-time talent primarily through LinkedIn, targeting students or individuals seeking accounting experience, he was able to tap into a motivated pool of individuals to assist with tasks like data entry, data collection, and basic customer service.
This approach provided valuable support to the team and offered individuals practical experience in the accounting field.
Communication within the team was facilitated through platforms like Slack, serving as a central hub for all communication.
Max conducted regular stand-up meetings with the accounting team and separate meetings with the sales and customer service team to keep the team aligned, informed, and engaged in the day-to-day operations.
By fostering open communication and a collaborative environment, Max ensured that all team members were working towards common goals.
Timestamps
[00:02:48] Building a Seasonal Tax Business.
[00:06:01] Acquiring clients through emails and forums.
[00:09:39] Building confidence through sales experience.
[00:11:05] Efficiently managing sales meetings.
[00:15:22] Moving Upstream in Business Strategy.
[00:17:02] Finding Talent on LinkedIn.
[00:21:49] Hiring a salesperson strategies.
[00:25:15] Entrepreneurial journey and motivations.
[00:27:09] Getting pulled into tax returns.