neil fauerbach outlines several ideas you could use.
by jean marie caragher
niche marketing continues to be the most successful marketing strategy for accounting firms.
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over the years i’ve received mixed reactions about whether family business qualifies as a niche. are niches only industry-oriented?
i believe, in fact, family business is a niche because of the unique set of challenges they face. family businesses are managed by people whose lives are financially and emotionally connected. this provides accountants with many consulting opportunities, including:
- family employment policies
- attracting and retaining non-family employees
- salaries and compensation
- family retreat facilitation
- conflict resolution
- leadership development
- planning for the future
- succession planning
- estate planning
- strategic planning
- technology consulting
is there a market? yes! according to the u.s. bureau of the census, about 90 percent of american businesses are family-owned or controlled. ranging in size from two-person partnerships to fortune 500 firms, these businesses account for half of the nation’s employment and half of her gross national product.
one certified public accounting firm taking advantage of a family business niche is smith & gesteland, based in madison, wisconsin.
“smith & gesteland is known for being the family business practice in the midwest,” says neil fauerbach, partner and director of business development and marketing, proudly. “we’ve built our reputation, which has also resulted in new business.”
family business services group
in 1997, smith & gesteland approached the university of wisconsin – madison school of business with a proposal to start a family business center. the center, which just celebrated its twentieth year, is a member organization within the school that currently has 50 family business members. fauerbach serves on the center’s board of advisors and the board of sponsors.
smith & gesteland’s family business services group was formed prior to fauerbach joining the firm in 2001. currently comprised of 15 members, the group meets twice monthly. the first meeting is technical in nature, focusing on succession planning, family office, family meetings and preparing the next generation. the second meeting is a review of new business development, leads and new business.
a staff member develops the agenda, pulls the meeting information together, gives assignments and runs the meeting. “this is a wonderful nurturing opportunity to play a role in growing this niche at a staff level,” says fauerbach.
family business of the year award
when fauerbach joined smith & gesteland in 2001 the firm had a high profile in the marketplace for its family business niche. taking his 10 years of experience in running a manufacturer of the year awards program with another firm, fauerbach created the family business of the year award along with a bank and a law firm. in its history the awards program has received nominations from more than 200 people representing 180 businesses.
smith & gesteland invests an average of $10,000 per year (co-sponsors invest the same amount) plus 40-60 hours of fauerbach’s time. the awards banquet is attended by 150-300 people.
other ways to promote family business niche
smith & gesteland offers other programs for family businesses. the firm’s continuing the legacy series began five years ago, targeting the next generation of family business owners. the series is held over a six-month time period.
“when bad things happen to good people that don’t plan” seminars started four years ago and is held once or twice a year. co-sponsored by a bank, law firm and insurance company, it’s a standalone event held in geographic markets where smith & gesteland wants to expand. “the program includes a client who has dealt with an issue and shares his story,” fauerbach explains. “it’s held in the morning for three hours at no charge.”
in 2014, fauerbach hired a researcher to study best practices in succession planning for family businesses. the research – known as the legacy study – resulted in several whitepapers, seminars and panel discussions.
food for thought seminars are a component of six morning-long seminars during the center’s program year on family business-related topics featuring experts from around the country. members of smith & gesteland – a sponsor – serve as speakers to showcase their expertise. they also invite clients who aren’t members of the center to attend.
finally, the firm created a new package of services known as transitions, focused on succession issues. it held four seminars in 2017 and four more are scheduled for 2018. these events have generated new business leads for the firm with current clients and non-clients alike.
“it’s all about building relationships,” fauerbach explains. “family business is an overriding niche for our firm. we have services to sell, including succession planning, 80/20, consulting, personal tax, personal and business goals, and other non-compliance services that enhance business value and personal wealth.”
firms can differentiate themselves by becoming professional family business consultants. programs and education are offered by many colleges and universities; certificate programs are available through the family firm institute.
smith & gesteland hasn’t felt the need for certification. “we have a wealth of experience and clients haven’t asked for it,” explains fauerbach. “however, certification would be helpful from a marketing and execution standpoint for a cpa or firm breaking into this niche.”