... hiring professional management.
106 PRACTICE MADE PERFECT
Failure to clearly define the roles and expectations of the indi-
vidual CEO.
Most financial-advisory practices are small businesses—
certainly ... attention.
104 PRACTICE MADE PERFECT
who will. As Winston Churchill said, “Graveyards are filled with
indispensable people.”
Hiring Your Boss: Do You Need a CEO?
Does your ad...
... observe the evolution of this profession from practice
to business, we also recognize the need to invest in certain skill sets
14 PRACTICE MADE PERFECT
gaps and obstacles that prevent you from ... watchwords are
“renewal or decline.” Usually, by the time a firm is in this stage, the
10 PRACTICE MADE PERFECT
conditions of shrinking client list, shrinking profitability, and di...
... amount of flex-
ibility and advantage for advisers who operate in the fee-only market.
72 PRACTICE MADE PERFECT
those who hired me. Who knew that running a business could be
so hard? I reflected ... businesses.
! A large percentage of business leaders are within five years of retirement.
68 PRACTICE MADE PERFECT
A good example of this migration is the system in place at
America...
...
forfeiture risk. The restrictions are lifted over a period of time or lapse gradually.
136 PRACTICE MADE PERFECT
the shares relies on the value of the entire company—a good combination
of individual ... of the stock award is treated as ordinary income and the company
can take a deduction.
130 PRACTICE MADE PERFECT
Advantages to firm
! The employee has a strong incentive to co...
... planning decisions made by the reader.
First edition published 2005
1 3 5 7 9 10 8 6 4 2
Library of Congress Cataloging-in-Publication Data
Tibergien, Mark C.
Practice made perfect : the discipline ... a practice because
we love the work. It doesn’t take long to recognize that if we want
to be successful long-term, we have to build a business. Building a
business is what Practi...
... technology more
effectively in your practice. The big challenge is in knowing how to
frame your technology choices, how to integrate new technology into
your practice, and how to evaluate your ... love your work as much as we do, that’s not a hardship. But the
sacrifices Arlene and Grant have made have allowed us to pursue our
passion, and they’ve done it with great support.
We also...
... areas of practice management and determine where to
begin the work of transforming the practice you have into the one
you’ve always believed it could be.
XVI INTRODUCTION
2 PRACTICE MADE PERFECT
projected ... related, they
become a client. The adviser focuses on volume of business just to
survive.
Practice Made Perfect
I
F RUNNING A BUSINESS were easy, everybody would be...