Case Study: Asking the Right Questions to Make 180° Change

"Between changing our prices and figuring out where our value is, it completely changed our plan and financial make-up. We have OneCoach to thank for those breakthroughs." Wendy Byford, President, Your Entity Solution, LLC

Client: Your Entity Solution, LLC

This experienced team coaches business owners on how to use incorporation and tax strategies to grow and protect their wealth.

Challenge: Breaking Away from 'Break Even'

Wendy Byford and her husband launched a firm with two other partners to help new business owners establish their corporate structures. After its first year of doing business, Your Entity Solution had a solid foundation, but lacked profitability and a clear path for substantial growth.

Wendy and Gary thought their biggest issues were a set price that they had inherited from their main marketing channel, and the challenge of expanding to new communities.

Results:

Wendy's most conservative growth estimate for 2007 is 43 percent, with an upside of 70 percent.
The company has a cash reserve, and makes regular distributions to its partners.
The founding partners are looking at starting a second company for new business owners with greater needs, offering a menu of supporting services.

How OneCoach Helped:

Thanks to insights from John Assaraf and Murray Smith, Wendy:

Repositioned the emerging firm as a "advisory" company instead of just an "incorporation" company.
Improved pricing to provide optimum services to clients, while making their business financially sustainable.
Realized that they were gaining clients for life, not just for a snapshot in time.

Steps to Success

An 'Aha!' Moment

Originally, Wendy and Gary identified a quick way to stabilize the business: solicit back-office assignments from attorneys and CPAs. Instead, their coaches encouraged them to embrace their true value: as teachers, advising and helping clients. Going "back office" would have wasted their major strengths.

Asking the Right Questions

"If you don't know what you don't know," Wendy says, "you can't see yourself as others see you." The OneCoach experience gave Wendy the framework to ask the right questions about the business, which led them to the right answers.

Working the Plan

OneCoach pointed Wendy and Gary in the right direction; they had to do the heavy lifting themselves. "You have to be mature enough in your business outlook to understand that this is hard work. If you've reached that maturity, you'll do whatever it takes. All you need is the guidance," Wendy says.

Tools

Wendy and Gary consider OneCoach a commitment to their ongoing growth. To maximize the experience, they:

Joined the Business Growth Network
Benefited from one-on-one coaching
Did their homework
Attend every major event
Follow up on ideas that can benefit their business

"Between changing our prices and figuring out where our value is, it completely changed our plan and financial make-up. We have OneCoach to thank for those breakthroughs."

Wendy Byford, President, Your Entity Solution, LLC