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Alan Weiss. Value-Based Fees
Table of Contents
List of Tables
List of Illustrations
Guide
Pages
Value-Based Fees
How to Charge What You’re Worth and Get What You Charge
Other Works by Alan Weiss
For the Third Edition
Introduction to the First Edition
Introduction to the Third Edition
Acknowledgments
About the Author
CHAPTER 1 The Origins of Value: What People Want Is Not as Important as What They Need. ABUNDANCE AGRICULTURE AND THE ARTS
THE ABUNDANCE MIND-SET
WHY YOUR PRESENCE ISN'T REQUIRED
CASE STUDY: THE ARCHITECTS
THE IMPORTANCE OF BUYER COMMITMENT, NOT COMPLIANCE
CRITICAL STEPS FOR BUYER COMMITMENT
THE BUOYANCY OF BRANDS: HOW BRANDS HELP FEES
CREATING SHARED SUCCESS
CHAPTER ROI
NOTES
CHAPTER 2 The Lunacy of Time-and-Materials Models: Who Wants to Be as Dumb as a Lawyer?
SUPPLY-AND-DEMAND ILLOGIC
CASE STUDY: THE TRAINER
ETHICAL CONFLICTS OF INTEREST AND OTHER MINOR MATTERS
The Basis for Profit
The Client Need Quandary
Conflicts with Client Purchasing Policies
Preserving Client Budgetary Limits
LIMITING PROFITS, OR WHY NOT JUST FORGET DOMANI?
WHY LAWYERS AND CPAS DO SO POORLY
Attorneys
Accountants
Search Firms
CASE STUDY: ARTHUR ANDERSON
EDUCATING THE BUYER INCORRECTLY
Prospect Education Checklist
THE MERCEDES-BENZ SYNDROME
Thirteen Questions for Establishing Value with the Buyer
CHAPTER ROI
NOTES
CHAPTER 3 The Basics of Value-Based Fees: It's Better to Be an Artist Than to Be an Engineer
FOCUSING ON OUTCOMES, NOT INPUTS
THE FALLACY AND SUBVERSIVE NATURE OF “DELIVERABLES”
VIGNETTE
QUANTITATIVE AND QUALITATIVE MEASURES AND CRITERIA
Quantitative or Objective Criteria
Qualitative or Subjective Criteria
CASE STUDY: THE EXECUTIVE SPOUSE
MEASURING THE UNMEASURABLE
SERVING THE CLIENT'S SELF-INTEREST
THE SUBTLE TRANSFORMATION: CONSULTANT PAST TO CLIENT FUTURE
PERPETUAL MOTION, PERPETUAL PROGRESS
CHAPTER ROI
NOTES
CHAPTER 4 How to Establish Value-Based Fees: If You Read Only One Chapter …
CONCEPTUAL AGREEMENT: THE FOUNDATION OF VALUE
ESTABLISHING YOUR UNIQUE VALUE
Why Me?
Why Now?
Why in This Manner?
CREATING THE “GOOD DEAL” DYNAMIC
CASE STUDY: THE LAW FIRM
THE INCREDIBLY POWERFUL “CHOICE OF YESES”
SOME FORMULAS FOR THE FAINT OF HEART
The Step-by-Step Choice of Yeses
CHAPTER ROI
NOTES
CHAPTER 5 How to Convert Existing Clients: Be Passionate, Not Zealous
THE LITMUS TEST—SETTING PRIORITIES
Exhibit 5.1 Test to Determine the Potential to Shift a Client to Value-Based Fees
OFFERING NEW VALUE
Unlimited Access
New Services
Wider Access
Combined Buyers
New Access Points
“Membership” in Perceived Benefit
PRACTICUM
FINDING NEW BUYERS WITHIN EXISTING CLIENTS
CASE STUDY: THE FIELD ENGINEERS
FINDING NEW CIRCUMSTANCES
PRACTICUM
THE RESISTANCE
ABANDONING BUSINESS
CHAPTER ROI
INTERLUDE: THE CASE OF THE LOADED LOADING DOCK
NOTES
Ethics and Fees, Fees and Ethics: A Mid-Book Practicum
CASE STUDY: THE AIR NATIONAL GUARD
NOTES
CHAPTER 6 The Sublime Nature of Trusted Advisor Relationships: It's the Smarts, Stupid
Trusted Advisor Versus Coaching
OPTIMAL CONDITIONS FOR TRUSTED ADVISOR RELATIONSHIPS
CASE STUDY: THE FIRE THAT DIDN'T HAPPEN
Ten Criteria for Lucrative Retainer Agreement Conditions
Three Key Dimensions
The Prime Directive
CHOOSING TIME FRAMES AND CREATING REALISTIC EXPECTATIONS
Quick Tips for Gaining High-Value, High-Profit Retainers
ORGANIZING THE SCOPE AND MANAGING PROJECTS CONCURRENT WITH THE RETAINER
CAPITALIZING ON TRUSTED ADVISOR RELATIONSHIPS
Exhibit 6.1 Sample Letter of Agreement for a Retainer Relationship
AGGRESSIVELY MARKETING TRUSTED ADVISOR RELATIONSHIPS
CHAPTER ROI
NOTES
CHAPTER 7 Seventy Ways to Raise Fees and/or Increase Profits Immediately: Act Today and Receive a Second Bass-o-Matic Free of Charge!
Total Days to Cash
CHAPTER ROI
CASE STUDY: THE CASE OF THE REBOUNDING RETAINER
NOTES
CHAPTER 8 How to Prevent and Rebut Fee Objections: Since You've Heard Them All Before, How Can You Not Know All the Answers?
THE FOUR FUNDAMENTAL AREAS OF RESISTANCE
Resistance Point 1: I Don't Trust You
How to Build and Recognize Trust
Resistance Point 2: I Don't Need You
Resistance Point 3: I Don't Feel Any Urgency
Resistance Point 4: I Don't Have the Money to Pay You
MAINTAINING THE FOCUS ON VALUE
BORING IN ON THE SUBJECT
OFFERING DISCOUNTS
FULL PAYMENT IN ADVANCE
CASE STUDY: THE INSURANCE EXECUTIVE VICE PRESIDENT
USING “SMACK TO THE HEAD” COMPARISONS
Making “Deals”
CHAPTER ROI
CASE STUDY: THE CASE OF THE PERVERSE PURCHASING AGENT
NOTES
CHAPTER 9 Setting Fees for Everything Else: How to Make Money While You Sleep, Eat, Play, and Make Money Elsewhere
KEYNOTE SPEAKING: DON'T CHARGE FOR YOUR SPOKEN WORDS
Factor 1: Establish Your Value
Factor 2: Develop Options
Factor 3: Use Speakers Bureaus Only on Your Terms
PRODUCTS
Commercially Published Books
Self-Published Books
Other Stuff
CASE STUDY: THE LAWYER
EXPLORING NEW LUCRATIVE FIELDS
CASE STUDY
VIGNETTE
Coaching
Mentoring
Situational Consulting
VIGNETTE
AND NOW FOR SOME PERSPECTIVE
CHAPTER ROI
NOTES
CHAPTER 10 Fee Progression Strategies: Why You Fall Behind When You Stand Still
VIGNETTE
ENTRY-LEVEL FEES
TRANSITION TO A “GOING CONCERN”
TRANSITION TO PEER-LEVEL REFERRAL
CASE STUDY: PEER-LEVEL REFERRAL
TRANSITION TO THE BRAND PHASE
Branding of Approaches, Products, and Methodologies
Branding One's Own Name
CASE STUDY: THE FEDERAL RESERVE
TRANSITION TO THOUGHT LEADER AND ICON
ALAN'S AXIOMS FOR THE “GOOD DEAL”
1. You Are Entitled to Be Compensated for Your Value
2. Basing Fees on Time or Materials and Not on Value Is Simply Crazy (and Unethical)
3. Buyer Self-Interest Is Based on Results
4. Conceptual Agreement Is the Linchpin
5. Existing Clients Can Be Converted to Value-Based Fees
6. Trusted Advisor Business Is Discrete and Sound Business
7. There Are Scores of Ways to Raise Fees and Margins
8. You've Heard All the Objections Already
9. Nonconsulting Activities Are Lucrative
10. Identify Where You Are in the Fee Progression Strategy
CASE STUDY: THE CASE OF THE FEE FENG SHUI
NOTES
CHAPTER 11 Volatility Opportunity: Value-Based Fees in Times of Turmoil and Crisis
CASE STUDY: 9/11 AFTERMATH
VALUE DOESN'T DISSIPATE DUE TO DISTANCE
WE DON'T HAVE TIME, WE DON'T HAVE MONEY
CASE STUDY: THE OPPORTUNIST
CASE STUDY: THE CONFORMIST INNOVATOR
CASE STUDY: THE NON-CONFORMIST INNOVATOR
HOW CAN I HELP YOU?
I Need Your Guidance
CASE STUDY: THE SELF-PUBLISHED BOOK
NOTES
Appendix A Questions for Qualifying the Economic Buyer
Appendix B Questions for Establishing Business Objectives
Appendix C Questions for Establishing Measures of Success
Appendix D Questions for Establishing Value
Appendix E Questions for Assessing Personal Value Contribution
Appendix F The Difference Between Inputs and Business Outputs
Index
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