How to Move Clients from Bookkeeping to CFO Packages

Do you have clients that are stuck on your old bookkeeping or tax packages and you're trying to figure out how to convert them to your CFO packages, but you're not sure what to say to get them there? If so, you are in the right place, my friend. Hey there. My name is Michael King, and welcome back to the CFO Report, where I talk about starting, scaling, and optimizing fractional CFO services. Today I'm talking to one of my inner circle members who's got clients that are stuck on his old bookkeeping packages because he's not sure what to say to them to get them converted over to his new CFO service packages. I'm walking him through the process step by step and giving him some tips that will help maximize his opportunities for success. So without further ado, let's dive in.

Hey, Michael, my question is regarding how to move old clients to more of a. Where it's a package, you know, I've been one who just goes in asking questions, what do you need? And, you know, help them with the CFO type stuff and leave bookkeeping to someone else. But I wanted to get more where everything is more standardized, can be repeatable and scalable now, too. So how do you take old clients and get them there?

Not easy. I'm not going to blow smoke. It's not the easiest thing to do. I would say more times than not, you end up having to exit those clients that aren't a fit anymore for what you're trying to do, and that's okay. And I think it's important to point out that these aren't bad clients. They're just not good clients for you anymore. And so it's great for the ones that don't fit to give them a great Runway, a great offboarding period. So, I mean, you don't have to, like, can them in two weeks. You know, just remember you can take your time with them. But I would say, like, the things you can do to set yourself up for success is you've got to craft a narrative of what's in it for them, kind of hype it up a little bit. Hey, I'm really excited to share this with you. You know, I've, I've been working with you for the last couple years, and it's been great. And one of the questions that, that I've really been sitting with for a while now is how can I serve you at another level? How can I, you know, elevate the value that I'm bringing to you? And so I'M really excited to tell you, like starting, you know, October 1st, we're going to be doing our brand new CFO core package. And what I'm going to part of that package is da da da da da da da. And that's going to help you da da da da da da da with da da da da da goals that you have. And so the price for that is going to be this. And that's going to be effective October 1st or whatever date you want it be January 1st or December 1st or September 1st. And just like let them know in kind but direct terms that that's going to be the deal going forward. And so effective September 1st, this is what our pricing and package looks like. Let me know if you have any questions. And they're going to have questions and you're probably going to pushback and you're probably going to lose them and just know that going into it, just be ready for that. But that, that was how I found the most success with it. But the thing where most people go wrong with it, Dal, they beat around the bush too long. They're not explicit with this is the deal and this is the date that the deal takes place. And I understand that may not work for you, but that's still the deal. And so then, then if they say no, then you can help them figure out like what is that offboarding process. Somebody that was in my mastermind last year, I think she did a phenomen of this. She had a huge client that was, she loved working with them, but it had become this Franken monster Franken CFO thing where she was doing like all this stuff for them. She wasn't able to reach her business goals as a result. And she just had a really honest conversation like, hey, going forward, this is what I'm able to offer at this price. And they were like, we just need more than that. And she said, I totally expected that. So here's an off boarding package that I put together and she had a scope of work on how she could help offboard them over. I think she gave them like four or five months where she was phasing out. She was going to help them hire somebody that could come in and give them what they needed and train them and onboard them. It was like a $10,000 package and they were happy to do it and they left on really solid terms because of it, because she knew they were going to say no. She had her ducks already in a row and ready to go and it was a huge win for her. And the client.

Cool. All right.

Thank you.

That's helpful, because I've got to rip the band aid off of a couple, and so, you know, I want to do it. Well, I want to do it where, hey, they'll give me a referral to someone else or whatever, you know, down.

The road, and that's the exact right approach. And that's very different than the video that's coming out on. On YouTube. I just did a video on firing clients, kind of an updated one. So that's not what I'm talking about. In that video, we want to go out with dignity, respect, grace, and love on them and take care of them as best we can. So. Yes, sir.

All right, my friends, I hope you found this episode helpful. Remember, we drop new episodes like this every single week, so be sure to subscribe so you don't miss out. In the meantime, I can't wait to see you back here next week. See you then.