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Friday, October 07 2022
4 Tips For Selling Your Payroll Service

4 Tips For Selling Your Payroll Service
By Glenn Fallavollita, President of SellMorePayroll.com

  • Word Count: 157
  • Read Time: 36 Seconds

If you plan to sell your payroll business in the next 6 to 9 months, here are four tips to help make your business appealing to a buyer.

1. Be Clear About Why You Are Selling Your Business:

  • Retirement
  • Monetary Gain
  • Medical-Related Issues
  • Family-Related Issues
  • Burnt-Out From The Day-To-Day Grind

2. Understand Your Clients: Prospective buyers typically want to see:

  • 3 Years’ Worth Of Sales/Profits (Balance Sheet, P/L Report, etc.)
  • Average Annual Revenue Per Client
  • How Many Clients
  • Pricing Per Client
  • Services Each Client Uses

3. Get Your Paperwork In Order: You need to have your paperwork in one file:

  • Your Payroll Platform’s License
  • Insurance Policies
  • Staff’s Non-Compete Agreements
  • Tax Returns
  • List Of Assets
  • Building Lease(s)
  • Staff List
  • Any Costs Associated With The Cancellation Of Your License Agreement 
  • Monthly Expenses

4. How To Maximize Your Multiple: Ways to add value include:

  • Cut Operational Costs And Increase Prices
  • Reduce Labor Costs
  • Add New Payroll Clients To The Business
  • Tighten Vendor Agreements And Employee Non-Compete Agreements
  • Purchase A CPA’s Book-Of-Business For 1X Or Less
  • Remove Unnecessary Assets Used By Family Members

About The Author:

Glenn Fallavollita is a nationally recognized keynote speaker providing money-making advice to help payroll service owners, sales pros, and marketing gurus build more profitable relationships with their database of prospects, referral partners, and clients.

Additionally, Glenn is the president of SellMorePayroll.com and Drip Marketing, Inc. and has written 50+ whitepapers and three sales/self-marketing books, Supercharge Your Payroll Sales NOW!Stop Whining AND Start Selling, and Drip Marketing: A Powerful New Marketing Strategy That Gets Prospects To Buy From YouHe also writes blogs for LinkedIn and other national websites.

To hire Glenn for your next conference, visit DripMarketingSpeaker.com.

© Drip Marketing, Inc.  All Rights Reserved May Not Be Used Without Written Permission.

Posted by: SellMorePayroll.com AT 05:44 am   |  Permalink   |  Email