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November 16, 2012   Executive Team Blog

Does BusinessDocx Make Business Sense?

By Matthew T. McClintock, J.D.

I recently received an email from a WealthCounsel member about BusinessDocx, specifically asking whether BusinessDocx had the potential to be as profitable for his practice as his ElderCounsel membership is.

First of all, that is precisely the right question, and I wish more people were asking it. Unfortunately, there isn't really a clear answer. It depends on your practice focus and goals, and the client demographic in your area. I firmly believe that in general, business planning can be a significant growth practice area, and the latest Industry Trends Survey data bears that out. According to the survey (the full results of which will be released in January), 94% of the 1,500 respondents expected the demand for business planning to increase. This may seem obvious considering the aging Baby Boomer population and the need for that generation to optimize their businesses and prepare for succession to another generation of ownership.

We created BusinessDocx because over the years many members have asked us to provide a much more robust series of business planning and business succession documents to help them in their practice. They have perceived a significant client demand for higher level business planning and so BusinessDocx is the first iteration of us meeting that need. We also think the practice area is ripe for service, and we think WC members are best suited to provide that service.

Like elder law planning, we think that business planning and business succession is a bit more insulated from Congressional actions as they relate to the tax regimes, and clients generally perceive a greater need to properly plan and operate their businesses than to plan an estate that will mature "someday". But we also think that business planning dovetails very nicely with estate planning because, while not all estate planning clients need business planning, all business owners need estate planning.

Before you decide whether to purchase BusinessDocx, you should take a close look at your existing and probable client base and determine how many of them are entrepreneurs and business owners already. You should also look at who else is doing business planning and succession planning in your area and see if they need a little healthy competition.

As much as we want to build BusinessDocx as a profitable product line for us, we don't want members buying it as collectible shelf ware. It seems to me that the analysis begins by looking at existing and likely client bases, coupled with your interests. Platitudes aside, I think that most WealthCounsel members have the ability to make any practice area profitable, largely because you know your practice is a business.

Keep the good questions coming.

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