Barbara Walters Price

Happy Monday

What Are You Selling?

For PSF marketers (as well as fee-earners), heed Seth Godin's words.  Then back it up with action.

Valuation Discounts and HR 436

My good friend Eva Lang aka BV Girl recently posted "Goodbye to Discounts?."  From her post:

The bill [HR 436] also contains a provision disallowing valuation discounts for transfers for interests in entities (such as LLCs and corporations) containing "nonbusiness assets." This is aimed at preventing the use of family limited partnerships and limited liability companies (which are not true operating businesses - holding marketable securities, for example) for discounted transfers to younger family members. This would eliminate a common and highly effective method for gift and estate tax reduction, but LLCs would continue to be an excellent tool for asset protection. The effective date of this portion of the Act would be the date of enactment. (North Carolina Estate Planning Blog)

We will keep you posted on the status of this bill.

Always Good Advice

Don't wait until it's too late

Happy Monday

The Value of Helping People

Every year we exhibit at a large conference of estate planning attorneys.  Last year, I met a young man from my hometown who just recently graduated with his LLM degree.  He called me a few months later after graduation asking if I knew of anyone he might talk to regarding a job.  I put him in touch with an estate planning attorney friend who was very helpful to him.

I saw the young man again today (I am at the conference again this year) and the young man came up to thank me for helping him.  He has started his own practice with the advice of my friend.  Once he has a  need for the services my firm provides, guess who he will call? 

Moral of the story: You never know where business will come from.  Always be nice.  Always be as helpful as you can and not just for business reasons.  It's just the right thing to do.

What Matters

I met an old friend recently.  I hadn't seen him in a while.  He and his family have been busy preparing for their daughter's Bat Mitzvah.  It seems as if his wife insisted on sending printed invitations.  He wanted to send them via e-mail.  This led to a discussion of whether printed material had a future.

For the record, I agree with Mom.  You can call me old-fashioned if you want, but I believe there will always be a place for printed or hand-written material for things matter.  Weddings, graduations, Bar Mitzvahs, and Bat Mitzvahs matter.  The events themselves mean something and, maybe more importantly, what they represent means something.

A thoughtful handwritten note means something.  It means something because it is so rare and, therefore, increasingly special.

In these uncertain times, send communication that matters.  Send a thoughtful handwritten note to key clients and referral sources. It will mean something.

Happy Monday

Productivity Blogs

Check out these three personal productivity blogs.  I'm always looking for good ideas.  Hope you enjoy.

Dumb Little Man
Productivity 501
Zen Habits

Photo Credit: Andrew Hefter Photography

Marketing in a Slowing Economy - Reprise

In reviewing old posts from last year, specifically those that dealt with the recession (how we wish we were in the "recession" of early February 2008 instead of the one we're in now in January 2009).  This is a post from February 8, 2008 and I thought that it still rang true.  In fact, it motivated me to renewed action.  As such, I am republishing it and hope you enjoy it if you missed it the first time.

The Role of the Marketing Director in a Recession - Part I

When faced with the uncertain, most people become afraid.  That fear causes them to be hesitant or even paralyzed.   This is the first step towards failure. 

Marketing directors - don't allow yourself or your firm's leadership team to be paralyzed with fear.  Take action and take it NOW. 

The first action I would suggest is to gather the firm's leaders together to brainstorm a plan of action.  Hopefully your CEO or managing partner has already done this, but if not, you do it.  I believe the primary role of every marketing director is to make sure the phone is ringing, so if a fee-earner thinks you're overstepping your bounds, remind them of what your purpose is.

Focus the group on identifying 3 to 5 things that are vital to do in the short-term and 3 things that are vital in the long-term. 

Don't be afraid and don't let your firm be afraid.  Action alleviates fear.  Action creates momentum.  Momentum creates opportunity.  Opportunity offers the chance for success. 

Don't wait.  If you haven't already, now is the time to take action.