Value-Based Fees: How to Charge—and Get—What You're Worth: A Guide for Consultants, Second Edition

2.5. CPAs

Since these folks are fixated on neat boxes and clear rates as a professional pathology, it's not surprising that they cheat themselves out of their fair remuneration.

These are people who balance books, save tax dollars, highlight areas of enhanced profitability, set up effective retirement plans, provide investment advice, and generally help you exhaust every legal nook and cranny to keep your money where it belongs—in your own pocket. For the glory of providing this value, they charge $150 or so an hour.

CPAs don't get it (although more and more financial planners are beginning to). They see their value as tasks performed, which are tightly tied to and choreographed by time involved. They even have fee schedules for their various tasks, on the assumption that they can pretty accurately forecast the amount of hours needed for each task. And they probably can, which is neither here nor there.

I love the guy who does my taxes and financial planning, who may have saved me hundreds of thousands over the years (and kept me out of jail in the bargain). But I'm glad he doesn't read my books—because if he did and decided to change his billing basis, I'd have no choice but to go along.

I'd have to pay him more. I have no fear about printing this here. I'm sure he will never read it!

2.5.1. Search Firms

I include these folks because they think they're smart and believe they've devised a billing basis that overcomes time units: a percentage of first-year compensation. (And some ...