Sep 26, 2019
Ken Mullinax had always wanted to have his own business but was a bit of a late bloomer. He started going to college full-time while he was working full-time in his late 30’s and got his degree in accounting. His first step was to leave his factory job and become a revenue officer with the IRS. In many ways, working for the IRS was Ken’s best job and where he learned about collections and resolution.
[4:45] Ken left the IRS in 2014 to pursue tax resolution work with his wife Sandra. They worked through a national tax resolution company, but eventually that work dried up as the company was sold. It was around that time that Ken saw Michael’s ad for the Tax Resolution Training System.
[7:45] Most of the work Ken did at the IRS was with businesses. These experiences gave Ken valuable lessons that he now uses to help his current clients.
[11:50] There is no such thing as a hopeless IRS case. There is always something that can be done to help. Most CPA’s don’t know how to handle clients that are non-compliant.
[12:50] It doesn’t matter whether you owe the IRS $10,000 or $10 million; all that matters is what you can pay. Most of Ken’s clients pay nothing or very little. There are always ways to get the IRS to take the lowest dollar amount.
[14:15] There are 13.2 million people in the US that owe over $300 billion in taxes, and there is more work to go around than any one person can handle. The tax resolution industry is like a brotherhood with people who are more than happy to help each other.
[16:20] In Ken’s first year, he made about $90,000. At this point, a slow month is somewhere around $20,000, and Ken anticipates doing $60,000+ each month.
[18:55] Referral marketing is one of the biggest strategies that has made a huge difference to Ken’s business. The same CPA’s that Ken used to beat up when working for the IRS are the ones that now refer the majority of Ken’s cases.
[22:00] The next biggest lesson is learning what the service is worth. Ken initially doubted they could charge the prices listed in Michael’s course, but he took the leap and started raising their prices. Now they get paid more than they would have ever believed before. These people are in trouble, and they will pay you whatever they have to pay to get out of that trouble.
[27:00] Ken hasn’t had to deal with non-payment from clients yet, even once their case is closed. Pretty much everyone has money, and when they’re in a desperate situation, they will figure out a way to find the money and deal with their tax problem.
[28:30] The third major lesson is to not fear the marketing spend. You can determine how much you need to spend to land a client, and once you’ve got that number, it’s just a matter of investing the money. Most professionals don’t have a predictable system to generate clients, which is why they rely on hope. The practitioners who know those numbers are the ones who are the most successful and profitable.
[31:50] Each marketing channel works in different degrees. Sometimes they work for a while and then start to fade. So you have to change the message. Mailing prospects more than once is crucial.
[33:40] Effective hiring and networking are two more pro tips from the growth of Ken’s business. Now that Ken has an established reputation, the value of the networking has increased drastically.
[35:55] You need to have mentors in your life that can help you if you’re dabbling in tax resolution. All the resources that Michael provides are extremely valuable and will give you a huge boost in growing your practice. Social media posts have been Ken’s favorite thing he started doing in 2019.
[41:00] Ken recently made a funnel that captures names and emails using Clickfunnels and introduced his first video sales letter that has been performing very well.
[43:30] The main motivation for leaving the IRS was seeing powers of attorney that couldn’t properly defend their client and knowing that he could do better. That also coincided with a time when the president froze all pay and promotions, which certainly didn’t help.
[46:30] When you fix someone’s tax problem, now you’re their hero. You will end up working with that person for all their tax needs.
[48:20] If you think you need to know everything there is to know about the technical work of tax resolution before you start marketing for cases, you’ll never start marketing for cases.
[50:30] The only people that fail are the ones who thought the program is a get rich quick scheme. It’s not easy, but if you do the work, you will find success. If you’re thinking about making the leap, it’s time to jump in. In Ken’s opinion, this is the best job you can have because not only are you saving people’s financial lives, sometimes you’re saving their lives in general.
Mentioned in this episode:
Elite Tax Relief
479-763-1202 to call Ken
ken@elitetaxrelief.com
Michael Rozbruch's Tax & Business Solutions
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