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Demanding Advance Payment
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We seldom work without fees upfront, especially from new out-of-state clients. I suspected this potential client was playing cat-and-mouse with us and would take advice without paying. He tried "the check is in the mail" routine, and we didn't bite. This e-mail was my way of saying "We will begin once we receive payment—really receive payment." Sending him the wire-transfer option implied we're a solid business, not a Mom and Pop shop.

Michael was a bit outraged that we put so much emphasis on being paid, a clear sign of a potential receivables problem. This e-mail worked; he paid us by check, we waited for the check to clear, and began the assignment. It's so much easier to get your money in advance, before you provide advice, than after the client thinks they no longer need you.


From: Bill Frank at CareerLab [wsfrank@careerlab.com]
Sent: Monday, July 12, 20— 9:02 AM
To: Michael Perezito, MD, FACS
Subject: We haven't received your payment

Michael,
 
We received your signed agreement postmarked July 7, 20— but have not received your $6,000 deposit. 

  1. The simplest way to get us the funds is to give us a credit card number with expiration date. You may call me with that number.
  2. The second-fastest way to get us the funds is to wire-transfer them into our account. A quick phone call to your bank is all that is necessary.
    • Wiring Instructions for Bank of America: ABA Routing Number: 102527300090
    • For beneficiary in account name of: CareerLab. Account: 08699344
  3. Or, if you prefer, you may FedEx us a check.  We will continue once the check clears.
I've attached an invoice for your use.  Please give me a call at your earliest convenience to let us know how you would like to proceed.  

Thank you,

:B

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William S. Frank, M.A., President/CEO
25 Reasons I love consulting.
by William S. Frank
  1. Brand. You are your own brand, and you can define it any way you want. For many years, I provided outplacement to the ex-employees of Schlumberger, the world's largest oilfield service corporation. When departing employees left the company, they didn't request outplacement in their severance package. They said, "I want Bill Frank."
  2. Demand. The world will always be full of terrible problems that need solving.
  3. White Hat. I can be a helper and get paid for it.
  4. Pay. I can be paid to do things I'd gladly do for nothing.
  5. Variety. Every day is different.
  6. Happiness. At this stage of my career, I only work for people I respect and care about. If a client micromanages me or is otherwise no fun, I complete the assignment and replace them.
  7. Talent. I'm using 110% of my talents and stretching myself to the max.
  8. Change. I can change my focus any day I want. If you're a McDonald's franchisee, you don't say, "Hey, I've got this great idea for a meatball sandwich—let's try it out today." In consulting you can adjust your focus hour-by-hour, as long as your clients still understand and appreciate what you do.
  9. Income. No one else would pay me as much as I pay myself.
  10. FUN. I can't think of anything I'd rather be doing.
  11. Retirement. I can write and consult as long as I am physically and mentally capable. Peter Drucker worked into his 90s, and when asked which book was his best, he said: "My next one."
  12. Job Security. Although clients come and go, no one can come into my office and say, "Pack up your stuff . . . You don't work here anymore." In 29 years, I've only had one employer: ME.
  13. Travel. I don't have to travel unless I decide to. I travel if it's both FUN and profitable—or at least FUN.
  14. Commute. I live five minutes from my office, a corner office in an upscale six-story tower. In winter, I leave a heated garage at home and drive to an underground heated garage at work. There's seldom time to hear even one song on the radio.
  15. Vacation. Consulting is more fun than vacation (except on Wailea Beach in Maui).
  16. Friends. I have developed hundreds of close acquaintances and several lifetime friends.
  17. Time. I can work as much or as little as I like: four-hour days or 18-hour days. (Of course, my income will reflect that.)
  18. Employees. I can work with employees, subcontractors, partners, or alone—I've done it all.
  19. Passive Income. I've developed several products that provide "mailbox money." I earn while I'm sleeping.
  20. Ethics. I've never had to violate my values or personal code of ethics. I've never had to lie, purposely deceive or harm others, or promise things I can't deliver. I go to bed with a clear conscience. That doesn't mean there's never any conflict. But the conflict is conducted according to generally accepted business practices.
  21. Virtual. My career is fairly portable. With the Internet, e-mail, cell phone, and FedEx, I can work nationally, even internationally from my office—or anywhere in the world.
  22. Purpose. I make a difference in peoples' lives every day. I see it in their faces, hear it in their voices, and read it in their thank-yous.
  23. Experience. Every painful or joyful life experience makes me a better consultant. So does every person I meet or book I read. Grey hair can be good in consulting.
  24. Structure. I have to work very hard, and the clients expect superb results—but I get to structure my days, weeks, months, and years.
  25. Boss. Most of the time, I love my boss.
As I was posting these letters online, I realized I want to communicate my love for consulting. It's just a great business. The single letters, taken together, may create a picture of enjoyment, but in a burst of creativity I listed some of the reasons consulting is such a good fit for me—and perhaps for you, too. They are not prioritized; this is just how they came out.