Gordon Bizar is an out-of-the-box thinker, who tends to pursue things that are disruptive and transformative to the industry. Back in the late 1960s, Gordon helped to revolutionize the financial services industry, by creating the integrated financial services industry, and a role that is today known as the Certified Financial Planner. In today’s episode, John and Gordon discuss the problem of unfunded liabilities, and how disruptive systems can help solve this problem, while saving your business thousands of dollars.
Key Takeaways:
[:30] John Pollock introduces his guest for today — Gordon Bizar.
[1:09] Gordon shares a little about his history and some of the things he has done in business.
[5:41] John thinks the industry is starting to shift back toward a product-centric approach, instead of a client-centric approach. What are Gordon's thoughts on this?
[7:50] John and Gordon met because they had the same ideas.
[9:15] Gordon discusses the issue of the unfunded liability problem that exists in mid-sized accounting firms.
[13:09] The problem is compounded by demographics.
[13:54] One of the Big 4 is investing in creating disruptive technology that does real time auditing for clients, and is working with artificial intelligence to reduce the size of their workforce.
[17:14] Don't be depressed about the changes that are coming! This is the kind of opportunity Gordon lives for!
[17:44] Entrepreneurs can solve any problem.
[18:26] Gordon proposes one way to solve this problem with the APS (Accountant Partnering System).
[22:21] This system also reduces cost for the client substantially!
[23:15] What are some of the things Gordon uses cost-reducing strategies on?
[26:00] Gordon shares an example to illustrate how the system works, and how it reduces costs for the client.
[27:40] That is only a small part of what Gordon can do, and it goes well with the services that Financial Gravity offers!
[28:22] Gordon gives us another example of money that's hidden within the business, that business owners have no idea how to get to.
[30:42] This is an excellent opportunity for accountants, especially given that many of the services they offer are being commoditized.
[31:57] Gordon's solution opens up new revenue streams to fund retirement packages, with less money for active partners.
[33:14] This is the nature of the entrepreneur — solving problems!
[34:42] The model Gordon has created has evolved over the years to a state of perfection.
[36:28] Gordon's system is guaranteed to work, because it relies on delivering integrated solutions created by partners who already work together.
[38:18] How does aggregating accounting firms help with this overall strategy?
[39:58] This strategy helps firms to see exponential growth that they wouldn't be able to achieve on their own.
[40:42] What size of companies is Gordon dealing with now?
[42:44] Buying businesses and financing the acquisition of businesses is one of Gordon's core competencies.
[44:47] Solving problems is what Gordon loves doing, and what he excels at.
[45:36] John and Gordon's focus is creating more value for their customers!
[47:36] The Big 4 aren't competing with each other, and neither are Gordon and John! They cater to entirely different clients.
[49:24] There's no reason to compete with anybody! The world is big enough for all of us.
Mentioned in This Episode:
Financial Gravity
The Financial Gravity Podcast with John Pollock
