In this episode of Empowering Entrepreneurs, Glenn Harper and Julie Smith discuss the birth of PureTax, LLC, a company that emerged from the need to serve clients who required simple tax returns.

They share their journey of identifying a market need, finding the right talent, and leveraging their experience to create systems and processes that propel their new venture forward.

Identifying Ideal Clients: "And I think it really came down to being able to see the need for it and almost feeling bad that you couldn't service them, feeling bad for saying no, but at the same time being so proud that we were able to really identify the ideal client at Harper and Company because I think businesses struggle with that as well." — Julie Smith

Top Takeaways

1. Recognizing Opportunity: The podcast highlights the importance of recognizing opportunities in the entrepreneurial journey. It encourages entrepreneurs to seize opportunities and tackle new ventures rather than shying away from them.

2. Creating Solutions: Entrepreneurs are presented with the idea of identifying problems and creating solutions, such as the case of establishing PureTax to meet the specific needs of clients who require simple tax returns.

3. Talent Acquisition: The podcast discusses the challenges entrepreneurs face in building a team and the significance of finding individuals who share the same vision, mission, and core values as the company.

4. Embracing Change: It emphasizes the notion that change is constant in the entrepreneurial world and that successful entrepreneurs are those who adapt, pivot, and learn from every situation, whether it leads to success or failure.

5. Process Implementation: Entrepreneurial success hinges on the implementation of effective systems and processes. The ability to refine and replicate these systems from previous ventures can expedite the launch and success of new initiatives.

6. Client-Centric Approach: Entrepreneurs are encouraged to prioritize creating tailored solutions for their clients, as demonstrated by the establishment of PureTax, which aims to provide accessible and transparent tax services with year-round support.

7. Learning from Peaks and Valleys: The podcast emphasizes the importance of learning from both successes and setbacks, embracing the highs and lows of the entrepreneurial journey, and leveraging these experiences for growth.

8. Ready, Fire, Aim: Taking calculated risks and making decisions promptly is highlighted as a crucial aspect of entrepreneurship. The podcast advocates for entrepreneurs to pursue their ideas and innovations, acknowledging that setbacks are a natural part of the process.

9. Building on Experience: The importance of leveraging previous business experiences to provide a foundation for new ventures is emphasized. The podcast illustrates how knowledge gained from past endeavors can be instrumental in successful new business launches.

10. Transparent Branding: The importance of transparent and inclusive branding is underscored, particularly in establishing a clear and approachable identity for newer ventures, as seen in the naming and positioning of PureTax to signify its simplicity and accessibility.

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Copyright 2024 Glenn Harper

Hello, everybody. Welcome to another edition of Empowering Entrepreneurs podcast. I'm Glenn Harper.

Julie Smith.

And this episode is brought to you by PureTax, another opportunity for an entrepreneur. And what do you do when you see opportunity? You run from it or you jump on it? What do you do, Julie?

I naturally try to run from it, but it always catches me.

No. I don't think that's true. I think you always see those opportunities. So what we were witnessing is, at at Harper and Company, we just had a lot of clients that some of them just don't need a lot of advice. They just need the task of a simple tax return, and they just really want that thing prepared. But that didn't fit our model in a in a Harper and Company. So what do we do?

Well, we created this another company, right, to serve that market. And I think it really came down to being able to see the need for it and almost feeling bad that you couldn't service them, feeling bad for saying no, but at the same time being so proud that we were able to really identify the ideal client at Harper and Company because I think businesses struggle with that as well.

Right. You you won't wanna you wanna be inclusive, but you only wanna you wanna take clients that fit your business model where you can be profitable and give good service for clients. So we wanted that advisory thing with Harper and Company. But individuals, some of them, they just want a tax return buying out. So we're like, instead of turning them away and not having a solution for all of our valued partners that send us business and do what we do, we thought, well, let's start up a pure tax where we just do us do simple tax returns with an alternative.

And I think the the name is really says it all. We wanted to be transparent. We wanted everyone to know exactly what they were getting, and to be able to really define that all inclusiveness with that name so that there was no what ifs, strings attached, and things like that. And, you know, as those clients either get biggers, buy rentals, do schedule c, whatever it is that they're gonna do, they can graduate to Harper and Company, you know, or if there's a need for it. But for those for that market, I I think pure tax is gonna be perfect for them.

I can't believe you're talking tax stuff, Julia. That's I don't know what's going on here, but you're you're drinking the Kool Aid as well. Yeah. The Well,

Gentry did tell me yesterday that if I did accounting, I would be considered a fraud. So We

definitely wanna keep you out of the numbers for sure. We wanna keep you on there doing the the back office part of that and the vision and all those other things. And and the cool thing about is, your clients, you know, they don't really have a choice. You know, most firms aren't doing just simple tax returns. They're farming that out and you have really only one choice to go is that's to somebody's basement or you go to one of the national firms and you're really not getting probably the service or the expertise that you want. They'll they do a fine job, but it's not the same. So people want a little relationship with the reputiform.

You mean, like, my dad who still takes it to a person that's in the house that handwrites the tax return? Is that what you were referring referring to?

Yeah. I think that would be a good choice. But again, that guy knows what he's doing, but he's just never gonna expand and do it for other people. So again, there's more and more people are coming taxpayers every day and they need the help. And so having the ability to put them into a a kind of a situation where they're gonna be feel good about it. And if they do get a situation where they're gonna need to graduate to the next level, we can say, hey, you know, you should do these couple of things and let's put you over on the other side with Harper and Company.

And let's take a step back from the actual, you know, tax perspective. As entrepreneurs, you know, I think as we had this idea and we've kind of been sitting on it and it would come back to fruition and we'd kind of push it away, right, knowing what we were getting ourselves into, I think one of the biggest things is talent. Yeah. And and wanting to know that if you create something that someone has the same vision, mission, core values that you do as you're servicing these clients, and man, did we hit the lottery.

Yeah. That's the key. And and remember, you know, tax season generally is, you know, three and a half months a year probably. But if you have a successful practice where you can do these type of things, you know, people need extensions. There's some backfill work that can be done. And again, all clients eventually will need something more than they currently have. So having the outlet for that is is where it's at. And again, recognize opportunities.

Didn't fit the model to bring in simple returns. So we had to find in businesses there. How do you do it? Find some talent. Set up a new company.

You really avoided the trail I was leading you down.

That's the

What's that trail? Okay.

Well, enlighten me.

Well, no. I just think as entrepreneurs, I think that talent pool and those employees, you know, I was just thinking about relating to the listeners here about how that is so tough and sometimes you hit the lottery and sometimes you don't. And for us, you know, take pure tax out of it, it's it's anyone who's starting a new venture that's building a team, you know, really putting your trust into that person or persons to be able to bring the same level of service and value that you vision, it is really hard to do. And, you know, lucky for us, we've had some hits, we've had some misses, and, you know, you're gonna have those along the way. And sometimes you get a couple misses and sometimes you get a couple home runs and grand slams. But I think as you go through that, I think it's being able to ebb and flow and finding the positive out of every situation that comes your way as an entrepreneur. And, you know, we talk about the peaks and the valleys in every episode. And when you hit a valley, it's being able to find the positive, learn from it, grow from it, don't make the same mistake again and get to the next peak.

And, you know, for us, I think when we were hiring for PureTax, you know, we went through quite a few interviews. Yeah. And, you know, the positives and negatives of the 2 of us really trying to figure that out and then bringing Gentry in on this adventure with us and, you know, having his, opinion and what he was looking for, it just really, I think, helped us narrow in on the that person. And like I said, I I think for us, she's been a home run, but I also am relating to everybody out there saying, we don't always get a home run. And it it is a really hard part of being an entrepreneur and building a team. And, you know, I just that's something that's, I think, really relatable.

The only thing constant is change. And

I thought it was death and taxes.

Well, that's the true thing, which is important to know that because that's always gonna happen. But to change as an entrepreneur, you're always pivoting and always trying to figure it out. And you cannot lose track of what your mission and vision is. And if you have people that will leave in that and let them turn loose, let them do what they do, these are either gonna work or it's not. And if it works, you're golden. If it doesn't work, go back and redo it. It's okay.

Yeah. I mean, I definitely think that being able to ebb and flow and pivot quickly is something that, you know, drives that success even in the moment. You may not feel that way. But, yeah, so pure tax is just our our newest venture and really trying to solve a problem. And I think that's where the majority of our ideas come from is continuously seeing a problem and thinking through what can we use that we have to solve that problem. And again, that's where PureTax came from. And I I think it's gonna be amazing. I already can see, you know, live, you know, who we're affecting and those people coming in and getting the answers and getting the service and getting exactly what they need.

And, you know, we're going to have someone in the office 365 days a year in order to answer those questions. And there's just certain firms out there that aren't doing that. And so I think that will set us set us apart.

I agree. And it's the and, like, you know, as a a when somebody entrusts you with their financials, their taxes, and those type of thing, that relationship, whether it's a referral source or the client themselves, you wanna make sure you execute on that. And the only way you can execute, you hate turning away business. You hate turning away where you wanna help. You wanna help everybody because they count on you because they know you you take passion what you do. So gotta find the solution.

And I think naturally in the industry, it's that that willingness and want to help that obviously led us down this path of, you know, where we are. But I think, you know, going back to another foundational thing is we've been able to put systems and processes in place that you can literally just copy over to the next, you know, thing that we're doing, and that makes it a lot easier. Right? Because we know those pitfalls. We've learned them through Harper and Company, you know, through other things. And so kinda seeing those and getting that shortcut to really push this off the ground quickly.

Yeah. It's funny you, once you understand kind of the process and systems and how to run a business, being an entrepreneur instead of doing a task, you understand the business behind it, once you solve that algorithm, you can press repeat. And if we press repeat, it's a lot easier to get to the I don't wanna say the finish line because there really is no fishing line, but it's to get to the next opportunity to make it work a lot easier.

That didn't come without some, some, valleys in there either. So that's definitely, you know, helped us push this forward. I again, to be able to have an idea and make it come to fruition quite quickly, actually.

So as entrepreneurs out there, if you're if you're getting hit with somebody that needs something and you aren't providing that, if you have a few minutes, try to think of what that solution might be. And then, again, just start brainstorming. We started talking about this a year ago. Right? Yeah. I mean, probably even longer. So it takes a while to set up, but once you get down the path

And then just pull the trigger. Right? Rip the Band Aid off. And what's the worst that can happen? You end up in another valley, but it'll bring you to another peak.

You got it. Well, I appreciate everybody listening in. Another edition of Empowering Entrepreneurs, and I'm Glenn Harper.

And I'm Julie Smith.