Simpler Terms

In a recent coaching call, the manager mentioned that he loves his work. He’s a Business Valuation specialist on his firm’s Mergers & Acquisitions Team. In our conversation, we talked about how his work is so much more than the technical aspect. He said the more challenging part is communicating his findings and results to non-technical people, like lawyers, judges and clients. The want more than an explanation.

He has learned that just explaining the data he used, the process he followed and the results he concluded, all in technical terms, is not enough. He said he needed to explain everything more simply, not because they aren’t intelligent, but that they often miss the subtleties that are obvious to him and any other Business Valuation specialist.

It made me think of the countless conversations I’ve had with tax and audit professionals. When they tell me that they are prepared for the client meeting, what they really mean is that they know where the numbers come from and how they combine to produce the final result. They want to be able to answer any question about the document that the client asks. It’s not enough.

Example

Imagine you are at your physician’s office because the medication for your OCD isn’t working. After listening to your symptoms, your physician speaks up.

Physician: “Let’s move you to another medication. Just make sure to wait two weeks from the last dose before you begin the new med.”

You: “Why do I have to wait two weeks?”

Physician: “Because we want to prevent serotonin syndrome.”

You: “What’s that?”

Physician: “Any time you move from a SSRI to a MAOI, you have to allow for a washout period. Once you begin the new med, it will take about 2 weeks before it becomes effective.”

At that point, you say ok and leave. While your physician was technically on point, you have no idea what’s going on and don’t even know what questions to ask. All you know is that you will be off any medication for your OCD for two weeks and then another two weeks until the new med kicks in. You needed more.

Clients Want More

Similarly, your clients want more than an explanation of the document or report. In addition to what it is, they want to know what it means, what the projections look like and ideas to consider going forward. They already trust you, so you are the right one to give them more than an explanation.