Clara CFO update: My decision to split the Company

[@centricsquared]

wonderful update. Go get em, Hannah! I'm excited to follow along this journey and here for the raw business decisions content 100%.

[@ClaraCFO]

Thanks! Planning to keep it coming!

[@HectorGarciaCPA]

Great idea. I did the same 7 years ago, created a “Education & Media Production Company” to manage all this stuff

[@ClaraCFO]

Makes sense! Learning from the GOAT ;)

[@BackyardBerry]

I found you at the perfect time. I need help with all of the things that you’re about to showcase setting up the new business. Thanks!

[@KK-pm7ud]

It's the right decision for both businesses. Being able to sell either business later to me is the most important part. Also, it opens up your KZbin channel to cross sell more products or referrals. If the fractional CFO business is just senior finance people, your KZbin channel can only really refer those kinds of people. However if you are separated you can refer other kinds of experts like IT, legal, marketing, sales, etc on a fractional basis. This may even accelerate or change as AI becomes more established. One specific recommendation that you may have already thought of; make sure you establish a rate card for your referrals from the KZbin channel to your fractional CFO business. This way it is clear upfront what your channel will or will not get. It is clear what liability your channel has with performance and referrals. And it allows you to clearly sell the fractional CFO business later but still carve out revenues for your KZbin business as another company takes over the fractionalized business. Additionally, a KZbin channel's brand is significantly tied to the person in front of the camera so that to me is another reason to separate the two if you're potentially going to sell or merge in the future. Or even not sell since you yourself may decide that you want to change the channel or what you do with it yourself. I would change the name of the fractionalized CFO business brand before I would change the channel name. But you may have different ideas with the channel that may expand beyond CFO topics and into the broader business topics. Although the CFO branding on your KZbin channel does create a level of authority beyond a generalized or generic business channel name. So think about the trade offs there. Good luck whatever you decide. Keep up the great work.

[@idstructural]

It would be cool to have 2 channels: one for those businesses that are in the 0-1M range and another one for those in the range of 1-20m. In the 1-20M range, I would love to see niche-specific deep dive videos discussing case studies and the intricacies of architectural and engineering firms in that range😁

[@maryhegrat6001]

Awesome update, looking forward to more great content to come

[@ClaraCFO]

Thanks for watching Mary!

[@Marisa-e4o]

Love this video. Interesting to hear behind the scenes of how you approached this decision. These types of raw conversation videos are so helpful, along with your more formalized tutorials. I first discovered your channel learning QBO, then stayed for the big-picture business discussions! Good luck on the new chapter, excited to see how it grows. You’re helping so many people!

[@ClaraCFO]

that's great to hear! I sometimes wonder if this stuff is helpful! Glad it is!!!

[@victorcanada2136]

Videos on setting up the financial management side of a media business from your perspective will be very interesting. Well done.

[@ClaraCFO]

I’m definitely going to be doing new videos on setting up the media business!

[@brightstarbookkeeping]

Congratulations Hannah! I found you in 2020 -- looking for more PPP resources --- and have followed your channel ever since. It's been a pleasure to watch the channel grow. I appreciate all the great resources you share for small business owners. Can't wait to see what's next!

[@ClaraCFO]

Thanks so much for being here for so long! I appreciate you!!!

[@sauceboss18]

Good luck Hannah! Smart strategy to split!

[@ClaraCFO]

Thanks!!

[@debrathompson554]

So excited for you! Go girl!

[@ClaraCFO]

Thanks Debra!

[@BackyardBerry]

I’m in the process of starting up an edible/native plant nursery. My biggest fear is finances and making sure I track everything appropriately when it comes to tax time at the beginning of the year. I’ve got the production side of things down and the knowledge, I really just want to make sure I get the finances right.

[@michelehardy1018]

This is a very good video, and helpful for business who need to working our where a company is going.

[@ClaraCFO]

Glad it is helpful!

[@Thatgeekishfamily]

Good luck!!!

[@ClaraCFO]

Thanks!

[@CarlaJenkinsTV]

Hannah since this KZbin channel is generating referral outside the Clara CFO business scope, do you think that you'd create a referral company? You can refer some of those KZbin leads to others within your circle who may be a better fit for a percentage. I mean you've already established the know, like and trust factor with viewers. You are seen as an 'authority'. Thanks for allowing me to ask a question.

[@ClaraCFO]

We definitely send mis-aligned leads to other people in our network. If someone comes to us, we do want to point them in the right direction for help! It's not enough to warrant a whole new company, but definitely a business process and a good referral network!

[@stephaniehill-manuel]

I want to create a channel to market my accounting business but want to keep with my current niche. Any ideas on how to keep them aligned?

[@ClaraCFO]

Yes! keep your content very aligned to the niche you want to serve! Answer the questions your ideal clients are asking, talk about software they are using, and discuss accounting concepts they want to know about!