Reasons for Retention Proposals
There are a number of reasons why clients ask for proposals, including management
changes, Board requirements, regulatory requirements and mergers or acquisitions where
another firm performs similar services.
In a retention situation:
- Make an honest appraisal of the situation to the client. If
appropriate, acknowledge that errors were made and describe the changes that will ensue.
- Emphasize what the firm has done in the past and why those things were important
(especially important if there has been a management change).
- Emphasize the disruption and loss of experience or continuity tha would result from a
change.
- Highlight the benefits of the firm's involvement in the client's future.
PS
If there is new management, spend time documenting the history of the firm's
relationship, achievements and concern for the client's best interests.
Express willingness to adopt new procedures and help hold down costs, a certain concern
of every new executive.
Copyright 1997 by Kaye Vivian (kvivian@cloud9.net). All rights reserved. |
