The Leading Edge - Summer 2011 - PKF - 7

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4 Reasons: MONEY IS A GOOD TOOL
Frank N. Darras, one of the nation’s top insurance lawyers, breaks down the benefits. Making money:

“People will pay you more if they trust you—if they really understand what emotion is all about.”
– Ted Sun, Executive Balance invaluable to the business. “It’s true that talent varies from person to person, and it varies based on the support that is provided.” Darras says high-earning businesses also gain leverage. “Insurance companies understand I have the largest practice in the country. That gives me stature. I see more cases. I can see what they’re doing in real time. With 2,000 cases a month, I can see in two weeks if they’re using a new claim device or changing program strategy,” he says. “Money has allowed me to see the industry in real time.” In addition, Darras explains the firm also can use the money to better serve its clients by hiring the smartest people available. “It’s allowed me to pay my people extraordinary dollars to do this work. It’s allowed me to compete at the highest levels,” he says. Rethink the perception When Lowe was a child, his parents would say things like, “Rich people are stuck up.” “I never felt that way,” he says. “I personally see the wealthy as some of the most generous people I have ever met. I believe the more I have, the more I can do good with. “It doesn’t do me or anyone else any good if I am suffering or challenged financially. I don’t believe anyone should accept labels that are put on them because of limiting beliefs that others may have grown up with.” Sun says the key for business executives to overcoming the money-is-evil perception is understanding why the belief has some truth to it. “In today’s world, the biggest challenge is when people amass large amounts of money, they lose touch with reality. They become arrogant, have an entitled mentality and don’t treat others as well as they used to. That’s where the evil association comes from—people who use money as a shield,” he says. LE
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1. Helps people who need expertise and other assistance. 2. Creates jobs that boost the economy. 3. Creates more spending, which increases demands. 4. Allows people to give more to charities and favorite causes.
As such, he works hard to develop those relationships. Whether it’s a glass of wine in the salon or an escort to the car, those added touches strengthen the business-client relationship. “It may be my southern roots, but I’ve always focused on outstanding customer service and giving clients a compelling reason to return time and time again,” he says. “This is an industry that is truly built on relationships, and clients come to expect great service and excellence.” Sun explains building a connection is essential to achieving higher prices for your services or products. “People will pay you more if they trust you—if they really understand what emotion is all about,” he says. “Once people focus on the positive outcomes of your products and services, the value will have higher emotional content. When organizations don’t mention the emotional outcomes of their products and services, it allows people to create their own.” Lowe says businesses also must be willing to adapt their relationships to best serve the clients, further strengthening the emotional connection even if the money isn’t there. At his salons, for example, if a long-term client is having a difficult time financially, he is more than happy to work with them. “We have a saying, ‘Everyone gets in,’” Lowe explains. Serve wide income range Frank N. Darras built his career as one of the nation’s top insurance lawyers assisting poor
LEADING EDGE

and disabled people. “It’s never been about the money; it’s always been about helping. For me, the money has really been just a by-product.” DarrasLaw, which has collected about $750 million in claims over the last 25 years, may have started with the poor, but it’s expanded to serve the wealthy. “Over the years, the poor came first to my practice, but the rich followed. Now my clients include professional athletes and high-profile actors,” Darras says. Growing his practice’s revenue presented Darras with more opportunities and the ability to pick and choose his clients. “The richness of my practice enables me to help for free 1,000 people a month with questions, concerns and problems,” Darras says, explaining the firm offers “free advice Fridays” and created www.darraslaw.com with high-quality videos and content to help people with their insurance-related questions. Spend more, get more High-revenue businesses also find because they spend more money with manufacturers and other vendors, those stakeholders are more likely to help them. “Perhaps because they spend more in volume for products and equipment, manufacturers are happy to support high-end salons in providing more educational opportunities than smaller salons that might not spend as much,” Lowe says, noting the additional support can be

The Leading Edge - Summer 2011 - PKF

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