Success Fee Collection SOP
A comprehensive guide to collecting success fees efficiently while maintaining client relationships. This Standard Operating Procedure ensures professional, consistent fee collection across all client engagements.
Purpose Statement
10% Success Fee
Collect 10% of all capital raised as our success fee, ensuring consistent application of our fee structure across all clients.
Timely Collection
Ensure fees are collected promptly upon client receipt of funding to maintain healthy cash flow and proper accounting.
Risk Minimization
Minimize collection risk through clear agreements, professional enforcement, and consistent application of policies.
Scope
Start Point
Process begins when funding is approved or disbursed to the client.
Invoicing
Creation and delivery of success fee invoice (10% of capital raised).
Payment Collection
Receipt of payment through approved methods (ACH, wire, check).
End Point
Success fee is paid in full and properly recorded in our systems.
Audience
CFO: Dexter Crawford
Primary responsible party for invoice generation, payment confirmation, and enforcement. Oversees the entire success fee collection process from start to finish.
Admin: Future Assistant
Will assist with documentation, follow-up communications, and record keeping once hired. Position currently vacant but included in SOP for future reference.
Roles & Responsibilities
Clear role definition ensures accountability throughout the success fee collection process. The CFO currently handles all aspects of fee collection, with administrative support planned for the future as the company grows.
Tools & Resources Needed
Zoho Invoicing
Primary invoicing platform linked to EMS and QuickBooks Online. Used for creating professional invoices, tracking payment status, and maintaining payment records.
Google Drive
Document storage for signed engagement letters and payment confirmations. Organized in client-specific folders for easy reference and audit trails.
Payment Methods
Accepted methods include Check, Wire, and ACH (preferred); Credit Card payments accepted only for trusted clients due to processing fees.
Fee Terms & Conditions
Success Fee Rate
10% of all capital secured through Mines Money Masters' services
Payment Timing
Due in full immediately upon client receipt of funding
Payment Terms
No installment plans permitted under any circumstances
Documentation
Fee amount and terms documented in signed engagement letter
Non-Payment
May result in blacklisting from future services
Procedure Steps
Confirm Funding Details
CFO verifies exact funding amount and disbursement date with client or funding source. Timeline: Same day as funding confirmation.
Generate Invoice
CFO creates Zoho invoice for exactly 10% of the confirmed funding amount. Timeline: 10 minutes after funding confirmation.
Send Invoice
CFO sends professional invoice with clear payment instructions to client. Timeline: Same day as funding confirmation.
Track Payment Status
CFO monitors invoice in Zoho and backup tracking sheet. Timeline: Ongoing until payment received.
Process Payment
CFO accepts payment via preferred methods and records in systems. Timeline: Within 3 days of invoice delivery.
Record Transaction
Admin saves receipt and marks invoice as PAID in client folder. Timeline: 1 day after payment received.
Version Control
1.0
Current Version
Released May 11, 2025 by Dexter Crawford. Formalized from previously used verbal policy.
0
Prior Versions
No formal previous versions existed before documentation of this SOP.
6
SOP Number
Designated as SOP #6 in the company's operational framework.
This document represents the first official version of the Success Fee Collection SOP, formalizing previously verbal policies that had been successfully implemented during prior client engagements.
Review & Updates
Last Review Details
Last reviewed on May 11, 2025 by Dexter Crawford as part of initial SOP documentation process. No changes made as this is the first official version.
Next Review Schedule
Next review scheduled for November 11, 2025 (6-month interval). Calendar reminder set for CFO to conduct comprehensive policy review.
Update Triggers
Update only if one of the following changes occurs: fee structure modification, payment processor change, or collection method alteration. Otherwise, maintain current version until scheduled review.
Final Notes & Tips
Professional Communication
If client delays payment, follow up professionally but firmly. Maintain positive relationship while emphasizing contractual obligations.
Service Access
Never allow access to funds or additional services before fee is collected. This maintains leverage and ensures timely payment.
Contract Enforcement
Use signed engagement letter as enforceable leverage when necessary. Always have documentation ready for reference.
Relationship Management
Build goodwill early in the client relationship, but enforce agreements firmly at the point of funding success.
SOP Management
This SOP is part of our comprehensive operational framework. All SOPs follow consistent formatting for easy reference and implementation. Standard Operating Procedures are reviewed bi-annually and updated as needed to reflect current best practices and business requirements. For questions about this or other SOPs, contact the CFO directly.