Regulatory Open Forum

Having my own consulting company for 20 years, your questions is very open ended. I deal with topical OTC drugs and cosmetics. To give costs without specific details and needs is always like driving your car blindfolded. A consultant who just gives out a hourly fee without knowing what is expected usually yields unsatisfactory results for one or both sides. When I started out, I was advised by a retired consultant about fees. He said charge what ever you want. There will be three results: 1. They accept your terms immediately. This means that you were probably too low! 2. You never hear back. You were too high! 3. They respond by asking is there another way to establish your services? That is polite for, we want you but can't afford you quote. Consultants, as have been already stated, have overhead and usually inconsistent cash flow. Charging by the hour is short term, charging a flexible yearly fee is usually preferred. Also a specific fee for a well defined project is also used. You need to work out what your needs are-a one time project, multi issues, general availability for consultation, etc. You, especially, need to feel confident with who you engage and vice-a-versa. David ------------------------------------------- David Steinberg FRAPS President Steinberg & Associates Inc Plainsboro NJ United States -------------------------------------------

What David said.

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Julie Omohundro RAC
Durham NC
United States


Original Message:
Sent: 11-25-2014 09:36
From: David Steinberg
Subject: Fees

Having my own consulting company for 20 years, your questions is very open ended. I deal with topical OTC drugs and cosmetics.

To give costs without specific details and needs is always like driving your car blindfolded. A consultant who just gives out a hourly fee without knowing what is expected usually yields unsatisfactory results for one or both sides.

When I started out, I was advised by a retired consultant about fees. He said charge what ever you want. There will be three results:

1. They accept your terms immediately. This means that you were probably too low!
2. You never hear back. You were too high!
3. They respond by asking is there another way to establish your services? That is polite for, we want you but can't afford you quote.

Consultants, as have been already stated, have overhead and usually inconsistent cash flow. Charging by the hour is short term, charging a flexible yearly fee is usually preferred. Also a specific fee for a well defined project is also used.

You need to work out what your needs are-a one time project, multi issues, general availability for consultation, etc. You, especially, need to feel confident with who you engage and vice-a-versa.

David

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David Steinberg FRAPS
President
Steinberg & Associates Inc
Plainsboro NJ
United States
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Dave;
  You are of course, a client making a desicion based on hourly fees is being naive, as the more important part of the cost equation (all else being equal) is total cost to finish - the number of hours billed is extremely variable.
   Have had my little firm for 23 years. In our major area of practice, toxicology and regulatory there of, RTC

Shayne
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Shayne Cox Gad PhD, DABT
Principal
Gad Consulting Services
Cary NC
United States
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Original Message:
Sent: 11-25-2014 09:36
From: David Steinberg
Subject: Fees

Having my own consulting company for 20 years, your questions is very open ended. I deal with topical OTC drugs and cosmetics.

To give costs without specific details and needs is always like driving your car blindfolded. A consultant who just gives out a hourly fee without knowing what is expected usually yields unsatisfactory results for one or both sides.

When I started out, I was advised by a retired consultant about fees. He said charge what ever you want. There will be three results:

1. They accept your terms immediately. This means that you were probably too low!
2. You never hear back. You were too high!
3. They respond by asking is there another way to establish your services? That is polite for, we want you but can't afford you quote.

Consultants, as have been already stated, have overhead and usually inconsistent cash flow. Charging by the hour is short term, charging a flexible yearly fee is usually preferred. Also a specific fee for a well defined project is also used.

You need to work out what your needs are-a one time project, multi issues, general availability for consultation, etc. You, especially, need to feel confident with who you engage and vice-a-versa.

David

-------------------------------------------
David Steinberg FRAPS
President
Steinberg & Associates Inc
Plainsboro NJ
United States
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I agree completely with David on the matter of consulting fees.  I have been a private consultant since 2002 and have never charged the same fee to two clients.  It depends on the complexity of the assignment and your estimate of the time needed including travel and other out of pocket expenses.  When asked about my fees, I tell a potential client we should first sign an NDA so I can get a better feel for the project.  Then we can discuss a project fee or an hourly fee.

Ron

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Ronald Schoengold RAC, FRAPS
Principal
E Gold Solutions Consulting
Saratoga CA
United States
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Original Message:
Sent: 11-25-2014 09:36
From: David Steinberg
Subject: Fees

Having my own consulting company for 20 years, your questions is very open ended. I deal with topical OTC drugs and cosmetics.

To give costs without specific details and needs is always like driving your car blindfolded. A consultant who just gives out a hourly fee without knowing what is expected usually yields unsatisfactory results for one or both sides.

When I started out, I was advised by a retired consultant about fees. He said charge what ever you want. There will be three results:

1. They accept your terms immediately. This means that you were probably too low!
2. You never hear back. You were too high!
3. They respond by asking is there another way to establish your services? That is polite for, we want you but can't afford you quote.

Consultants, as have been already stated, have overhead and usually inconsistent cash flow. Charging by the hour is short term, charging a flexible yearly fee is usually preferred. Also a specific fee for a well defined project is also used.

You need to work out what your needs are-a one time project, multi issues, general availability for consultation, etc. You, especially, need to feel confident with who you engage and vice-a-versa.

David

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David Steinberg FRAPS
President
Steinberg & Associates Inc
Plainsboro NJ
United States
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