In today's episode, I sat down with Mike Chastaine, a former criminal defense lawyer who turned his struggling law firm into a profitable business using the Profit First system. Chastaine shares how he learned about the system and how it helped him allocate funds to different accounts, including a payroll account, profit account, tax account, discovery account, operating account, and rainy day fund account. He emphasizes the importance of making daily transfers to these accounts and building systems and processes in a business. Chastaine now consults with small and solo law firms to help them become profitable.
The significance of putting in place organizational structures and operational procedures in a company, notably legal practices.
The benefits of being able to pick and choose clients and the importance of building a business that can run without the owner's constant presence.
The importance of establishing and maintaining a reserve account for a company, particularly in preparation for unforeseen occurrences
Bio: Mike is one of the top lawyers in the country. But he found that working 50+ hours a week wasn't enough to become financially stable. Without any systems he was constantly on the verge of going under. The stress of this lead to a divorce and the loss of his home.
Hi, I'm the Profit Answer Man Rocky Lalvani!
I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz
Sign up to be notified when the next cohort of the Profit First Experience Course is available!
Schedule your free, no-obligation intro call: https://bookme.name/rockyl/lite/intro-appointment-15-minutes
Check out our website: http://profitcomesfirst.com/
Questions: questions@profitanswerman.com
Email: rocky@profitcomesfirst.com
Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/
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This episode is part of the SMB Podcast Network. Find other great interviews from around the internet just like this one at
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Music provided by Junan from Junan Podcast
Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.
