Rocky Lalvani - The Profit Answer Man
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.
In this episode, you will learn the
following:
- 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