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.
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.
After applying the lessons he learned as an extreme endurance athlete and building the right systems his practice was named the best criminal defense firm in northern California and grew to $1.2 million dollars a year with just 3 lawyers working 20 hours a week.
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
Links:
Facebook: https://www.facebook.com/mike.chastaine/
Linkedin: https://www.linkedin.com/in/michael-chastaine-4683104/
Website: MikeChastaine.com
Sign up to be notified when the next cohort of the Profit First Experience Course is available!
Profit First Toolkit: https://lp.profitcomesfirst.com/landing-page-page
Relay Bank (affiliate link): https://relayfi.com/?referralcode=profitcomesfirst
Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/
My podcast about living a richer more meaningful life: http://richersoul.com/
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.
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