Watch the YouTube version of this episode HERE
Are you a business owner who is looking to learn about running a more successful firm? In this episode of the Maximum Lawyer Podcast, Tyson interviews Mike Payne, the founder of BOSS Advisors, about his pioneering journey in establishing an alternative business structure (ABS) that combines legal and accounting services.
Mike, a lawyer and CPA, shares his motivations, challenges, and the regulatory landscape in Arizona that allowed him to create this unique firm. Being able to provide clients with multiple services is such a huge benefit to a business owner and can make one look desirable to clients who want more than one thing. Mike shares his insights in marketing to clients who might want multiple services.
For Mike, marketing to these clients involves providing them with services that go hand in hand, like legal and accounting support. Without having to register as a CPA, Mike is able to help business owners with their taxes, provide bookkeeping services and legal services.
For a firm that has 5 different departments all doing different work, it is inevitable that silos will exist. It is easy for people to learn or share knowledge within their own teams. For Mike, it is important to eliminate silos and ensure there is cross collaboration and information sharing. This happens through training that is provided across departments. For example, accountants are provided training from an attorney's perspective on how things work and vice versa. A successful business will ensure to show how all roles affect each other and encourage collaboration.
Listen in to learn more!
04:00 Ideal Client Profile
10:53 ABS Application Process
13:29 Stigma of Working with Lawyers
18:53 Annual Re-evaluation for ABS
22:30 Global Perspective on ABS
30:41 Starting the Firm
43:14 Transition to Remote Work
Tune in to today’s episode and checkout the full show notes here.
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