Four "Must Have" Financial Advisors for Law Firms with Ryan Kimler - More Income, Better Clients, Less Stress.

Podcast: Play in new window | Download (Duration: 21:17 — 19.5MB)

In this episode, Alay and Ryan discuss:

The four financial positions your firm needs as you grow.
Adding on advisors as your firm grows and taking a tiered approach.
Challenges your firm will face as you approach 7+ figures.
Communication between your financial advisors.

Key Takeaways:

During your law firm’s growth, you must have a bookkeeper, a good tax preparer (for both personal and business), a part-time CFO, and a retirement advisor.
Start early and build the relationships now, even if you don’t need that financial advisor yet in your firm. Finding the right people can take time.
Valuing a law firm requires time and is not an exact science. Working with a retirement specialist as early as you can will help you in the future.
Having an annual meeting with all your financial advisors together will get everyone on the same page and will easily give you a 10x return or more on that hour of time.

Tweetable Moments:

“A bookkeeper is going to do it cheaper, they’re going to do it faster, and they’re probably going to do it better than you can.” — Alay Yajnik
“The CFO that you hire, they’re really the linchpin of the financial team. We do a lot to communicate and make sure that the whole team is on the same page.” — Ryan Kimler
“All four pieces do need to work really closely together, and they do need to communicate together.” — Ryan Kimler
“By getting your financial team on the same page, they’re going to spend less time chasing their tail, trying to figure out what to do, and what’s in your best interest.” — Alay Yajnik

About Ryan Kimler:

Ryan is the Founder of Net Profit CFO. A Financial Services Firm bringing clients clarity and guidance, giving them one clear path to having a growing, more successful and more profitable business. We provide business owners with an Outside CFO guide to help them understand what is working in their business and what is not. We give owners the tools they need to make corrective actions to meet their goals and objectives.

Ryan double majored in Accounting and Finance at Illinois State University. After College Ryan worked at a CPA firm with a wide range of small business clients. Ryan has since started his own firm and has specialized in working with attorneys for over 6 years and has helped more than 200 law firms.

Working with attorneys is my passion. I have found that attorneys seem to be really underserved by the accounting and finance community. Most accountants waste Attorney’s valuable time by explaining and reviewing, Profit and Loss or Income Statements, and Tax Returns. Instead, attorneys need clarity – clarity to move their business forward, make informed financial decisions, meet their goals, and improve profits.