Profit First Pt 6: Destroying Law Firm Debt by Fixing Your Cash Flow (Ep. 154)
What if the debt crushing your law firm isn’t a revenue problem but a cash flow problem. On this episode of The Lawyer Millionaire Podcast, host Darren Wurz dives into the real reason so many successful law firm owners find themselves drowning in debt.
Darren dives deep into practical advice, relatable stories (including a real-life seven-figure firm facing bankruptcy!), and a proven roadmap for debt destruction. You’ll get candid, straightforward tips to help you make smarter decisions and see your law firm thrive again.
Darren discusses:
- How the Profit First system benefits law firm owners struggling with mounting debt.
- Why you need to ditch your credit card and switch to a cash based system.
- The importance of an expense audit.
- How revenue often masks the debt problem.
- Why your accounts receivable could be fueling your law firms debt.
- How to effectively negotiate with vendors to save money.
Resources:
- Book: Profit First – Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz
- Collbox (Get Past-Due Invoices Paid)
- Law Firm Profitability Assessment
- How to Calculate Your Law Firm Tax Reserve
Connect with Darren Wurz:
- Want to work with our team? Schedule an Intro Call
- The Lawyer Millionaire Website
- LinkedIn: Darren P. Wurz
- Join The Lawyer Millionaire® Community
- Don’t Miss a Thing! Subscribe to The Lawyer Millionaire® Email List
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