September 13, 2013
“You see this here doughnut? What you got is the hole.” I’ll never forget that sinking feeling when I heard that from a business expert I consulted. I couldn’t believe it. I was stunned. Humiliated. 12 years of building my law firm—all that blood, sweat, and treasure—and I have nothing to show for it … ? Sad, but true. Because of my ignorance, when my business partnership imploded, I had no choice but to close my doors and start again. One of the reasons our firm had no “enterprise value” was it lacked recurring revenue. As I’ve since learned, potential buyers don’t pay for the success your company’s past success. They buy its potential to earn money in the future. And few things better indicate future success than a predictable, recurring income stream. Can your business model support any of these common recurring income streams? Long-term sales contracts. Locking customers into long-term sales contracts create guaranteed future income. A common (painful) example is the two-year contract your cell phone carrier makes you sign. By offering…
Continue ReadingA key factor in getting paid by your clients is taking on the right clients to begin with. Yet, even assuming you’ve figured out your target market and what you can provide, there emerges that…
Read MoreListen to the Episode Below: As a teacher before becoming a financial advisor and entrepreneur, Susan McGlory Michel knows that some lessons you ease into gently, and others are the “drop you in the pool…
Read MoreFrom the Department of Naches (Yiddish for “joy”) and Brag, I was interviewed by Forbes.com on one of my favorite subjects: business partners. How to choose them, what to look for and what to put…
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I know first-hand that running a knowledge-based service business has unique challenges. It’s so much easier when you have an advocate in your corner. Over the past 25 years, I’ve worked with thousands of New York business professionals who want a legal advisor to guide and support them as they navigate the business world.
With wide-ranging experience as a business attorney, strategist, and media authority, I bring the added power of a business lens to the legal issues my clients are facing.
And because I’ve been a business owner myself, I’ve lived through the soaring highs and devastating lows – like when my first law firm failed. So I understand what’s involved to serve great clients, detect business risks early and build a true legacy.
I can’t get those 12 years back. That’s why I have made it my mission to ensure that business professionals like you can become wise and discerning leaders, build a solid business, and live your best life.
