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The Law Practice Doctor - Podcast

The law practice doctor podcast is the place to get the easiest most practical and profitable ways to grow your firm and still have a Life! Its mission is to help solo and small law firms succeed.
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The Law Practice Doctor - Podcast
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Now displaying: January, 2016
Jan 27, 2016

In this week’s episode of The Law Practice Doctor, Sam Gaylord interviews Ty Crandall, who is an internationally known speaker, author, and business credit expert. With more than sixteen years of financial experience, Ty is the CEO of Credit Suite and is recognized as an authority in business credit building, business credit scoring, and business credit repair. During this episode, Ty and Sam discuss the three types of credit, applying for business credit, vendor accounts, alternative lenders, The Fair Credit Reporting Act, and how to fix bad credit.

 

Main Questions Asked:

  • What is business credit?
  • What are the steps to obtaining business credit?
  • How long does it take to establish business credit?
  • What is an alternative lender?
  • Does the entity structure matter when looking to build business credit?
  • Is there a way to fix business credit?

 

Key Lessons Learned:

Three Types of Credit

Consumer  

  • Linked to your social security number and used for mortgages, car loans, and personal credit cards.

Business  

  • Businesses have their own profile and credit score.
  • Every business has an EIN.

Bank  

  • Internal credit the banks have that they use to decide if you are ‘lendable.’

 

Applying for Business Credit

  • Any business can obtain business credit.
  • Leave your social security number off the application.
  • If you include your social security number on the application, you have personally guaranteed that debt.
  • Make sure you have a business address, website, professional email, business phone number.
  • Check your business credit report.

 

Vendor Accounts

  • These are companies that will give you initial credit to buy their products or services.
  • They report to the Business Credit Reporting Agency.
  • These include Uline, Quill, Reliable Office Supplies, and Monopolize Your Marketplace.
  • When you have 5 accounts reporting, you will have a credit score.
  • It takes about 60-90 days to get a score.
  • When you have 10 total accounts reporting, you can start getting real cash credit.

 

The Process

  • Get approved.
  • Use the credit.
  • Pay the bill.
  • It takes 30-90 days to report to the agencies.
  • It takes about 120 days of total time to get the point of getting Visa/ MasterCard cash credit accounts.

 

Alternative Financing

  • This is any type of financing that is an alternative to SBA conventional financing.
  • The issue is that the business space is risky and has a high-percentage fail.
  • Conventional lenders look for your weaknesses, but alternative lenders look for your strengths.

 

Entity Structure

  • Any business looking to build business credit should focus on a Corporation or LLC.

 

The Fair Credit Reporting Act (FCRA)

  • This requires that every item on a credit report meet the following criteria:
  • 100% accurate.
  • 100% timely.
  • 100% verifiable
  • Creditors often don't play by the rules and intentionally manipulate information on the credit report.
  • If you go through the process of disputing any negative items on your credit report with the bureau, 80-90% will often get deleted, as they don’t meet the above criteria.
  • If you have credit issues, focus on writing letters to the credit bureaus and issuers disputing items.

 

Fixing Business Credit

  • Most slow pays don’t get reported unless you default.
    • Get a hold of your business credit reports.
    • Dispute directly with the creditors and credit bureau.

Thank you for listening! If you enjoyed this podcast, please subscribe and leave a 5-star rating and review in iTunes!

 

Links to Resources Mentioned:

Equifax

Uline

Quill

Dun and Bradstreet

Experian

Monopolize Your Marketplace

Credit Suite (YouTube)

Ty Crandall

Free Download

Credit Suite

Perfect Credit (book)

Business Credit Decoded (book)

Jan 21, 2016

In this week’s episode of The Law Practice Doctor, Sam Gaylord interviews Kenny Nguyen, who is the CEO and Founder of Big Fish Presentations. Kenny’s company specializes in presentation design, consulting, and commercial video production. Sam and Kenny discuss the 3 components of the presentation experience, the 5 things you should have in your presentation, common issues, and actionable tips.

 

Main Questions Asked:

  • What is the ‘experience’ you talk about providing?
  • What are the standard strategies for effective presentations?
  • Are there common difficulties with the presentations when clients come to you?

 

Key Lessons Learned:

The Presentation Experience

  1. Content
  • This is the foundation of your presentation and contains your call to action.
  • All presentations are essentially arguments.
  • What is your message, and how are you going to say it?
  • Questions you ask.
  • Main bullet points.
  1. Design
  • If content is king, then design is queen.
  • Content must be sealed before you work on design.
  • How do you bring the content visually to life where it’s not distracting?
  • Less is more.
  • What are the essential images?
  • One main idea per slide, and one image sells on what the presenter is saying.
  1. Delivery
  • How you say things.
  • People remember the presenter more than they remember the presentation.
  • Body language.

 

5 Things You Should Have in Your Presentation

  1. Opener/Closer
  • Grab people’s attention in the open.
  • Open your presentation with a story, statistic, joke, or video.
  • Develop your ‘likeability’ in the open.
  • How you begin is how you should end.
  1. Flow
  • Set the scene, a.k.a. flow of your presentation, so people can follow along.
  • g. In the next 20 minutes, you are going to learn 3 things.
  • Having flow helps the audience and the presenter.
  1. Tell Stories
  • This is an affective way to build the rapport.
  1. Before/After
  • Research why, what, who, when, and how.
  • Where can the audience find you?
  1. Call to Action
  • Where will your audience go at the end of your presentation?
  1. I) Offer: If you X this, I’ll give you X.
  2. II) Demand: Do this now!

III) Question: What happens if you don't do this?

 

Actionable Tips

  • Before every presentation, find your own ritual.
  • Create suspense within your presentation.
  • When you can give your presentation without your visuals, you know you are ready.

 

Common Problems

  • Complexity is an issue.
  • People have so many things to say, but it needs to be simplified to where people can understand it.

 

Thank you for listening! If you enjoyed this podcast, please subscribe and leave a 5-star rating and review in iTunes!

 

Links to Resources Mentioned:

Big Fish Presentations

Big Fish Experience (book)

Jan 13, 2016

In this week’s episode of The Law Practice Doctor, Sam Gaylord interviews John Corcoran, who handles matters in general civil litigation, real estate, and land use, and provides advice and counseling to small businesses. John is a former White House aide, having served during the Clinton administration, and was a speechwriter in the California Governor’s office during the Davis administration. John believes in leveraging the power of personal relationships in disputes. In addition to his law practice, John runs Smart Business Revolution. During this episode, Sam and John discuss entrepreneurship and the law, law as a service business, the conversation list, and learning to network.

 

Main Questions Asked:

  • What were the obstacles you faced in growing your practice?
  • Where did Smart Business Revolution come from?
  • What do you recommend in terms of learning to network?
  • What networking things have helped with your success?

 

Key Lessons Learned:

Law as a Service Business

  • Practicing law is a service-based business, which has three components to it.
  1. Lead generation
  2. Conversion
  3. Fulfillment
  • It’s important to stay above the curve and try to take your skillset to different areas to help generate different revenue streams.
  • Technology is having an impact on different types of careers, and will have an impact on the legal profession.
  • Additional revenue streams allow you to be more selective in the clients.

 

Obstacles

  • The biggest challenge was getting clients through the door when starting out with inexperience and not having a client base to draw upon.
  • John found providing value to senior attorneys in his area to be beneficial to growing his business. Business will flow to the senior attorneys that aren’t a good fit for them.

 

Establishment

  • John found writing to be a great way to establish his name early on such as in the local Bar Association newsletter.
  • Choose one organization that is a good fit, and deepen your involvement. This will be a better use of your time than joining many groups and only being partially involved.

 

Learning to Network

  • If you are having a difficult time at a certain event, then maybe you are at the wrong event.
  • If you continue to go to the same event, don't enjoy it, and it doesn’t produce results, then go to a different event.
  • People who are in your existing network that already know, like, and trust you are great opportunities.
  • Often the solution to networking is reconnecting with those who you are no longer top of mind.

 

The Conversations List

  • These are the 50 people you would like to build or deepen a relationship with over the course of the next 12 months.
  • The list will include past clients, referrals, colleagues, lawyers in your community, and aspirational connections.
  • Attorneys often look at the big picture and get the feeling of overwhelm.
  • If you focus on connecting with one person per day for just 10 minute, by the end of the year you will have reached out to 365 people.

 

Webinars

  • These are a live speech done in an online forum.
  • Webinars allow anyone in the world with an internet connection to attend.
  • This format is cheap and has a scope to scale for a huge audience.

 

Thank you for listening! If you enjoyed this podcast, please subscribe and leave a 5-star rating and review in iTunes!

 

Links to Resources Mentioned:

Corcoran Law Firm

Smart Business Revolution

Webinar 1K

6 Figure law Firm

Jan 5, 2016

In this week’s episode of The Law Practice Doctor, Sam Gaylord interviews Greg Smith, who is a lawyer turned tech company CEO. He is a teacher, life-long student, and co-founder of Thinkific, whose mission is to make it easy to teach online courses. During this episode, Sam and Greg discuss how to launch a successful online course.

 

Main Questions Asked:

  • How do you transition from lawyer to CEO of a tech company?
  • What do people want to offer communities in the way of courses?
  • What advice do you have for someone thinking about leaving law and switching to business?
  • Is there a methodology you incorporate and go through with clients in terms of getting a course started?  
  • What are the strategies to creating an online course?
  • What are the common problems people come to you with?
  • How do you work with your clients to make sure they ‘just do it?’

 

Key Lessons Learned:

Online Courses

  • The mission of Thinkific is to make it easier to teach online courses.
  • There are so many uses for online courses, and a lot of people now use them for lead generation and client relationship building, in addition to generating revenue.
  • Online courses work well as ‘link bait’ for Google and people to find you, build trust, and value-add.
  • During a live event, there isn’t often a lot of follow-up, but that is actually the key and will lead to the client relationship or the sale.
  • The money isn’t necessarily in the email list, but rather in the relationship you have with the email list.
  • Just because you have a solo law firm and practice law every day doesn’t mean you can’t do different things to help generate revenue for yourself and the firm.

 

Leaving Law

  • You have to plan for the financial side of things and no longer receiving a consistent paycheck.
  • Plan out your budget and double or triple it in terms of when you’ll hit cash flow.
  • Many people launch online courses on the side and get the revenue up to where they are happy before they make the switch from law to business.

 

Getting Started

  • People spend time thinking about structuring the course, but should look at it as speaking at an event and get the content to an hour or two, and deliver to slides via voiceover or film an event.
  • Treat the course as a minimum viable product and get it out into the hands of your clients in order to collect feedback.
  • Regardless of how much time you put into launching your first course, you will want to make changes.
  • Get your course out there and see results quickly in order to improve your next version.
  • If you aren’t embarrassed by your first online course, then you’ve waited too long to release it.

 

Strategies

  • Focus on marketing from the beginning, and think about who you are going to share your course with and how you are going to get it to them.
  • Take the time to develop and do market research on your audience to get an idea of what they are actually thinking rather than what you think they are thinking.
  • Ask people what they want, and do a short survey and quote the time to complete.
  • Surveys should be no longer than 5 questions.
  • Great sample question: “What one thing do you want to learn from me?”

 

Common Problems

Pricing

  • People often aren’t aware of how to price their course.
  • Many give the course away for free.
  • In the legal space, you can look at comparables, as there are quite a few continuing professional development courses.
  • The level of trust you’ve built with the audience has an effect on your pricing.
  • If you have a click ad ‘buy my course’ button, then you have a low level of trust as opposed to longer term email subscribers.

Distribution

  • If you don’t have a distribution list, search for people with one and reach out to them to share with their members.

Self Doubt & Video

  • If you are concerned with the video element, then start with using slides and audio.
  • Use slides with images and simple text, and talk through them.
  • Do practice takes, and once you are comfortable, substitute video.

 

Thinkific

  • Thinkific is all about your brand, your site, your students, your content, and your revenue. Thinkific provides the technology.

 

Thank you for listening! If you enjoyed this podcast, please subscribe and leave a 5 star rating and review in iTunes!

 

Links to Resources Mentioned:

Thinkific

Getting Started

 

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