Episode 290 features Scott Love in conversation with Ryan Kimler (Net Profit CFO) on financial management and strategy for independent law firms. Ryan argues that most small-firm owners struggle because they don’t have the right financial team around them, and he outlines a simple four-seat model: bookkeeper (tracks transactions and produces monthly financials), tax accountant/CPA (compliance and tax filings), fractional CFO (forecasting, efficiency, and decision support), and a retirement/investment advisor (helping partners retire on their own terms). Ryan then breaks down what non-financial founders should actually look for in their numbers: on the P&L, keep expenses grouped into three clear buckets—payroll, marketing, overhead—and track them as percentages of revenue; on the balance sheet, monitor cash, accounts receivable, debts, and owner distributions (especially to avoid mis-categorized items that can increase taxable income). Ryan shares what he commonly sees when firms bring him in: a “great year” followed by declining profitability where the owner feels unclear about where the money is going, worries about payroll, and loses sleep due to a lack of forecasting and visibility. His firm’s approach is to create an annual plan, build a simplified financial dashboard/scoreboard (green/yellow/red), and then develop action plans that target the “red” metrics—often involving attorney productivity, hiring efficiency, pricing, collections, and marketing ROI—so the firm can improve cash flow, profitability, and owner take-home pay. The episode closes with three action steps: build the right financial team, review your financials regularly using a few key metrics and trends, and create an action plan to fix the number(s) that are off track. Visit: https://therainmakingpodcast.com/ YouTube: https://youtu.be/U0WFJSIZUuc ---------------------------------------- 📖 Subscribe to The Rainmaking Magazine If you’re serious about growing your book of business, you’ll want to check out The Rainmaking Magazine — a monthly digital publication packed with insights, strategies, and real-world advice for professionals in law, consulting, recruiting, and beyond. 💡 Created for results-driven rainmakers who value credibility and substance. 💥 Now live — subscribe today www.therainmakingmagazine.com ---------------------------------------- This show is sponsored by Leopard Solutions Legal Intelligence Suite of products, Firmscape, and Leopard BI. Push ahead of the pack with the power of Leopard. For a free demo, visit this link: https://www.leopardsolutions.com/index.php/request-a-demo/ ---------------------------------------- Ryan Kimler is the Founder of Net Profit CFO, host of the Net Profit Podcast, and an international best-selling author. Through his firm, Ryan and his team specialize in helping law firm owners take control of their finances and drive sustainable, profitable growth. At Net Profit CFO, Ryan combines deep expertise in accounting and financial strategy to help law firms achieve two critical outcomes: 1. A financially healthy firm with consistent cash flow to support growth 2. And the ability for the owner to take home the income they desire to meet both personal and professional goals. Ryan’s mission is simple — to give law firm owners the financial clarity they need to run a more profitable business and enjoy the freedom that comes with it. Links: LinkedIn- www.linkedin.com/in/ryankfinancialclarityllc/ Website- www.netprofitcfo.com Legal CFO Podcast: https://www.youtube.com/@LegalCFO Profit Call - https://go.oncehub.com/profit Learn more about your ad choices. Visit megaphone.fm/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.