Podcast Summary: "How Mike’s Firm Eliminates Silos and Serves Clients Better"
Podcast Information:
- Title: Maximum Lawyer
- Host: Tyson Mutrux
- Guest: Mike (Founder of Boss Advisors)
- Episode Title: How Mike’s Firm Eliminates Silos and Serves Clients Better
- Release Date: March 25, 2025
1. Introduction to Mike and His Firm
Timestamp: [01:20] - [03:23]
Tyson Mutrux kicks off the episode by introducing Mike, the founder of Boss Advisors. Mike holds dual qualifications as a lawyer (JD) and a Certified Public Accountant (CPA), a combination that sets his firm apart in the legal and accounting landscape. He shares his journey of balancing both professions and highlights the unique niche he has carved out by integrating legal, tax, and accounting services under one roof.
Notable Quote:
“I wanted to wear both hats, the JD and the CPA hat. I think that intersection of law and tax is very unique.”
— Mike [03:03]
2. Alternative Business Structures (ABS)
a. Background and Inspiration
Mike discusses the inception of Boss Advisors in 2017, motivated by the challenge of managing dual certifications and the inefficiencies of running separate legal and accounting firms. He sought approval from the Arizona State Bar and the Arizona Board of Accountancy to operate both services within a single entity, overcoming the traditional advice to choose one profession over the other.
Notable Quote:
“We were the first ones to apply and be approved as an ABS alternative business structure.”
— Mike [04:15]
b. Application Process
Mike elaborates on the rigorous application process for becoming an ABS, which involved a comprehensive audit of his firm's operations to ensure compliance with both legal and accounting ethics rules. He spent approximately 50 hours meticulously preparing the application, emphasizing the importance of thoroughness and clarity.
Notable Quote:
“I spent about 50 hours on that process. I read through every regulation to make sure we met all the requirements.”
— Mike [12:10]
c. Benefits and Challenges
The ABS structure allows Mike to seamlessly integrate legal and accounting services, providing clients with a unified approach to business advisory. However, maintaining separate books, calendars, and bank accounts presented significant administrative challenges initially. The ABS approval facilitated the consolidation of these operations, eliminating ethical conflicts and streamlining client service.
Notable Quote:
“Now we can do everything under one roof without any ethical conflicts.”
— Mike [05:18]
d. Future of ABS
Mike anticipates that ABS will become more prevalent across the United States, following trends in states like Utah and Washington. He notes that major firms, including one of the Big Four accounting firms (KPMG), are beginning to explore ABS models, signaling a shift towards more integrated professional service offerings.
Notable Quote:
“I believe we’re going to see more big players adopting the ABS structure across the country.”
— Mike [10:35]
3. Managing Silos in the Firm
a. Centralized Task Management
To eliminate silos, Mike employs a centralized task management tool called Carbon, which integrates with email, billing, and CRM systems. This ensures transparency and accountability across all service lines—bookkeeping, tax, legal, nonprofit, and CFO services.
Notable Quote:
“We manage everybody the same way using Carbon to ensure nothing falls through the cracks.”
— Mike [35:02]
b. Training and Cross-Discipline Collaboration
Mike emphasizes the importance of regular, comprehensive training sessions that include both accountants and attorneys. These sessions aim to break down barriers between departments, fostering a collaborative environment where team members understand each other's specialties and how they interrelate.
Notable Quote:
“Cross-training is intended to provide the accountants with an attorney's perspective and vice versa, eliminating silos.”
— Mike [38:58]
4. Personal Insights
a. Mike's ADHD Journey
Mike openly discusses his diagnosis of Adult-Onset ADHD, detailing how it affected his productivity and necessitated significant lifestyle changes. He highlights the importance of medication, structured routines, and the support of an executive assistant in managing his responsibilities effectively.
Notable Quote:
“If I go days or weeks without using my meds, I start to get really creative but very unproductive.”
— Mike [26:11]
b. Work-Life Balance and Health
Recognizing the toll that entrepreneurship took on his health, Mike shares his commitment to improving his well-being in 2025. He underscores the critical relationship between personal health and professional success, advocating for regular exercise, proper nutrition, and adequate sleep as foundational to maintaining a productive and sustainable business.
Notable Quote:
“If we don't take care of ourselves, we can't take care of anything around us.”
— Mike [30:15]
5. Firm Management and Growth
a. Leadership Structure
Mike describes Boss Advisors' leadership framework, which includes three partners (himself, a CPA partner, and a lawyer partner) along with a fractional COO, a sales director, and a director of tax. This structure is designed to support strategic growth and operational efficiency.
Notable Quote:
“We have a leadership team that includes strategic hires aimed at scaling the firm.”
— Mike [40:31]
b. Fractional COO
The introduction of a fractional COO has been instrumental in managing projects and improving operational processes. Mike notes that the COO oversees strategic initiatives, such as fee structuring and client allocation, allowing the firm to scale without overburdening existing staff.
Notable Quote:
“Our fractional COO oversees strategic projects to ensure efficient operation and scalability.”
— Mike [41:42]
c. Business Development Strategies
Mike actively engages in business development through daily LinkedIn posts, participation in professional communities, and presentations on legal aspects of business transactions. These efforts have consistently generated new clients and fostered valuable referral partnerships.
Notable Quote:
“Posting on LinkedIn and engaging with professional communities have been key in bringing in new clients.”
— Mike [62:46]
d. Compensation Models
Boss Advisors employs an innovative compensation model that replaces base salaries with profit-sharing based on gross profit. This model incentivizes employees to maximize profitability and align their efforts with the firm's financial goals. Higher-performing employees have the autonomy to manage their client loads and associated costs, fostering a sense of ownership and accountability.
Notable Quote:
“By aligning incentives through profit-sharing, we’ve seen production soar.”
— Mike [57:06]
6. Partnership Dynamics
a. Splitting Partnerships
Mike recounts the amicable split with his initial business partner, facilitated by a well-drafted operating agreement. This experience underscored the importance of clear contractual language and mutual respect, allowing both parties to pursue their individual paths without conflict.
Notable Quote:
“We remain friends and keep in contact. Our split was smooth thanks to a well-written operating agreement.”
— Mike [50:13]
b. Lessons Learned
Following the partnership split, Mike learned the value of detailed contracts and the necessity of clearly defined buyout formulas. He now ensures that all agreements are supported by numerical examples to eliminate ambiguity and prevent future disputes.
Notable Quote:
“I would have included more specific language around the buyout formula to avoid ambiguity.”
— Mike [51:35]
7. Firm Branding and Future Plans
Mike explains the rebranding from Pain Law and Pain Financial to Boss Advisors, emphasizing the shift from individual-centric branding to a more inclusive, service-oriented identity. The acronym "BOSS" stands for Business Owner Systems and Strategies, reflecting the firm's focus on comprehensive business advisory services.
Notable Quote:
“We wanted to rebrand to show that we work with decision-makers and offer more than just legal or tax services.”
— Mike [66:22]
Looking ahead, Mike plans to continue expanding the firm's service lines, enhance business development efforts with a dedicated sales director, and further delegate operational tasks to focus on strategic growth and team training.
8. Conclusion and Final Thoughts
Tyson Mutrux and Mike conclude the episode by reflecting on the successful strategies that have enabled Boss Advisors to eliminate silos and enhance client service. Mike reiterates his commitment to personal health, effective management, and continuous improvement as pillars supporting the firm's ongoing success.
Notable Quote:
“Whenever you focus on removing extra hats and delegating effectively, your firm will thrive.”
— Mike [56:37]
Mike expresses optimism about the future, anticipating continued growth and the adoption of integrated business structures like ABS across the industry.
Final Takeaway: Mike’s approach to eliminating silos within his firm through centralized task management, cross-disciplinary training, and innovative compensation models serves as a compelling blueprint for legal and accounting entrepreneurs aiming to enhance operational efficiency and client satisfaction. His candid discussion on personal challenges, such as managing ADHD and maintaining work-life balance, adds a relatable dimension to the business strategies shared.