Mike Michalowicz, author of Profit First and cofounder of Profit First Professionals talks all things Profit First.

Mike shares the story behind Profit First, which he developed after nearly losing everything when his business collapsed. This experience prompted him to study what makes companies profitable. His revelation? Apply the same personal finance “pay yourself first” principle to business finances.

Thus, Profit First was born. Now over 800,000 companies use Mike’s approach of taking a percentage off the top for profit before paying business operating expenses. Mike simplifies profitability to this truth – you must be profitable to get out of debt. Taking profit first builds momentum and fuels growth.

Mike’s 3 Profit First Tips
Beyond emphasizing mindset shifts, Mike provides three tactical tips for getting started with Profit First:

1.Start slow and let it grow: Begin with just 1% of income to build habits over time
2. Use your existing bank: You must see Profit First working
3. Reach for potential: Look at fiscally elite performers in your industry and aim higher

Ludicrous Speed
We share the forward from Profit First For Lawyers written and read by Mike Michalowicz about an experience he had with RJon and a Tesla.

Links Mentioned
Small Law Firm Bookkeeping That Does Not Suck https://bookkeepingthatdoesntsuck.com
How To Manage A Small Law Firm https://howtomanageasmalllawfirm.com
Episode 16 Profit First For Lawyers Interview with Ron & Julie Pollack    • Beyond Profit  
Mike Michalowicz https://www.MikeMotorbike.com

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Visit https://profitfirstforlawyers.com

Key Moments
1:11 Welcome
2:06 Mike Michalowicz reads forward of Profit First For Lawyers book
7:36 Interview with Mike Michalowicz author of Profit First & CoFounder of Profit First Professionals
8:16 Profit First origin
12:38 The peaks and valleys of business ownership
13:31 Early stages of Profit First
14:11 Profit First emails and tax time
16:53 Profit First saves marriages
20:02 Behavioral intercept (hacking your brain)
22:10 Mike's 3 Tips
26:42 Mike's response to "I can't take profit until I'm profitable."
29:24 The most profitable baseball team, The Savannah Bananas uses Profit First
32:29 Profit First works in every industry in every country
33:40 Connect with Mike directly
34:58 Close out