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The Red Wedding Business Decision with Adam Philipp

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Listening to what your customers desire and having the courage to uproot your business model to accommodate them, takes guts. It’s essentially disrupting your own short-term profits for a long-term bigger picture. 

Your employees who are “comfortable” will most likely leave as most people do not like change. Especially, radical change! Leaving the opportunity for others to step up and help to drive the business forward. 

Today, we are going to delve into a story of what happens when you dare to disrupt your own business.

Guest Bio

Adam Philipp is the Founder & Patent Attorney of Aeon Law.  Adam is a strategic attorney who focuses on innovative solutions for creators, entrepreneurs, and C-suite executives. 

He believes that all of his clients deserve to understand how their IP tools will work for them, and their business model is designed to provide a transparent process with predictable budgets. 

Problem:  

  • Story of the Red Wedding (in 2010) due to switch to prebilling with fixed prices
  • Misaligned billing structure - eliminating billable hours
    • Required changing the compensation structure as well
    • Stop tracing the billable hour
    • AR- pain point of collecting from clients
    • Stopping the cycle of billable hours (not charging for revisions)
    • Able to hire experienced people who want to do high-quality work
    • Efficiency in getting paid twice as much for giving quality delivery
    • “If you want to succeed, stop doing what you hate” - billable hours
    • “If you give a hard job to a lazy person, he’ll find an easier way to do it”

      • Why is this important to the company?

      • Allow him to attract people who already have professional relationships
      • Less training on the company’s end

        • Rick’s Nuggets

        • My Restructure story

          • How do we solve the problem? 

          • Implementing a new client payment and attorney compensation structure
          • Provide a fee schedule like a restaurant menu
          • People: approach attorneys who tried solo practitionership
          • They didn’t want to go back to unreasonable hourly requirements. 
          • People wanted comradery, practice without getting their souls crushed
          • Pay a higher compensation with less overhead 
            • Push to 40% over 30%
            • Invest in efficiency tools (automation of repeatable tasks)
            • Hackers who set up tools. 
            • Compensate at a fair level and provide tools to gain mastery
            • Choose your own adventure model.
            • Within 1 year with ½ the team, they doubled their income!
            • Long term Joy!

              • Key Takeaways that the Audience can plug into their business today! 

              • Clients love fixed prices - giving back the power to make business decisions again
              • Point in time when Clients are most willing to pay is before the project begins (avoid pricing disputes)
              • Money is in the trust waiting to be allocated upon the works completion - (eliminate collections)

                • Guest Links

                • LinkedIn: Adam Philipp
                • Company: AEON Law

                  • Host Links: 

                  • LinkedIn:  Rick Girard
                  • Company: Intertru, Inc.
                  • Podcast: Hire Power Radio Show & Podcast
                  • Book: Healing Career Wounds (Amazon)

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