Hire Power Radio Show

The Red Wedding Business Decision with Adam Philipp


Listen Later

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)
                  • Powered by Intertru 

                     

                    ...more
                    View all episodesView all episodes
                    Download on the App Store

                    Hire Power Radio ShowBy WRKdefined Podcast Network

                    • 4.7
                    • 4.7
                    • 4.7
                    • 4.7
                    • 4.7

                    4.7

                    39 ratings


                    More shows like Hire Power Radio Show

                    View all
                    The Ben Shapiro Show by The Daily Wire

                    The Ben Shapiro Show

                    154,185 Listeners

                    The Way I Heard It with Mike Rowe by The Way I Heard It with Mike Rowe

                    The Way I Heard It with Mike Rowe

                    41,207 Listeners

                    REAL AF with Andy Frisella by Andy Frisella

                    REAL AF with Andy Frisella

                    32,723 Listeners

                    THE ED MYLETT SHOW by Ed Mylett | Cumulus Podcast Network

                    THE ED MYLETT SHOW

                    14,030 Listeners

                    The Game with Alex Hormozi by Alex Hormozi

                    The Game with Alex Hormozi

                    4,444 Listeners

                    The Shawn Ryan Show by Shawn Ryan

                    The Shawn Ryan Show

                    44,256 Listeners

                    The Bible in a Year (with Fr. Mike Schmitz) by Ascension

                    The Bible in a Year (with Fr. Mike Schmitz)

                    61,253 Listeners

                    The Elite Recruiter Podcast by Benjamin Mena

                    The Elite Recruiter Podcast

                    44 Listeners

                    The Mel Robbins Podcast by Mel Robbins

                    The Mel Robbins Podcast

                    20,221 Listeners

                    Build with Leila Hormozi by Leila Hormozi

                    Build with Leila Hormozi

                    931 Listeners

                    BigDeal by Codie Sanchez

                    BigDeal

                    786 Listeners

                    Take It Outside with Jay Cutler and Sam Mackey by Outsider

                    Take It Outside with Jay Cutler and Sam Mackey

                    33 Listeners