Podcasts · The Game Changing Attorney Podcast with Michael Mogill

470. AMMA — Owner Dependency Is Quietly Killing Your Firm

· 26 min · S7 E470

Episode 470. AMMA — Owner Dependency Is Quietly Killing Your Firm

0:00 25:46

The most valuable thing you can build into your firm is its ability to run without you.

In this AMMA episode of The Game Changing Attorney Podcast, Michael and Jessica Mogill answer the questions most firm owners put off until it's too late. When should you really start succession planning? How do you pick a successor without letting loyalty override the right call? And how do you build something worth more than the income it generates while you're in it? Michael makes the case that a firm dependent on its owner is a firm that's quietly losing value, and he lays out what it takes to change that. Plus, he kicks things off with his favorite recent movies, shows, and books.

Here’s what you’ll learn:

• Why succession planning should start at least five years out, and what happens when you wait until your back's against the wall • How to separate the discomfort of a hard conversation from the decision that's actually right for the business • What it takes to turn your firm into an asset that grows whether or not you show up

If something happened to you tomorrow, would your firm survive without you? Build like the answer needs to be yes.

(00:00:00) Introduction (00:01:48) Michael's Favorite Things (00:05:36) Books Worth Reading (00:10:07) How Early to Plan Succession (00:14:25) Loyalty vs. The Right Successor (00:18:38) Building a Firm Beyond Income (00:23:42) Outro

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Links & Resources:

• Togo • Altered Carbon • Spider-Man Noir • The Penguin • Godzilla Minus One • King Kong (2005) • Fallout • Not Just a Goof • Thinking in Bets by Annie Duke • Everything You Want Is on the Other Side of Hard by Ken Rideout • Smile, or You're Doing It Wrong by Andy Glaze • The Power of the Dog by Don Winslow • The Cartel by Don Winslow • The Border by Don Winslow • We Are Legion (We Are Bob) by Dennis E. Taylor • Project Hail Mary by Andy Weir • Life Is Luck by John Morgan • You Can't Teach Hungry by John Morgan • You Can't Teach Vision by John Morgan

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Learn what sustainable growth can look like for your firm at crispcoach.com.

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Past guests on The Game Changing Attorney Podcast include David Goggins, John Morgan, Alex Hormozi, Randi McGinn, Kim Scott, Chris Voss, Kevin O’Leary, Laura Wasser, John Maxwell, Mark Lanier, Robert Greene, and many more.

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If you enjoyed this episode, you may also like:

• 469. How to Turn Your Darkest Failures into Unstoppable Drive with Ken Rideout • 455. From Addict to UltraRunner: The Ultimate Redemption Arc with Andy Glaze • 320. John Morgan - Dream Big, Act Bold: Turning Visions into Reality

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