S02E74 Fractional CFO Strategies for Business Growth with Tom Dillon

Leadership In Law Podcast

Tom brings years of experience as a fractional CFO to the table, offering a wealth of knowledge about how proper financial management can become your firm's secret growth engine. He challenges the common belief that cutting costs is the pathway to profitability, instead advocating for strategic growth investments backed by a solid cash flow understanding.
The conversation tackles one of the most uncomfortable yet crucial topics for law firm owners – pricing. "The biggest mistake small business owners make is pricing their services too low," Tom reveals, explaining how raising rates not only improves profitability but often eliminates problematic clients while creating more capacity for valuable work. This counterintuitive approach has transformed countless firms from constant financial stress to sustainable growth.
We explore the tangible differences between firms caught in a scarcity mindset versus those embracing abundance thinking. Tom's insights on capacity planning, strategic hiring, and building a truly valuable, transferable asset will fundamentally shift how you view your practice's future. His provocative statement that "the less the owner is involved in the business, the more valuable it becomes" serves as a wake-up call for attorneys who haven't considered the long-term worth of their practice.
Reach Tom here:

https://www.linkedin.com/in/tom-dillon-cfa/
https://x.com/profithuntercfo?lang=en
https://www.frakfinance.com

This episode is sponsored by Wealthy Woman Lawyer®

Wealthy Woman Lawyer® is a law firm growth strategy and business coaching service exclusively for women law firm owners. Ready for a practice that funds your dream lifestyle and gives you time to enjoy it?
Visit https://wealthywomanlawyer.com today.

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Leadership In Law Podcast with host, Marilyn Jenkins
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Chapters

1. Introduction to Leadership in Law (00:00:00)

2. Tom Dillon's Leadership Journey (00:02:01)

3. Cash Flow as Business Growth Backbone (00:06:15)

4. Common Financial Mistakes of SMBs (00:14:07)

5. Struggling vs. Thriving Businesses (00:23:16)

6. Building a Transferable Asset (00:27:58)

7. Episode Conclusion and Call to Action (00:29:10)