Calculating Your Total Owner Benefits

Now, if you missed parts one and two of the series, we have those linked in our show notes below.

In the meantime, here's just a really brief recap.

In part one, we talked about the idea that you might not actually be bad with numbers.

You probably just weren't trained to see the story that your numbers can tell you about your business.

In part two, we talked about the stages of law firm growth and why the financial information that you need becomes more and more important as your firm gets bigger.

And today, we are going to talk about a concept that I think is incredibly important for law firm owners to understand, total owner benefits or TOB.

Because when you ask the question, how profitable is my law firm? The answer might be more complicated than whatever shows up on your profit and loss statement.

That doesn't mean, of course, that your P&L is wrong.

It just can't tell the whole story.

And that is where Total Owner Benefits comes in.

Today, we're going to start with a clip from Chapter 9 of Profit First for Lawyers, where Arjun explains why the profit your firm produces for you is about more than just the financial profit a business can return to investors or whomever.

It's also about what the business gives back to your life.

And then after that, we'll go into a clip from the 2019 Profit First for Lawyers Financial Literacy Workshop, where Arjun walks through how to calculate your total owner benefits.

So the first clip is kind of the why this matters.

And the second clip is the how this works.

And as you listen, I want you to keep one question in the back of your mind.

How profitable is my law firm really? Let's roll the clip.

Now, if you missed parts one and two of the series, we have those linked in our show notes below.

In the meantime, here's just a really brief recap.

In part one, we talked about the idea that you might not actually be bad with numbers.

You probably just weren't trained to see the story that your numbers can tell you about your business.

In part two, we talked about the stages of law firm growth and why the financial information that you need becomes more and more important as your firm gets bigger.

And today, we are going to talk about a concept that I think is incredibly important for law firm owners to understand, total owner benefits or TOB.

Because when you ask the question, how profitable is my law firm? The answer might be more complicated than whatever shows up on your profit and loss statement.

That doesn't mean, of course, that your P&L is wrong.

It just can't tell the whole story.

And that is where Total Owner Benefits comes in.

Today, we're going to start with a clip from Chapter 9 of Profit First for Lawyers, where Arjun explains why the profit your firm produces for you is about more than just the financial profit a business can return to investors or whomever.

It's also about what the business gives back to your life.

And then after that, we'll go into a clip from the 2019 Profit First for Lawyers Financial Literacy Workshop, where Arjun walks through how to calculate your total owner benefits.

So the first clip is kind of the why this matters.

And the second clip is the how this works.

And as you listen, I want you to keep one question in the back of your mind.

How profitable is my law firm really? Let's roll the clip.