EP437: Michelle Bomberger - How To Safeguard Your Business For Success

“You’re not your client's bank. Contrary to some beliefs, you’re doing work for them and getting paid. There are different ways to structure your payment terms that limit your exposure.” -Michelle Bomberger We know as bookkeepers just how much relationships matter in business; we want our clients to invest in us to fill their gaps. But we often don’t want to invest in others to fill our own. This is especially true when it comes to the legal side of doing business. Legal help and advice are expensive, and many of us run with the belief that we’ll only need that kind of help if something goes wrong.  But like insurance, investing in a good legal advisor can help cover and protect you from all the things you fear, and all the things that could affect our businesses that we don’t even know about yet. Michelle Bomberger, Founder and CEO at Equinox Business Law Group, is this episode’s guest. She has spent her career helping businesses with their strategic decision-making, working together to build strong and lasting relationships that keep her clients protected. During this interview, you'll learn... The value of taking a proactive approach to protection How to give your contracts more teeth The Three Tiers of Protection  If you are struggling with your business’ legal infrastructure, aren’t sure how to protect yourself and your business or just want to give your contracts more teeth, this is the episode to get you thinking about putting protection in place before you need it! To find out more about Michelle, click here. Connect with her on LinkedIn, YouTube and Twitter Take the Business Health Assessment here. Time Stamps 01:43 - Michelle discusses her career journey 05:22 - The three tiers of protection  08:10 - Finding the right lawyer for you 11:20 - Building trusting relationships 16:30 - Iron cladding your contracts  20:40 - Getting paid upfront  25:03 - Challenging illegal activity   28:04 - Managing conflicts of interest  33:02 - Being proactive for long-term security  35:01 - Business Health Assessment This episode is brought to you by our great friends at Sage! With the new Sage for Accountants, you can automate daily tasks and unlock not only more efficiency, but more time for valuable client collaboration all in one place! Learn more or get started for free at thesuccessfulbookkeeper.com/sage!