I just finished analyzing the 2010 financials from over 60 law firms across the country. Most of those law firm submitted financials last year. I’m putting the finishing touches on the spreadsheet all of the Members review together in a closed meeting at every Spring Summit.

Interestingly, there are more law firms with an increase in revenue than law firms where the revenue went down!

I guess the bottom line is that it doesn’t matter how many law firms had increased revenue – what we find is that if “your” revenue was down the natural inclination is to figure out how to point to a cause at something—anything—other than what you have control over. The economy and the estate tax law change is a common chorus in that song.

A recent comment about the economy and the tax law change came up from an Academy Peak Performer and our Oklahoma City Member, also a co-founder and co-leader of the Academy Peak Performer group, Larry Parman responded to that Member with the following message.

You’ll love this! I know I did.

From: Larry Parman, Oklahoma City Estate Planning Attorney, Co-Founder of the Academy Peak Performers Training Program, National Speaker and Book Author
Sent: Monday, May 02, 2011 6:54 PM

First, an observation. As business owners our mission never changes – achieve pre-determined results through the efforts of ourselves and others. Our responsibility is to see outcomes are achieved regardless of what is going on in the economy, new competition, tax law change and so forth. As important, we must acknowledge we have little, if any control, over “outside.” To attribute outcomes to something other than our plans, policies or execution of them can lead to acceptance of mediocrity, and he always travels with his twin, “a reason.” Too often we allow “outside” to own our outcomes.

Second, a recommendation. Declining outcomes should trigger “inside” re-evaluation. When we find ourselves thinking, feeling, believing, that our outcomes are due to the economy or another nefarious outside source, reject that reasoning. Our task remains the same regardless of outside circumstances, namely to set and hit goals.

If a strategy is not effective, for whatever reason, we should think opportunity, immediately dissect our strategies to see if they can withstand marketplace vagaries. Our public seminar strategy shines as example. Those critters are the siren song of the estate planning lawyer’s easy street – seductive, voluptuous… a very attractive creature… quick money from prospects riding by on the Easy Street trolley. As long as they work.

They will decide to take a month or two… god forbid… a year off, sometimes forever. It happens and the Academy is full of Members who have lived to tell the story, myself included.

Once we are clear that we alone create outcomes, the first step is to inoculate against marketplace ebbs and flows. Why would any of us allow our business to be dependent upon one primary lead generation strategy? Too often it happens because adding to reliable revenue streams is hard work. Few are willing.

Perhaps the most challenging thing as a business owner is to abandon long held belief as truth. Why not test our beliefs to see if our business is profitable assuming our beliefs are wrong? The opportunity starts with accurate numbers, problem ID, self-analysis of your chain of lead generation, followed by course correction.

All the items described are an opportunity to revise, enhance and improve for better outcomes. If tax message is not working, change seminar emphasis (our seminars haven’t mentioned much about estate tax for nearly 10 years).

It’s not out there. It’s in here, where opportunity resides.

About the author: Mr. Parman is a frequent guest on the radio and can be seen on television talk shows explaining the importance of proper estate planning. Prosperity Productions selected Mr. Parman is a featured speaker in a nationally-recognized educational video on Living Trusts. He is the author of numerous published articles on financial and estate planning matters and the co-author of two books, Estate Planning Basics: A Crash Course in Safeguarding Your Legacy and Guiding Those Left Behind in Oklahoma: Settling the Affairs of Your Loved Ones.

Mr. Parman is a Member and Fellow of the American Academy of Estate Planning Attorneys. He is also a member of the Oklahoma and Missouri Bar Associations, the American Bar Association, and the Oklahoma City Estate Planning Council.

Jennifer Price
Director of Member Services
American Academy of Estate Planning Attorneys, Inc.
6050 Santo Rd Ste 240
San Diego, CA 92124
858-453-2128
www.aaepa.com

This week my wife’s grandmother passed away and I was reminded how similar weddings and funerals really are. I know this sounds crazy, but these two events have all of the same basic elements.

Weddings and funeral ceremonies are both held in a church, synagogue, or some other type of facility. They both have flowers and decorations, they both typically have music, both have a minister or someone who officiates the service, there’s usually a lot of food at both occasions, and they both have a lot of family travel. In our case, we saw people this week at the funeral that we hadn’t seen since our wedding and we probably won’t see again until another wedding or funeral takes place in our family!

Typically with a wedding you have 6-12 months to prepare. Even though this is a very joyous occasion it can still be very stressful… I know it was for my wife and I! However, with a funeral you usually only have about 6-12 hours to plan. Without proper planning and guidance this can be very difficult on the surviving family when you compound all of the planning that goes into this event especially with the confusion, stress and grief that accompanies the loss of a loved one.

Helping my wife’s family plan this funeral reminded me of all the details that go into planning a funeral. It also reminded me how a well planned funeral ceremony can truly celebrate a life and help them leave a lasting legacy!

I know this is something that none of us want to think about, but it’s going to happen to all of us. With this in mind, we need to be prepared to make it a little easier on our families, and in the case of estate planning attorneys, our clients as well. As I learned this week, this can truly be one of the greatest gifts you can leave your family!

Bryan W. Adams is President & CEO of Premier Planning, LLC and Founder of Legacy Safeguard. Bryan is considered one of the nations’ leading experts on final expense planning, and he frequently speaks throughout the country about the importance of assisting clients to gain peace of mind through advanced funeral funding.

Bryan’s passion for helping families prepare for their final expenses came from being raised in the funeral business. His family still owns and operates several funeral homes, and he is constantly amazed at how unprepared families are when a death occurs. Bryan has worked tirelessly to help Americans plan for the inevitable and lessen the burden on their loved ones.

Academy Guest Blogger
American Academy of Estate Planning Attorneys, Inc.
6050 Santo Road, Suite 240
San Diego, CA 92124
www.aaepa.com