
Ep. 119: Tax Planning, Retirement & Building Firm Wealth with Mike Milligan
In this episode, Ruby Powers sits down with Mike Milligan, CFP® and founder of 1.oak Financial, for one of the most practically useful financial conversations Power Up Your Practice has had. Mike started his relationship with money early — watching his grandmother sell collard sandwiches at job sites after his grandfather couldn't work, charging $5 each at a time when a Big Mac cost a dollar. That foundation shaped everything: a belief that financial planning should serve real people, not Wall Street firms, and that the strategies available to the wealthy should be accessible to every business owner willing to learn them. For law firm owners, that means one thing above all: taxes are your single biggest expense, and most of you are overpaying because nobody on your team is actually doing tax planning. What we explore: ✅ Tax Planning vs. Tax Preparation: Why your CPA is a historian, not a strategist — and what changes when you finally have someone thinking about your taxes before they happen. ✅ Strategies You're Probably Missing: The Augusta Rule, hiring your kids as W2 employees, the Section 179 vehicle deduction, business structure by state, and geographic arbitrage — with real numbers attached to each one. ✅ Retirement for the Self-Employed: Why solo practitioners can contribute up to $80,000 a year to a solo 401k, what a cash balance pension looks like for high-earning partners, and why delay of gratification is still the foundation of everything. ✅ Building Firm Value for an Exit: Why PE firms are paying attention to law firms now, what makes your firm actually valuable on paper, and why your advisory team should be people who sign the front of their own checks. ✅ Ask Your Advisor to Show You Their Returns: The bold move Mike makes with every prospective client — and why law firm owners should expect the same transparency from the people they hire. If you've been avoiding the financial conversation because it feels overwhelming or you assumed someone else was handling it — this episode is your starting point. 📣 SPECIAL ANNOUNCEMENTS: 🚀 Law Firm Retreat: Design Your Future – August 2026: Stop the daily grind and start architecting your next era. Join Ruby in Denver for an intimate, 15-firm-only strategic laboratory. 👉 Secure your spot: https://powersstrategygroup.com/law-firm-retreat-august-2026/ 📊 We Love Your Feedback! Help us design the next year of the podcast. Take this 2-minute audience survey: https://forms.gle/EgMgxd3tbXCsmqgp9 📌 Join the conversation in our Power Up Your Practice community! Hosted by Ruby Powers, your guide into the heart of law practice management. Each week, learn insights from leading legal minds, trailblazing attorneys, and expert guests who provide you with actionable advice, out-of-the-box solutions, and a fresh perspective on running your firm more effectively and efficiently. Prepare to open your mind, be inspired, and power up your practice to the next level. Watch more episodes of Power Up Your Practice on: 🌐 Website: powersstrategygroup.com 📺 YouTube: @powersstrategygroup 💬 Join our Skool Community - Power Hub: https://www.skool.com/powerupyourpractice Connect and learn more from your host, Ruby Powers: 🔹 LinkedIn: /rubypowers 🔹 Facebook: /poweruppractice 🔹 Website: rubypowers.com 🔹 Ruby's Book: Power Up Your Practice on Amazon Trusted Resources from Our Toolkit: Stafi https://calendly.com/d/csbk-3y4-35w/staffing-strategy-session-stafi-ruby-powers?month=2025-07 Filevine https://www.filevine.com/partner/powers-referral/ CandleAI https://www.trycandle.ai/powers Vonage https://share.vonage.com/zones/friend_landing_experience_microsite?extole_share_channel=%5C%22SHARE_LINK%5C%22&extole_shareable_code=wzq4f&referral_id=wzq4f&source=%5C%22direct%5C%22&utm_source=Power+Up+Your+Practice+by+Power+Strategy+Group&utm_campaign=a7c6feafe9-EMAIL_CAMPAIGN_2020_04_13_07_58_COPY_01&utm_medium=email&utm_term=0_3b4d3388ea-a7c6feafe9-746189731













