Navigating Hidden Risks in Professional Services, with Mike Blake, High Score Strategies (The Price and Value Journey, Episode 122)
In this episode of The Price and Value Journey, host John Ray delves into risk management for solo and small professional service providers, with guest Mike Blake, CEO of High Score Strategies. Mike, a seasoned valuation expert with over 20 years of experience and more than 400 completed valuations, discusses the unseen risks faced by small firms, including client selection, revenue management, and execution pitfalls. The conversation explores the implications of client concentration, the importance of strategic pricing, the impact of mindset on risk assessment, and practical tips for managing client relationships. Mike offers insights on maintaining business autonomy, handling imposter syndrome, and the value of transparent and strategic pricing. This episode is packed with strategies for mitigating business risks and optimizing decision-making in professional services.
The Price and Value Journey is presented by John Ray and produced by the North Fulton affiliate of Business RadioX®.
Mike Blake, High Score Strategies
Mike is the CEO of High Score Strategies (HSS), a consultancy devoted to guiding clients to understand the value of their businesses and intangible assets for acquisition, investing, capital raising, disposition, and succession planning.
Investors and owners rely on Mike’s “information over validation” advisory approach, understanding that the questions he asks unearth hard but crucial answers that support their next transformative step or business stage.
Mike’s background spans 20+ years in valuation and 8 years in venture capital and investment banking. Before founding HSS, he served as Managing Partner with Brady Ware Arpeggio, Director of Valuation Services with Aprio (formerly Habif, Arogeti, & Wynne), and Managing Director with Adams Capital.
He is also a Special Lecturer at Georgia Tech, where he teaches graduate students about the valuation of emerging technologies and intellectual property, with a focus on Monte Carlo simulations and real options theory.
Mike founded and ran Startup Lounge, a nonprofit in Atlanta that helped connect hundreds of investors and startups over a decade. He currently serves on the board of the BVIUK (Business Valuation Institute UK).
He has coached six teams to victory in business plan competitions, leading to over $300,000 in cash prizes and nearly $2 million in services—including an entrepreneur who secured funding through ABC’s Shark Tank.
A highly engaging and deeply knowledgeable speaker, Mike has delivered 100+ presentations on a range of topics, including startup valuation, business appraisal, risk management, intellectual property, and emerging tech valuation.
He holds an MBA from Georgetown University and a BA from Franklin & Marshall.
Mike is multilingual, speaking fluently in English, Ukrainian, Russian, and French, and is conversant in Portuguese, German, and Spanish.
He currently lives with his family in Caldas Da Rainha, Portugal, about an hour outside of Lisbon.
Website | Mike’s LinkedIn | Firm LinkedIn | YouTube | Facebook
Topics Discussed in this Episode
00:00 Introduction to Risk Management
00:18 Meet Mike Blake: Valuation and Risk Expert
01:14 The Hidden Risks in Professional Services
03:41 Revenue Challenges for Small Firms
04:17 Execution and Malpractice Risks
05:16 Concentration Risk and Client Dependency
16:43 Client Due Diligence and Ownership
21:21 Naming Your Business and Succession Planning
25:22 Mindsets in Risk Management
26:53 Embracing Mistakes for Success
27:10 Mindsets: Scarcity, Fear, and Growth
27:34 The Impact of Poverty on Decision-Making
29:24 Professional Services and Poor Decisions
30:33 Managing Fear and Risk in Business
32:30 Imposter Syndrome and Pricing Challenges
38:19 The Language of Pricing
47:32 Radical Approaches to Pricing
51:03 Conclusion and Contact Information
About The Price and Value Journey
The title of this show describes the journey all professional service providers are on: building a services practice by seeking to convince the world of the value we offer, helping clients achieve the outcomes they desire, and trying to do all that at pricing that reflects the value we deliver.
If you feel like you’re working too hard for too little money in your solo or small firm practice, this show is for you. Even if you’re reasonably happy with your practice, you’ll hear ways to improve both your bottom line and the mindset you bring to your business.
The show is hosted and produced by John Ray and the North Fulton affiliate of Business RadioX®. The show can also be found on all the major podcast apps. The complete show archive is here.
John Ray, Host of The Price and Value Journey
John Ray is the host of The Price and Value Journey.
John owns Ray Business Advisors, a business advisory practice. John’s services include business coaching and advisory work, as well as advising solopreneurs and small professional services firms on their pricing. John is passionate about the power of pricing for business owners, as changing pricing is the fastest way to change the profitability of a business. His clients are professionals who are selling their expertise, such as attorneys, CPAs, accountants and bookkeepers, consultants, coaches, marketing professionals, and other professional services practitioners.
In his other business, John is a podcast show host and producer and owns the North Fulton (Georgia) affiliate of Business RadioX®. John and his team work with B2B professionals to create and conduct their podcast using The Generosity Mindset® Method: building and deepening relationships in a non-salesy way that translates into revenue for their business.
John is also the host of North Fulton Business Radio. With over 850 shows and having featured over 1,300 guests, North Fulton Business Radio is the longest-running podcast in the North Fulton area, covering business in its region like no one else.
John’s book, The Generosity Mindset: A Journey to Business Success by Raising Your Confidence, Value, and Prices
John is the #1 national best-selling author of The Generosity Mindset: A Journey to Business Success by Raising Your Confidence, Value, and Prices.
If you are a professional services provider, your goal is to do transformative work for clients you love working with and get paid commensurate with the value you deliver to those clients. While negative mindsets can inhibit your growth, adopting a different mindset, The Generosity Mindset™, can replace those self-limiting beliefs. The Generosity Mindset enables you to diagnose and communicate the value you deliver to clients and, in turn, more effectively price to receive a portion of that value.
Whether you’re a consultant, coach, marketing or branding professional, business advisor, attorney, CPA, or work in virtually any other professional services discipline, your content and technical expertise are not proprietary. What’s unique, though, is your experience and how you synthesize and deliver your knowledge. What’s special is your demeanor or the way you deal with your best-fit clients. What’s invaluable is how you deliver great value by guiding people through massive changes in their personal lives and in their businesses that bring them to a place they never thought possible.
The combination of all these elements is quite different for you compared to any other service provider in your industry. Therein lies your value, but it’s not the value you see. It’s the value your best-fit customers see in you.
If pricing your value feels uncomfortable or unfamiliar to you, this book will teach you why putting a price on the value your clients perceive and identify serves both them and you, and you’ll learn the factors involved in getting your price right.
The book is available at all major physical and online book retailers worldwide. Follow this link for further details.
