Stephen Candelmo of Paralex reveals how he's revolutionizing small business law with AI, slashing costs by 80%, doubling clients every quarter & exposing the risky truth behind using ChatGPT as your DIY legal advisor. (Episode 704 - Stephen Candelmo)

In this episode of Grow a Small Business, host Troy Trewin interviews Stephen Candelmo, founder and CEO of Paralex, a groundbreaking legal tech platform transforming how small businesses access legal support. Stephen shares how Paralex leverages AI to deliver fixed-fee legal services that are up to 80% cheaper than traditional law firms—making legal help more accessible for startups and small companies. He opens up about his entrepreneurial journey, pivoting from marketing tech to legal innovation, and building a scalable SaaS model with a human-in-the-loop approach. We also discuss the risks of relying solely on tools like ChatGPT for legal advice and the importance of blending tech with real legal expertise. Stephen’s insights are a must-listen for anyone interested in the future of law, AI integration, and startup growth.

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Troy delves into our guest's startup journey, their perception of success, industry reconsideration, and the pivotal stress point during business expansion. They discuss the joys of small business growth, vital entrepreneurial habits, and strategies for team building, encompassing wins, blunders, and invaluable advice.

And a snapshot of the final five Grow A Small Business Questions:

1. What do you think is the hardest thing in growing a small business?

According to Stephen Candelmo, the hardest thing in growing a small business is having patience and faith when things are hard—which, he emphasizes, is often. He highlights how the journey is rarely linear and requires resilience through constant ups and downs.

2. What's your favorite business book that has helped you the most?

According to Stephen Candelmo, his favorite business book that has helped him the most is "Good to Great" by Jim Collins. He admires how the book outlines the art and science of elevating an organization from being merely good to truly great.

3. Are there any great podcasts or online learning resources you'd recommend to help grow a small business?

According to Stephen Candelmo, a great podcast he recommends for entrepreneurs is "How I Built This", which offers inspiring stories from founders about building their businesses. He also highlights the use of ChatGPT (GPT-4) as a powerful online tool—calling it his “consultant” and “thought partner”—for strategic thinking and exploring business ideas.

4. What tool or resource would you recommend to grow a small business?

Stephen Candelmo recommends Dripify as a valuable tool to grow a small business. It's especially useful for automated LinkedIn outreach, helping small business owners connect with prospects through personalized messaging campaigns to generate leads and meetings.

5. What advice would you give yourself on day one of starting out in business?

According to Stephen Candelmo, the advice he would give himself on day one of starting out in business is: "It’s going to take time — keep on believing. One day at a time."

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Quotable quotes from our special Grow A Small Business podcast guest:

When you combine need, experience, and passion, you find purpose — Stephen Candelmo