Everything You Need to Know about Buying and Selling Law Firms with Tom Lenfestey
Are you prepared to maximize your law firm's value and ensure a successful sale?
Join Moshe Amsel and returning guest Tom Lenfestey, founder of The Law Practice Exchange, as they delve into the intricacies of law firm valuations and preparations for sale from a seller’s perspective. Moshe and Tom discuss essential factors affecting firm valuation, from financial health and branding to the importance of normalized financials and systems in place. They also explore the critical steps needed to prepare your firm for a profitable exit and the role of clean financial records in attracting buyers.
Listen now to uncover expert tips for enhancing your firm's profitability and achieving a successful exit strategy!
Episode Highlights
[00:00] Part 1 Recap: Everything You Need to Know about Buying and Selling Law Firms with Tom Lenfestey
[06:52] How to Determine the Value of a Law Firm
[13:08] Calculating the Total Owner’s Benefit
[27:39] The Structure of Law Firm Buying and Selling Brokerage
[32:42] What Constitutes a Healthy Profit Margin?
[36:30] What Factors Influence the Selling Price of Law Firms?
[41:22] Beyond the Basics of Law Firm Valuation
[47:12] Closing the Deal: Taking the Next Steps with Law Practice Exchange
Resources
Take the Law Firm Growth Assessment and find out how you rate as a law firm owner!
Check out our Profit with Law YouTube channel!
Learn more about the Profit with Law Elite Coaching Program here
Fractional CFO Services by Profit with Law
Everything You Need to Know about Buying and Selling Law Firms with Tom Lenfestey - Part 1
Connect with Tom Lenfestey: YouTube | Facebook | LinkedIn | Twitter
Tom Lenfestey’s Consulting Services: Law Practice Exchange
About Tom Lenfestey
In his role as the Founder & CEO of The Law Practice Exchange, Tom’s goal is to guide lawyers through the next chapter of their legal career, whether that’s succession planning, exit planning, or strategic growth through law firm acquisition. As a respected leader in law firm sales, Tom has guided The Law Practice Exchange to be the leading marketplace and expert team specializing in aiding attorneys and law firms in buying and selling law firms through continuation, exit and succession strategies. Its mission is to provide education and essential services to facilitate seamless law firm sales and acquisitions and lawyer transition planning.
Connect with Tom Lenfestey on his YouTube. You can also follow him on Facebook, LinkedIn and Twitter.
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Author
Moshe Amsel
Author
Moshe Amsel the host of the Profit with Law podcast is not an attorney. As the owner of a successful accounting firm DreamBuilder Financial and Law Firm Growth coaching organization Profit with Law, Moshe has proven that there are better and different ways for a law firm to do business and be successful.
