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...
Everything You Need to Know about Buying and Selling Law Firms with Tom Lenfestey - Part 1
Curious about how acquiring a law firm can accelerate your own law firm's growth?
Join Moshe Amsel and Tom Lenfestey, founder and CEO of the Law Practice Exchange, as Tom describes the benefits and strategies behind buying a law firm. In this episode, Moshe and Tom dive into the topic of law firm acquisitions, highlighting the importance of starting early and understanding what is being bought, from client relationships to established systems. Tom also unpacks the financial nuances of buying a law firm, including valuation, structured terms, and financing options.
Listen now to explore how acquiring a law firm can be the game-changer your practice needs for growth and profitability!
Episode Highlights
[00:00] Introduction
[05:19] Introduction to Tom Lenfestey
[10:28] Law Firm Growth Strategy: Buying a Firm
[19:30] Brand Recognition - Your Law Firm Name
[22:40] Does the Practice Area Matter?
[31:44] Financial Costs of Acquiring a Law Firm
[42:43] Parting Piece of Advice...
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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.
