Profit with Law: Profitable Law Firm Growth
Small Law Firms often start from the practice of law and not as a business venture. This ends up causing the growth of the firm to be much longer and more painful than it needs to be. If you started a Law Firm with the intention of increasing your impact, freeing up your time and having all the money you will ever need then the strategies we discuss will be priceless for you. Profit with Law is a show focused on the business of running a law firm as a profitable venture. Packaging and pricing your services, getting clients consistently, growing your staff in a way that feels good to you and implementing systems and technology to set yourself up for success are all discussions you will find here on the show. Moshe Amsel the host of the Profit with Law podcast is not an attorney. He has spent 20 years as an executive in the IT industry before becoming an accountant and business advisor for small businesses. 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. Our mission is to empower all people with wealth creation so that this and future generations can lead a better life. We’d love nothing more than to do this by helping law firm owners on their journey. A law firm is not for practice it’s for profit!
Profit with Law: Profitable Law Firm Growth
Everything You Need to Know about Buying and Selling Law Firms with Tom Lenfestey - Part 2 - 458
Shownotes can be found at https://www.profitwithlaw.com/458.
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!
Chapters:
[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 mentioned:
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
Join our Facebook Community: https://www.facebook.com/groups/lawfirmgrowthsummit/
To request a show topic, recommend a guest or ask a question for the show, please send an email to info@dreambuilderfinancial.com.
Connect with Moshe on:
Facebook - https://www.facebook.com/moshe.amsel
LinkedIn - https://www.linkedin.com/in/mosheamsel/