What Are the Various Options Available if I Want to Sell?

If you have people working for you, the first thing to consider is an internal transition. The next options are to sell to an outside buyer or move into an of counsel role with another firm.

The final option is to either downsize or wind down. You may leave some sale value on the table, but this path allows you to continue generating income for as long as you choose to practice.

How Long Do I Have to Stay on After the Sale to "Transition" the Clients?

This is ultimately up to you and the buyer and can vary significantly depending on the practice area and the nature of the clientele. Most sellers remain involved for at least a few months to ensure a smooth transition for both clients and remaining staff.

In some instances, staying on often benefits everyone involved, including you, since a longer transition can help the firm perform well and increase what you ultimately receive from the sale, especially if there is an earn-out.

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