If you don’t have a worthy successor within your firm, or you are a sole practitioner, selling to a third party may be your only option. Finding a third-party successor and then selling your practice or going "of counsel" takes time, effort, energy and preparation.
Most likely, you don’t have that much extra time on your hands to manage the full process on your own, especially when you are actively practicing. Consider bringing on an expert law firm succession advisor to help you see this process through.
Advantages of Working with an Expert When You Sell or Go "Of Counsel"
There are many benefits to working closely with Roy Ginsburg as you seek a third-party buyer and work to lay the foundation for your law firm’s sale and transition.
- Position your practice: Roy will identify and help you implement any changes that may be necessary before seeking a successor.
- Get the word out: Roy will create a marketing plan that generates the largest pool of realistic and viable candidates.
- Maintain confidentiality: Sure, it may be possible to find a buyer on your own, but do you want the entire legal community—including your staff and clients—to learn about your planned retirement prematurely? Roy can discreetly contact possible buyers on your behalf and have them sign confidentiality agreements before they learn the identifying details of your practice.
- Screen and qualify candidates: When selling your practice, you want to pass your clients along to someone who will serve them as conscientiously and skillfully as you did. To save you time, Roy carefully screens all potential buyers before you meet them and brings objectivity to the process. And before you actually meet a potential buyer, Roy carefully prepares you to know what questions to ask and what questions you should be prepared to answer. If you wish, Roy can also participate in your meetings with a prospective buyer.
- Manage due diligence: What should you ask for? What should you provide? Roy will adeptly guide you through the due diligence phase.
- Identify best-fit buyers: Roy will help you determine which buyers best fit you, your practice, and your clients. He has coached lawyers in virtually all practice areas and, with that experience, has developed an ability to identify the buyer who will be right for a given practice.
- Structure the deal: Roy will help you determine the structure that best suits you and define the parameters of your future working relationship with your successor.
- Sell for the best price: Roy has comprehensive knowledge of the types of practices that command the highest value in the legal marketplace. Along with his analysis of your practice and clients, you can be confident that his recommended valuation range will be as accurate as possible given the vagaries of this immature market.
- Negotiate the transaction: Roy will assist with the negotiations to secure the most satisfactory deal and help draft initial terms sheets or deal memorandum.
- Coordinate the professionals: You may need to bring in your accountant, legal counsel or other professionals. Roy will help them work together effectively and efficiently.
- Review documents: Roy will offer another pair of eyes for your closing papers to ensure that the details of the transaction are consistent with your understanding.
- Close the deal: Selling or otherwise transitioning your legal practice is a process fraught with emotion. After all, you’ve spent many years creating the relationships and doing the work that made your practice a success. Now it’s time to plan for the end of your career and the unpredictability of retirement, which is never easy. Roy will skillfully and respectfully move you and your buyer to close during this period of excitement and uncertainty.
- Transition the practice: After closing, Roy is available to coach you through the oftentimes unpredictable process of slowing down and transitioning clients.
As you can see, there are myriad steps involved in a smooth transition, all of which Roy has successfully navigated numerous times. Save time, avoid common missteps, maximize the proceeds for your practice and leave your clients well-served.
Call Roy to Get Started on Finding Your Law Firm Successor
When you don’t have an identified successor within your own firm, finding a buyer on your own can be daunting. Partner with a strategic advisor who can help you identify your ideal third-party successor and put together a deal that sets you up for a more comfortable retirement. Call him today at (612) 524-5837 or connect online.