An Expert Appraisal of Your Law Firm: The Smart Way to Sell
One of the biggest barriers to selling a law practice is finding the right buyer. But even if you have found your ideal successor, the hard work isn’t over: you need to discuss the pricing and terms of the sale.
But if you’re like most law firm owners, you’re uncertain about where to begin. How do you talk about what your firm is worth? What number do you start with? If you start too high, you may scare your successor away. Start too low, and you run the risk of giving your law practice away.
So where should you begin? Do what corporate America does: hire an appraiser.
Law Firm Appraisals Based on Expert Analyses
Roy Ginsburg, an attorney and accomplished attorney coach and consultant, will arm you with a law firm practice appraisal supported by expert analysis. Roy’s years of experience and insight into the marketplace will give you the confidence you need to enter negotiations with your successor.
Can’t I Simply Multiply My Current Numbers to Reach a Good Purchase Price?
Appraisals are not about multiples or fancy valuation formulas. The reality is the marketplace for buying and selling law practices is too immature to trust any multiple or formula.
What About Working With a CPA Who Regularly Appraises Law Practices When an Attorney Gets Divorced?
A divorce scenario is very different from a sales scenario. Remember, the key to appraising a practice is predicting future revenue.
In the divorce situation, the same person will continue operating the practice. An appraiser can usually reasonably assume that revenues pre-divorce will be similar to revenues post-divorce. Here, appraisal formulas make sense.
The same cannot be said in the sales situation. For many practice areas, it is not so easy to predict how much revenue a successor will be able to bring in. Many CPAs are simply clueless about the nuances of various legal practice areas.
A better option is an appraisal by a professional who can understand the unique characteristics of your practice and your clients — someone like Roy Ginsburg. Roy has appraised more than 50 law firms in virtually every practice area. He has also practiced law for more than 35 years, and has consulted with attorneys for more than fifteen years.
Contact Roy Ginsburg for an Expert Appraisal of Your Law Practice
Roy’s law practice appraisals are designed to be easily understood and contain no bean-counter mumbo jumbo. He uses a step-by-step analysis and explains each step along the way. The result is a logical and straightforward report on which you can confidently rely in negotiating to sell your law practice.
Join the more than two hundred lawyers nationwide in virtually every practice area who have worked with Roy. To gain the confidence in negotiations that comes from understanding the worth of your practice, call (612) 524-5837 today or connect online.