Have you found your ideal successor, either in an insider who wants to buy you out or in an outside firm you can sell to? If you have, it is now time to start purchase conversations.
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.
Roy Ginsburg, an attorney and accomplished attorney coach and consultant, is here to 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.
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.
A divorce setting is very different from a selling setting. Remember, the key to appraising a practice is predicting future revenue.
In the divorce situation, 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 practice areas.
What you should trust is an appraisal by a professional who can understand the unique characteristics of your practice and your clients. Someone who has appraised more than 50 law firms in virtually every practice area. Someone who has also practiced law for more than 35 years and has consulted with attorneys for more than a decade. That someone is Roy Ginsburg.
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 on your negotiations 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 advantage of his experience and insightful law firm appraisals, call (612) 524-5837 today or contact Roy via email.