If you've reached this page, you're probably thinking, "OK. I know I should try to sell my firm, but this doesn't seem too complicated. I can figure this out myself." You already know the problems created when your own clients think that way. It’s time to practice what you preach.
All That Needs To Be Done and What Roy Will Do
Selling a law firm takes time, effort, energy and preparation. Consider these advantages of working closely with Roy before you attempt to tackle this process on your own:
- 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.
- Position your practice: Roy will identify and help you implement any changes in your practice that may be necessary before seeking a successor.
- Maintain confidentiality: 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.
- Get the word out: Roy will create a marketing plan that generates the largest pool of realistic and viable candidates.
- Vet potential buyers: 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 them, he carefully prepares you to know what questions to ask and what questions you should be prepared to answer.
- Assess the best candidates: 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 a “second sense” that helps him select the most worthy buyers.
- Structure the sale: Few lawyers have experience structuring transition deals. Roy has had years of it. He’ll help you determine the structure that best suits you. He'll also help you define the parameters of your future working relationship with your successor.
- Negotiate the transaction: Roy will assist with the negotiations to secure the most satisfactory deal and help draft any deal memorandum.
- 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 skillfully and respectfully moves sellers and buyers 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.
Working with an expert:
- Saves a significant amount of time and effort to find and close a deal with a successor
- Helps you secure the most beneficial arrangement that best suits your financial and flexibility needs
- Provides you with an objective view of buyer capabilities
- Allows you to maintain a normal work routine
- Keeps the process on track so that your transition is timed as best as reasonably possible
- Gives you peace of mind knowing that your clients will be well served in the future
- Provides you with confidence knowing that you are obtaining advice and counsel throughout the process that is supported by proven methods and experience
End Your Career on a High Note
Save time, avoid common missteps, maximize the proceeds for your practice and leave your clients well served. Transition out of the legal profession with the same confidence and optimism you had when you first entered it years ago.
Examples of How Roy Ginsburg Can Help
Example #1: An estate planning attorney in a Minneapolis suburb was preparing to retire. She had originally planned to simply shut down her practice and give away her files to colleagues. Before making that decision, she called Roy for advice. He convinced her to sell her practice and, a few months later, an attractive buyer was found. The selling attorney is now retired, supplementing her retirement income with regular payments from the earn-out negotiated with the buyer.
Example #2: The sole proprietor of a successful plaintiffs’ workers’ compensation practice in Seattle was contemplating retirement. Roy helped him consider various options. Together, they created a retirement plan in which the lawyer became of-counsel to a larger firm that gradually assumed responsibility for his case load. This plan provided the lawyer with an income stream, enough involvement to keep him professionally engaged, and plenty of free time to ease into retirement.
Call Roy and Get Started to Sell Your Law Practice
Partner with a strategic advisor who can help you sell your practice in a way that sets you up for a more comfortable retirement. Roy works with lawyers nationwide. Call him today at (612) 812-4500 or send him an email.