Everything You Need to Know about Buying and Selling Law Firms with Tom Lenfestey - Part 2 - 458

Profit with Law: Profitable Law Firm Growth

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Shownotes can be found at https://www.profitwithlaw.com/458.

Are you prepared to maximize your law firm's value and ensure a successful sale?

Join Moshe Amsel and returning guest Tom Lenfestey, founder of The Law Practice Exchange, as they delve into the intricacies of law firm valuations and preparations for sale from a seller’s perspective. Moshe and Tom discuss essential factors affecting firm valuation, from financial health and branding to the importance of normalized financials and systems in place. They also explore the critical steps needed to prepare your firm for a profitable exit and the role of clean financial records in attracting buyers.

Listen now to uncover expert tips for enhancing your firm's profitability and achieving a successful exit strategy!

Chapters:

[00:00] Part 1 Recap: Everything You Need to Know about Buying and Selling Law Firms with Tom Lenfestey

[06:52] How to Determine the Value of a Law Firm

[13:08] Calculating the Total Owner’s Benefit

[27:39] The Structure of Law Firm Buying and Selling Brokerage

[32:42] What Constitutes a Healthy Profit Margin?

[36:30] What Factors Influence the Selling Price of Law Firms?

[41:22] Beyond the Basics of Law Firm Valuation

[47:12] Closing the Deal: Taking the Next Steps with Law Practice Exchange

Resources mentioned:

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Check out our Profit with Law YouTube channel!

Learn more about the Profit with Law Elite Coaching Program here

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Everything You Need to Know about Buying and Selling Law Firms with Tom Lenfestey - Part 1

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Chapters

1. Part 1 Recap: Everything You Need to Know about Buying and Selling Law Firms with Tom Lenfestey (00:00:00)

2. How to Determine the Value of a Law Firm (00:06:52)

3. Calculating the Total Owner’s Benefit (00:13:08)

4. The Structure of Law Firm Buying and Selling Brokerage (00:27:39)

5. What Constitutes a Healthy Profit Margin? (00:32:42)

6. What Factors Influence the Selling Price of Law Firms? (00:36:30)

7. Beyond the Basics of Law Firm Valuation (00:41:22)

8. Closing the Deal: Taking the Next Steps with Law Practice Exchange (00:47:12)