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Sell Your Law Firm (with Tom Lenfesty)
Manage episode 441945591 series 3591242
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Tom Lenfestey, founder of the law firm Practice Exchange, discusses the buying and selling of law firms. He explains that the Law Practice Exchange is a marketplace for buying and selling law firms, with the goal of normalizing the process and helping law firm owners monetize the value they have built. Lenfestey shares that there are more buyers than sellers in the market, with personal injury firms leading in activity. He also discusses the valuation approaches, including revenue, market comparables, and EBITDA. The typical multiples for EBITDA in the personal injury space range from 2.5 to 3.5. Lenfestey advises law firm owners to get their financials, systems, and brand in order, know the value of their firm, and plan their timeline for selling. He also highlights the importance of addressing seller emotions and finding the right buyer who values the seller's contribution.
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