As you go through the various steps in the process of buying a business, there will be key points that can make or break your deal. One such milestone is your official offer to buy the business, which you will make either through a purchase contract or (more likely) through a letter of intent (LOI). […]
The 5 Goals for Your Letter of Intent Read More »
Buying a business is a process with a number of steps. It isn’t a one-and-done transaction like a Starbucks run. It takes time, patience, and focus. Educating yourself on the process of buying a business is vital to a successful purchase. In this video, attorney Ed Alexander walks you through the seven steps involved in
The 7 Steps to Buying a Business Read More »
Much of our work revolves around providing end-to-end legal services to multi-owner businesses, from planning the initial structure of the business partnership and drafting the partnership agreement, through safeguarding the growth of the company, and finally to ensuring a profitable exit strategy. Yet, if I were asked which of those three stages I thought was
Never Set It and Forget It: Three Reasons You Need to Update Your Partnership Agreement Read More »
COVID-19 Updates Due to the concerns over the coronavirus (COVID-19) crisis, the Florida Division of Corporations postponed the filing deadline for Florida Annual Reports until June 30, 2020. Additionally, it has closed its offices until April 19, 2020. Spring is an especially crazy time for business owners. It can seem like every month some registration, notice, or
Filing Your Florida Annual Report Read More »
As a solo or small firm lawyer, you have a unique position in life. Despite what you might think, you aren’t just a lawyer: You are also a small business owner! And as a small business owner it’s very likely that you have employees who depend on you and your business for their livelihoods. If your firm
3 Reasons You Should Tell Your Employees You’re Planning to Sell Your Law Firm Read More »
If you are a solo practitioner or a small firm lawyer, a serious discussion about succession planning should be in your future. Be aware that there are only four ways that you can leave your firm, and only two of those paths are profitable. (Read more about the external sale or the internal sale.) The first
What You Need to Know about the Florida Bar Rules before Selling Your Law Practice Read More »
Employees are absolutely necessary to build and grow a profitable business. Often, in fact, they are considered a business’ most valuable asset. But—whether at the hiring, management, or firing stage—poor employment practices can have disastrous financial or legal repercussions. Proper hiring and training practices are essential to ensure that you bring on qualified employees who
Three Costly Employment Mistakes Read More »
In business there is one timeless rule: you will leave your business at some point. Business owners should always prepare for their business exits well in advance. In my experience, an unplanned exit will usually be an unprofitable one. Great care should be taken when you’re considering selling your business to a third party buyer.
7 Easy Steps to Improve the Salability of Your Business Read More »
If you are a solo practitioner or a small firm lawyer, a serious discussion about succession planning should be in your future at some point. But according to recent ABA demographic data, this discussion is coming quicker for an increasingly large portion of the lawyer population. Data released in 2005 show that 34% of lawyers
Is an Internal Sale Right for My Law Firm? Read More »
Americans are living longer, and US population as a whole is growing older. By 2030, roughly 20% of the US population will be 65+. People are also working longer, often well past traditional retirement age. Lawyers are no exception to this general trend, and, in fact, may be even more likely to work into their
Why Close Down Your Law Firm When You Can Cash Out? Read More »
