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 »
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 »
Business owners have insurance to protect their business assets in the case of liability loss or accidents. They create business entities—LLCs or corporations—to protect their personal assets. It makes perfect sense that they would also want to protect the business’ services and products from unfair competition by a former employee. Noncompete and other “restrictive covenant”
What Every Business Owner Should Know about Florida Noncompete Agreements Read More »
There are two primary ways that a business can be bought or sold: a stock (or equity) sale or an asset sale The most common method, by far, is the asset sale, but that doesn’t mean an asset sale is the best option for you. Many factors influence what deal structure will maximize your benefits
How to Choose Between a Stock and Asset Sale Read More »
From 2008 until 2012, the door was closed for almost all small closely held business exits. Especially in ’08, ’09 and ’10, very few people (and no lenders) were willing to take on the risk of a business purchase. Beginning in 2012, the market began to show signs of life. Since then the market has
How the Wrong Asking Price Can Kill Business Salability Read More »
For most small business owners, day-to-day business operations are their biggest source of stress. They feel like jugglers, always keeping balls in the air and dealing with customer, vendor, and employee issues. You can reduce the stress from your small business by focusing on the answer to this question: Do I own a business or
Do You Own a Business or a Job? or How to Reduce Small Business Stress Read More »
There are many ways to estimate the value of a closely held business, and they all seem complicated. But, in reality, the process isn’t much different than pricing a used car. Figuring out a price for a car is fairly simple. First, keeping in mind the price that was originally paid for the car and
3 Ways to Assess the Value of Your Business Read More »
After you’ve estimated the value of your business, settled on a reasonable price range, and put the sale process in motion, there are proactive steps you can take to make sure that the sale is as successful as possible. From an objective point of view success means simply closing the sale. But from a subjective
How to Leverage the Type of Buyer to Maximize Business Value Read More »
