Scale to Exit Your Professional Services Firm
You might be surprised to hear that most successful attorneys:
- Can’t reduce their workload without worrying about the practice falling apart or losing revenue and income,
- Are not able to take any meaningful time off for hobbies, travel, family, or other life pursuits,
- Have trouble finding and keeping high quality staff to work in their practices,
- Worry about retirement savings and their ability to continue practicing until they have enough money to retire,
- Feel burned out and constantly stressed by their practices, moving from one fire to the next and wondering how long they can keep doing this.
These are attorneys who are often successfully generating in excess of $1MM up to $10MM in gross revenue per year, with employees and staff.
They are educated, hard working, think strategically, and value personal and professional development.
They are good at what they do–being lawyers– but running a law practice requires a different set of skills and knowledge.
Imagine instead, having a practice where:
- You can easily take a month-long vacation,
- Your team gets the work done so you only do the work you want and enjoy.
- Your income isn’t dependent on the hours you work.
- You know when you can retire and how much your practice will contribute to your retirement savings.
What if you enjoyed your practice and it served your life rather than you serving it?
What would that mean for your health, financial well-being, and family relationships?
The Scale to Exit Program:
- Creates a practice exit that works for you – on your timeline and that meets your financial goals,
- Evaluates your practice to assess its value drivers, risks, problems, strengths, and weaknesses through a quantitative analysis, so you know where you are and can create a better, more profitable practice,
- Aligns your practice and key team members with your goals to reduce your workload and make your practice less stressful and more enjoyable,
- Introduces your practice exit plan to the key stakeholders, and documents and implements your exit arrangements,
- Secures a buyer for your practice if no key stakeholder can or will buy it.
Our Guarantee: Increase the Value of Your Law Practice by 25% or More in 24 months or less.
To get started on your journey to Increase the Value of Your Law Practice by 25% or More, to Stop Doing Work You Don’t Like, and to Exit Your Practice in 24 Months or Less, set up your complimentary Sale Readiness Assessment by calling us at 407-649-7777.
The Reality Check.
Most lawyers who come to us have lots of questions and concerns about exiting their practices.
How much is it worth?
How do I sell without my employees finding out?
Can I sell without my clients finding out?
How can I sell and keep practicing – doing only the things I like to do?
What happens if something goes wrong?
How do I approach my associate/partner/colleague about buying?
And more . . .
They want to exit their practice and receive the financial benefits of the firm they’ve developed, but these and other things stand in the way.
The Reality Check is where we learn about your practice and, based on that information, answer your critical questions to clear the things that stand in your way so you can complete a successful exit on your terms.
- During the Reality Check, you’ll
- Get a Firm Grip on Your Starting Point -Where Your Firm is at Today.
- Learn a Price Range for Your Practice Based on Its Current Cash Flow and Financial Results, Team, Operations, and Risk Factors
- Discover the Real Factors that Drive Your Firm’s Value,
- Identify Risks and Potential Pitfalls, and
- Identify “Low Hanging Fruit” Opportunities to Increase Value and Eliminate Risk.
We’ll walk through the Reality Check Results with you during a telephone or video conference and answer all of your questions. You’ll have the peace of mind of knowing where your practice stands today, and how to exit it and retire while receiving maximum financial benefits.
At the conclusion of the Reality Check, we’ll provide you with your firm’s Market Readiness Report containing the results of the Reality Check, let you know if you’re a candidate for our Scale to Exit Program and, if not, the steps you can take to get there.
[Schedule Your Reality Check Now]
Choose Your Freedom
For those firms that pass the Reality Check, during the Choose Your Freedom Phase, we work with You and Your Firm’s Market Readiness Report to identify the key refinements and clear strategies to:
- Increase cash flow,
- Increase firm salability,
- Align firm operations with your short and long term goals,
- Reduce or eliminate risk factors that are a drag on your firm’s value, and
- Align your work with your interests so you can reduce the time you work in your practice, enjoy your work, and move to your exit goal line.
We’ll create Your Freedom 7 Figure Exit Plan for your specific exit. Your Freedom 7 Figure Exit Plan is the roadmap to get you to your 7 figure exit based on your goals, the key players in your firm, and steps, timelines, and process you’ll take
Align and Fortify Your Practice
During Alignment and Fortification Phase, we work with you to implement Your Freedom 7 Figure Exit Plan via:
- Ongoing conferences,
- Data collection and analysis,
- Accountability, and reporting.
We’ll create a more valuable and more enjoyable practice through consistent implementation, beginning with small wins that create large impacts. The refinements we put into place will compound on one another to create massive beneficial change, including
- Increased Cash Flow,
- Maximized Operational Efficiencies,
- Reducing and Eliminating Risks to Your Freedom 7 Figure Exit Plan, and
- Aligning Your Day-to-Day Activities so You Can
- Stop Doing the Things You Don’t Like To Do, and
- Focus on Enjoyable High Value Actions That Grow and Improve Your Practice.
By implementing Your Freedom 7 Figure Exit Plan, you know that it is in process as you enjoy your practice more than ever before.
Taking Your Exit
When it is time to Take Your Exit, whether that’s right immediately or after you implement Your Freedom 7 Figure Exit Plan:-
- Internal Exit. Sometimes, conversations with internal buyers are the most difficult part of the exit process. We lead this conversation through a structured process developed over hundreds of buyer conversations to:
- Introduce the internal buyer or buyers to the relevant portions of Your Freedom 7 Figure Exit Plan during a call or video conference,
- Answer the internal buyer questions about the arrangements, including
- Financing and how the practice will pay for itself,
- Their Concerns about Risk (financial and other), and
- The exit process and how you’ll work to protect the buyer’s interests.
- Internal Exit. Sometimes, conversations with internal buyers are the most difficult part of the exit process. We lead this conversation through a structured process developed over hundreds of buyer conversations to:
-
- External Exit. For an exit that will be completed to an outside party, confidentiality and getting noticed are the two key issues to a successful sale. To overcome these, we’ll:
- Prepare a Confidential Information Memorandum for your firm, describing your firm and its benefits, including financial and intangible benefits for the buyer,
- Advertise and Market your firm directly to the most likely external buyer prospects and indirectly using traditional advertising methods,
- Protect the confidentiality of your firm and your exit information by managing the prospective buyer process through prequalification and requiring prospective buyers to enter a preapproved confidentiality agreement.
- External Exit. For an exit that will be completed to an outside party, confidentiality and getting noticed are the two key issues to a successful sale. To overcome these, we’ll:
-
- Completing Your Exit. Once the buyer is on board, we’ll ‘paper the deal’ – preparing the documents necessary to complete your exit according to Your Freedom 7 Figure Exit Plan and complete the initial closing for the sale.
Transition Management
Once the exit is complete, you’ll have the freedom to pursue your other interests – your next act.
However, for most law firm exits, there is a transition period after closing. This is the period when you’ll be expected to transfer your relationships with clients and referral sources to the buyer, and to move the buyer into the position of owner of the firm.
As with all relationships, issues can arise. We’ve found over thousands of transactions that regular communication can make or break the transition period.
To make sure this happens, we continue to assist post-closing through regular conference and check-in calls. If an issue arises, we know about it right away and we’re available to work with you and the buyer to work through it and to get things where they need to be to make the exit successful post-closing.