Ten Questions About the Future of Your Practice – Part Three
July 20, 2011
Filed under: Selling Your Law Practice — @ 1:04 pm
In my previous two blog postings, I wrote about questions to ask yourself about your future and the future of your practice. Here are three more things to consider:
6. What is your plan? If dying at your desk is not your plan, it makes sense to think about what your strategy should be.
Another thing to consider is your compensation when you leave your business. Just how do you want to be paid? A common way to transfer a law practice is for the purchaser to pay you a percentage of new work derived from your current clients. That puts all the risk on you. Is it what you want?
7. Is your business worth selling? This question goes to the salability of your practice. Is it worth anything? I mean, would you buy it? If not, why not? I realize I am asking a nasty question here, but until you answer it you won’t be able to implement the strategies for an exit plan that makes sense for you.
8. If it’s worth selling, who’s going to buy it? Do you want to keep your business in the family? Do you want to sell it to your partner(s) and/or associate(s)? Is the best option to sell it a third party? If so, when?
Let me know how this helps you!