9 Steps To A Successful Transition
Our process is designed to help our sellers receive the most value for their practice and to help our buyers find the perfect match to grow their own business. Below are the general steps that we walk our buyers and sellers through every step of the way. If you have any questions or comments about our process, please feel free to contact us!
-Understand your ethical responsibilities
- Review NC RPC Rule 1.17 – Sale of Law Practice
-Research the local legal marketplace
- How many attorneys are in the geographic location?
- How many focus in the same practice areas?
- Is the population growing?
-Conduct your own personal research and become familiar with the options available to you
-Assess your financial situation to determine your potential purchase price
-Engage with the following advisors:
- LPE Brokers & Law Firm Management Consultants
- Valuation Experts
- Marketing Consultants
- Executive Search Consultants
-Determine your ideal business profile, either for the buyer or the seller. Consider:
- Areas of Practice
- Number of Attorneys
- Legal Structure
- Geographic Location
- Client Base
-Sign Nondisclosure Agreement- confidentiality is key!
– Items that are considered include:
- Historical financial performance and growth
- Reasonable expectations of future revenue
- Likelihood and extent of repeat clients
- Geographic location of the practice
- Saturation of practice areas in local and regional marketplace
– Items that may indicate increased value include:
- Regular repeat business
- Well known phone number for transactional business
- Location (proximity to courthouse)
- Firms that maintain ongoing pricing platforms and focus on continued client relationships
-Once you have determined your specific needs, the LPE will aggressively utilize all of our resources to pull together a list of potential sellers that fit your criteria.
– We will put together your listing and once we receive your approval, we will post it on all major networks. Some of the details will include:
- Practice Areas
- Purchase Price
- How long the post will be listed
- When we will list it
– We will market your business to attract potential buyers and perform due diligence accordingly
– Review and implement an Offer Package. This package will include:
- Selling firm’s profile
- Seller’s confidential listing
- Non Disclosure Agreement
- Detailed offering memo
– Payment and commission is collected.
– A notice is sent to the Seller’s existing clients
– Notifies service providers, vendors and suppliers