Seth and Jay hold a conversation with a practicing attorney, CPA, and author of "Designing a Succession Plan for Your Law Practice", Tom Lenfestey. Tom speaks on ethics rules stemming around non-competes and references ABA Rule 1.7 says you can sell a law firm. He goes into detail on sales of firms and how his knowledge of the transfer of clients to the seller. He considers revenues, transferable value, revenue loss, and other factors when considering the worth of a firm in the midst of purchase or sale.
Some reasons why a firm owner may want to sell are retirement or moving into another phase of their lives. Since there are interested buyers, they may feel like they can make a purchase at a discounted rate. On the opposing end, someone may want the stability of a job and take on none of the risks of owning the business. He says that they value and prepare the business, and gather the sales and payment structure to present to internal candidates, but they also market in order to sell efficiently, which may still be a challenge.
Seth also asks Tom what are the steps of preparing for a sale are to ensure you're able to move smoothly through the exit of ownership.
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