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How to Build a Sellable Law Firm with Ryan Kimler, Owner at Net Profit CFO

Join Sasha Berson as he speaks again with Ryan Kimler, Owner of Net Profit CFO

1.5 min
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Updated

Feb 21, 2023
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Sasha and Ryan Explore

  • Selling a law firm depends on financials, projections, and current economic conditions, which can affect its value, especially during a downturn, making it a potential opportunity for buyers with cash.
  • People buy law firms that have effective client-attraction (marketing) systems to make more profits.
  • Maximize the sale value of your law firm by developing a predictable client-attraction system and a smooth transition plan for the new owner.
  • A strong marketing and intake system, along with a referral network, is essential for the success and growth of a law firm, particularly during a change in ownership.
"How does the client base feel if the main guy with his name on the door isn't there? That plays into the sale too."
— Ryan Kimler
  • Having the right experts, such as a tax expert with an EA certification, helps navigate the tax implications of selling or buying a business and saves you thousands of dollars by doing it the right way.
  • Building a sellable law firm is key for future sales and avoiding tax implications, as demonstrated in John Warrillow's book "Built to Sell," which emphasizes the importance of creating an easily sellable business.
  • Finding the right buyer is important for a successful business transition and involves evaluating compatibility, finances, and readiness, as well as building a relationship and aligning values.
  • It's crucial to do due diligence and have a strong relationship with all parties involved in buying or selling a practice for a successful transition and growth.
"If you're buying into an existing law firm, it's really important to build a relationship with your future partner before you buy into it."
— Sasha Berson

References

Connect with Ryan Kimler

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