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Join Sasha Berson as he speaks again with Ryan Kimler, Owner of Net Profit CFO
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.
- 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.
References:
- ‘Built to Sell: Creating a Business That Can Thrive Without You’ by John Warrillow - https://www.amazon.com/Built-Sell-Creating-business-without/dp/1591843979
- The Must-Know Numbers To Grow Your Law Firm with Ryan Kimler, Net Profit CFO - https://growlawfirm.com/podcast/grow-your-law-firm-with-ryan-kimler
Connect with Ryan Kimler:
- Ryan Kimler’s email address - [email protected]
- Ryan Kimler's LinkedIn - https://www.linkedin.com/in/ryankfinancialclarityllc/
- Ryan Kimler's Facebook - https://www.facebook.com/rkimler
- Ryan Kimler's LinkedIn - https://www.linkedin.com/company/netprofitcfo/
- Net Profit's Website - https://netprofitcfo.com/
Connect with Sasha Berson:
- LinkedIn - https://www.linkedin.com/company/grow-law-firm/
- Instagram - https://www.instagram.com/grow_lawfirm/
- YouTube - https://www.youtube.com/channel/UCrBWJr36by51NtPBZJAreyQ
- Facebook - https://www.facebook.com/growlawfirm
- Email - [email protected]
- Phone - (312) 854-7724
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