A conversation I often have with firm owners goes something like this: Owner: My friend sold his firm for four times cash flow. That’s what mine should be worth. Me: Great. What were the deal terms? Owner: He didn’t say. I assume it was all cash. Me: What type of cash flow? EBITDA, owner benefit, […]
Comparing Apples and Oranges: Tales of Law Firm Sales Read More »
Recently I spoke with a prospective law firm seller. A buyer had expressed interest in her firm as a way to add a new practice area with an existing client base, but the terms hadn’t been finalized. As we delved into her expectations for the sale, she told me she wanted to work for the
You Have to Leave Something for the Buyer Read More »
Lawyers have before them today a lucrative opportunity not available to other business owners. And I’m certain this opportunity won’t last long . . . The opportunity is buying a law practice. A properly run law practice will generate between 25% and 40% of gross fee revenue in owner benefit. A firm grossing $1MM should
Legal Gold Rush: Seizing the High ROI Opportunity of Buying Law Practices Read More »
Guest Author, Matthew FitzGibbon, CBI, ASA Matthew FitzGibbon has a diverse background in business operations, transactions, and commercial real estate. He has a Certified Business Intermediary (CBI) designation from the IBBA and is an Accredited Senior Appraiser (ASA) in the American Society of Appraisers. He is also the President of FitzGibbon Alexander, Inc., a Central
How Will the Coronavirus Pandemic Affect the Value of My Business? Read More »
Back in late-summer of 2019, I (virtually) met Marvin Storm. At that time, he was starting a new podcast called Business Exit Stories, and he wanted me to be among his first round of guests. Having taken part in hundreds of business transactions over the years, I happily agreed to bring in a business attorney’s perspective!
Business Exit Stories Podcast Interview Read More »
Welcome to another installment in our series of Referral Partner Profiles. This is the final profile of 2019, and I think it’s particularly pertinent to the current economic climate. Hunt Dawkins is Vice President-SBA Division Manager at Axiom Bank. He eloquently describes his job as “financing the hopes of dreams of business owners.” But because
Commercial Financing Insights from Hunt Dawkins Read More »
Julianna Frank is a business and consumer bankruptcy lawyer out of Jupiter, Florida. We first met at the NACBA conference in Cleveland. But, as you will hear in the interview below, we crossed paths again at the 2019 Florida Bar Conference where I gave a presentation to the Senior Lawyers Committee on practical and ethical
Interview with Julianne Frank on Selling Her Law Firm Read More »
Getting the initial offer to buy a business right is vital to ensure a smooth purchase transaction. Your best option is to have a business lawyer draft your letter of intent (LOI) to ensure it accomplishes the five goals of an LOI. Those goals are dependent on having certain provisions and sections in the letter.
5 Critical Sections for Your Letter of Intent Read More »
As you go through the various steps in the process of buying a business, there will be key points that can make or break your deal. One such milestone is your official offer to buy the business, which you will make either through a purchase contract or (more likely) through a letter of intent (LOI).
The 5 Goals for Your Letter of Intent Read More »
As a solo or small firm lawyer, you have a unique position in life. Despite what you might think, you aren’t just a lawyer: You are also a small business owner! And as a small business owner it’s very likely that you have employees who depend on you and your business for their livelihoods. If your firm
3 Reasons You Should Tell Your Employees You’re Planning to Sell Your Law Firm Read More »