Law Firm Succession Planning
Thinking About Getting Out of Your Firm?
Questions to think about
- When do you want to retire and leave your firm? Or do you want to work forever?
- The amount of cash or annual cash flow do you need when you exit?
- Do you presently have a retirement plan and how much income do you project that it will provide at different exit times?
- To whom do you want to transfer your interest?
- Based upon future cash flow do you know how much the firm is worth today?
- Do you know how to best maximize the income stream generated by the firm—in the years ahead while you are still with the firm and after you leave the firm?
- Have you been able to institutionalize the firm—or is it uniquely you?
- Is the firm even marketable?
- Do you have a succession/exit plan?
- Do you have a plan for your firm if the unexpected happens to you? Have you taken steps to protect your family’s wealth?
To exit their practices successfully law firms owners need:
- A road map—exit planning is a process that helps owners decide where they want to go as well as how to get there.
- Experienced guides—Owners must assemble a team of trained and experienced advisors to guide them through choices and decisions as they work toward their exit goals.
- Implementation—Success depends upon a disciplined timetable keyed to the firm owner’s exit plan.
How We Can Help
To help you create your Exit Plan we coordinate your advisors and implement your plan on your timetable.
- Financial and non-financial firm review & Exit Plan Project Plan
- Development of an owner centered Exit Plan
- Exit Plan Implementation