Law Firm Exit Planning
How Law Firm GC Can Help
You will exit your law firm business. It may be voluntary, following a successful sale for the right price at the right time. It may be involuntary, in the case of death or disability. A good exit plan will you put you in the best position, personally and professionally, whenever exit occurs.
A good exit plan helps you get the most out of your law firm business while aligning your personal and professional goals.
A good exit plan is dynamic—it can help you pivot as circumstances (in business or life) change.
A good exit plan helps build the value of your business before you exit giving you more during and after the life of your business.
What is a business exit plan?
More than a logistic procedure for getting out of your business, an exit plan is a process that helps you identify, protect, grow, and reap the value in your firm. It coordinates your personal life, your finances, and your law firm business so you can get what you want when the time is right.
How does an exit plan help?
As a law firm business owner, you cannot separate your personal and business lives—they are intertwined. Some questions for exit planning:
- What do you think you want to do when you retire?
- What do you really want to do when you retire?
- Does your spouse/partner know your plan?
- What will it take for you to do that?
- What do your personal finances look like?
- What do you need to get out of your business to do what you want to do?
- Does your law firm have enough value to give you what you need to do it?
- How do you know?
- How can you build the value in your firm?
- If someone made you an offer on your law firm business today, would you know if it is fair or not?