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Ever thought about buying or selling a law practice?! Our guest on the podcast today, Tom Lenfestey, helps lawyers buy and sell law practices. Law firm real-estate anyone?!
It’s a topic that people ask us about all the time and it’s interesting because one thing we always hear people say is, “I wanna sell my firm. I’m gonna make it to some name that doesn’t have MY name in it.” It’s like the branding and naming is the afterthought to what your end goal with your law firm is.
If you are opening a law firm, what’s your exit strategy? This and more is what we talk about in today’s episode. Listen in!
- 01:30 Meet Tom and hear how he got started in the Law Practice Exchange
- 04:15 Why it doesn’t work for lawyers to sell their practice and just walk out the door, like a dentist
- 05:50 What mistakes do lawyers make at the beginning when they found their firm AND what structural naming issues pop up when people want to get out.
- Tom’s advice:
- ➡️ Have clean financials
- ➡️ Set up a firm brand that is apart from you
- ➡️ Build out your systems
- ➡️ Train your people
- ➡️ Train and operate people on those systems
- Tom’s advice:
- 10:35 How do you tell people you are selling your law firm practice?
- 13:26 What should people that are thinking about taking over a practice of another think about and ask about?
- 17:13 What are some red flags you want to look for when you are thinking about acquiring a law firm?
- 20:13 What is it like to work with Tom and his team to brokerage a deal and acquire a law firm
Tom’s Tip: Read the book: “Built to Sell”: Creating a Business That Can Thrive Without You by John Warrillow.
Tyson’s Tip: Read the book: “Measuring what Matters” By John Doerr. It’s about how to track things in your business. What you should and shouldn’t track.
🎥 Watch the full video on YouTube.
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