Watch the YouTube version of this episode HERE
Are you looking for some financial strategies to make your firm more successful? In this episode of the Maximum Lawyer podcast, Becca Eberhart chats with Brooke Lively about key financial strategies for business growth.
Brooke provides some advice on how to value a firm to ensure it remains successful. Valuing a firm is knowing how much you as an owner are making a year multiplied by 4. It is important to think about valuing your firm to set yourself up for retirement in the future. As a law firm owner, you can increase the value of a firm by purchasing other firms or investing in the newest technology. This should happen when you are established and consistently bringing in more money each year. It will ultimately help when you are ready to sell in the future.
It is so important for law firm owners to create a plan to value a firm, which is something Brooke provides as a service to attorneys. Part of the plan includes strategic improvement, which involves thinking about things to invest in prior to selling a firm. For example, if you really want to sell to a certain buyer, all you care about is timing because you have a short time frame to sell. If you know you need to invest in updating the technology of a firm first, that will be a priority before you consider putting the firm on the market.
Take a listen to learn more!
13:14 Insights into valuing a law firm
18:34 The significance of focusing on making a law firm sell-ready
26:23 Importance of strategic improvement in increasing the value of law firms
Tune in to today’s episode and checkout the full show notes here.
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