The Boutique Lawyer Show: Grow and sell your firm for a handsome price

Succession planning is something that all boutique firm leaders must proactively prepare for. Knowing how and when is the right price to sell your firm for, however, may be eluding certain business owners. On this episode of The Boutique Lawyer Show, host Jerome Doraisamy speaks with California-based practitioner Mike Chastaine about his journey as a firm owner, how and why he ended up selling that practice, adopting a state of mind whereby you’re a business owner providing legal services and the need for flexibility in getting a firm to a position where it can be sold for a price that the owner is happy with. Mr Chastaine also details how to quantify the right price to sell at based on personal circumstances and one’s practice area, any black and white questions that must be answered in determined how and when to sell, realising that — one day — every firm will be handed over in some capacity, being more open to acquisition opportunities and meaningfully working on agile succession plans. If you like this episode, show your support by rating us or leaving a review on Apple Podcasts (The Lawyers Weekly Show) and by following Lawyers Weekly on social media: Facebook, Twitter and LinkedIn. If you have any questions about what you heard today, any topics of interest you have in mind, or if you'd like to lend your voice to the show, email editor@lawyersweekly.com.au for more insights!