Smart Lawyers Position to Transition Timing is Everything
In this episode, Victoria Collier delves into the critical factor of timing when it comes to selling a law firm. Drawing on real-world experiences and success stories, she discusses the multi-phased process of preparing and selling a law firm, emphasizing the need for a strategic approach and dispelling common misconceptions.
About Victoria Collier
Victoria Collier, JD, CELA, CEPA, CVBA, founded The Elder & Disability Law Firm of Victoria L. Collier, PC (dba The Estate & Asset Protection Law Firm) in 2003; built it to a consistent average gross revenue of $1.5M for five years before selling the firm in 2020.
Since 2008 Victoria has been consulting with law firm owners on how to build specific practice areas to their existing firms and how to build value within the firm. Victoria is the author of 47 Secret Veterans Benefits for Seniors: Benefits You Have Earned but Don’t Know About! and The Road to Success, Amazon #3, co-authored with Jack Canfield (author of Chicken Soup for the Soul series), – Chapter 6, Road to Niches.
As a Certified Exit Planning Advisor and Certified Value Builder Advisor, Victoria advises law firm owners on how to position to transition their law firms so they can have a life after law.
Key Takeaways:
• The Illusion of Infinite Time: Victoria discusses the common belief that time is infinite and how this mindset can impact decisions, especially in the legal business.
• Selling a Law Firm Takes Time: Victoria shares insights into the unrealistic expectations some law firm owners have regarding the speed of selling their firms.
• Stories of Varying Timelines: Real-life examples of law firms with different timelines are discussed, illustrating the impact of various factors on the selling process.
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