390. Exit Strategies for Law Firms with Christine McDannell

Oct 30, 2023

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Today, my guest is Christine McDannell. Christine is a mergers and acquisition specialist and advisor. I wanted to have her on the program today to talk about a subject area that we solo and small firm practitioners don't spend an awful lot of time thinking about - exiting the profession. And I'll freely admit, I'm getting to that point in my life where I'm starting to give that some thought. Having Christine on today, we explore some of the issues about possibly selling a practice or transitioning out of a practice, what we should be doing, how we should be structuring that process, and what I thought would be something that a lot of other folks would like to listen to as well.

In this episode, Neil and Christine discuss:

Exiting and selling your law firm, no matter how your firm is set up (even if you are a true solo).
Different transfer-out strategies and approaches.
Positioning your firm as a target for selling.
Pros and cons of acquisition for both seller and buyer.

Key Takeaways:

Many lawyers just fade out when they are ready to retire, but that is not typically the best option for your employees or your clients.
If at all possible, you do not want any negative reviews online, especially if you are looking to sell your firm.
Even without a brick-and-mortar building, you will still have assets that can be sold - client lists, ongoing revenue, retainers, etc.
There are creative options for selling firms, including combining with other law firms for a larger, more tempting package for another lawyer or firm to acquire.

"Above and beyond everything is reputation, no matter what. The second would be net profit and your team." — Christine McDannell

Get in touch with Christine McDannell:

Website: https://themagnoliafirm.co/

Twitter: https://twitter.com/themagnoliafirm

Facebook: https://www.facebook.com/themagnoliafirmco

LinkedIn: https://www.linkedin.com/in/christinemcdannell/

Instagram: https://www.instagram.com/themagnoliafirm

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Get in touch with Neil:

Website: https://thelawentrepreneur.com/

Twitter: https://twitter.com/lawentrepreneur

Facebook: https://www.facebook.com/thelawentrepreneur/?ref=hl

LinkedIn: https://www.linkedin.com/in/tyralawfirm/

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Show notes by Podcastologist Chelsea Taylor-Sturkie

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