Smart Lawyers Position to Transition

The work has been done, and now you are getting offers to buy your law firm.  In this episode you will hear:  Why sellers should not talk to buyers  Why timing is so important  How accepting an offer is like an engagement and  The effects of a Letter of Intent on ongoing communication  Connect with Victoria Collier https://quidproquolaw.com/ Private Facebook Group https://www.facebook.com/groups/1...

What happens when you put your law firm's team to the test? How will they manage without you? Victoria walks us through how to determine if you have an actual business. She also shares what she learned when she put her team to the test the first time. Connect with Victoria Collier https://victorywalkcoaching.com/ Private Facebook Group https://www.facebook.com/groups/1284225722042602 LinkedIn http...

How important is having employees when I want to sell my law firm?  It could mean the difference between selling and just winding down.  Which employees are most critical?  Listen to this episode to hear the questions buyers ask themselves when considering the purchase of a law firm. Connect with Victoria Collier https://victorywalkcoaching.com/ Private Facebook Group https://www.facebook.com/grou...

What do independence and freedom mean to you? We dream and talk about retirement, believing that someday that will be our freedom. We all define freedom and independence differently.  Listen to this episode to see how and what independence and freedom mean to a law firm owner who is planning to exit the firm.   Connect with Victoria Collier https://victorywalkcoaching.com/ Private Facebook Group h...

Wonder what it's like to buy a law firm?  Or why anyone would ever want to?  Buying a law firm can be like starting at third base instead of hitting from home plate, with built-in systems, teams, and revenue.  In this episode, you will hear from the attorney who bought the law firm of your host, Victoria Collier, in 2020 and what buying a firm at the beginning of a pandemic was like. Connect with...

What is in a name?   For a business owner – it can be your strongest branding point and increase or decrease the value of your business. So, if you want to sell your law firm, and the name is the name of the attorney – should you change it? And if so, when?   Listen to this episode to get the answers.   Connect with Victoria Collier https://victorywalkcoaching.com/ Private Facebook Group https://w...

Everyone has a gut feeling as to what their firm is worth, or at least what they would be happy to walk away selling it for. Yet, some people forget or doubt their gut after they get a formal valuation of the law firm.   This episode shares why you should listen to your gut and how to trust it.   Connect with Victoria Collier https://victorywalkcoaching.com/ Private Facebook Group https://www.face...

It is history and tradition for lawyers to charge by the hour or the minute. Over the past few years, there is a healthy trend to charge based on value to the customer, generally a fixed fee. Listen to the pros and cons of each and decide for yourself if you should make the switch from hourly to value billing. Connect with Victoria Collier https://victorywalkcoaching.com/ Private Facebook Group ht...

In a society where we must get it all done, we sacrifice our sleep and time with family to ensure we have billed enough and our timesheets are ready to send to clients. Billable Hours are killing your business, your clients, and you.   Stop selling your time and start selling your value. This will inherently increase the value of your business. Connect with Victoria Collier https://victorywalkcoac...

Happy lawyers are the ones who are not spending 50+ hours at the office or griping about employees they need to hire or fire.   What they have learned is how to build a business that does not depend on them.   There are 3 key elements that successful law firm owners do that others don't.   Listen to this episode to discover for yourself what they are.   Connect with Victoria Collier https://victor...

Only 20-30% of businesses listed for sale actually sell.   In this episode, Victoria reveals 8 deal killers and how you can increase your odds of winning when it comes to selling your law firm. Connect with Victoria Collier https://victorywalkcoaching.com/ Private Facebook Group https://www.facebook.com/groups/1284225722042602 LinkedIn https://www.linkedin.com/in/victorywalkcoaching/

Mr. Ed was a talking horse that taught us lots of lessons when we were kids.   Recently Rich Strike , the unknown horse with 80-1 odds just won the Kentucky Derby. Tune in to learn what he can teach lawyers.   Connect with Victoria Collier https://victorywalkcoaching.com/ Private Facebook Group https://www.facebook.com/groups/1284225722042602 LinkedIn https://www.linkedin.com/in/victorywalkcoachin...

Goodwill is an established reputation.   When a law firm owner is trying to sell their firm, it is critical to determine if all the goodwill is personal to the owner or if the business has its own goodwill. One has value that will boost the price of the firm and the other doesn't. Listen to this episode to learn how to build the right one. Connect with Victoria Collier https://victorywalkcoaching....

You've put your heart and soul into building your practice and now you're elated that someone wants to buy it.   Why oh why did he have to break your heart?   Listen to this episode to discover why some deals to sell law firms don't go through. Connect with Victoria Collier https://victorywalkcoaching.com/ Private Facebook Group https://www.facebook.com/groups/1284225722042602 LinkedIn https://www...

Believing that increasing the value of the business alone increases sellability is naïve. There are specific actions that can be taken to increase the value of a business. There are very different actions to take to increase the sellability. It is critical to know the difference. Connect with Victoria Collier https://victorywalkcoaching.com/ Private Facebook Group https://www.facebook.com/groups/1...

After growing to seven figures organically, Attorney Jonathan Sparks turned his focus to growth through acquisition. In this episode, you hear two different strategies Jonathan used to expand his practice. Jonathan Sparks - Success, Decisions, & Rock n Roll podcast https://youtube.com/playlist?list=PLKUYvdUAKaYO-M_8jPpRO7K7yL_jt0NmK Connect with Victoria Collier https://victorywalkcoaching.com/ Pr...

When looking for a buyer for your law firm, finding the right match is important. One size does not fit all. There are different kinds of sellers like there are different kinds of buyers. Listen to this episode to find out who you are and your likely match profile. Connect with Victoria Collier https://victorywalkcoaching.com/ Private Facebook Group https://www.facebook.com/groups/1284225722042602...

Now that you are curious about selling or buying a law firm, you are probably curious about how much a law firm is worth.   How much money can you get?   Just like other businesses, except not exactly, the law firm has a value based on various factors we discuss in this episode. Connect with Victoria Collier https://victorywalkcoaching.com/ Private Facebook Group https://www.facebook.com/groups/12...

f you have thought about selling your law firm, then you might be wondering what the first step is.   And you may not have considered the 4 different "Readiness Assessments" that should be done as the first step. We talk about that in this episode.   Connect with Victoria Collier https://victorywalkcoaching.com/ Private Facebook Group https://www.facebook.com/groups/1284225722042602 LinkedIn https...

  Have you ever wondered what you'd do if you wanted to stop practicing law?   Do you just close the doors or can you sell what you have built?   I've sold my law firm and helped others do the same. In this episode, I share my experience.   Connect with Victoria Collier https://victorywalkcoaching.com/ Private Facebook Group https://www.facebook.com/groups/1284225722042602 LinkedIn https://www.lin...

Welcome to the Smart Lawyers Position to Transition podcast. Get to know your host Victoria Collier and learn what this podcast is all about. Connect with Victoria Collier https://victorywalkcoaching.com/ Private Facebook Group https://www.facebook.com/groups/1284225722042602 LinkedIn https://www.linkedin.com/in/victorywalkcoaching/