Closing or Selling a Small Firm
Start your retirement planning by mid-career. Begin by discussing retirement plans with a bar association advisor, CPA, financial consultant, or life coach. Then prepare a written plan with timeline, strategies, and tactics. Planning can bring positive results for you, your clients, and your firm. Consult the resources listed below for strategies to help you close or sell your practice. Following are tips for closing or selling a smal firm and links to resources for additional help. Tips Advisors - hire an advisor to assist with marketing, negotiation, and valuation. Agreement - use a “Buy Sell Agreement” to plan for the departure of a partner. Alternatives – options include closing firm, designating a successor, reducing caseload, or selling. Ethics – review ethical obligations to avoid infractions and pitfalls. Hiring – groom a young lawyer to replace an exiting lawyer. Insuring - keep malpractice insurance for risks arising after closing or sale. License ...