You only need a basic plan to start, well thought through definitely, but not War and Peace. However what you do need is a well thought through plan so you can build solid foundations for growth, remove as much risk as possible and allow you once you go live to concentrate on the exciting bit, BILLING, rather than working things out as you go along. The planning now will make the real fun part of making money so much easier with fewer distractions, and allow you to really enjoy being your own boss and owning your own business.
Tweet Ray Fox from the Bottom Line Consultancy sets about answering a question on the lips of many in the legals services sector. The problem with valuing law firms is that everyone has a different view and a different perspective.
Why do I not find that strange? Stranger still, is that when those same Solicitors come to sell their firm, it does a value!!
Some years ago I was selling a small law firm in Handsworth in Birmingham. I had an enquiry from a solicitor in a small Gloucestershire village. He wanted to know what the firm in Handsworth was selling for.
I asked him why he was interested in buying a practice in Birmingham. When I explained to him that a firm in Handsworth with over 40, residents in a highly multi cultural and multi ethnic environment, about 4 miles from a major city centre might be worth a different amount to a firm in a genteel Gloucestershire village, he finally got the point.
However, net profit and gross fee income do have a part to play. Having said that, take the example of a number of absolutely identical law firms, they are in the same town, they do the same work, etc. Practice 1 has a dozen P I negligence claims. Practice 2 has an excellent web site and is generating lots of work off the web.
Practice 3 is in the centre of a major shopping centre and has considerable passing trade. Practice 4 has a database of 25, local residents and mailshots them regularly. Practice 5 has a lease on a really old building and has a huge exposure to dilapidations when the lease expires.
Practice 6 has a 25 year lease without a break clause. Practice 9 occupies offices space without security of tenure and the lease is about to expire. Practice 10 occupies offices space that does have security of tenure and the lease is about to expire. This means that a potential buyer could take over the practice and move it to another location without any significant property related costs.
Practice 11 is owned by a Principal who is seriously ill and needs to sell in the next few months. Practice 13 wants the firm valued because they want to incorporate. Practice 14 wants the firm valued because the Principal is getting a divorce.
So here we have 14 absolutely identical law firms but they are all valued differently. The only way to get a true valuation is to work with someone who sells law firms week after week, month after month and has done so for over 16 years.Did you miss In-house Recruitment LIVE!
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As a new corporate entity, AAP will be treated as a start-up in this business plan. The sole proprietor, Sarah Wayland, can be reached at AAP's office, [contact information omitted in this sample plan]/5(42).
When it comes to selling a business, the most important question you need to ask is – how much is it worth? There is no single formula that can be used to precisely value every private business.
The seller will want to drive the price up, and potential buyers will want the opposite. Although there.