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Content provided by Tyson Mutrux. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Tyson Mutrux or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
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The Complexities of Buying and Selling Law Firms with Tom Lenfestey
Manage episode 432807008 series 2815124
Content provided by Tyson Mutrux. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Tyson Mutrux or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
Watch the YouTube version of this episode HERE
Are you a law firm owner who is thinking about buying or selling a firm? In this episode of the Maximum Lawyer podcast, Jim and Tyson are joined by Tom Lenfestey, founder and CEO of the Law Practice Exchange. Tom discusses the bustling market for buying and selling law firms, particularly in the personal injury sector.
Tom shares his insights on acquisitions and why some firms are ready while others are not. Not every firm will be fit to be bought or sold. An ideal firm will be on the market for purchase when it has gone through the necessary changes to become successful. If a firm is bringing in good business, lawyers are making a good salary, processes are ironed out and in place and the technology is up to date, potential buyers will be calling.
In the buying and selling of firms, deals can fall a part. In the legal space, deals fall through due to the emotions of both the buyer and seller as well as the fear to sell a firm that has been in business for a long time. For lawyers, it is natural to think about the ways in which something won’t work. But, that creativity can be used to think about the ways in which it can. That shift in mindset can really allow law firm owners to be confident in closing a deal to sell.
Listen in to learn more!
Jim's Hack: Read the book “Build to Sell" which will have you get prepared to sell a firm.
Tom’s Tip: Read the book “Die with Zero”, which goes through how to control your life and experiences. It helps put perspective on why you are here and what your purpose is.
Tyson's Tip: Look into the app EDX, which gives you free courses from universities and colleges across the USA.
10:19 Discussion on the ideal size and caseload for a law firm to be ripe for acquisition.
11:44 The impact of emotions and reasonableness in deal dynamics
18:29 The impact of emotions and reasonableness on deal success
Tune in to today’s episode and checkout the full show notes here.
Connect with Tom:
769 episodes
Share
Manage episode 432807008 series 2815124
Content provided by Tyson Mutrux. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Tyson Mutrux or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
Watch the YouTube version of this episode HERE
Are you a law firm owner who is thinking about buying or selling a firm? In this episode of the Maximum Lawyer podcast, Jim and Tyson are joined by Tom Lenfestey, founder and CEO of the Law Practice Exchange. Tom discusses the bustling market for buying and selling law firms, particularly in the personal injury sector.
Tom shares his insights on acquisitions and why some firms are ready while others are not. Not every firm will be fit to be bought or sold. An ideal firm will be on the market for purchase when it has gone through the necessary changes to become successful. If a firm is bringing in good business, lawyers are making a good salary, processes are ironed out and in place and the technology is up to date, potential buyers will be calling.
In the buying and selling of firms, deals can fall a part. In the legal space, deals fall through due to the emotions of both the buyer and seller as well as the fear to sell a firm that has been in business for a long time. For lawyers, it is natural to think about the ways in which something won’t work. But, that creativity can be used to think about the ways in which it can. That shift in mindset can really allow law firm owners to be confident in closing a deal to sell.
Listen in to learn more!
Jim's Hack: Read the book “Build to Sell" which will have you get prepared to sell a firm.
Tom’s Tip: Read the book “Die with Zero”, which goes through how to control your life and experiences. It helps put perspective on why you are here and what your purpose is.
Tyson's Tip: Look into the app EDX, which gives you free courses from universities and colleges across the USA.
10:19 Discussion on the ideal size and caseload for a law firm to be ripe for acquisition.
11:44 The impact of emotions and reasonableness in deal dynamics
18:29 The impact of emotions and reasonableness on deal success
Tune in to today’s episode and checkout the full show notes here.
Connect with Tom:
769 episodes
All episodes
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Similar to Maximum Lawyer
Alessandro Bogliari, CEO and Co-Founder of The Influencer Marketing Factory, a global influencer marketing agency, talks with great guests about influencer marketing, social media, the creator economy, social commerce and much more.
…
continue reading
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Custom Manufacturing Industry podcast is an entrepreneurship and motivational podcast on all platforms, hosted by Aaron Clippinger. Being CEO of multiple companies including the signage industry and the software industry, Aaron has over 20 years of consulting and business management. His software has grown internationally and with over a billion dollars annually going through the software. Using his Accounting degree, Aaron will be talking about his organizational ways to get things done. Hi ...
…
continue reading
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Welcome to the What’s Next! Podcast. I’ve met so many brilliant people as I traveled the globe and have had some fascinating conversations that I’ve wished had been recorded so I could share them with you - this podcast was a way for me to recreate those moments and let you in on some fantastic insights. My current conversations center around one objective: what's next for companies and individuals as they look to innovate and grow. I hope these conversations inspire you as much as they have ...
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continue reading
1
The Brutal Truth about Sales and Selling - We interview the world's best B2B Enterprise salespeople.
Brian Burns
No BS Allowed - Are you sick of empty suits telling you to work harder? - Learn about The Maverick Selling Method, which models the world's best salespeople and what they do differently. If you are in sales and are passionate about selling, you will like this podcast. The focus is on b2b sales and selling. If you are selling or in sales, this podcast is for you. I cover cold calling, spin selling, challenger sale, solution selling, and advanced selling skills. Strategic selling, LinkedIn, sa ...
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continue reading
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…
continue reading
The Greatness Machine is on a Quest to Maximize the Human Experience! Join Award Winning CEO and Author, Darius Mirshahzadeh (pron. Mer-shaw-za-day), as he interviews some of the greatest minds in the world―turning their wisdom and experience into learnings and advice you can use in your life so that you can level up and create greatness. Join Darius as he goes deep with guests like: Moby, Seth Godin, Gabby Reece, Amanda Knox, UFC Ring Announcer Bruce Buffer, Former FBI Negotiator Chris Voss ...
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continue reading
The Self-Employed Life Podcast (formerly Creative Warriors) provides business and personal development strategies for self-employed business owners that create sustainable success. A community of self-employed and small business owners, entrepreneurs, innovators and ambitious individuals that need creative solutions in business. Being self-employed and a business Warrior is a mindset, a spirit and a challenge. We need a different way of doing business. This is business with a soul. We discus ...
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continue reading
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