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Avoiding Common Mistakes When Buying or Selling Law Firms with Victoria Collier
Manage episode 376084164 series 2821222
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This week on Maximum Mom, your host Elise Buie is joined by Victoria Collier.
Victoria Collier, Founder and CEO of Quid Pro Quo: Victoria is a seasoned entrepreneur with over 20 years of experience in the legal industry. In addition to building and selling her own 7-figure law firm, she has been coaching lawyers since 2008 on how to add value to their law firms.
Take a listen!
08:15 Victoria Collier discusses how having children has influenced her entrepreneurial journey and the motivation it provides to show her children they can pursue their dreams
11:50 Introduction to Victoria Collier's business, Quid Pro Quo, which assists law firm owners in selling or buying law firms, focusing on finding a perfect match between buyers and sellers
18:51 The importance of being true to yourself and finding fulfillment in your work and personal life
19:56 The dangers of pursuing growth without considering personal values and alignment with clients
24:12 The importance of preserving the culture and legacy of a law firm when buying or selling, and the need for realistic expectations and a successful transition process
29:11 Discussion on the transition timeline when buying or selling a law firm, including the importance of respecting the seller's decisions and allowing them to stay as long as they want
30:50 Exploring the importance of going beyond surface-level conversations and understanding the fears and concerns that drive people's decisions
34:31 Steps involved in working with the speaker to evaluate and position a law firm for sale, including assessing the current state of the firm, determining the desired outcome, conducting a valuation, and creating a marketing package.
37:44 Discusses the rules of thumb for valuing law firms based on the services provided and the multiple of earnings before taxes and depreciation and amortization (EBITDA).
38:45 Explains the concept of sellers discretionary earnings and how it involves recasting personal expenses back into the net income of the law firm.
42:18 Emphasizes the significance of financial forecasting for law firms, including the ability to analyze trends, make strategic decisions, and understand the impact on the numbers.
Connect with Victoria Collier:
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