Tag: Selling

FEATURE
Succession Planning for Law Firm Owners Series, Part 3 – How To Sell Your Law Practice with Tom Lenfestey (Ep. 22)

Succession Planning for Law Firm Owners Series, Part 3 – How To Sell Your Law Practice with Tom Lenfestey (Ep. 22)

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Owners of law firms often face unique challenges as they transition out of their practices.

Whether due to retirement, a career change, or other reasons, the decision to sell your firm requires careful consideration and guidance. 

In part three of the Succession Planning for Law Firm Owners mini-series, Darren Wurz sits down with Tom Lenfestey, Founder of The Law Practice Exchange, LLC. Tom shares his journey from being a practicing attorney to founding The Law Practice Exchange, a company that provides services for selling or buying a law practice through an internal transition or in the marketplace.

Tom discusses:

  • How his company identifies good matches between buyers and sellers
  • The challenges in selling and buying a law firm
  • The importance of personal and operational readiness when considering growth through acquisition
  • The types of buyers interested in acquiring law firms
  • The trends in non-attorney ownership and private equity in the legal industry
  • And more!

Resources:

Connect with Darren Wurz:

 

Connect with Tom Lenfestey: 

About our guest:

Tom Lenfestey is the Founder of The Law Practice Exchange, LLC as well as a practicing North Carolina attorney, licensed CPA and Accredited Business Intermediary. Tom founded The Law Practice Exchange in 2013 to fill a void in the legal profession by creating a platform and service model to help lawyers sell their law practices and create continuation and succession plans for when they were ready to exit.

Tom spends much of his time as a frequent speaker on law firm valuation, the buying and selling of law firms, law firm mergers and lawyer succession planning as a regular guest speaker at legal associations, CLEs, podcasts and others. Tom also is a frequent author for legal articles and publications and has authored the book Designing a Succession Plan for Your Law Practice with LPE team member Camille Stell. Tom was appointed and served on the Transitioning Lawyers Commission and Professional Vitality Committee with the North Carolina Bar Association and serves as advisor and contributor to legal insurers, law firm lending institutions and others in regards to the law firm buying/selling/succession marketplace.

Tom is a NC State Wolfpack fan and a past Michigander (who still believes in the Lions). However, his true passion in life is his family, including his wife and two young boys, coastal living and their travel adventures.

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FEATURE
What’s A Law Firm Worth? With Serena Amlie, CFA (Ep.13)

What’s A Law Firm Worth? With Serena Amlie, CFA (Ep.13)

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There are any number of reasons to determine the value of your firm, especially if you are planning to sell your practice. But how do you do that? 

In this episode, Darren Wurz talks with Serena Amlie, CFA, a manager at ComStock Advisors, about the process of performing a valuation for a law firm. She also explains what you can do to improve the value of your business to sell it for top dollar.

Serena discusses:

  • Two reasons why law firms get a valuation done 
  • Ways a law firm valuation is different from other businesses
  • Two different methods she typically uses to evaluate the law firm
  • Ways to improve the value of your law practice ahead of sale
  • And more

Connect With Darren Wurz:

Connect With Serena Amile:

About Our Guest:

Serena is a Senior Associate in ComStock Advisors’ Cincinnati office and has performed hundreds of valuations of businesses ranging in size from under $1.0 million in revenues to over $0.5 billion. She assists business owners in determining the value of their company for purposes including succession planning, mergers and acquisitions, employee stock ownership plan implementation and annual updates, estate and gift tax, shareholder disputes, divorce litigation, corporate planning, and appraisal reviews. Highlights of Serena’s valuation industry experience include manufacturing, marketing and branding, architecture and engineering, food and beverage, and construction. Serena is a Chartered Financial Analyst ® and a member of the ESOP Association, the American Society of Appraisers, and the Covington Business Council. She teaches a monthly financial literacy course to high school students at Covington Classical Academy. Serena earned a Bachelor of Business Administration in Finance from Xavier University.

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