390. Exit Strategies for Law Firms with Christine McDannell

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Today, my guest is Christine McDannell. Christine is a mergers and acquisition specialist and advisor. I wanted to have her on the program today to talk about a subject area that we solo and small firm practitioners don’t spend an awful lot of time thinking about – exiting the profession. And I’ll freely admit, I’m getting to that point in my life where I’m starting to give that some thought. Having Christine on today, we explore some of the issues about possibly selling a practice or transitioning out of a practice, what we should be doing, how we should be structuring that process, and what I thought would be something that a lot of other folks would like to listen to as well.

In this episode, Neil and Christine discuss:

  • Exiting and selling your law firm, no matter how your firm is set up (even if you are a true solo). 
  • Different transfer-out strategies and approaches. 
  • Positioning your firm as a target for selling. 
  • Pros and cons of acquisition for both seller and buyer. 

Key Takeaways:

  • Many lawyers just fade out when they are ready to retire, but that is not typically the best option for your employees or your clients. 
  • If at all possible, you do not want any negative reviews online, especially if you are looking to sell your firm. 
  • Even without a brick-and-mortar building, you will still have assets that can be sold – client lists, ongoing revenue, retainers, etc. 
  • There are creative options for selling firms, including combining with other law firms for a larger, more tempting package for another lawyer or firm to acquire. 

“Above and beyond everything is reputation, no matter what. The second would be net profit and your team.” —  Christine McDannell

Get in touch with Christine McDannell:

Website: https://themagnoliafirm.co/ 

Twitter: https://twitter.com/themagnoliafirm 

Facebook: https://www.facebook.com/themagnoliafirmco 

LinkedIn: https://www.linkedin.com/in/christinemcdannell/ 

Instagram: https://www.instagram.com/themagnoliafirm 

Thank you to our sponsors!

  • Ruby Receptionist – Virtual receptionist & live call services that will help you grow your office (and save money), one call at a time – to learn more, go to https://get.ruby.com/TLE or call 844.311.7829
  • The Net Profit CFO – Ryan Kimler works with attorneys who want to enjoy higher net profits without working longer or harder. With just 9 Simple Numbers, Ryan will help you drive more profit to your bottom line-and he won’t confuse you with all the details! Connect with Ryan at www.netprofitcfo.com.

Get in touch with Neil:

Website: https://thelawentrepreneur.com/

Twitter: https://twitter.com/lawentrepreneur

Facebook: https://www.facebook.com/thelawentrepreneur/?ref=hl

LinkedIn: https://www.linkedin.com/in/tyralawfirm/

If you’ve enjoyed the podcast, please head to Apple Podcasts and leave a rating & review for the show! It only takes a moment, and really helps me to reach new listeners. You can also head to the website at TheLawEntrepreneur.com for more information on the podcast and my legal services.

 Show notes by Podcastologist Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You’re the expert. Your podcast will prove it.

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