Victoria Collier Joins the Marketing Lawcast to Discuss Selling a Law Firm
Buying and Selling a Law Firm with Guest Victoria Collier
Calhan, United States - September 13, 2023 / Integrity Marketing Solutions /
The Marketing Lawcast podcast welcomes Victoria Collier, an expert on selling law practices, to its latest episode. The conversation sheds light on the intricacies and complexities of this unique business transition.
As the founder and CEO of Quid Pro Quo, Collier says it's her mission to teach others the art and science to creating turnkey law offices, positioning to transition and selling for profit.
The Surprising Fact About Lawyers Selling Their Law Firms
Collier says that the most surprising aspect of her work is that she is seeing so many younger attorneys ready to sell their practice.
"What is surprising to me, is that the people are younger than I would have thought. They're actually my age, in their early 50s, and they're contemplating exiting their practice, maybe not this year, but within the next three, five, 10 years. So people are starting to think about it sooner than ever before."
She adds that there is a common thread among the lawyers who are ready to sell.
"What I see is this feeling that they're not fulfilled in their law practice. They really want something different and they want to be young enough to enjoy the next phase of their life -- whatever that is for them," she says.
The First Step to Selling A Law Firm
Collier says the first step she takes with a new client who wants to sell their firm is to find out whether they are just burned out in this moment ... or if they truly want to sell their firm and move on to something else.
"It's an important distinction," she says. "Because if someone is just burned out, we can turn that around and they can fall in love with their firm again. And I don't want someone to prematurely sell their firm and then regret it later."
How Do You Know If It's Time to Sell?
What is it that distinguishes those who just really need to fix their burnout from those who are truly ready to sell? Collier says it's a matter of vision.
"When someone has a clear vision of what their next phase will be ... what they want to do next, that's when I know they're really ready to prepare their firm to sell," she says. "That's when we can start the work of setting that firm up to sell for the best price, by building value into the firm with systems, team, and great marketing. The more disconnected you can be from your law firm -- I mean the better that firm can run without you -- the more value it has to a prospective buyer. Because many buyers are not going to want to come in and be you as a lawyer. The buyers of today are entrepreneurial lawyers who want to own businesses that create passive income. It's not passive if they have to walk in and be the lawyer. So, yes, automation, team, marketing are the top three things that we would want to put in place."
Collier goes on to explain her process of helping law firm owners build value into their practice and connect with the buyers who will be the best fit for their practice ... and be able and willing to pay a high value for the firm.
For listeners, especially those in the legal field contemplating a sale, the podcast is a treasure trove of information, demystifying the process and offering a clear roadmap. But beyond the practicalities, the conversation offers a perspective about understanding the value of a legal practice and ensuring its legacy.
For those eager to delve into this captivating conversation, tune in to The Marketing Lawcast. The episode stands testament to the show's commitment to bringing timely, relevant, and insightful content to its audience. The podcast is available on their official website at www.MarketingLawcast.com, YouTube and all popular podcast platforms.
About The Marketing Lawcast
The Marketing Lawcast, hosted by Jennifer Goddard, engages with industry experts, offering listeners a deep dive into the legal marketing world. Through riveting discussions and expert insights, the podcast establishes itself as a crucial resource for professionals in the field.
Contact Information:
Integrity Marketing Solutions
8755 McClelland Road
Calhan, CO 80808
United States
Jennifer Goddard
https://www.IMSRocks.com
COMTEX_440126482/2827/2023-09-13T10:08:44
