You may already know that when selling your business, one of the most important decisions you’ll make is choosing a business broker. Business brokerage firms can be quite helpful. Experienced business brokerage firms will screen qualified buyers and help you through the many obstacles you may encounter when trying to complete your sale. In the meantime, you can remain focused on running your business before the sale is final. 

In the most recent issue of the Oregon State Bar Bulletin, Lee Wachocki provides a great strategic insight into the option of law firm succession planning rather than selling your practice. Our very own Justin D. Farmer contributed to the article, titled “Sales Isn’t The Only Option.” You can read the full piece by clicking here. Following is our own synopsis and comments:

You have worked hard and built your law firm into something that you are immensely proud of and that you value a lot. When it comes time to sell your firm, however, it is not the value you place on it that matters. You need to determine how valuable potential buyers will find your firm because that is what you will ultimately receive for it. While you may think it is going to be difficult to ignore your own emotions when evaluating your law firm, there are a few factors you can use to help you step back and really see how much your firm is worth. Let’s dive into how to value a law firm.

Baby Boomers are retiring en masse across all industries. And while the majority of accounting firm owners are baby boomers who are near the age of retirement (65 or older), just as many younger professionals are coming of age and seek to run their own businesses. For the former group, whether you want to retire, semi-retire (perhaps you just want the freedom to travel without firm administration hanging over your head), transitioning the ownership of your firm should be high on your list of priorities. If you want to know how to sell your accounting practice for top dollar, you will want to consider the tips below. 

I work with extremely successful and exceptionally bright professionals who, after years of hard work, have grown a business that has going concern. But like most savvy business owners, my clients come to realize that it is time to transition and “pass the baton”, so to speak, to a younger professional who can carry the business into the next generation. But selling a business is a lot of work. And certainly selling a professional service business must be harder (or so many of my clients think). Then the question remains: is it worth it? The short answer: absolutely. Sure, there are countless moving parts and factors to consider when selling a business. But with the proper planning and team in place, you can maximize your return on investment. In fact, your business may be worth even more than you think. And, fortunately, there are several rules of thumb for selling a business that you can consider. 

Congratulations, you’ve made the decision to sell your business. You’re ready for the transition. But you have more questions than answers regarding how to begin? Like many small business owners, you’re probably feeling overwhelmed by the sheer volume of the task before you. Do you hire a consultant? Organize your books? Notify your employees and clients? What comes first? The questions can seem endless. But while getting started can be the hardest part of transitioning your business, it certainly doesn’t have to be.

If you’re thinking of selling your private practice, one of your primary concerns likely has to do with its value. How much is your private practice worth? What can you really make by selling it? And is that monetary gain going to outweigh the hassle? You’ve heard the horror stories about failed negotiations, missing paperwork, and flaky buyers. So before you start your private firm valuation or just quietly pack your things, consider these six, often overlooked reasons why your business is worth more than you think.