Avoiding Common Mistakes When Buying or Selling Law Firms with Victoria Collier

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:

• Website

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