Avoiding Common Mistakes When Buying or Selling Law Firms with Victoria Collier
09/04/23 • 46 min
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:
Resources:
- Join the Guild Membership
- Subscribe to the Maximum Lawyer Youtube Channel
- Follow us on Instagram
- Join the Facebook Group
- Follow the Facebook Page
- Follow us on LinkedIn
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:
Resources:
- Join the Guild Membership
- Subscribe to the Maximum Lawyer Youtube Channel
- Follow us on Instagram
- Join the Facebook Group
- Follow the Facebook Page
- Follow us on LinkedIn
Previous Episode
Revolutionizing Education: Innovations for the Future with Amy Cote
This week on Maximum Mom, your host Elise Buie is joined by Amy Cote.
Amy started Think Out because for most organizations prevention is an afterthought. With communication, consistency and execution, employees will perform well as teams that are prepared for the expected and unexpected.
Thanks to Amy’s training and experience, she has strong skills in leadership, communication, change management, operations, labor relations, policy development and best practices.
Thanks to Amy’s genes, she has an obsessive curiosity, keen ability to think out, problem solve and counsel.
If you have questions or just want to think out loud together, Amy would love you to take action and advocate for yourself, your people, your business, your future!
Take a listen!
11:34 How curiosity and innovative thinking play a role in Amy’s business
19:29 The need to question traditional ways of doing things and the benefits of thinking outside the box
20:38 A businesses to plan for the future
32:08 Amy starting her own business, including the initial uncertainty and the importance of perseverance
44:08 Personal growth and self-discovery that comes with owning a business
Connect with Amy Cote:
Resources:
- Join the Guild Membership
- Subscribe to the Maximum Lawyer Youtube Channel
- Follow us on Instagram
- Join the Facebook Group
- Follow the Facebook Page
- Follow us on LinkedIn
Next Episode
Navigating Parenthood and a Rural Law Practice with Bridget O'Toole
This week on Maximum Mom, your host Elise Buie is joined by Bridget O'Toole.
Bridget is a millennial environmental, land use, municipal and energy lawyer and mom to a 4-year-old son. She opened her own law firm on April 1, 2023 (April Fools Day) in one of New York's most rural counties after leaving a bougie downtown boutique law firm.
She’s been practicing since 2011 and represents clients all over New York State in her practice areas.
Take a listen!
01:11 Meet Bridget
04:58 Bridget’s practice in environmental, land use, municipal, and renewable energy law
09:37 The challenges of working from home
10:35 The persistent issue of schools contacting mothers first
16:42 Bridget's work in renewable energy and her experience working with commercial fishing associations in New York State
22:44 The benefits of meditation for stress management and the importance of unplugging from technology
29:18 Bridget’s fear of what others would think if she opened an office in a rural county and how she overcame it
31:26 The value of giving trusted referrals
34:56 The lack of access to justice and technology in rural communities and how it affects her practice
39:53 The different types of insurance that are necessary as a law practice grows
41:19 The significance of joining a mastermind group and connecting with other women who have similar experiences as working moms
📹 Watch the interview here
Resources:
- Join the Guild Membership
- Subscribe to the Maximum Lawyer Youtube Channel
- Follow us on Instagram
- Join the Facebook Group
- Follow the Facebook Page
- Follow us on LinkedIn
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