The sales process for law firms
If you are currently considering the sale of your law firm, it is important to fully understand your market exit avenues prior to any decisive decision making. No matter the reason for the sale, whether you are lining up for retirement or require additional capital for your next business venture, it always pays to be well-informed before embarking on a sale.
For many law firm owners, time is held at a considerable premium with many individuals upholding an active involvement in the day-to-day operations of their practice, in addition to providing the business with direction and identifying new growth opportunities. As such, the time requirements necessary to obtain an intricate understanding of the sales process is often an unfeasible feat.
Therefore, it is highly recommended when seeking a market sale to instruct the assistance of a specialised business broker who will work on your behalf to ensure a smooth and prompt completion. On the back of 30 years’ experience, Kings Professional can offer a proven sales process that garners a wide range of interest across the legal sector and ensures the complex transfer of ownership reaches its completion.
Before placing your law firm on the market, you will undertake a market appraisal, where you will be provided with an accurate and achievable price point for your practice. A realistic asking price for your business requires greater nuance than simply totalling the saleable value of your assets or reviewing your annual turnover figures. To truly grasp the value of a law firm, an in-depth market analysis must be conducted to understand the factors that constitute a high value target in the eyes of an acquirer, followed by the unique selling points and specialities of your practice.
Once you are satisfied with the potential returns from your Company and have decided to instruct a business broker to conduct the sale, the marketing process will commence. It is the role of your broker to not only get your business seen by as many potential buyers as possible, but to actively identify individuals and operators with acquisition requirements that match your practice’s specifications. At Kings Professional, our marketing team will create a bespoke range of marketing materials for distribution to a list of identified interested parties, as well as casting the widest possible net to ensure an overview of your business is seen by a range of potential buyers.
After you have received an offer which you wish to pursue, your business broker will take on the role as intermediary between yourself and the potential buyer throughout the due diligence process. We highly recommend appointing an external solicitor over the course of due diligence as they will take an objective stance in the sale of your practice and ensure your best interests are protected; Kings Professional can recommend an experienced solicitor within the acquisition and disposal of legal practices. In this vital stage, the buyer will review and scrutinise every aspect of your business, and your dedicated sales negotiator will be on hand to guide and advise you through to the sales completion.
If the sale of your law firm is now under contemplation and you would like to seek further guidance, please do not hesitate to get in contact with a member of the experienced Kings Professional team on 01772 775 755 and they will be delighted to assist you.