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Biggest problem with being solo: hard to sell practice

Going to probably turn a profit (before taxes) of around $22...
Electric Magical Set
  10/22/17
You can't sell any sole proprietor business for shit
Slap-happy contagious forum
  10/22/17
so lawyers have no inherent value? odd case!
Overrated cuck wrinkle
  10/22/17
...
judgmental coffee pot
  10/22/17
Scum of the earth, really. I hate being a lawyer in part bec...
Electric Magical Set
  10/22/17
Actually, OP's problem is that by far the most valuable asse...
flirting geriatric foreskin
  10/22/17
...
crimson underhanded property
  10/22/17
...
pink exhilarant candlestick maker
  10/22/17
cr. ljl at dbg's "business analysis."
spectacular scourge upon the earth
  10/23/17
The thing that makes it relatively easy to start and grow a ...
Lascivious Shrine
  10/22/17
My accountant aunt did not have this problem. When she was s...
thriller hall filthpig
  10/22/17
No sole prop which requires constant elbow grease is gonna g...
Multi-colored menage
  10/22/17
I'm not disagreeing. You're absolutely right. I'm just sayin...
Electric Magical Set
  10/22/17
Just include yourself in the deal as chattel
Purple Violent Whorehouse
  10/22/17
...
Electric Magical Set
  10/22/17
...
pink exhilarant candlestick maker
  10/22/17
...
Wine stag film tank
  10/23/17
You want to extract economic benefit from this and get out o...
flirting geriatric foreskin
  10/22/17
180, been playing around with this or pitching midlaw firms ...
Electric Magical Set
  10/22/17
cr, your berst move is to bring in fungible billing units to...
pink exhilarant candlestick maker
  10/22/17
...
Blue Racy School Cafeteria
  10/23/17
...
Wine stag film tank
  10/23/17
YOU are the business
shaky poppy field people who are hurt
  10/22/17
this is true of every small business - a ton of their value ...
Blue Racy School Cafeteria
  10/23/17


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Date: October 22nd, 2017 10:28 AM
Author: Electric Magical Set

Going to probably turn a profit (before taxes) of around $225k this year. If this was some other small business making $225k in profit, I could probably sell it for 2-3x earnings, escape law, and move on to something else. But because it's a law firm, it's almost impossible to sell for any decent amount.

(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34500920)



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Date: October 22nd, 2017 10:30 AM
Author: Slap-happy contagious forum

You can't sell any sole proprietor business for shit

(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34500933)



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Date: October 22nd, 2017 10:31 AM
Author: Overrated cuck wrinkle

so lawyers have no inherent value? odd case!

(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34500938)



Reply Favorite

Date: October 22nd, 2017 10:32 AM
Author: judgmental coffee pot



(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34500940)



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Date: October 22nd, 2017 10:33 AM
Author: Electric Magical Set

Scum of the earth, really. I hate being a lawyer in part because I hate every lawyer I meet and have to deal with.

(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34500948)



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Date: October 22nd, 2017 1:48 PM
Author: flirting geriatric foreskin

Actually, OP's problem is that by far the most valuable asset of the business (a lawyer) isn't being sold with it.

(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34502312)



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Date: October 22nd, 2017 1:54 PM
Author: crimson underhanded property



(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34502347)



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Date: October 22nd, 2017 2:01 PM
Author: pink exhilarant candlestick maker



(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34502394)



Reply Favorite

Date: October 23rd, 2017 12:15 PM
Author: spectacular scourge upon the earth

cr. ljl at dbg's "business analysis."

(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34509004)



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Date: October 22nd, 2017 10:32 AM
Author: Lascivious Shrine

The thing that makes it relatively easy to start and grow a solo practice is the same thing that makes it hard to sell: lack of a barrier to entry. Obviously you need a law degree, but it's not like starting a factory and needing a bunch of machinery or whatever.

(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34500943)



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Date: October 22nd, 2017 10:36 AM
Author: thriller hall filthpig

My accountant aunt did not have this problem. When she was set to retire her biggest problem was getting the buyer to go from 1.8 million to her 2 million figure. Ended up selling it for 1.95. I did the closing and walked away with -- $2500. LJL at my life.

(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34500979)



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Date: October 22nd, 2017 12:18 PM
Author: Multi-colored menage

No sole prop which requires constant elbow grease is gonna go for 3x bro. For example i can tell you that solo accounting firm go for 0.8x to 1.0x RETAINED billings. Your just being unrealistic unless yoyr earnings number nets out the effective labour cost of the sole prop

(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34501658)



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Date: October 22nd, 2017 1:42 PM
Author: Electric Magical Set

I'm not disagreeing. You're absolutely right. I'm just saying I should have built a different business rather than a law firm because there's no exit strategy here.

(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34502251)



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Date: October 22nd, 2017 1:44 PM
Author: Purple Violent Whorehouse

Just include yourself in the deal as chattel

(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34502275)



Reply Favorite

Date: October 22nd, 2017 1:54 PM
Author: Electric Magical Set



(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34502344)



Reply Favorite

Date: October 22nd, 2017 2:02 PM
Author: pink exhilarant candlestick maker



(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34502398)



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Date: October 23rd, 2017 1:05 PM
Author: Wine stag film tank



(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34509345)



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Date: October 22nd, 2017 1:59 PM
Author: flirting geriatric foreskin

You want to extract economic benefit from this and get out of law, you'll be much better off bringing in a partner and/or associate(s) to do the work for you. There are plenty of good attorneys who don't have much of a book. You could have a partner who gets paid from his collections and buys the equity from you year by year out of collections. You can probably eventually make MORE than 2x-3x as long as you're willing to maintain a token participation for a while.

(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34502374)



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Date: October 22nd, 2017 2:01 PM
Author: Electric Magical Set

180, been playing around with this or pitching midlaw firms on merging and making me a partner.

(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34502395)



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Date: October 22nd, 2017 2:05 PM
Author: pink exhilarant candlestick maker

cr, your berst move is to bring in fungible billing units to grind under you and you collect thier profits. you dont make money by billing hourly, you make money by making other people bill hourly and collecting thier money

(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34502421)



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Date: October 23rd, 2017 10:07 AM
Author: Blue Racy School Cafeteria



(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34508395)



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Date: October 23rd, 2017 1:06 PM
Author: Wine stag film tank



(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34509351)



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Date: October 22nd, 2017 2:02 PM
Author: shaky poppy field people who are hurt

YOU are the business

(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34502402)



Reply Favorite

Date: October 23rd, 2017 10:10 AM
Author: Blue Racy School Cafeteria

this is true of every small business - a ton of their value is in the knowledge and effort of the owners. I've seen this with two family friends recently. One pair of brothers tried to sell a well-established construction subcontractor business (probably 30 employees?). The buyers said OK, but both of you have to sign 5 year contracts as salaried managers. Another family had a pizzeria; no one would pay them more than the value of the ovens. Small business owners are the business.

(http://www.autoadmit.com/thread.php?thread_id=3771344&forum_id=2#34508411)