Buying and Selling Your Law Firm

Victoria Collier is the CEO of Quid Pro Quo Law, a team of professionals helping lawyers build and sell valuable law firms. She owned and operated a law firm for 18 years, where she focused on elder law estate planning and taught veterans' benefits for seniors to national elder law attorneys.

As a serial entrepreneur, Victoria co-owns an eight-figure business that helps veterans and previously owned an insurance firm, publishing company, and real estate business. As a Certified Exit Planning Advisor and Certified Value Builder, she specializes in the valuation, purchase, merger, and sale of businesses.

In this episode…

Many law firm owners experience burnout in their careers, but how do you know if this fatigue is actually a desire to exit your business? How can you prepare your firm and be ready for a sale when the time is right?

According to versatile business and law veteran Victoria Collier, law firm entrepreneurs experiencing burnout lack a clear vision and appear stagnant. Conversely, those wanting to exit can formulate a vision for the future — namely, a life following the sale. If you're truly ready to exit your firm, Victoria says to develop a predictable business model with fixed revenue, a codified P&L statement, and a solid, motivated team. 

In today's installment of The Guts and Glory Show, Luis Scott invites Victoria Collier, the CEO of Quid Pro Quo Law, to speak about buying and selling law firms. Victoria shares the early-stage challenges of growing profitable firms, how to evaluate business value, and when you should consider buying another firm.