Planning for Your Retirement: Ride into the Sunset or Sell?

Planning for Your Retirement: Ride into the Sunset or Sell?

Small firms and solo practitioners often find themselves decades into their lucrative legal career with no clear successor. After creating a respectable and decorated reputation for their firm, many are left asking themselves what’s next for the practice once their name is no longer on the door.

If you’re an attorney who sees retirement on the near horizon, you’re faced with an important choice: do you want to take the “c’est la vie” approach and simply walk away when the time comes, or would you prefer to sell your practice (and all the fruits of your networking labor) for a profit you can use to fund your leisurely retirement lifestyle? I’m betting most of you would prefer the latter.

While it will take some forethought and planning, you can increase the value of your business in the years prior to your retirement and create a nice nest egg you can count on. In addition, you can retain the current value you’ve built by using social media to your advantage. Whether you’re ten, five, or even three years away from retirement, there is an easy timeline for you to follow.

How to Prepare Your Firm to Sell

Here at PSM, we believe you should get out of your firm what you’ve put in over the years. You’ve invested valuable time, money, and careful thought in your business, so why wouldn’t you want to reap the lasting rewards long into your retirement?

Our Founder and President, Terrie S. Wheeler, MBC recently wrote an article about how you can do just that by preparing to sell your firm as you retire. Her easy to follow tips are sure to simplify the process. You can read the full post here.

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