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35 GPSolo 47 (2018)
From Business Plan to Succession Plan: Structure for Today with Tomorrow in Sight

handle is hein.journals/gpsolo35 and id is 309 raw text is: V4ii~ 11 iI 10 I S 1 AI I IIN &N .10 INII11 IIIi I ! i , li IIILTJ I I I R~ II I OU L planning should be a law firm's strategic multidisciplinary process to help the most important client you have-you. You must develop a comprehensive approach to guiding the transi- tion of ownership for the practice when you say enough or per- haps outside forces so dictate for you, ensuring the enterprise can continue even when you don't. I'm an accountant, and accoun- tants love checklists. We even think in bullet points. Sooooo, here are my bullet points that I believe you, as an owner/partner GPSOLO I July/August 2018 1 ambar.org/gpsolomag (along with your team) need to consider. You might: * go in-house with a client; * become a judge; * leave the practice of law to pursue other endeavors; * undergo irreconcilable differences with your part- ners and ask yourself now what?; * need/want to transfer your practice by merger or sale to a third party; * need/want to determine how best to preserve wealth and minimize taxes; * need to integrate business planning and lifetime exit objectives with an estate plan; * retire; * become disabled; or even * die. Law firms, like any business or professional practice, should start with an end in sight (you'll fill in the middle as you go along). Not even considering non-financial or emotional issues, let's consider five bullet points of places your money can go: * your lifestyle; * your family; * someone else you select; 47 110 0

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