Reason #2: Realizing that Most Internal Successors Do Not Want to Purchase a Law Practice
The second reason to sell your law firm this year:
Recognizing to Whom Not to Sell Your Law Practice - Internal Successors
As Jeremy E. Poock, Esq. explains, often, Internal Successors (egs. key employees, senior associates, junior partners, or even partners) do not want to purchase a Senior Attorney’s law practice for the following reasons:
You hired these people as key employees. They wanted a job then, and they still only want a job.
Would-be Internal Successors went to law school. They didn't go to business school.
Your Internal Successors typically can't afford to purchase your law practice when they have homes to run, kids to put through college, cars to lease or buy, etc.
As Poock states, “Internal Successors strangely just assume that the boss will never retire.”
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