Strategic business planning includes:
Creating, and implementing a business plan and modifying it as your practice and external forces change
LBSI offers many services to keep your firm on track, meeting business goals, and growing, without mis-steps and backtracking that can result from trying to plan and execute everything alone.
We’re not just bookkeepers. Our expert consultants can guide you in improving your management practices, with complete familiarity with the specific needs of your law firm. We know the legal terminology and concepts. We know best practices in running everything from a sole proprietorship to a huge law firm with many partners, divisions, and specialties. And most important – we LISTEN and analyze objectively before jumping in with solutions. Let us help you succeed quickly and with minimal pain.
There are many stages of your business where business valuation is useful, and a few where it is required by IRS or other government entities. Business valuation is required when a major shareholder dies, is involved in a dispute or divorce, or wants to make a gift of closely held stock. It is also required when forming a stock ownership plan, converting from a C-corp to an S-corp and in several other situations.
Besides these situations, business valuation is simply a good business practice for planning: estate planning, succession planning, determining life insurance needs of your firm’s principals, benchmarking for buy-sell agreements, to name a few.
But business valuation requires the skills of an expert. Many business owners who think they know business valuation think a company is worth four times EBITDA (earnings before interest, taxes, depreciation and amortization), but that estimate can vary based on industry, business risks, current debt and many other factors.
When you even suspect that you need business evaluation, consult the one-stop solution for law firm management – LBSI.
Creating/Modifying Your Firm’s Business Plan
If you’re open for business, you need a written business plan. It gives your firm direction and helps you quickly see whether you’re meeting your goals or veering off course – in time to get back on track.
You know your business. But to write a useful plan, you need an expert to ask the right questions. You also need an outsider to look objectively at your firm’s current status and goals. You’ll be able to meet those goals better and faster with an accurate view of where you are now.
LBSI specialists can not only help you create a business plan; we can guide you in updating it to reflect changing conditions.
Call us for help in charting your course and weathering rough seas!