This module of Succession Planning for Small Law Firms — Sale Channels: External Transfers and Financing — covers 1 lesson: Sale Channels: External Transfers and Financing.By the end of this module, you'll be able to differentiate the three external-transfer types and explain why asset sales rarely fit law practices given bar-rule restrictions on client information, name use, and fee-splitting. You'll also design an owner-financing structure that combines an above-market promissory note, a deed-of-trust on real property, and a buyer's pledge of interest with right-of-resumption — paired with the operating-agreement provisions Jensen says you can never skip.How to engage: Start with the first lesson and proceed in order. Read the per-lesson takeaways after each video. Take the practice quiz at the end of the module to check your understanding before moving on.

This module of Succession Planning for Small Law Firms — Documenting the Transition: Tax, Valuation, and Closing Considerations — covers 1 lesson: Documenting the Transition: Tax, Valuation, and Closing Considerations.By the end of this module, you'll be able to select among book value, certified business valuation, and broker opinion based on the buyer profile, IRS posture, and SBA requirements — and justify the choice in writing. You'll also build a pre-sale closing plan covering pristine financials (no 'stories'), documented processes, written operations, and professional-liability tail coverage so the practice is ready for either an inside or outside buyer.How to engage: Start with the first lesson and proceed in order. Read the per-lesson takeaways after each video. Take the practice quiz at the end of the module to check your understanding before moving on.