Intentional Growth

Selling a Law Firm for All Cash

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Could you survive for 2 years without a salary? Tom Fafinski [Entrepreneur, Attorney, Real Estate Investor, Peer Group Leader] explains how he grew a 7 figure + law firm, only to cut it back to its bones before he grew it back up again and sold for over a million dollars in all cash… up front!

Normally professional service firms get 1-2 times EARNINGS paid on an earnout but Tom had systematized his firm enough to get a stellar offer so he could become a Real Estate Investor and Co-Founder of Virtus Law with his favorite co-worker.

Tom created his dream firm after surviving a difficult sale to a second generation attorney durning the financial crisis because he made the BEST decisions, at the toughest times, and he didn’t rely 100% on the income…

“To be dependent on the business makes you a liability.” – Tom Fafinski


In today’s episode, you will learn:
  • How an attorney became an entrepreneur
  • What the sale of a law firm looks like
  • Why financial diversification from your business is important
  • What happens when you’re not passionate about your work
  • How to not become a liability to your company
  • How to deal with an income squeeze from your business
    • “You can’t make the best decisions if you rely 100% on the business for cash.”

    Contact Information and Bio for Tom Fafinski:

    Email: [email protected]

    Personal LinkedIn
    Company Website
    Company Facebook
    Company Twitter

    Thomas M. Fafinski is Co-Founder of Virtus Law, PLLC. Tom graduated 13th in his class cum laude at William Mitchell College of Law and was also a cum laude graduate of the College of St. Thomas, with a BA in Finance. Tom is:

    • a facilitator for 2 Allied Executive CEO/business leader peer groups and has been for nearly 9 years
    • a facilitator for 2 estate and business law firm peer groups from across the country through a joint project with Virtus Law and WealthCounsel
    • serves as Chairperson of Community Involvement Program, a $40M non-profit organization helping those with disabilities achieve their greatest life
    • serves as Chairperson of the Parish Pastoral Council and Parish Administrative Committee for St. Thomas Becket Catholic Church in Eagan
    • a continuing education instructor relating to advanced estate planning concepts, especially for real estate investors, through Kaplan Education
    • a past continuing education instructor for WealthCounsel (has taught nearly 50 program hours), member of the Board of Directors of Junior Achievement Upper Midwest, Roundbank Advisory Council, member of Dakota County Technical College Entrepreneurship Program Advisory Council
    • a member of the MNSCU faculty
    • a member of Minnesota Real Estate Investor’s Association
    • a proud father of 3 exceptional children and 3 average dogs
      • ...more
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