Optimizing the Value of Your Law Firm with Jennifer Katrulya

Jennifer Katrulya, is a Partner at Citrin Cooperman and is considered a pioneer of the outsourced/virtual CFO, advisory, and accounting services space. She is credited with helping hundreds of companies in all phases of growth implement best practices and position themselves for profitable and successful ROI at exit. Jennifer is a nationally recognized strategic and operations advisor for high-growth technology, service-based, and healthcare companies who are committed to choosing to achieve results over making excuses. In today's episode, Jenifer talks about exit strategy for law firms that the owners do not want to own anymore, whether that’s because they want to retire or they want to sell the firm and recoup all of that value that they put in by building their highly systematized law firm. Even if you are at the start of your journey of owning a business, it is important to plan what you need to do in order to maximise your economic value so that when you leave, you don’t leave with nothing.  Tune in for a lot of interesting stories,  strategic planning and exit strategy tips for the firm owners that you can implement right away. In this episode we discuss: The importance of billing processes and making it easy for your clients to pay. Consistency being king in marketing. The advantage firms had that were prepared to go digital and embrace technology when covid presented the challenge of having to work remotely. Addressing the pros and cons of the new hybrid workplace as things begin to normalize. The necessity of looking into the future as you plan to grow or exit your business. The added value of a business not dependent on the owner for its continued success. What’s involved in the valuation of a law firm and preparing to sell. The transition scenario once the sales transaction is completed. Guest Bio:  Jennifer Katrulya has spent the last 20+ years helping clients create and execute the strategic and operational plans needed to scale quickly, secure funding, provide critical reporting and communications to company stakeholders, increase market share, and position for a successful exit. Also nationally recognized as a “pioneer” and thought leader in the areas of outsourced accounting and technology services, Jennifer helps companies leverage Citrin Cooperman’s rapidly growing BPO services group of exceptional controllers, bookkeepers, and technology specialists. The team at Citrin Cooperman takes on the day-to-day accounting functions for clients, allowing them to focus on growing the company. Jennifer has often been called a “power connector,” based on her proven track record of bringing the right people and companies together to help drive business growth and success, both in specific business deals and in the formation of winning strategic alliances. Her experience ranges from bringing early-stage companies and funding sources together, to connecting C-Level executives in Fortune 500 companies.   Allison Bio: Allison C. Williams, Esq., is Founder and Owner of the Williams Law Group, LLC, with offices in Short Hills and Freehold, New Jersey. She is a Fellow of the American Academy of Matrimonial Lawyers, is Certified by the Supreme Court of New Jersey as a Matrimonial Law Attorney and is the first attorney in New Jersey to become Board-Certified by the National Board of Trial Advocacy in the field of Family Law.  Ms. Williams is an accomplished businesswoman. In 2017, the Williams Law Group won the LawFirm500 award, ranking 14th of the fastest growing law firms in the nation, as Ms. Williams grew the firm 581% in three years. Ms. Williams won the Silver Stevie Award for Female Entrepreneur of the Year in 2017.  In 2018, Ms. Williams was voted as NJBIZ’s Top 50 Women in Business and was designated one of the Top 25 Leading Women Entrepreneurs and Business Owners. In 2019, Ms. Williams won the Seminole 100 Award for founding one of the fastest growing companies among graduates of Florida State University. In 2018, Ms. Williams created Law Firm Mentor, a business coaching service for lawyers.  She helps solo and small law firm attorneys grow their business revenues, crush chaos in business and make more money.  Through multi-day intensive business retreats, group and one-to-one coaching, and strategic planning sessions, Ms. Williams advises lawyers on all aspects of creating, sustaining and scaling a law firm business – and specifically, she teaches them the core foundational principles of marketing, sales, personnel management, communications and money management in law firms. Guest contact information:  Company name: Citrin Cooperman and Company Website URL: https://www.citrincooperman.com/ Email: [email protected] Phone number: 12034176440 Facebook: https://www.facebook.com/groups/649637742295820 Twitter: https://twitter.com/JenKatSocial LinkedIn: https://www.linkedin.com/in/jenkat/ Instagram: https://www.instagram.com/jenkatsocial/    Snippets  00:18:14  (53 Seconds) Allison: Yeah. So if we're looking at trying to find the buyer, you know, one of the things that you have to talk about with potential sources, potential purchasers, is how you have maximized the value. So if you're working with a law firm client and they really want to maximize the value of their law firm, where do you tell them to start? Jennifer: First, I want to document it. So we actually work to create a pitch. This is, this is what we do. This is our team. This is how we handle each of the best practice areas of our firm. It makes us an ironclad business to purchase and a really secure and successful purchase you as a buyer could make. And it's making sure that you can then again have meetings with and date the potential buyer of your firm, do your presentation. Make sure that in ongoing relationships, you have to just be polished and bring your A game to each of those relationships and make them super excited.