Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am the sole owner of a five attorney personal injury plaintiff firm in the Dallas suburbs. Over the years I have built a sustainable brand through advertising. I have helped my associates develop their reputations, handle substantial cases, and be involved in various areas of firm management. I am planning on retiring in five years and I would like to begin the transition early next year by selling some stock (minority interests) to deserving associates with the remainder of my shares to be purchased upon my retirement. Originally, I had through about selling shares to two associates that have been with the firm for over fifteen years - now I am thinking about selling shares to all four associates. I think it would be easier for the four to come up with the required money. I welcome your thoughts.