Keep the Pedal to the Metal
Imagine this: You're on a road trip from New York City, where you live, to Hollywood, California, a place you've always wanted to visit. You've traveled 2,500 miles over the course of a week. You're almost to your destination, but you're tired. You're tired of traveling. You're tired of hotels. You're tired of being stuck in traffic and hearing the kids whining. Which of the following should you do?
(1) Stop by the side of the road, get out, and never reach your destination.
(2) Keep the pedal to the metal and get to where you're going.
The answer, of course, is #2: Keep the pedal to the metal. You'll never get where you're going-on a road trip or otherwise-if you don't stay the course.
One of the first things that I tell clients who engage me to sell their law practice is this: "Do not retire now just because you engaged me." That's what I call seller psychology. You will hurt yourself. You need to continue to grow or at least produce the same amount of revenue you've been producing.
I gave this advice to one client and a year later was very much surprised. We were not successful in selling that practice during that time frame, but at the end of the year, his practice had grown by 20 percent. That changed the whole valuation. It increased the amount of money that he would get when he finally did sell the practice.
However, it doesn't matter if your value grows. The important thing is that your practice doesn't shrink. You don't need to increase your marketing or social media presence or any other method of getting your name out there. You should simply continue to do what you've been doing. In other words, my advice is this: Don't stop. Don't stop what you're doing.
|
