During Ep. 28 of the Ask the Law Firm Seller Show, Tim McKey, CPA, CEO of Vista Consulting Team, joins to address 3 Tips for Strategic Planning to Sell a Plaintiff Contingency Law Firm   McKey initially explains that Vista Consulting Team provides strategic consulting to Plaintiff contingency law firms, assisting clients with systemizing their businesses per Vista’s tagline: The business resource for Plaintiff law firms.   McKey then shares the following 3 tips for strategic planning to sell a Plaintiff contingency law firm:   Tip No. 1: As McKey says, “The best thing you can do to prepare your firm to be sellable is to be profitable.”   Underlying that tip relates to law firms knowing their numbers.   Examples of numbers to know include: (a) Gross revenues vs. Net Revenues; (b) The EBITDA for your firm; (c) Average fee per case; (d) Case acquisition costs; (e) Number of open cases, together with estimated values of those cases; and (f) Average time on desk to resolve cases, including differentiating between pre-lit. and litigation matters.   Tip No. 2: Know the value of your firm per 1 or more recognized methodologies of valuation.   Tip No. 3: Have efficient, effective, and documented operations within your firm, including (a) A methodology for internal reports that hold teams at a firm accountable; and (b) A means to make sure that a firm does not need its founder/rainmaker for the firm to operate.   McKey and Poock also discuss their thoughts about what buyers want/need when purchasing Plaintiff contingency practices, including strategic purchasers who seek to purchase more than one law firm, usually, in anticipation of a future roll-up type transaction.