So, our first question comes in from Alex Muñoz of CSR Business Consulting Solutions Services. Alex asks: “How long does it take to sell a law firm?” Alex, thank you. Great question. And, what we have found is that it takes six meetings to sell a law firm. And, let me just say also that before you're selling a law firm, there's certainly time involved with getting ready to sell. That is, your due diligence as a seller to prepare your books, look at what it is that you have, determine who you want to market the law firm to, start marketing your law firm to particularly growing firms that usually . . . this is what we find is the right kind of buyer, is practicing in the same practice areas as a selling firm.

Now, Alex asked, how long does all this take? From the meet-and-greet stage to signing an agreement, we find that that typically takes between two and three months. We also find that it can take one to two months to get to those critical phases of negotiating the letter of intent and getting to potentially signing it.

So, what can happen sometimes, unfortunately, is parties can be negotiating a letter of intent, be working with each other for a couple of months, deal can fall apart. And, then, we have to start, sometimes, even from the beginning with a brand new firm. So, I think what Alex is also asking underneath this is how long does the sales process take altogether? OK. From the very beginning of doing the due diligence on your firm, knowing what it is that you have to sell, and determining who would want it to getting to signing an agreement. We're finding that that can take between 6 to 12 months and sometimes longer. So, thank you very much, Alex.

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