Question by Johanna M.: How to efficiently take over family paralegal business?
My grandmother is a Paralegal and she runs her own business out of her home in Sacramento, California. She plans on retiring in two years and will be handing the business down to me. I am currently going to a community college and have only taken general education classes so far.
Can someone please give me some advice or a type of step by step that I need in order to be able to take over the business as far as schooling, degrees, fixing poor credit and anything else that one might need to think about in the beginning steps of taking over an at home paralegal business?
Answer by monhegan
This is really not the best source of advice on something so important is it?
She is a paralegal. Who are the attorneys she works with? ASK THEM!
In general, the way to take over a business is NOT to just suddenly say that one has retired and you took over. Bang-Slam. How can past customers recommend YOU? They don’t know YOU. Its a real problem. But the way to do it is for you to become qualified, and then “ease” in by being involved more and more, at some point both of your names are used in all work, and then eventually you are doing the work with the retiring person still officially on as advisor, and eventually fully retired. It is not an overnight hand-over.
And this way the business will have value, and you can buy out your grandmother over time— which keeps her name in the business, and since her name is there she keeps interest and can in a pinch still speak to key long time clients who insist—- you must be getting the picture. This part of tranferring a business is the same whatever it is, not just this one.
But as to the details of certifications and so forth— talk to an attorney. Sure you will have to pay money for the advice— maybe $ 500? Sure and advice you get here will be free. I would also suppose that in both cases, whether the attorney or “askYahoo”, the advice will have a value somewhere around what you pay for it.
What do you think? Answer below!