The 5 Questions Every Law Firm Owner Should Answer Before Retirement: Understanding Personal Readiness, Firm Value, Succession Options, and Exit Strategy

Darren P. Wurz | Wurz Financial Services

Darren Wurz is the Founder & CEO of Lawyer Millionaire Wealth Advisors, where he works exclusively with law firm owners on business planning, cash flow management, tax strategy, and long term financial planning. He advises attorneys on building financially sustainable practices through disciplined systems, data-informed leadership, and intentional firm stewardship.

Darren is the author of The Lawyer Millionaire®: The Complete Guide for Attorneys on Maximizing Wealth, Minimizing Taxes, and Retiring with Confidence, published by the American Bar Association, and he hosts The Lawyer Millionaire® Podcast. He is a Certified Financial Planner™ and Certified Exit Planning Advisor™, and he holds a master’s degree in financial planning from Golden Gate University. Darren is a member of the American Bar Association and the Financial Planning Association.

I. Foundational context | 1:00pm – 1:05pm

• The overlooked reality of retirement planning for law firm owners
  • Retirement planning is often delayed or avoided
  • Fear and uncertainty around if and when retirement is possible
  • Emotional identity tied to the firm and profession
• Common misconception
  • Many law firm owners assume retirement is something to address in their 60s or 70s
  • Many critical decisions have already been made implicitly by law firm owners by their 60s or 70s
• Reframing retirement
  • Retirement planning is about creating options, not committing to a fixed timeline
• Presenter background
  • Background and exclusive focus on advising law firm owners
  • Central question observed across firms: How do I turn my firm into freedom instead of a trap?
• Brief poll: Where are you in your thinking about retirement? (e.g., not thinking about it/thinking about it/actively planning)

II. Learning objectives & framework | 1:05pm – 1:10pm

• Review learning objectives
  • Assess personal retirement readiness beyond net worth
  • Understand what drives law firm enterprise value
  • Identify realistic succession and exit options
  • Evaluate deal structures and tax considerations
  • Outline immediate next steps to increase optionality
• Basics of retirement readiness triangle
  • Personal readiness
  • Firm readiness
  • Financial readiness
• Basics of the five-part retirement decision path
  • How the five questions build on one another

III. Question 1: Can I actually afford to retire? | 1:10pm – 1:25pm

• Financial readiness
  • Sources of income in retirement
  • Determining “how much is enough”
  • Understanding total owner benefit (compensation + distributions + perks)
• Personal readiness
  • What replaces the 40-hour work week?
  • Lifestyle expectations and non-financial fulfillment
• Psychological readiness
  • Why financial independence does not automatically equal emotional readiness
  • Common challenges attorneys face when stepping away

IV. Question 2: What is my firm actually worth? | 1:25pm – 1:40pm

• Tangible vs. Intangible value
• The 4 c’s of intangible value
  • Human capital
  • Structural capital
  • Customer capital
  • Social capital
• Enterprise value fundamentals
  • Simplified valuation framework
  • Key factors that increase or reduce value
• Owner dependence and transferability
  • Why many firms have income but not transferable value
• The cash flow replacement problem
  • Why valuation alone does not solve retirement readiness

V. Question 3: Who would buy this firm? | 1:40pm – 1:55pm

• External options
  • Sale to another attorney or law firm
  • Merger and practice continuation
• Internal options
  • Sale to partners
  • Sale to an associate or “apprentice” successor
• Reality check
  • Not every firm qualifies for every option
  • Factors that determine buyer interest
• Transition expectations
  • Typical post-sale roles and time commitments

VI. Question 4: How do deals actually get structured and executed? | 1:55pm – 2:20pm

• Common deal structures
  • Seller financing
  • Earnouts
  • Installment arrangements

Break | 2:00pm – 2:10pm

• Creative strategies
  • Cash balance plan superfunding (high-level guide)
• Tax considerations
  • Asset vs. Equity sales (conceptual guide)
• Risk management
  • Post-sale liability exposure
  • Protecting the seller

VII. Question 5: What should I be doing now? | 2:20pm – 2:35pm

• Retirement planning as an options strategy
• Key reflective questions
  • What do I want the next 10–30 years to look like?
  • What would I regret if I waited too long?
• Practical preparation steps
  • Reducing owner dependence without losing control
  • Getting personal and business finances aligned
  • Strengthening consistent, reliable firm cash flow
• Contingency planning
  • Disability, death, and emergency scenarios
  • Buy-sell and succession protection for family and firm

VIII. Conclusion, resources & Q&A | 2:35pm – 2:40pm

• Summary
  • Retirement planning is not about timing—it is about protecting what you’ve built and maximizing optionality
• 90-day action priorities
  • Clarify personal retirement vision
  • Assess owner dependence risk
  • Establish contingency protection
• Resources
  • The lawyer millionaire (aba publication)
  • Retirement & exit readiness scorecard for law firm owners
  • Contact information
• Audience questions