I run an estate planning law practice. Although I have been out of school since 1996, I haven't practiced that entire time. There are about 4 years when I did not work. I have not practiced estate planning exclusively until this year. My legal background is quite broad. My experience practicing estate planning came from my time as a JAG in the Air Force and as a civilian working for the Army.
I opened my estate planning practice in May of this year. I formed as a professional limited liability company. I used the SBDC to help me flesh out the business plan I had started writing, research, and to do the financial projections. All of this was pre-venture. All of the assistance I received was invaluable. I definitely do not know what I would have done had I not had the assistance with the financial projections. Tim Phillips' assistance with that was outstanding. Not only did he explain to me how the math worked but he really did all the work on that.
Without having gone through the process of writing a business plan, I don't think my practice would be on a delineated path. I would be like most other attorneys out there flying by the seat of their pants when it comes to business. The company I hired used the research I obtained from the SBDC to help formulate my marketing plan for the year. The financial projections have helped me stay on track and give me a goal to attain. Otherwise, I think I would be quite directionless and haphazard about keeping an eye on the money.
Posted on Fri, February 10, 2012
by Antoinette Bone filed under