An experienced will writer has identified a gap in the market to support other estate planning professionals looking to plan their own exit and succession strategy for their business.
Trevor Worth, owner of Plymouth-based Portcullis Legals, has launched We Know Your Worth, a new consultancy drawing on his own experiences of planning his own business succession, culminating in a tie up with Honey Legal announced earlier this year.
Explains Worth: “”Like most of us in the sector, we are being approached on a regular basis with speculative attempts to consider selling the businesses we have spent years building up. However some of the “offers” appear derisory and do not reflect the true value of the business” he said, adding “my own discussions took almost five years from the initial conversation to coming to a conclusion that works both for me, our staff and our clients which allows us to continue as we are but with a targeted endgame.”
Over a near 40 year career in the sector, Worth’s accolades include being founding chair of the BEST Foundation, and a previous winner of the Today’s Wills and Probate Industry Champion at the British Wills and Probate Awards. Portcullis Legals hit the national news in 2019 having been a pioneer of the four day working week.
Having been through the process himself and speaking with virtually every potential provider in the sector, Worth decided to use that experience and knowledge to help other colleagues navigate their own personal plan to leave their clients in good hands and to find a way commercially that suits both parties. On his approach Worth explained: “I’d urge anyone to start thinking at least 12 months ahead and given my experiences in the sector running a successful firm, I know what purchasers are looking for and I can help firms or individuals sharpen up their offering before speaking with anyone. That puts you in a stronger position and I’ll be sitting on your side of the table too”
Worth explores his own journey in an upcoming Today’s Wills and Probate Podcast to be published in the coming weeks. Worth explains the steps he took to prepare his own firm for future success and describes finding the right alignment with his succession partner: “I know how to grow a firm, tweak a firm, overhaul a firm and get best value for all stakeholders having proudly been an estate planner with an MBA and learning from the best estate planning firms, particularly in the USA, and I’d love to share that knowledge with others in our sector.”
“Everyone wants a different outcome whether that is a capital lump sum, or recurring income in retirement or the opportunity to carry on without the responsibility of running a firm. I can help create a bespoke plan and see that through with each individual”.
