I went from losing $1 million to running a company earning $5 million a year—here's my best advice. (via CNBCMakeIt)
Five years after opening my doors, I sold my law practice in 2008 to a lawyer with 25 years of experience. It seemed like he had the expertise to keep things running smoothly. But within six months, he handed the practice back, claiming the client flow had dried up and he could no longer make the payments he'd promised.some drivers of the business
I didn't want to leave anyone in a lurch, so I decided to operate the practice out of my savings for another six months while I transitioned my clients to other trusted attorneys and helped my colleagues find new jobs. Thinking I could save money by handling the legal and financial matters myself meant I had to pay $250,000 out of pocket instead making $250,000 on the sale.
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