Addison Adams is the Founder and Attorney at Adams Corporate Law, a firm focused on corporate and securities matters for businesses, entrepreneurs, and investors. With over 26 years of legal experience representing public and privately held companies, he acts as outside general counsel for small businesses, providing them with practical corporate legal advice. Before founding Adams Corporate Law, Addison was a Founding Equity Partner at Richardson & Patel LLP, a boutique securities law firm.
Here’s a glimpse of what you’ll learn:
- How Addison Adams began practicing M&A law
- Addison reveals the most difficult aspect of building his firm — and the best deal he ever closed
- What makes a business worth purchasing, and why would an owner want to sell?
- Strategies for sourcing opportunities to purchase companies
- How retirement drives M&A activity
- Three considerations for buying businesses
- Advice for becoming a successful entrepreneur
In this episode…
If a business is generating eight figures in annual revenue, why would anyone want to sell it? Many entrepreneurs who don’t have a legacy plan consider exiting when they reach retirement. Likewise, business owners purchase companies to accelerate their own growth. How can buyers source potential companies, and what can sellers do to position their business as an attractive option?
With decades of experience coaching founders on the legalities of M&A, attorney Addison Adams advises sellers to identify their company’s unique value proposition and position it as a strategic benefit for the buyer. Delegating and hiring quality employees who can build relationships with clients is also crucial to keep the business intact following the sale. When considering purchasing a company, Addison recommends reaching out to colleagues or competitors or browsing sites like Business Brokers or Investment Bankers. Buyers must identify their ideal type of business and evaluate each one thoroughly to make informed decisions.
Tune in to this episode of The Guts and Glory Show as Luis Scott welcomes Addison Adams, the Founder and Attorney at Adams Corporate Law, who shares the ins and outs of buying and selling companies. Addison explains how retirement among baby boomers drives M&A activity, how to become a successful entrepreneur, and the best deal he has ever closed.
Resources mentioned in this episode:
- Luis Scott: Website | LinkedIn
- 8 Figure Firm
- Bader Scott Injury Lawyers
- Addison Adams on LinkedIn
- Addison’s email: addison@adamscorporatelaw.com
- Adams Corporate Law
Sponsor for this episode…
This episode is brought to you by 8 Figure Firm.
Co-founded by Luis Scott and Seth Bader of Bader Scott Injury Lawyers, 8 Figure Firm helps transform your law firm into a seven-figure or even eight-figure firm.
After their own law firm scaled from $3.5 million to $30 million in annual revenue in just two years, Luis and Seth started 8 Figure Firm to share their strategies and help other law firms achieve exponential growth.
Visit www.8figurefirm.com to receive a consult call and start scaling your business today.
Episode Transcript
Luis Scott 0:00
There is a reason why I can run two companies still go to date night every week, still hang out with my kids still go to the lake in the boat, still take a vacation, still do all my emails, still do all my PowerPoint press. There’s a reason for that. Because when I’m in the zone, I’m in the zone.
Intro 0:18
Get ready to be amazed. Get ready to be transformed. Get ready to believe it is possible. You’re entering the growth zone on The Guts and Glory Show with your host Luis Scott.
Luis Scott 0:38
Hey guys, welcome to The Guts and Glory Show a show dedicated to helping you learn just a little more so that you can be bigger and better than you were before. Today, I have a special guest really excited to talk about this topic. I know a lot of you are probably interested in this. You know, we talked about consolidating businesses and how do you grow? Should you grow your own business by yourself? Or should you acquire a business? And we’re going to be talking about closing the deal with Addison Adams, who is the attorney who closes deals. He’s from California, and sunny California. And he’s going to be telling us a little bit about how to get that deal closed. How to get the money? How do we finance this thing? Like we really need to find that out. And really excited to have Addison on the show. Welcome to the show.
Addison Adams 1:21
Thank you so much. It’s great to be here. Looking forward to sharing some insight information with your with your listeners, and having a good conversation.
Luis Scott 1:29
Absolutely. So we started the show, for those of you guys who are listening and not watching, we started the show talking about our pre show talking about the suit and tie. The Harvey Specter effect is in the house suit is in the house. And I promise you, he’s gonna deliver, he’s gonna deliver. So I’m really excited about that. But tell me a little bit about how you got into this area of law. Because one of the things as a lawyer myself, I’ve always thought that people just get into whatever practice they interned in. And I don’t remember there being internships for closings or deals making deals. So how did you get into this?
Addison Adams 2:08
Well, I’ve always been interested in in closing deals. And in law school, I did take classes on corporate law and securities law transactions. And it’s just something that I’ve gravitated towards, I’ve tried a few other areas of law in my career early on. And I just, I think that people have a different sort of mindset, personality, at least among the lawyer group, something draws you. And the idea to me of meeting with business owners and entrepreneurs, I love talking to them, I love advising them because it takes guts to be a entrepreneur to take those chances and to make those difficult decisions to you know, put their money at risk, but their investors money at risk. And so I respect that, and I’m here to help them to deploy their capital wisely to protect and build on a strong foundation. And so So I think that is, I think that’s really the answer. And when you sign on the dotted line, and the money, it gets wired to the account, and everybody is basically high fiving. That’s a good day. For me, that’s a job well done. And I, I just, I want to do it over and over.
Luis Scott 3:22
I love that I love that you say that you’re drawn to something, because I do. I do think that’s true. You know, early on in my career, I did a couple of different practice areas. And there were some practice areas that just absolutely did not appeal to me, you know, and, and, and I don’t, I don’t want to turn anybody off who may be listening and works in those areas. But I do think it draws you I think it’s somewhat of a calling and the only that calling is going to keep you you know, when things are tough when when things get really hard. And I’m curious, like what has been the hardest moment in building your firm and building your business in this particular practice area.
Addison Adams 4:01
So the hardest part, I think, for most lawyers is finding time in the day because first and foremost, we want to take care of the client satisfy those deadlines and emergencies and so we work really hard. And in order to build a business, you need to take time out of the business to work on the business, and to think strategically and have a vision and to and to hire and to promote and market and and all these things are not you know directly billable to the client. And when you’re busy and you’re good at your job the whole day and the weekend can be filled with taking care of the client and there’s no time left so so the hardest thing I think is managing your time and managing the day and making time for essentially for yourself and for your own practice. And and also you know finding a way to yeah to to delegate you know a big part of I think delegates a good word. You It’s a great word, it doesn’t mean you should do everything. Yeah,
Luis Scott 5:03
I think it’s a great word. You know, I, I tell people all the time, I can change the oil on my car, it doesn’t mean that I should do it. And it definitely doesn’t mean that I should like set up a business doing it right. Like, sometimes it’s sometimes we spend so much time wanting to do everything, because we’re going to do it better. That’s when we say a lot of times, but it doesn’t really matter if you can do it better. The good question is, how do you grow? How do you scale if you’re doing everything, and so I think that that’s a great word. I love the word delegate, and really getting other people involved . Now, you’re the attorney who closes deals, I’d love to hear your story, like what was what was your favorite deal that you ever closed? Ah,
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