This episode of Death and Dirt is essential listening not only for law firm owners, but also for attorneys and professionals who are thinking about buying into a firm or acquiring an ownership interest. We sit down with Owen T. Carhart, Managing Partner of Business Optimization Group, LLC, to break down what business valuation actually means in the context of a law practice and why it matters long before any sale is on the horizon. Owen challenges the common misconception that a firm is nothing more than the owner’s personal book of business and explains how real value is driven by cash flow, risk, and transferability. Along the way, we demystify the language of valuation—SDE, EBITDA, and KPIs—and walk through the core approaches used to determine what a firm is truly worth.
From there, the conversation turns to the operational realities that either build or destroy value over time. Owen explains how revenue quality, client concentration, and owner dependence can significantly impact valuation, and why buyers heavily discount firms that rely too much on one person. We also discuss the systems, financial discipline, leadership structure, and repeatable processes that make a firm more transferable and more valuable. The key takeaway: valuation isn’t a one-time exercise—it’s the byproduct of running a well-structured business. Whether you plan to sell, bring on a partner, or eventually buy into a firm yourself, understanding these fundamentals can change how you build and evaluate a practice.
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Jennifer Galloway - Jenn attended Elizabethtown College, double majored in Criminal Justice and Political Science, always planning to attend law school. She graduated Summa Cum Laude from Duquesne University School of Law, in Pittsburgh, and moved back to York County, where she currently resides and works. After just over a decade in private practice in estate planning, estate and trust administration and Orphans’ Court litigation, Jenn recently joined Counsel Trust Company as their Chief Fiduciary Officer. In this new role, she oversees the trust operations and administrations department back office and team of financial advisors, and was happy to trade the billable hour for a bit more structure.
Jay Hagerman - Jay earned a degree in American history at Gettysburg College. During that time, he worked in the White House Office of Correspondence in Washington, D.C. He attended Duquesne University School of Law, focusing his time learning about laws relating to wealth creation and preservation. He founded the elder law firm Abernethy & Hagerman, where he currently works. Jay resides in Hampton Township with his wife and family, which allows him to serve clients throughout Western Pennsylvania.
Fred Long - Fred Long is a partner at Long Brightbill, a law firm based in Lebanon, Pennsylvania. His practice is focused on estate planning, trust and estate administration, probate, and real estate transactions. Fred holds an Estate Planning Certificate from Temple University Beasley School of Law and earned a Juris Doctor from Widener University School of Law, graduating with honors. Additionally, he has a Bachelor of Science in Communications with a Minor in Economics from Susquehanna University. In addition to his professional work, Fred is actively involved in community organizations and enjoys spending time with his family and friends, engaging in outdoor activities such as mountain biking, hiking, camping, skiing, and exploring the Pennsylvania wilderness.
*audio editing & music by Nick DeMatteo
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