Could you survive for 2 years without a salary? Tom Fafinski [Entrepreneur, Attorney, Real Estate Investor, Peer Group Leader] explains how he grew a 7 figure + law firm, only to cut it back to its bones before he grew it back up again and sold for over a million dollars in all cash… up front!
Normally professional service firms get 1-2 times EARNINGS paid on an earnout but Tom had systematized his firm enough to get a stellar offer so he could become a Real Estate Investor and Co-Founder of Virtus Law with his favorite co-worker.
Tom created his dream firm after surviving a difficult sale to a second generation attorney durning the financial crisis because he made the BEST decisions, at the toughest times, and he didn’t rely 100% on the income…
“To be dependent on the business makes you a liability.” – Tom Fafinski
In today’s episode, you will learn:
- How an attorney became an entrepreneur
- What the sale of a law firm looks like
- Why financial diversification from your business is important
- What happens when you’re not passionate about your work
- How to not become a liability to your company
- How to deal with an income squeeze from your business
“You can’t make the best decisions if you rely 100% on the business for cash.”
Contact Information and Bio for Tom Fafinski:
Thomas M. Fafinski is Co-Founder of Virtus Law, PLLC. Tom graduated 13th in his class cum laude at William Mitchell College of Law and was also a cum laude graduate of the College of St. Thomas, with a BA in Finance. Tom is:
- a facilitator for 2 Allied Executive CEO/business leader peer groups and has been for nearly 9 years
- a facilitator for 2 estate and business law firm peer groups from across the country through a joint project with Virtus Law and WealthCounsel
- serves as Chairperson of Community Involvement Program, a $40M non-profit organization helping those with disabilities achieve their greatest life
- serves as Chairperson of the Parish Pastoral Council and Parish Administrative Committee for St. Thomas Becket Catholic Church in Eagan
- a continuing education instructor relating to advanced estate planning concepts, especially for real estate investors, through Kaplan Education
- a past continuing education instructor for WealthCounsel (has taught nearly 50 program hours), member of the Board of Directors of Junior Achievement Upper Midwest, Roundbank Advisory Council, member of Dakota County Technical College Entrepreneurship Program Advisory Council
- a member of the MNSCU faculty
- a member of Minnesota Real Estate Investor’s Association
- a proud father of 3 exceptional children and 3 average dogs
- the lucky guy who got to be husband of Amy Kadow Fafinski
He has been frequently published – nationally through the WealthCounsel Quarterly, Dakota County Tribune, Star Tribune and various newsletters. Tom has also been featured on Todd Rooker’s radio show “Cover your Assets”, as well as a guest speaker on multiple episodes of MSP Radio. He is a contributor and member of the national asset protection, tax and estate planning organization, Wealth Counsel. He is admitted in State and Federal Court for Minnesota. Tom is an active real estate investor with commercial holdings with nearly $10M in holdings.
Tom cherishes spending time with his family and extended family and enjoys reading mystery and suspense novels, golf, his dogs (for the most part) and attending sporting events. Tom is also a die-hard Bruce Springsteen fan.