The Boutique Lawyer Show: How to acquire another firm
At a time when it is much more difficult for SME law firms to grow organically, ensuring that a business can continue to thrive is more important than ever. Having a successful plan in place for firm acquisitions is one critical avenue that firm owners can take.
On this episode of The Boutique Lawyer Show, host Jerome Doraisamy welcomes back Justice Family Lawyers principal Hayder Shkara to discuss his firm’s performance during the age of coronavirus, how and why he had been on the lookout for an opportunity to acquire another practice to complement his first, how the chance to acquire Melbourne Family Lawyers in mid-2022 came about, and the practical steps he undertook to ensure — both personally and professionally — that it was the right move for him to make.
Mr Shkara also details the boxes he felt needed to be ticked to move forward on such an acquisition, when it can be advantageous to acquire another practice rather than start a new office from scratch in another city, why acquisitions are never black and white, how to look after one’s self during the process, the need to be open to acquisitions as part of the firm’s growth strategy, and why it is so hard for firms to grow organically right now.
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