'Be Fearful When Others Are Greedy and Greedy When Others Are Fearful' - Warren Buffet
During these unprecedented times, people are scared, uncertain and the future feels unknown, but business doesn't stop. There are some people out there still making big moves, and below is an opportunity that shouldn't get lost in all of the noise.
We have been advised that a well-funded business is looking to acquire conveyancing firms or teams nationally with the following characteristics:
1. Revenue mix
- Ideally looking for a pure-play conveyancing business (if there are any other areas of work, these would be divested or run-down in a sensible fashion).
- Ideally residential property transactions.
- Ambivalent towards new build work and re-mortgaging but would not exclude such firms.
- A reasonably sized town with a good supply of conveyancers/lawyers that will allow the growth of that office.
- Within a reasonable travel distance (motorways or train) of Milton Keynes / London as will need to have good operational control.
- Looking for a team of lawyers/conveyancers that are up for the challenges of volume conveyancing – need a good cultural fit with this.
- Good and evidenced levels of customer service.
- Leasehold capacity would be a big plus.
- Staff churn metrics need to be in line with the market.
4. Senior Team
- This is an ideal exit strategy for owners. They are not looking for senior leadership team hires, but if there are good people this would be valuable and there could be a role for those with high potential if that is what they wanted.
- Probably need at least one senior person to stay for c12 months to ensure transition (operationally, culturally and of staff).
5. Size and financials
- Doesn’t matter too much – they are really thinking of this as a group of lawyers (capacity) that they can run high-value work through.
- The client is currently c.40 conveyancers so a good team would be 5-15 conveyancers, but larger (or smaller possibly) considered.
- EBITDA and cash positive.
- No goodwill/premium will be paid but current owners would extract net asset value and the client would take on existing liabilities so allowing current owners to retire clean and without paying runoff.
6. Financial & operational integrity
- Any acquisition would need sufficient controls that the client can get comfortable with what they are taking on.
- Will need a good track record on claims.
If you know any firms who match these criteria and who would be interested in a non-obligatory and confidential discussion with us we would be very grateful.
Please contact us via firstname.lastname@example.org