Laws of Buying a Law Practice (cont’d)
Jungle Law #12: After Buying A Business, Do Not Change Anything (At First)!
In general, if the law practice you are buying is profitable, leave it alone while you learn how to manage it in accordance with the status quo. Then, slowly, make changes. Years ago, when I was observing the retail food industry, I saw major East Coast chains buy West Coast chains, until there were no more home-grown chains left. But, many of those folks failed and had to sell the chains back to their original owners or to third parties because they didn’t understand that the Eastern and Western business cultures, even though both American, were different. They didn’t allow themselves sufficient time to acclimate themselves to the new environment and then slowly change that which could/should be changed.
(Taken and adapted from “Strategies for Successfully Buying or Selling a Business” written by Russell L. Brown, a business broker.)Tags: Buying & Selling a Practice
Categorized in: Buying & Selling a Practice