Some 12 months ago Phil Jones Director of The Independent Business Owners Support Services Ltd was approached by Peter Barton, a lawyer at the largest law firm in the South-West. Peter had been offered the opportunity to take on the Equity Release Division as it did not feature in the long-term plans for the existing practice.
Although this involved a situation of ‘a willing seller’ and ‘a willing buyer’ not only were terms to be negotiated, but Peter also had to be able to ensure his new practice could take on the ‘work in progress’ clients as seamlessly as possible. He was therefore looking not only for advice on the deal structure but support in finding premises, setting up IT systems, TUPE matters for staff, obtaining Solicitors Regulation Authority approval and securing Professional Indemnity Insurance alongside many other aspects of setting up a new legal firm that would ‘hit the ground running’ with turnover anticipated to exceed £3m of fees in its first year.
Initially Peter engaged iBoss Ltd to prepare a Business Plan with financial forecasts to ensure the opportunity was a viable one and to understand the investment that would be required to make the deal happen. Together with fellow iBoss director John Landers a Business Plan and forecasts were prepared and despite showing that funding in excess of £200k would be required to ready the new firm for launch Peter was determined to make it happen and committed to fund the project. Through John’s extensive background and contacts in the financial sector and using Business Finance Services Ltd a long and established broker iBoss was a able to secure the right amount of funding.
Over many months, whilst Peter continued to manage his department, iBoss assisted him to agree the asset purchase terms for the deal and prepare Barton Law Ltd to be ready to complete the deal. Such assistance including the obtaining of essential PII Insurance Cover and SRA Authorisation as well as open bank accounts, negotiating lease terms and setting up the new office, acquiring and testing IT hardware and software as well as dealing with staff transfer matters and much more. The process was far from straightforward reflecting the challenges now faced by many new legal practices when setting up despite, in this instance there being an establishes core business to take on.
The hard work over the last 12 months finally paid off when Peter was able to formally launch Barton Law Ltd on the 7th June 2022. With 40 staff and over 1500 cases to commence working on the firm has hit the ground running and is looking forward to a very bright future.
The assistance provided by iBoss amounted to a ‘hands on and advisory role’ in supporting Peter Barton preparing his new firm for launch, whilst maintaining his commitments to his previous firm. Peter acknowledges that the experience of the team at iBoss has proven crucial to his plans and has provided the support required for project to reach fruition.