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BUSINESS REFERENCE : IE045 / RightBiz SPECIALIST LEGAL PUBLICATIONS & TRAINING COMPANY | | | | | | Specialist Legal Publications & Training Company Fully accredited by The Law Society & Bar Council for Continuous Professional Development(CPD). Confidentially offered for sale Ref No:IE045 Location: North West Asking price: o.i.r.o £150,000 | | | BUSINESS LOCATION: | Undisclosed Relocatable UNITED KINGDOM | | BUSINESS SECTOR: | Services | | TRADE TYPE: | Legal Business | | SALE: | Agent Sale | LEASEHOLD: | £150000 | | | | | | | | | | | BUSINESS DETAILS: | Business Profile:
This truly unique business provides its clients, predominantly within the legal and social work professions, with an updating service within the specialist areas of Child Law, Family Law and Adoption. Not only does the business create and provide in-depth publications it also provides expert and in-depth commentary and analysis on an annual subsciption basis to ensure clients are kept fully abreast of recent developments in these areas. This is done within the main publications and also through the ten monthly newsletters that customers receive as part of that service. The business has been providing these services for some twenty years and in that time has built up a superb reputation for the quality and content of its work.
The guides detail and analyse both Public and Private law provisions within Child Law, including Court Rules and Regulations, Practice Directions, Guidance, Circulars and decisions in the courts. Current subscription figures for the principal Guide to Child Law and updating Newsletters are circa 500; in addition, combined sales of the other Guides average in excess of 150 each year. Customers include barristers, private practice and local authority solicitors. The business enjoys very impressive renewal rates of around 70% as well as new referrals.
In addition to the suite of guides the business produces, it complements this service by offering a programme of training courses on many of the topics within this particular field including recent cases and other developments.
All such courses run by this company are fully accredited by The Law Society and Bar Council for Continuing Professional Development (CPD). This ensures there is always a large demand for places on the courses as all practising legal professionals within England &Wales need to complete a minimum of 12 hours Continuing Professional Development (CPD) each year to continue practising.
The company arranges the venue, provides luncheon and refeshments and all course materials at very competitive prices. Due to the limited resources available within the business it can only accommodate 8 one day courses a year at present. Average course attendance is 40 people so the potential to develop this side of the business is truly massive with a captive and growing audience.
The business has an online presence where customers are able to book and pay for courses as well as the publications easily and in advance. This is all done via secure payment methods and ensures the business enjoys positive cashflow and no bad debt.
The business currently outsources the printing of its publications.
Customer Service:
As in any business customer service is key. This business is no different and only includes accurate and up to date information in its publications, newsletters and courses. It is this attention to detail and in-depth, respected analysis and commentary that truly sets this business apart. The high levels of repeat business and referrals this business enjoys are testament to this approach.
Key Strengths:
· Niche approach to both publications and course content
· Captive audience due to CPD requirements for min 12 hours development p.a.
· Accuracy and frequency of information updates
· Reputation and respected analysis and commentary
· Limited competition
· Business model is truly scaleable
· Impressive referrals and high rates of renewals
· Huge target market
· Competitive
Growth and Expansion:
As already mentioned the business as it stands can only provide a limited number of courses per year due to time constraints and other commitments of the current owners. The vendor can only give the business about one week of his time per month at present. If more time was spent within the business it could seriously increase its turnover and profitability by providing more courses, developing further publications and being more proactive by developing a sales and marketing strategy to target the huge potential market it could serve. The audience is already there, the business just requires further investment in terms of the right resource to serve it.
Key Opportunities:
There are many avenues of opportunity open to this business. More targeted advertising would certainly increase revenues by giving the business better exposure. There are several key bodies within the legal profession with whom the business could work to help achieve this, including The Family Law Bar Association and the Solicitors Family Law Association to name but two. Additional publications and further courses are also areas for growth.
Employees:
The business is currently run by the vendors who are a husband and wife team. One of the partners spends approximately one week of every month working within the business due to other work commitments whilst the other is full time on the administration. With further resource it is anticipated the business could be a lot more effective and serve a larger client base.
Advertising and Marketing:
The business currently undertakes very limited advertising in the form of direct mailshots twice a year to a pre-defined target audience of 1500 contacts. This is in addition to the 500 subscribers with whom the business is in regular contact via the newsletters. It does also have a limited website presence that allows for subscription and course booking payments online. The current owners identify this as an area that needs work and future development to maximise the potential the business represents.
Premises:
There are no premises associated with this sale. The business is currently run from a home office environment. As such this opportunity is truly relocatable.
Financial Information:
The business is being offered for sale on a going concern basis, all financial discussions will take place directly between the vendors and all interested parties under the auspices of Turner Butler.
The business is financially stable, has excellent positive cash flow and has enjoyed consistent sales year on year. The turnover for the current financial year is circa £120,000 with excellent net profits being achieved in the region of £60,000. In previous years when the business has brought out new publications this has had a positive effect on revenues still further. In the right hands with a new injection of energy and resource and with improved sales and marketing facilities, the business could certainly expand its operation many times over and increase both its sales and profitability.
Reason for Sale:
The owners wish to spend more time abroad.
Support and Training:
The current owners will provide all necessary training and handover to allow continuity of trading. | | | | | | FOR SALE | | | | | SELLER: | TURNER BUTLER | | CONTACT: | 01895 25 6000 | | REFERENCE: | IE045 / RightBiz | | ENQUIRIES: | | | | | | | | | | | | | | | | | | | | |
