Einwanderungskanzlei von 24 auf 100 Millionen: Der Expansionsplan

0:00Unternehmer/Gast Uh, I'm the owner of an immigration law firm. We do >> Immigration law firm? >> Immigration, yeah. >> Got it. US? Yes, sir. Okay. Uh, 24 million last year or run rate right now >> 24 million last year? 24, yeah. >> Okay. And our run rate right now is 60 million. Nice. Yeah. Something happened in January. So, Um, we would like to >> for you. Yeah. We like to be at a 100 million uh on revenue.

0:27So, what is stopping me is I'm sure I I have a little bit of a shiny object before me and that is I can expand our current uh operation, open more locations, and why not do more. But, to get to the 24 and 60, we developed quite a bit of technology inside uh our process, procedures, software, apps, all of these.

0:53And it's to the point where it uh from my perspective when when you're trying to develop tools for the thing and those tools are probably more valuable than the thing itself. I feel that I could profit out of that. >> Don't start a software company. It's too late. >> [laughter] >> Way too late. So, but no, I'll be clear what I mean. So, this is actually I think this is really important for a lot of people. So, a lot of services over time become more technologically enabled and you do that because you want to expand your service ratio, right? You want to get you want to drive more incremental margin because you can get one guy who can normally do 10 deals or 10 customers, whatever, to doing 100 in the same period of time. So, it dramatically improves the margin of the business.

1:39But, the thing is is that the the decision to then say, "You know what I could do is I could start selling this to other immigration firms." I'm telling you right now, if you have a 100 million dollars per year with probably high margins because you use technology in terms of how you're doing it, do that. The likely that you that you actually do true like true software is such a different animal. But, the thing is is that you can get almost the best of that world with tech-enabled service, which is what you have. And so, you have service revenue multiples, sorry, you have service EBITDA multiples, and then you have tech-enabled service, which sometimes can get 13, 15, 18 times bottom line, and then you have true SaaS multiples, which you're just not going to have anyways cuz you're not going to burn your business to the ground. So, I just don't think it's worth pursuing, but you can get a huge amount of alpha in terms of uh enterprise value lift just from having the tools, which you have. So, you're doing everything the right way. Don't just try and sell it to other people. Just keep using it to maintain and multiply your your competitive advantage compared to the marketplace. This gives you a market leadership position. You drive more EBITDA than everyone else does. And for them to copy you, they have to copy your software.

2:44Okay. Then, let me pivot. Then what? >> Let me Let Then, let me pivot just for a second. >> Pivot it. Okay. >> So, I'm going to say not do the software thing. Sure. >> I'm going to go through these steps. >> it, but for yourself. >> Yeah. Yeah. Now, going into new areas cost me about 150,000 to open a new location, get it trained. It's too slow. I feel like I have I can only open about two, three firms in a year Okay. to get it profitable. Sure. If I could lease my factory, in other words, I can go to other lawyers and say, "Listen, family lawyers, bankruptcy lawyers, other lawyers and say, here's how you sell this. I'll train your sales people and feed your cases through my machine because what they care is all winning, right? So, if you feed it through my machine, we can we can get that.

3:34I could sort of amplify the speed on which I could onboard do more, right? >> Yeah. So, you just told him long-term versus short-term. >> It's definitely new, to be clear. This isn't a do more strategy. [laughter] >> Yes. Okay. Um, I have a follow-up, but that's that's >> "Do more so that I do new so that I could do more." I was like, "I know what you did there." >> [laughter] >> Um, so So, basically, you want to have an affiliate model um that you want to introduce to these other other other attorneys.

4:07What do you want to do with the business? You want to do 100 million, right? Right. So, how many offices do you have to open to get to 100? Probably five more offices, maybe four. So, 24 months to go from 24 million to 100 million? Then, why are we talking about anything else? No, I'm being super real. Like >> Yeah, all right. Like this happens honestly more times than it doesn't happen, which is hey, I've got this thing. I'm incurring this friction, right? I have this this constraint in front of me. And so, rather than deal with the constraint, I'm going to start a new business.

4:40It It's like the It's like we all do this. So, but the like what's the one thing if it were true would make all my worries go away? Well, if you got five more offices open, you'd be at 100 million. So, let's just do that. It's the thing you already know how to do. You open up five more. If it takes you two to three, I'll bet you if you just put out of your mind that you could do this other thing that if you took all of that effort and said, "How could I open five this year?" Right.

5:07Then, you probably would figure it out cuz it's not a capital issue. 150 is nothing for a new location relative to the revenue. Each So, each office does what? Like 15 million a year, something like that? >> Yeah. Right. So, like let's do that. The thing is is like what you're running into is is a problem that everybody deals with, but it's just it's purely a focus issue. And this is why like the Zuckerbergs and and uh and and Jobs get on stage and Bezos get on stage and they talk about how like it's just ruthlessly focusing and at every level the opportunity that you have to say no to looks juicier. Yeah. Because exactly, cuz you have already this base. But, if you know you can get 100 million and there's very low likely that that doesn't occur. It's doing more of the thing that you already know how to do.

5:45Alex And you have market dominance compared to other people cuz of tech that you invested in. For the love of God, do it. Just do that. It's hard though cuz the other thing looks easy. But, I would encourage you to just open the five. Awesome. Thank you. No, you bet. If you are a business owner and you are not growing as fast as you'd like, I'd like to give you a free gift. So, my team and I put together the 100 million dollar scaling roadmap, which is basically 200 hours of us looking over all the portfolio companies we've had and what stages of growth they went through and more importantly, where they got stuck and how they got past it. And so, we broke it into these 10 stages and we made this little kind of quiz thing where if you put in your business information, it'll tell you where you're at and the most important part for you, what to do for each of functions of the business across product, marketing, sales, customer success, recruiting, IT, human resources, and finance. And so, no matter what you're struggling with, someone else has already struggled with it and solved it. And so, I'd like to give you this thing absolutely free. You can go to acquisition.com/roadmap, plug in your business information, and if you want us to actually help you de-constrain the business and you're trying to scale, we'd love to help you out. On the thank you page, you can just book a call with my team and we will look at the business, see if we can help, and if we can, we'll invite you out to Vegas and we'll do this in person live.