Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am the managing partner of an eight-attorney firm in Dayton, Ohio. We have two equity partners (both in our early 50s), two non-equity partners, and four associates. Our practice is a very niche-specific practice and there are only three or four other practices in the state that do the work that we do. There is another firm in Cleveland, Ohio, that has approached us regarding a possible merger or acquisition. The firm does similar work that our firm does. However, this firm also handles some areas we would like to get into that fall within our niche area. There are two founding partners in the firm (one in his late 60s and the other in her early 70s), one associate attorney, and four staff members. The two partners are planning on moving toward retirement and are looking for a succession strategy. They have not shared with us their timeline or any financial information. We have had one face-to-face meeting and several phone calls. We would appreciate your take on this, next steps, and whether we should pursue this matter further.