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This call is a discovery session to discuss a business unit that was acquired as part of a February 2024 acquisition of four entities. The main business of interest was a TPA (third-party administrator), but this life care planning and forensic vocational business came as a side acquisition. The business has 22 people total (8 in forensic voc, 13 in life care planning, including 7-8 contractors on 1099 status, plus one salesperson). The business operates on a T&M (time and materials) structure with billable rates plus margin.
The company has struggled with direction since acquisition. They initially pursued a permanent disability placement service line that proved non-viable (affecting only 1 in 1,000 cases), which Larry eventually shut down last summer. There's high customer concentration and unclear go-to-market strategy. The business uses Clio for time tracking (upgraded from PC Law). The primary objective of this call is to understand what deliverable the clients need, establish parameters for documentation, and understand the compilation process to ensure accuracy.
Speaker A (James) is trying to gather information about how the business came into their possession, current operations, and what the ideal deliverable looks like. Speaker C (Brent) and Speaker B (Matt) are providing background on the acquisition and current challenges, while acknowledging they don't fully understand the two main service lines (life care plans and forensic voc work).
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