March 24, 2005
Power of Relationships
I previously shared with you “Client Intake” advice from my younger brother, J. Steven Collins, partner in the Knoxville, Tennessee, firm of Burroughs Collins & Jabaley. Today, I want to pass along some marketing advice from my other younger brother, Michael E. Collins. Consider the following advice from Mike and then I will tell you why his advice is worth considering:
“To grow your business, you should spend more time nurturing current relationships than prospecting for business. We experience the power of relationships when clients come back to us or they send us referrals. Never underestimate the power of relationships.”
Mike is a recognized business development expert. He is a CPA and his early career included Price Waterhouse as did mine. Today, he is the CEO of 2nd Generation Capital, LLC. Many law firms know Mike and his company because of the company’s work in litigation consulting, and as an expert witness. Mike’s most recent engagement as an expert involved the Medtronic lawsuit resulting in a 400 million dollar punitive damage award in favor of Mike’s client.
2nd Generation is a Private Merchant Banking Firm active as an investment principal, placement agent, and advisor. 2nd Generation’s work on behalf of law firms involves fairness opinions and other business valuations, alternative dispute resolution cases, and as an expert witness. You can learn more by going to www.2ndgeneration.com.
P. S. If you are wondering, Steve is youngest, Mike is next and yours truly is the oldest of the Collins brothers. We are all outranked by an older sister.
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