Three Years of 180 Advisory SolutionsJuly 13, 2017
Earlier this month, a couple of newspapers ran an article about 180 Advisory Solutions as we had just passed our third birthday. (You can read it here.) While we were really excited to see our faces in print, I thought it was also important to tell our story in our own words.
In this blog, I'll share the full story of 180 Advisory Solutions from 2014 all the up to the present. I'll even give you a glimpse into the future of our company!
Back in 2014, George Lafferty and I were made redundant from our roles at one of Scotland's leading personal insolvency firms. My wife was expecting our first child so it really felt like the rug had been pulled out from under me.
However, George and I had already discussed on and off our long goal to become our own bosses. So, instead of updating our CVs and calling up recruiters, we decided that it was time to make our goals a reality.
We took all our redundancy payouts and invested them, along with our savings, in a new Glasgow-based business, an insolvency and business advisory firm called 180 Advisory Solutions. I still remember seeing our business logo for the first time and feel immensely proud of taking that risk and creating our business.
The first few years were a whirlwind. We won new business, attracted new clients and watched our team grow. We started carving out a reputation and making a name for ourselves in the industry. It has been, and still is, immensely hard to win work and make a profit.
Our clients often ask how do we know what it’s like to experience financial struggles and I tell them it’s because we’ve been there. Both George and I have been made redundant so we genuinely understand the stress and pressure you experience.
However, I also know that financial struggles are not the end for you or your business. I have personally seen dozens of struggling businesses and thousands of individuals take control of their situation, recover from their struggles and secure their long-term future.
In 2016 we acquired AMI Financial Solutions and successfully integrated it into our existing business. The sudden influx of business saw our team, and our turnover, grow quite quickly. On a personal note, the acquisition was especially poignant as one of the staff we took on was someone that I had previously employed right out of university over 10 years ago.
A little later, we achieved Financial Conduct Authority (FCA) authorisation, which is a huge endorsement for the quality of advice we provide our clients together with robust systems and procedures.
Obtaining FCA authorisation is no easy feat and we had to prove that we meet the exacting standards set by the regulator. All the while, we had to continue running our business as normal!
The good news for our clients is that we are now able to offer advice and help in relation to the Scottish Government-run Debt Arrangement Scheme (DAS) for both individuals and businesses.
Earlier this year, we took another huge step forward by opening a new personal insolvency firm, Insolvency Help Limited, in the heart of Dublin. The new office will enable us to help and advise thousands of individuals in Ireland who are struggling with debt.
The smaller end of the insolvency industry is going through a period of significant consolidation. Moving forward, we are in talks with two further sole practitioner insolvency firms with a view to acquiring — or merging with — their businesses.
With ongoing business acquisition targets, this is a very exciting time for 180 Advisory Solutions. I’m very optimistic about the future and can’t wait to see where we are in another three years.