In this exclusive interview series, I had the pleasure of sitting down with Matthew Fornaro, the founder of Matthew Fornaro, P.A. based in the United States. Matthew shared insights into his business journey, highlighting the challenges he has successfully navigated, such as managing cash flow and budgeting. He also discussed the ongoing issues his business faces, like accounts receivable and cash flow, and how he tackles them head-on. Matthew shared a heartwarming story about helping an elderly client, emphasizing the importance of building strong relationships with referral sources. Looking ahead, he revealed his plans to work for a long time before eventually selling the business. Matthew also opened up about the specific hurdles he has encountered in areas like sales, marketing, and adapting to changing customer trends in the competitive legal industry. Stay tuned for more valuable insights from this seasoned entrepreneur.
Interviewee Name: Matthew Fornaro
Company: Matthew Fornaro, P.A.
Intervirew Host: Jesse Samberg
The Interview
Let’s get started. First, we’d like to know more about how you started your business journey
Matthew Fornaro : Over eight years. I wanted to leave big law and run my own business and be my own boss.
Reflecting on your business history, what stands out as the single greatest challenge you’ve successfully navigated, and how did you overcome it?
Matthew Fornaro : Managing cashflow, revenue and budget. Practicing law is the “easy part” putting together a financial plan to run your business is the hard part.
Businesses often face ongoing challenges. What does your business consistently grapple with, and how do you tackle these challenges head-on?
Matthew Fornaro : Accounts receivable and cash flow are an ongoing issue, not necessarily a problem. Accounts are kept on a short leash and there is a budget in place.
Can you share with us the most unforgettable story involving a customer or client? What made it memorable, and what lessons did you draw from the experience?
Matthew Fornaro : One of my first matters was helping an elderly lady in a property damage dispute. It was not necessarily in my wheelhouse, but the matter came from one of my first (and still best) referral sources. I worked hard to extricate her from a bad situation, which I did. She was happy and grateful, and that built my relationship with that referral source that continues to this day.
Looking ahead, what are your current plans for your business when you retire?
Matthew Fornaro : I want to work for a long time since I do not really want to retire. Eventually I will sell the business and ride off into the sunset.
Navigating the small business landscape can be both challenging and rewarding. Can you share a bit about the specific hurdles you’ve encountered in areas like sales, marketing, and adapting to changing customer trends?
Matthew Fornaro : In Florida, as a small law firm owner, I’ve encountered challenges in sales and marketing, mainly due to intense competition in the legal industry. Adapting to changing customer trends has also been crucial, with an increased demand for digital services and a need to stay updated with evolving legal tech. However, overcoming these hurdles has allowed us to build a strong client base and reap the rewards of providing quality legal services.
Leaders Perception magazine would like to thank Matthew Fornaro and “Matthew Fornaro, P.A.” for the time dedicated to completing this interview and sharing their valuable insights with our readers!
Interested in connecting with the host of this interview series? Feel free to reach out to Jesse Samberg on LinkedIn: Jesse Samberg’s LinkedIn Profile