When the previous owner-turned-manager left the business due to health reasons, Phil Nader had to run two stores that are 100 miles apart. This became a challenge as he had to leave his family every week and neglect managing the Michigan store while running the branch in Ohio.
On this episode of Deal Talk, former owner of Simple Computer Repair in Maumee, Ohio, shares his experience working with Morgan & Westfield, talks about how he’s able to sell his business hassle-free and getting the results he wanted from the beginning.
Are you contemplating selling your business or creating an exit strategy?
It could be tempting to jump into the process of selling your business without hiring professional advisors such as a lawyer or an accountant to avoid paying professional fees. Our guest, however, explains why having access to professional advice and guidance from experts who have broad experience in the legal and financial aspects of the sale process can be tremendously beneficial in successfully closing a deal.
On this episode, lawyer and business advisor Dan Cotter shares useful insights that you can use to prepare yourself for the legal side of closing a successful, mutually beneficial deal.
As no two business experiences are the same, no two sellers have also the same views on whom they would sell their business to. In this edition of “Deal Talk,” our guest, Diane Robbins who is a former owner of a Miracle Method franchise, decided to put her faith in the first interested buyer of her business. Did it pay off? Aside from sharing her experience in selling her business with host Jeff Allen, she also gives advice to business owners who are planning or in the process of selling their company.
What does life after retirement look like?
Emery Orosz, Morgan & Westfield’s Senior VP for Franchise Resales, has done it all — he has worked in corporate America for three decades, retired at 48, built and sold three houses, sold his own business and moved to a foreign country. After years of enjoying his life post-retirement, he got bored and went back to work doing what he loved.
What can we learn from Emery’s risk-taking attitude that made him and his spouse embrace retirement and the series of adventure and changes that came along with it?
If you’re selling your business for retirement without any clear plan on how you will spend the next years of your life, listen to this episode with our guest, Emery Orosz, to find out what’s waiting for you on the next phase of your life.
Morgan & Westfield is not your typical business broker. While traditional business brokers and business brokerage firms have always patterned their business model after that of real estate brokers, we at Morgan & Westfield deviate from this norm by operating like professionals, such as accounting and law firms.
We’ve optimized the sale process to give business sellers quality services for a fraction of the fees that your average business broker will charge. How do we do this?
First, we have a large backend support team that allows us to become more focused and run our processes more efficiently.
Second, we save time and resources by letting business owners physically show their business to the buyer. By cutting this step from our process, we have adjusted and reduced our fees accordingly.
Third, unlike traditional full-service business brokers, we offer our services on an a la carte basis. Our clients can choose which of our services they need and pay only for those services.
In addition, we also offer our assistance to business owners who may be contemplating the sale of their business in the future by providing valuation and customized exit planning services aimed at increasing the value of their business.
At Morgan & Westfield, we only have our clients’ best interests in mind; we strive to give business sellers only the best services, assistance and guidance while providing significant savings.
On Deal Talk, we often hear from former business owners who have sold their companies or professionals who are dedicated to helping entrepreneurs sell their business or increase their bottom line. In this edition, however, we are flipping the coin to see the other side and look at the business sale process from the perspective of a person who has bought a business.
Mike Rabinovich is the new owner of the Miracle Method franchise in Portland, Oregon, which he purchased from one of Morgan & Westfield’s clients Dan Ness. In his conversation with Deal Talk host Jeff Allen, Mike talks about what made him decide to choose a Miracle Method franchise as well as the challenges he faced during the sale process. He also talks about his plans for the future growth of his new business and gives sound advice for business buyers and new business owners.
Practically every business owns intellectual property (IP)—from logos to websites to advertising slogans, and you may be surprised to find out that your business possesses much more intellectual property than that. However, do you know exactly how much you do possess? Is it legally protected? On this edition of “Deal Talk,” Jeff Allen visits with Beverly Berneman, Intellectual Property Partner at Golan & Christie LLP in Chicago. Ms. Berneman will talk about the various types of IP businesses may own and why you need to account for it. She’ll also discuss how identifying AND protecting all your IP can actually lift the value of your company, and that’s particularly important if you plan to sell your business down the line.
A large portion of baby boomers are business owners because the scarcity of jobs when they entered the workforce drove them to create their own jobs and become entreprenuers. As many of these baby boomers are retiring and exiting their company, the need for information about selling businesses, particularly in planning and preparing for the sale, is becoming increasingly prevalent.
John Dini is an exit strategy coach and president of MPN Inc, which aims to help business owners, mostly baby boomeres, in transitioning from their business. In his conversation with Deal Talk host Jeff Allen, John discusses why it is important for business owners to have a plan first before putting their business up for sale. Aside from talking about the questions that need to be addressed before the sale, he also provides tips to help business owners prepare for the transition from business ownership.
Professional coaches have becoming increasingly important in recent years, and businesses of all sizes understand why: They help make good leaders better leaders of their teams and companies. Interestingly, however, one of the most important impacts a business coach can have is in an organization’s valuation. Dr. Janine Nicole-Desai, founding business coach of Outside Partner, talks about how a business coach can help increase bottom line statistics and your company’s value, and points to research to back it up. Dr. Desai also discusses at length who in a business can benefit most, as well as common issues that can be improved through the use of a professional coach.
Different buyers have different intentions when it comes to pursuing your business as a purchase target. Whether those intentions are strategic or financial could have a definite impact on the outcome for you and your team. Mark Johnston is the President of Telementrix, an M&A strategic planning firm. In his discussion with Jeff Allen, Mr. Johnston wi ll talk about the difference between the strategic and financial mindset. You’ll learn how much buyers may already know about your business before you’ve even had the chance to meet. You’ll also come to understand the 2 or 3 most common factors that may prevent the successful sale of your company once those buyers have had a closer look at your operation.
Human performance directly impacts your company's bottom line and overall value. But how do we get the most and best out of ourselves and our team? Expert Darrell Gunter, president and CEO of Gunter Media Group, shares his knowledge and insights on improving performance in order to achieve the success that you desire for your business.
Ed and Sonia Ketchoyian, former owners of a PuroClean franchise in Sterling, Virginia, were prepared to sell their business in terms of the financial aspect and the negotiation. However, Ed realized that they were initially not ready to face the emotional aspect that came with the process of selling their company.
Find out on this episode of Deal Talk how Ed and Sonia had overcome the emotional challenges they encountered to eventually sell their company at the price they had always wanted. Ed Ketchoyian shares some enlightening insights and invaluable tips to help you deal with ‘unexpected’ emotional instances that might arise as you go through the process of selling your business.
An eye-catching website doesn’t necessarily mean you’ll attract business in the global marketplace. What makes your product or service popular and “in-demand” in the U.S. may not make it attractive to prospective international buyers.
So, how can you generate sales and boost your company’s value by building global demand for your products and services? Understanding how to carry out an effective marketing strategy to create brand awareness and earn the trust that goes along with it is key when you are taking your company to international markets.
Axel Hofmann, Managing Director of RED International, a Dubai-based company specializing in exhibition stands, interior designs and event management, shares his knowledge on how to successfully brand your business in the global market.
If you’ve ever had your business appraised, you probably had a figure in mind as to what your company was worth. It was only after the valuation consultant left you with their report that you found out just how far off base your estimate was from reality. That’s what the pros call the “valuation gap.” The good thing is that you can close that gap by raising the value of your business. You simply need an action plan. Matt Turpin, a Certified Valuation Analyst and M & A Advisor at Carr, Riggs and Ingram LLC, returns for his 2nd visit on “Deal Talk.” This time, he’ll share some insights about how you can improve your company’s value after the appraiser has come and gone.
In this day and age of rapidly growing entrepreneurship, there are more and more options for you to consider when it comes to deciding who to work with to help you sell your company. Business brokers have been around forever, but changing perceptions in the rapidly changing M&A industry have challenged some business brokers to find creative ways to separate themselves from others to stand out in a crowded field.
So how do the best business brokers serve those interests? Nelson Bayford brings 40 years of business brokerage success to every client he works with. As business broker and commercial specialist at Business Finders Canada, Nelson will share his view of what a business broker should do for their clients while providing sound advice to entrepreneurs looking to succeed in a competitive marketplace.
Have you turned over every stone to improve your company's cash flow? You're likely not alone in that feeling. Thousands of business owners every day feel like their companies are paralyzed and prevented from growing because they have tried every organic means of freeing up cash with no success.
On this edition of "Deal Talk," host Jeff Allen explores an alternative but time-tested process that allows business owners to obtain the funding they need to keep their companies moving. Guest Donald Jacobs, Sr. Vice President of Midland American Capital, discusses the concept and benefits of "invoice factoring" for small businesses to help pay bills, debts and even fund capital improvements.
It's hard to believe, but true, that most small businesses simply fade away or close up all together when their owners decide to retire. Many owners decide to forego selling their companies and earning the potential financial rewards that come with a successful sale for a variety of reasons. That's particularly true of baby boomers--and there are a lot of them--many of whom are now faced with that decision of whether to sell or just lock the doors and head home.
If you are a baby boomer in your 50's, 60's or even 70's, this show is for you because our guest--also a baby boomer--says you could learn a lot from the Gen X'ers and Gen Y business owners of today. Find out what he's learned when we welcome business coach and consultant, Bob Kroon, on this edition of "Deal Talk."
What does a prospective buyer already know about your company? Why is it important that the buyer understands why you want to sell your company? How can you prevent certain issues from coming up that could nix the transaction completely? These are just a few of the questions that M&A folks help sellers understand every day.
Understanding the psychology of the participants in a deal is important in order to work toward the success of the transaction. Ed Murphy, former vice president for strategic transactions at SAIC is enjoying retired life, but he joins us on this edition of Deal Talk to help future sellers understand what a buyer may be thinking and what sellers should do and not do during the sales process.
As much as you may love what you do, you also have to get away and recharge. And one day, you will want to walk away once and for all. The question is, if it’s difficult for you to leave the business for a few days’ vacation with your family, how easy will it be for you to sell your business?
The truth is: Your business won’t sell unless it is ready to sell, and it won’t be ready to sell if a prospective buyer does not see a strong management team. Do you have a strong partner or manager whom you can trust to run the business when you’re not around?
Our guest, Mark Oxenham, a business coach providing advice on exit planning and business sales, explains exactly how having a reliable Second in Charge could lift the value of your business.
You already know from listening to "Deal Talk" how important a valuation of your company can be in the due diligence stage of the M&A process or even for periodic assessment of where your company stands, and also for tax or even divorce-related reasons. However, if you're an entrepreneur, just how insightful might an appraisal of your new start-up or early-stage business be to help you determine where your business is at? According to our guest, Pieter Stam, a business appraiser at Amsterdam-based Troostvijk, an early valuation is not only insightful, but valuable, in terms of the impact it could have on the value of your business.
A company’s culture is the mindset about the beliefs, attitudes, and actions that a company maintains to satisfy its customers while ensuring the success of its people and the organization as a whole. In a merger, however, the corporate culture of one organization may not reflect that of its acquiring company although each is committed to the success of a deal that is good for both the sell- and the buy-side companies. Our guest on this episode, Dr. Curtis Odom, Corporate LiveWire’s Post-Merger Integration Advisor of the Year in 2016, emphasizes how important early cultural integration is to the long-term success of a sale or merger.
For the buyer, retirement funds can be accessed quickly and with a high success rate, whereas bank financing is often difficult to access. It is considerably easier for a seller to accept an offer that is contingent on a buyer accessing retirement funds to buy a business. Many offers are contingent on the buyer receiving bank financing to purchase a business. Most sellers are reluctant to accept these offers because of the traditionally high failure rate of obtaining a bank loan to purchase a business.
As a business owner, you dream of success, profits, satisfied customers, and--hopefully--of someday retiring to start that next chapter of your life. But not all business owners retire after selling their companies. As a young family man with a passion for life, art and startup businesses, Jeremy Wells had just sold a business, and now he's taking some much-deserved time-off before going on to his next big endeavor. Jeremy shares with us his experiences in selling his company during some challenging times. Was it as difficult as he thought it might be? Did he have any regrets? What can other business owners learn from his experiences?
Having tight financial records sounds like a no-brainer, but do you know how often a business appraiser, CPA or business attorney finds errors or omissions or just evidence of generally poor bookkeeping that could actually kill an M&A deal? Oftentimes owners are completely oblivious. T.J. Liles-Tims, a certified valuations analyst and co-founder of BVFF Partners LCC in Oklahoma City, talks about the importance of having properly prepared financial statements and working with someone who can help you uncover issues that could negatively impact the valuation of your company.
Relationships are important, especially the ones you have with each and every member of your supply chain. But sometimes, as our guest on this edition of "Deal Talk" might tell you, our long-term relationships can cloud our judgment when it comes to the bottom line. When was the last time you audited your distribution network or your supply chain as a whole? How much have rising costs chewed into your profits? When was the last time you put your materials or distribution needs up for bidding? Tim Van Mieghem, a partner at The ProAction Group in Chicago, has seen it all. Jeff Allen speaks with Tim about the warning signs and what you can do to help get your supply chain costs under control so more money goes to your bottom line.