Show Me The Way

Ep. 24 — The Family-Owned Two-Step Acquisition with Gary Alexander

Welcome to the "Show Me The Way" podcast with David Seitter
In this episode of “Show Me The Way,” Dave sits down with Gary Alexander, Former President and CEO of Alexander Operating Systems, to discuss his strategies for success and the importance of assembling a team of experts to help him through the process of selling his family-owned business.
Ep. 24 — The Family-Owned Two-Step Acquisition with Gary Alexander
On today’s show, Dave is joined by Gary Alexander, who talks about his life experiences and selling his family-owned business. He shares the secrets of what took him to success as an owner, and his reflections on life after many years since the sale of his business.
Gary's Business Journey to Success
Gary grew up in Alton, Illinois and went to college at the University of Kansas. He got married and had a child before getting hired by Procter & Gamble. Later he went to seminary school, became an army chaplain, and after multiple job offers, he ended up back in Kansas City working for Sperry Corporation.
After proving his mettle in these roles, Gary decided to take the leap into entrepreneurship. His penchant for risk-taking and targeting untapped markets made him a formidable player in the business landscape. He established Alexander Open Systems (AOS), a computer networking company that focused on selling best-of-breed products from major brands like Microsoft, HP, and Cisco. This strategy of aligning with established brands allowed AOS to gain market recognition quickly, and the company grew to outcompete industry giants like AT&T.
Growing His Business (AOS)
However, Gary's journey wasn't without its challenges. The business faced financial difficulties due to the dot-com bubble burst, which Gary had to navigate by putting up personal assets to save the company. Despite these setbacks, Gary's unwavering commitment to honesty, straightforwardness, and his team helped the company thrive.
The business’ success is also attributed to Gary’s investment in people. He built a great service organization at AOS, trained his team well, and offered attractive remuneration. He was also dedicated to being a good CEO, ensuring that his decisions were fair, quick, and straightforward.
Lessons Learned From Selling a Family Business
Gary's business journey is also notable for the successful sale of his family-owned business. Interestingly, the process of selling the business was catalyzed by an unexpected offer to buy the business. He shared why he rejected the first offer, despite his sons and CFO wanting to proceed with the deal. Gary says he saw through the potential pitfalls and decided to wait for a better offer. His wisdom and experience paid off as he eventually got a few million dollars more for the company.
This process was a learning experience for him, where he discovered the importance of assembling a strong team, patience, and understanding that the first offer isn't always the best one. He was able to assemble a team of experts including his law firm, Spencer Fain LLP, an accounting firm, and an M&A lawyer from Michigan, who were instrumental in making the sale successful.
 
 
To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com
 
Disclosure
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

Ep. 23 — The CEO’s M&A with Alan Schlotzhauer

Welcome to the "Show Me The Way" podcast with David Seitter
In this episode of “Show Me The Way,” Dave sits down with Alan Schlotzhauer, Managing Principal of 2717 Group, LLC, to discuss everything from the importance of assessing potential buyers with his curated list of 20 essential questions, to how businesses are valued, and how to determine the multiplier of your business.
Ep. 23 — The CEO’s M&A with Alan Schlotzhauer
On today’s show, Dave is joined by Alan Schlotzhauer, who assists individuals in the acquisition or sale of companies. Alan breaks down his experience into three key indicators to ensure you are performing your due diligence when looking to acquire or sell a business.
They start off the show by exploring Alan's background and his early business experiences. Though he is a Missouri boy, he graduated from Texas A&M with a degree in accounting. He started his career off in the corporate world and then shifted his focus to the construction industry.
Alan explains how he moved into the acquisition space and was the director of acquisitions for a small publicly traded company, where he had to learn the construction business model and what to look for in a company.
Qualifying Buyers and Preparing for Sale
Alan discusses the importance of taking a step back and assessing the situation before making a decision. Realizing that business owners can get offers all the time, he provides insight into his list of 20 questions to ask buyers to determine their legitimacy.
Dave and Alan also explore the potential for leverage deals returning and how to pre-qualify buyers. They stress the importance of not providing financial information to a potential buyer, unless a confidentiality or non-disclosure is signed.
Selling a Business Roller Coaster
Alan continues by discussing the importance of preparation when it comes to selling a business, and how that step cannot be overstated. He says that maintaining a business in a ready-to-sell state increases the likelihood that you will find a suitable deal, and be able to accept the offer.
He also stresses how essential understanding what is important to you, as well as the buyer's perspective, before signing an LOI. Assessing the situation and having your ducks in a row is key.
Alan adds that having an outside advisor can help smooth out the bumps along the way. The both note that even with an advisor, it is to be expected that the deal may die three times before it's closed.
Deal Breakers and Challenges
Dave and Alan then begin to explore deal-killing and price adjustment areas that can arise when selling a business. Alan runs through his three A's of financials - accuracy, acceptability, and audit - as well as the importance of having a strategy and understanding what is important to buyers.
Alan notes that poor financials, a lack of strategy, and an inability to articulate key points can all lead to a failed transaction, so it is important to be prepared.
Navigating Valuation of a Business
Dave and Alan dive into the unique challenges of merging and acquiring a business in today’s markets. Dave brings up how it can be difficult to plan for the family members who are on the payroll, after which, Alan shares his experience of dealing with a client who had to fire his wife.
Alan then discuss the law of unintended consequences and how banking issues, customer cancellations, lawsuits, and key employee departures can throw a deal off-course.
Finally, we explore the ‘reality gap’ between the owner’s view of a company and the buyer’s view of a company, and the importance of preparation when selling a business. This preparation, Alan notes, involves more than just asking your friend who is a business owner what multiple they received for their business, because every business is different.
Preparation and Strategy in M&A Transactions
This topic continues as Alan explains how buyers look at business multiples and the implied return buyers expect from a business. Dave then asks Alan his thoughts on the potential for a lack of money in the future due to the aging population.
Together they also look into the role of private equity in the current economic climate and the possibilities of ESOPs and offshore companies when it comes to doing transactions.
 
Dave wraps up his conversation with Alan Schlotzhauer on the topic of mergers and acquisitions by discussing the best ways to find his help. Alan provides us with his website, email, and phone number - (480) 800-4107 - so that listeners can easily contact him.
 
 
To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com
 
Disclosure
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

Ep. 22 — Maximizing Business Growth and Exit Value with Executive HQ’s Jim Hoggatt

Welcome to the "Show Me The Way" podcast with David Seitter
In this episode of “Show Me The Way,” Dave sits down with Jim Hoggatt, Founder and CEO of Exec HQ, to discuss his unique approach to consulting, emphasizing the importance of a family-first organization and working closely with businesses to develop and execute growth, profitability, and exit strategies.
Ep. 22 — Maximizing Business Growth and Exit Value with Exec HQ's Jim Hoggatt
In this episode of the Show Me The Way podcast, Dave Seitter speaks with Jim Hoggatt, founder and CEO of Executive HQ, a consulting firm that specializes in providing executives as a service solution to companies ranging from startups to $500 million in revenue.
Jim shares his background in the consulting industry, having worked with Price Waterhouse, and serving as a senior partner at a large CFO consulting firm before starting Executive HQ five years ago. He explains that his firm is different from traditional consulting firms in that it prioritizes the work-life balance of its executives and their families, and provides “executives as a service” rather than simply offering recommendations and writing reports. The Exec HQ team is composed of experienced C-suite executives who come in to help run companies, developing and executing strategies alongside the company and its team.
Increasing Business Multiples
The conversation then moves on to a recent success story in which Jim and his team at Exec HQ helped a service company increase its valuation from a four or five multiple on earnings to a seven or eight multiple. This dramatic increase in value was achieved by de-risking the organization and implementing a virtual C-suite, allowing the company owner to take a step back and let the business run smoothly without constant involvement.
Jim emphasizes the importance of focusing on both the EBITDA and the multiple sides of the valuation equation, as many CEOs tend to only focus on the former. By addressing both aspects, Exec HQ is able to help companies increase their value significantly and prepare them for a successful exit.
Advice for Business Owners Looking to Exit
When asked about his advice for business owners looking to transition their business or go through an exit, Jim recommends hiring a transaction attorney with a high level of experience and bringing in a firm like Exec HQ to assess the company’s current state and develop a long-term strategy that positions the company for a high-value exit. He also stresses the importance of always keeping a company in a marketable state, regardless of whether a sale is imminent or not, as opportunities can arise at any time.
This episode of the Show Me The Way podcast provides valuable insights and advice for business owners and entrepreneurs looking to grow their companies and maximize their exit value. Jim Hoggatt’s unique approach to consulting, with a focus on providing executives as a service and prioritizing the well-being of his team and their families, sets Executive HQ apart from traditional consulting firms. By working closely with businesses to develop and execute growth, profitability, and exit strategies, Hoggatt and his team are able to help companies achieve success and high exit values.
 
To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com
 
Disclosure
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

Ep. 21 — The General Counsel’s M&A with Chuck Williams pt. 2

Welcome to the "Show Me The Way" podcast with David Seitter
In this episode of “Show Me The Way,” Dave sits down with Chuck Williams, former SVP and General Counsel of Performance Contracting Group Inc., to discuss how companies can increase their chances of success in the complex world of M&A following established processes, considering cultural fit, and learning from past experiences.
Ep. 21 — The General Counsel’s M&A with Chuck Williams pt. 2
M&A Success Strategies
In this episode, Chuck Williams, former SVP and General Counsel of Performance Contracting Group Inc., discusses the successes and failures in the company's M&A strategy and process. He emphasizes the importance of choosing the right acquisition candidate and sticking to established processes and procedures. To hear more details about how to find the right acquisition partner, listen to part 1 of this interview.
Chuck then shares war stories of successes and difficulties. One lesson such as when they found an ideal add outside their core business and expanded their opportunities in the clean room industry. He explains how they then acquired new businesses to complement existing ones.
Open Conversations and Cultural Fit
Chuck also delves into the significance of integrating the target company's human resources and the value of having the owner stay with the company for one or two years to help guide the transition. He explains how vital open conversation with the owner is before, during, and after the acquisition process. Additionally, he shares the successes and challenges faced by their company in various acquisitions, emphasizing the importance of cultural fit and owner involvement in the transition process.
Noting that there were a few missteps in acquisitions during his time as General Counsel, Chuck highlights the importance of following established processes and learning from past experiences to improve strategies and processes in M&A.
Throughout the episode, Chuck shares valuable insights from his experiences in the world of mergers and acquisitions. He highlights the importance of staying true to the company's acquisition candidate profile and learning from past experiences to improve strategies and processes.
Lessons Learned and Experiences
One key takeaway from Chuck is the importance of working with an acquisition candidate on an actual project, such as a joint venture, before engaging in acquisition discussions. This allows both parties to get a better sense of the company's culture, processes, and potential for success. Chuck also emphasizes the need for flexibility in the details of the transaction and the importance of staying true to the company's profile when considering potential acquisitions.
Another important lesson from the episode is the significance of cultural fit in the success of an acquisition. Both the buyer and the seller must consider the cultural compatibility of the companies involved in the transaction to ensure a smooth transition and continued success. Chuck shares examples of acquisitions that succeeded and failed due to cultural fit, demonstrating the critical role that culture plays in the M&A process.
 
For more details and to learn what potential buyers are looking for in your business, be sure to check out part one of the interview with Chuck Williams.
 
To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com
 
Disclosure
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

Ep. 20 — The General Counsel’s M&A with Chuck Williams pt. 1

Welcome to the "Show Me The Way" podcast with David Seitter
In this episode of “Show Me The Way,” Dave sits down with Chuck Williams, former SVP and General Counsel of Performance Contracting Group Inc., to discuss valuable insights into the importance of understanding the buyer's perspective, establishing a clear strategy, considering cultural fit, and managing the transition process effectively in successful acquisitions.
Ep. 20 — The General Counsel’s M&A with Chuck Williams pt. 1
Chuck William’s Legal Journey
Dave asks his guest to discuss his background and early career.
Chuck discusses his past graduating with a liberal arts degree, followed by law school.
After completing law school, he continued on to a boutique law firm with about 15 attorneys that specialized in the construction industry, which he really enjoyed.
He says that after a period of time, he realized he wanted to work in-house rather than as an outside counsel.
More Than Just General Counsel
Dave asks for Chuck to extrapolate on being an in-house counselor, and what else his job entails, knowing that it is much more than what a general counsel typically does.
Chuck discusses how as an outside counsel he felt pigeon-holed into solving a specific problem.
He says after joining the company, he realized being a general counsel extended beyond exclusively legal matters, becoming involved in various business issues, internal corporate matters, and human resource management.
He notes how this allowed him to provide holistic advice and address issues that might have gone unnoticed without a comprehensive understanding of the business.
Chuck says this approach, prioritizing the business's needs over strictly standalone legal considerations, made him a more effective general counsel to arrive at practical, effective, and ethical solutions.
Acquisition Strategies and Template
Dave then pivots and asks Chuck to discuss more about the strategies and considerations he undertook when looking at acquisitions.
Chuck delves into his company's acquisition process, discussing the vision, strategy, and implementation they developed over time.
He says the team created templates tailored to their specific needs and processes, enabling successful acquisitions that contributed to their growth.
Chuck shares his experience of acquiring smaller, local or regional companies, which helped enhance their existing businesses and expand their range of specialties.
After Chuck catches Dave mentioning the importance of matching company cultures, Chuck extrapolates on the importance of a good fit.
Chuck notes that the greatest asset, especially of construction companies, are it’s people.
He continues by discussing the importance of working with the acquisition candidate before initiating the acquisition process to assess cultural compatibility and complementary business opportunities.
He also mentions the benefits of having the owner stay in the business for a year or two to assist with the transition and provide consistent management.
Business Acquisition Process and Team
Dave asks Chuck to fast forward after finding a good candidate to the process of acquiring the business itself.
Chuck notes many of the considerations come down to diligence, communication, and flexibility.
He adds that it’s okay to not finalize the transaction if these considerations reveal issues that can’t be overcome, or if the process reveals that it isn’t the right fit.
Chuck then explains more about their process of due diligence, the acquisition team that was developed, and how they apply their principles to each potential deal.
He continues by going into how critical constant and open communication plays throughout the whole process, from when LOIs are signed, up to and after the closing.
Chuck adds how they would get both the owner and employees involved in the process, and even that company’s customers.
 
For more details and to learn what potential buyers are looking for in your business, be sure to check out part two of the interview with Chuck Williams.
 
To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com
 
Disclosure
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

Ep. 19 — The High-End Advisor with Dave Enenbach

Welcome to the "Show Me The Way" podcast with David Seitter
In this episode of “Show Me The Way,” Dave sits down with Dave Enenbach, President and CEO of Enenbach & Associates Financial Consultants, Inc., to discuss the ins and outs of wealth management advising for ultra-affluent clientele. They talk through different ways to know whether growing or selling your business is the better option, and the importance of having a plan for when you retire.
Ep. 19 — The High-End Advisor with Dave Enenbach
Introducing Dave Enenbach
Dave asks his guest to discuss his background and early career.
Dave Enenbach discusses his history graduating with a degree in accounting, becoming a CPA and working at a local CPA firm.
He then explains why he switched firms, to a larger firm where he spent the next 20 years of his career.
Dave then describes how the acquisition of that business changed the company culture and his job, and after a few years he left once again.
After leaving one more role, Dave explains how he started his own business and his mindset behind his search for clients.
Dave then asks him to get into the details about his strategy for acquiring and helping clients.
Dave briefly touches on the history of his current industry, how ultra-affluent families needed a full time wealth advisor.
He continues by describing a few of the specific items he helps clients look at in order to best manage their wealth, between donations, owning versus chartering jets, etc.
He adds a lesson that he learned very early was about how increasing market share was inefficient when compared by increasing your customer share.
To Grow a Business or Monetize a Business
Dave asks how he is able to help them grow their business, or whether they are all essentially liquidated and then he helps with the investment portfolio.
He says that he has one client with an ongoing business, noting that two others have had businesses monetized and are entering completely different industries.
Dave continues by explaining how he helps by using the SWOT analysis, which gained popularity in the 1990s.
Dave asks him to share the good and the bad, the difficulties and disappointments, of helping people get their companies ready to sell.
Dave Enenbach starts by saying they would have all benefitted with more planning, and explains how it could have helped them.
He also explains how getting a business valuation to get a certified valuation report can help hone in on areas where your business can improve.
After further extrapolation by Dave, he adds that the counterbalance is figuring out and focusing on the mission of your organization.
Why Certain Business Deals Don’t Close
After further discussion, Dave asks Dave Enenbach about his experience on why certain acquisitions don’t work.
He says because they aren’t the right match or the deal isn’t quite right.
He then talks to the importance of having identified important points in a post-transaction life.
After some back and forth of what some of those deals look like, Dave Enenbach says his first question before the transaction is if they have gathered enough assets to retire the way they want.
Both Dave’s extrapolate on what this might look like, and how if you don’t have the means to retire after selling, then you probably shouldn’t sell the business.
The Impact of Retiring and Business Advice
Dave follows that discussion by asking Dave Enenbach what has been the most exciting part of his job, between aiding with the process of selling a business or going beyond that moment.
Dave Enenbach uses an analogy to describe the excitement behind selling a business, adding that it is a moment that should be celebrated.
He then tells a personal story from when he was very young that imprinted on him the importance of having a plan for your life after you retire.
Dave asks for a few pieces of advice that the listeners can take with them when they think it’s time to sell their business.
He says to begin by making a list of the most important things to you, because that can help you to determine whether you need to control the price or the terms of the agreement.
He then uses another analogy to explain his second point, which is the importance of getting an advisor who can help you look objectively at the situation, and help negotiate the deal.
 
To get in touch with Dave Enenbach, go out to his website: www.enenbachconsulting.com
 
 
To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com
 
Disclosure
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

Ep. 18 — A Two Timer Plumbing M&A with Steve Burbridge

Welcome to the "Show Me The Way" podcast with David Seitter
In this episode of “Show Me The Way,” Dave sits down with Steve Burbridge, Owner of Anthony Plumbing, Heating, Cooling & Electric, to discuss the many lessons learned owning and selling multiple businesses, the role that company culture plays in the deal, and many personal details to be wary of throughout the process.
Ep. 18 — A Two Timer Plumbing M&A with Steve Burbridge
Introducing Steve Burbridge
Dave asks Steve to discuss his background and early career.
Steve runs through his background of growing up around Kansas City, and graduating from the University of Kansas with an accounting degree.
He then explains how he ended up owning and running a plumbing business, even though he had an accounting degree.
After prompting from Dave, he runs through how he started at his father’s businesses, and took over after many years of growing it.
He adds that he and a number of other companies started the first publicly traded HVAC company.
He notes that the quickest way to grow the business was through acquisition.
After a manufacturer acquired his business, he stayed on and later had the opportunity purchase his old company back.
Dave continues these words of wisdom by saying that it is better to buy a business than to start one from scratch.
Steve agrees, and explains how when you can add skills that the company doesn’t have, such as marketing, you’re able to help that company grow.
Lessons from Owning Multiple Businesses
Dave asks what he knows now that he wishes he had known with his first businesses.
Steve says he realized he was working too much in the business and not working on the business.
He runs through how his mindset changed, and experiences that helped him prioritize it.
Dave agrees and says that a lot of people experience that same process.
Dave runs through Steve’s expansive educational background, and asks what led Steve to pulling out of his business.
Steve says the best time to sell a business is when you are not compelled to.
He also noted that if the market is doing well, then the multiples will be higher as well.
He explains his mindset behind why he sold his company when he did, including advice from his best practices group, and why he turned down multiple LOIs.
Culture Can Determine the Deal
Dave mentions the differences in the culture and how they can determine a fate of a deal, and asks Steve what of those thoughts were running through his mind.
Steve says yes, and talks about his exposure and handling with certain firms.
He notes that working with a professional to help broker the deal changed everything for him.
He adds that selling the business becomes a fulltime job, and even with the advisor the deal still took nine months.
Steve continues by noting the importance of putting together a team to help you through the process.
Dave says that clearly the first buyers were not the right fit, and asks Steve to reflect on what the right buyer looked like to him.
Steve says that they do respect you more if you have a good broker who can help put the information together.
He notes that if the acquirer is talking about coworkers and customers a lot, that is usually a good sign.
He also adds that he didn’t want to have to teach somebody his industry, and explains how that influenced his decision.
Steve mentions a number of steps he went through to evaluate the potential buyers, ensuring that their culture aligned with his own values.
Deal Fatigue and Other Issues
Dave then goes into issues that may arise through the process, such as deal fatigue, and asks Steve how he dealt with deal fatigue.
Steve begins by talking about how Covid played a role in his deal fatigue.
He notes that with the right professionals, you will still get deal fatigue, but it will not be as bad.
He talks about how Dave was a quarterback calling on other teammates all around the country to help when specific expertise was necessary.
Steve adds how having professionals help negotiate helps because after the deal is signed, you will likely be partners with the other side.
Steve explains how the fees you pay for the professionals to help you broker the deal are well worth every penny.
Steve then runs through additional points where he either got hung up or learned a lesson.
He discusses how, even though LOIs can be non-binding, there are still ramifications that go along with signing one.
He adds that the sale of any business includes trying to minimize the taxes each party has to pay.
Advice for Selling A Business
Dave asks Steve what final points he would want to leave people with.
He says first to get a team of professionals together, brokers, law firms, accounting firm, etc.
He adds to take your time and not be in a hurry, because it is a lengthy process.
 
To reach Steve, email him at sburbridge@anthonyphce.com
 
 
To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com
 
Disclosure
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

Ep. 17 — Financial Flossing with Ross Brannon

Welcome to the "Show Me The Way" podcast with David Seitter
In this episode of “Show Me The Way,” Dave sits down with Ross Brannon, Tax-Shelter & Private Equity Consultant at CoastalOne, to tax planning before the sale of a business. They also discuss the spike in sales of dental practices to private equity, and expectations around the sale of your business and moving towards retirement.
Ep. 17 — Financial Flossing with Ross Brannon
Introducing Ross Brannon
Dave asks Ross to discuss his background and early career.
Ross runs through his history playing college football, and how he began his career in real estate.
He says after he got burned out on real estate, Ross explains how he began working at a financial services firm.
He adds that he often worked with dental practice owners.
Dave asks him to go more in depth about doing business with dental clients.
Ross begins by describing two different types of dental practices and their business owners.
He says that over the last 5-6 years, private equity firms have decided to get involved in the dental market.
Succession Planning and Retirement
Dave recalls pieces from Dan Sullivan’s Strategic Coach, and relates it to the dentists that Ross works with.
Ross explains Dan Sullivan’s take on retirement, and expounds on his view of what retirement should look like.
He explains a story that he shared on his podcast, that tells how people regret selling their business, rather than working on growing it.
Dave and Ross dig into their views on retirement, and how you have to be prepared for whatever that next stage in life looks like for you.
Dave says that people’s expectations for succession planning is generally the same, and asks Ross how he walks people through that process.
Ross explains the ‘wealth gap’ and how to figure out if selling the business will be enough to maintain a certain lifestyle.
He adds that many people are close, while others are not able to close that wealth gap.
Financial Planning for Sale of Business
Dave asks what part of the financial planning process Ross is involved in around the sale of businesses.
Ross discusses how private equity will use deal fatigue against people in the process of selling a business.
He adds that there are ways to reduce your tax liability when it comes to the final sale of the business.
Dave asks Ross to share some of the successes of business sales that he has seen and lessons learned.
Ross says that he thinks too many people are selling too early, and explains his reasoning behind it.
Dave and Ross go back and forth on different sales tactics, and how they impact the multiple at which the business might end up selling.
Current Markets and Business Advice
Dave asks to discuss the markets now versus years prior, specifically around dental practice sales.
Ross says that the markets have dramatically shifted over the last few years.
He reiterates his views on not selling too young, and adds that regardless of when you sell, you should be doing tax planning.
After prompting from Dave, Ross explains how long it takes dental practices to sell.
They continue to dig into how finances in businesses and deals around businesses have changed in the rapidly shifting marketplace.
Dave requests for any final pieces of advice from Ross.
Ross says that if you are going to sell your business, make sure you have a good reason and have your second act planned out.
He also stresses, once again, the importance of pre-sale tax planning.
 
To learn more about Ross, call him at 850-566-7999 or www.rossbrannon.com
 
To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com
 
Disclosure
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

Ep. 16 — The Attorney Who Became an Investment Banker with Pat Trysla

Welcome to the "Show Me The Way" podcast with David Seitter
In this episode of “Show Me The Way,” Dave sits down with Pat Trysla, CEO/Owner of Frontier Investment Banking, to discuss mergers and acquisitions through the lens of an investment banker, predictions about the valuation market in 2023, and tips from an investment banker for those going through a merger or acquisition.
Ep. 16 — The Attorney Who Became an Investment Banker with Pat Trysla
Introducing Pat Trysla, Attorney Turned Investment Banker
Dave asks Pat to share a bit about his background, and shifts to his current role.
Pat briefly talks about his background before discussing what he currently does at Frontier Investment Banking.
After prompting from Dave, Pat talks about how he enjoys putting deals together, and the process of bringing people together through business deals.
He then continues by discussing some of the more difficult parts of negotiating deals, listing off a few examples.
Dave asks Pat to speak about ‘deal fatigue’ and how often he sees this occur.
Pat begins by noting that deal fatigue is very common, especially because selling a business is often an emotional process.
He continues by explaining certain situations where it can become a real problem, and when having expert help can really come in handy.
Through the Lens of an Investment Banker
Dave asks Pat what he sees in mergers and acquisitions now that he would have never seen as an attorney.
Pat explains briefly what he does in his role, and how they drive value in the negotiations.
He then explains the difference in how an investment banker approaches the deal, trying to tell the story of the business.
Pat continues by explaining how they can examine the deals being proposed in the competitive marketing process, and help populate an appropriate pricing model before presenting those to the client.
Dave asks how often people work with investment bankers to get their business ready for sale.
Pat says that the earlier an investment banker gets involved in the process, the higher the chances you will get a better offer.
He then explains part of the process through which they help put together a better story of the value of your business.
Pat continues by talking through the thoughts behind timing the sale, or partial sale, of your business, and why it may not always be when you are ready to retire.
2023 Valuation Predictions
Dave says that he hasn’t seen much of a change in valuations yet, but asks Pat to prognosticate about what 2023 will hold.
Pat talks about the different strengths that can be found in the current marketplace, and why the deals will keep on rolling.
He continues by working through a few anomalies they experienced, but noting that he hopes the course correction of 2023 won’t be too rough.
He explains how different businesses are looked at in different economic conditions, and how rising interest rates, inflation, rising labor and supply chain issues affect valuations.
Pat says that people purchase or sell businesses for different reasons, and notes how these different reasons might play into the larger plan of the business.
Merger and Acquisition Tips From an Investment Banker
Dave asks Pat to share a few points of wisdom for anyone looking to go through a merger or acquisition.
Pat reiterates that starting early and be ready for that process, is point number one.
He continues by saying that you should be cognizant of when and how to buy or sell, understand and be prepared to prove your valuation, and run a competitive marketing process.
He then explains his mindset and reasoning behind those key points.
 
To learn more about Pat or Frontier Investment Banking, visit their website: https://www.frontieribc.com/
 
 
To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com
 
Disclosure
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

Ep. 15 — From Employee to President to Advisor with Aggie Cooper

Welcome to the "Show Me The Way" podcast with David Seitter
In this episode of “Show Me The Way,” Dave continues his discussion with Denise Logan, author of The Seller’s Journey, to discuss her storied journey moving from an employee, to president of a company, to now being a fractional CFO and business advisor. They talk about the struggles of business growth, and some of the successes she had along the way.
Ep. 15 — From Employee to President to Advisor with Aggie Cooper
Introducing Aggie Cooper and Her Background
Dave begins by asking Aggie to share her personal history and how she got to where she is now.
Aggie says her career began in commercial lending at a bank, and then was asked by a company to come be their controller as they looked to sell the business.
Over the course of a decade, she became the president of that company before it selling the business.
After prompting from Dave, Aggie discusses how she views challenges as new opportunities for more experience rather than be worried about the unknown.
Dave notes that through that experience, she helped the company grow from $25MM to $70MM, and asks how she achieved that.
Aggie briefly recounts her experience working with two very different types of entrepreneurs.
Dave leans on this and asks how her definition of ‘entrepreneur’ has changed over the years, if at all.
She says that her definition has evolved as she has gotten more exposure to the entrepreneur world, and describes what this looked like for her.
International Business Growth and Bankruptcy
Dave looks to the next chapters of Aggie’s career, asking her what the next business was.
She discusses a business local to Kansas City that owned multiple companies, and recently opened up a factory in Honduras.
Aggie then recounts her time working with this company, including the shifting dynamics at play in Honduras and Central America, due to a large influx of Iraqis during her time there.
Dave and Aggie continue on to the third company she joined, where she helped take a company out of bankruptcy.
She notes that oftentimes challenges work out, but not always on the path that you initially expected, describing how that company was bought on the courthouse steps.
Dave then asks about her current job, and asks Aggie to describe what her day to day involves.
Aggie says she is currently a fractional CFO at Tarsus for a number of their clients.
She continues by describing what a fractional CFO is, and the myriad of responsibilities it entails.
She says one of her favorite parts of her job is to work with upper or middle management teams to figure out what KPIs they are looking at to make decisions.
Successes and Challenges of Running a Business
Dave asks Aggie about some of the challenges she has had to deal with over the years, as well as some of the successes.
She says how the times she has loved the most over her career are the times when things were really tough, because she is able to confidently lead.
She tells a story from one of those difficult times in her career, and explains how she made her way through that.
Aggie continues by talking about one of her greatest successes that came out of a difficult situation.
She notes that there is a difference between winning and succeeding, noting that her best successes are cards she received from people she worked with over the years.
Dave asks her to dig into the difference between winning and success, and Aggie gives an example.
Dave notes that Aggie has seen many businesses succeed, and asks if mergers and acquisitions have helped those companies grow along the way.
Aggie says she thinks it’s actually the other way around – that you need to help the company be successful in order for them to have a good merger or acquisition.
Advice for Business Owners
Dave wraps up by asking Aggie for a couple of bullet points of advice for the listeners.
She says first the sooner you start improving the company internally, the sooner you start increasing the multiple when you go to sell the business.
The second piece of advice is to be conscious of who you are surrounding yourself with, especially when you are going through an equity event, such as a merger or acquisition.
Aggie says her final piece of advice is to carefully choose who on your internal team you bring into the fold, and finding good outside professionals that have been through mergers or acquisitions before.
Dave asks Aggie what is next for her and her career.
Aggie discusses her continued work at Tarsus CFO Services.
She also mentions her role on the board of Avila University, and changes she is helping to implement.
 
To find out more about Tarsus CFO, visit their website, or reach out via email acooper@tarsuscfo.com
 
To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com
 
Disclosure
This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.