Sell a Business

Prepping the Princess for the Party: Is Your Business Ready to Sell? Part Six

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HOW TO NAVIGATE THE "NEW NORMAL" TO SELL YOUR COMPANY

This week on “In Process: Conversations about Business in the 21st Century,” we reach the final podcast in our series dedicated to the topic of preparing your business for sale.

There's a “new normal” in the marketplace. Too much money, chasing too few deals. We’re also now seeing a fairly dramatic reduction in the number of companies above 100 employees. That shrinkage, if you will, accounts for a lot of the competitiveness. And, the impact on the market? It's driving the capital downstream.

In the final installment of our six-part podcast series, show hosts Evelyn Ashley and John Monahon speak with Doug Tatum, chairman of Newport Board Group, a national partnership of CEOs and senior executives who advise emerging middle-market companies and assist private-equity firms to invest in and grow portfolio companies. Doug is also the author of “No Man’s Land: Where Growing Companies Fail,” a leading text about growth companies that has been translated into several languages and has won four National Best Business book awards. 

“If you take the notion that we're in a cheap capital environment―both interest rates and equity―then I think the new normal, or the new financial calculus in the capital markets or private equity, is that it's just cheaper to buy customers than it is to win them through a traditional sales channel, which is more expensive and takes too much time,” said Doug. “If you can't find a platform company of any size to buy or they’ve already been bought, then you end up performing add-ons or what we refer to as bolt-ons. We’ve got research that shows as much as 85 percent of every deal in the United States is now an add-on, if you include private-equity firms buying from each other.”

Companies looking to navigate these uncharted waters need to be aware of today’s requirements and have in place a set of good fundamental principles in order to make a successful sale.

During the course of the podcast, entrepreneurs, business owners and C-level executives will learn about the:

  • Concept of fractional C-level officers
  • Succession planning process
  • Best practices for selecting a successor
  • Lessons-learned from the sales process
  • Qualities you should look for in a purchaser

Learn more about selling your business in today’s marketplace by streaming the conversation in its entirety in the player below, or download it to your mobile device via iTunes. Don’t miss a single episode, subscribe to our show “In Process Podcast” on iTunes to receive this episode as well as future episodes to your smartphone.

Prepping the Princess for the Party: Is Your Business Ready to Sell? Part Five

Moon phases

Sellers Need A Phased Approach to Wealth Planning

This week on “In Process: Conversations about Business in the 21st Century,” we continue with the next podcast in our series dedicated to the topic of preparing your business for sale.

Business owners often consider themselves immortal and are among the worst offenders when it comes to wealth management and estate planning. They’re just so focusing on growing their businesses, they make the mistake of not setting the necessary time aside to address these very important aspects of their lives. 

In the fifth installment of our six-part podcast series, show hosts Evelyn Ashley and John Monahon (of Trusted Counsel) speak with Wilmington Trust’s Jonathan Fitzgerald, vice president and director of wealth and fiduciary planning in the Southeast, about how busy business owners can take a phased approach to wealth planning. Wilmington Trust is one of the largest personal trust providers in the United States.

“We think about business owners in one of three phases,” said Jonathan. “There's the business-capital phase when people are starting their companies―focusing on growth―and really might not be at a point where they're able to pull a lot of cash out of the business. Then there’s the personal-capital phase when the business is running successfully, and owners can start pulling cash out of the company and thinking about diversifying their overall asset picture. Finally, there’s the legacy-capital phase where the company is so successful that business owners focus on passing the wealth that they've generated onto the next generation.”

Needless to say, each phase requires its own set of wealth-planning strategies and tactics in order to successfully take business owners from start-up to their after-business lives.

During the course of the podcast, entrepreneurs, business owners and C-level executives will learn about the:

  • Processes and timelines involved with wealth planning
  • Aspects of family succession planning
  • Importance of wills and trusts
  • The role valuations play in wealth planning
  • The impact of insurance on the planning process
  • Different ways to transfer value outside of the estate
  • Tax changes affecting estate planning

Learn more about the wealth-planning strategies you need before―and after―the sale of a business by streaming the conversation in its entirety in the player below, or download it to your mobile device via iTunes. Don’t miss a single episode, subscribe to our show “In Process Podcast” on iTunes to receive this episode as well as future episodes to your smartphone.

      How I Did It: Building and Selling a First Business

      A discussion with Atlanta Tech Executive Darrell Mays

      A discussion with Atlanta Tech Executive Darrell Mays

      This week in In Process (Trusted Counsel's bi-weekly podcast show), we revisit a previous interview with Darrell Mays, who successfully built and sold his first business to a multi-billion-dollar corporation. But his first entrepreneurial foray started with an unexpected beginning: getting fired.

      In 2003, Darrell founded nsoro LLCas a turnkey telecommunications infrastructure services company, which he sold to MasTec, a $4.4 billion corporation providing end-to-end solutions designing, building, installing, maintaining and upgradinginfrastructure in the telecom, energy and communications industries. He went on to become Senior Vice President at MasTec, Inc., and President of MasTec’s wireless division―and now serves as a Senior Advisor.  

      Prior to that, Darrell’s telecommunications career had included 12 years in leadership positions with AT&T, serving in network operations, engineering, marketing and sales organizations, and in various positions with Ericsson, Inc., Motorola, Palmsource, and a consortium account of British Telecom and AT&T.

      Everyone wants to leave a job on their terms. But when that didn’t happen for Darrell, he was able to turn an uncomfortable situation into business success.

      “Everyone has that ‘A-ha’ moment,” Darrell said. “This was mine.”

      With an immediate need for income, Darrell spent the first few months “working for himself” doing whatever it took to secure business and build trust with his clients.

      The wireless industry was in its infancy and growing at lightning speed, but Darrell still had to convince his friends and professional connections that it was worth the risk of trusting huge projects with a small, unknown company.

      “You know the old story: No one gets fired for using IBM,” said Darrell. “The ones who do take a risk [on your new company] are brave people, and they’re few and far between. Because you could fail—most people do. And that person would fail along with you.”

      During the course of this podcast learn how Darrell has been able to turn risk-takers into heroes and grow and sell a successful business along the way through:

      • Leveraging industry knowledge and connections
      • Adhering to a philosophy that outmatched "Big Bureaucracies"
      • Hiring the right employees with the right leadership and skill sets
      • Using experts to negotiate a sale that's a win-win-win for the buyer, seller-and customers
      • Ensuring a smooth transition after the sale

      Stream the conversation with Darrell in the player below to learn how you, too, can start, grow and sell a successful business. You can also subscribe to In Process on iTunes to receive this episode as well as future updates from the show on your smartphone.