M&A Talk, by Morgan & Westfield
175 episodes - English - Latest episode: over 2 years ago - ★★★★★ - 90 ratingsM&A Talk is the #1 show exclusively focused on mergers & acquisitions. At M&A Talk, we bring you interviews with experts in private equity, business valuations, law, finance, and all topics related to M&A. We speak with the most experienced professionals in the industry to share their insights. Our past experts have included CEOs, authors, investment bankers, attorneys, CPAs, private equity partners, business appraisers, VC investors, and more. Brought to you by Morgan & Westfield (www.morganandwestfield.com), a nationwide leader in M&A. Access show notes on all M&A Talk podcasts at https://morganandwestfield.com/resources/podcast/.
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Episodes
M&A Process: A Buy-side Perspective
May 13, 2016 13:01 - 28 minutes - 26 MBThere are several routes you can take to selling your company. No matter which way you decide to go, the buyer involved in the process will have a slightly different perspective. On this edition of Deal Talk, you will learn the difference between M&A firms and investment banks and, specifically, how some buy-side consultants work with their clients to assist in the early stages of the M&A process. Is your company being targeted for an acquisition? What are potential buyers thinking? How is a...
The Right Appraisal, The Right Appraiser
May 11, 2016 13:36 - 34 minutes - 31.8 MBBelieve it or not, a business appraisal may not always be necessary to sell your company; however, you may need one for any number of other reasons such as in the case of a divorce settlement, buying out a partner, or simply for a tax-related reason among many others. In any case, the type of appraisal you receive and the company performing that appraisal need to be right for the specific task at hand. Why is that important? Our guest will tell you. Ryan Kinahan is the owner and Managing Dir...
Knowing “Why” Can Help You Sell Your Business
May 11, 2016 13:29 - 29 minutes - 26.9 MBThe purpose of owning your own business may be as simple as providing you with a source of income as an alternative to working for someone else to earn a living. However, if you’re like many business owners, the purpose may be much greater. Whether you desire to leave a legacy, makes others’ lives better or have some other reason in mind, knowing why you own your business may have a profound influence on your ability to sell your business at the price it deserves. Our guest speaks from a dee...
Expanding Your Business in Europe
May 11, 2016 13:21 - 30 minutes - 28 MBBusiness and end-consumers in Europe have an appetite for American products and services, so it’s no surprise that there is a growing interest among entrepreneurs to grow their businesses by expanding into Europe. Andrew Pike, Managing Director at AN Valuation Services in The Netherlands has nearly 2 decades of investment industry experience as a valuation advisor and provider of M&A and transaction support in addition to other specialties. He’ll explain how cultural differences from country...
When a Valuation is Unnecessary
May 03, 2016 13:02 - 29 minutes - 27.5 MBA business appraisal can actually lift the value of yourcompany, which would be useful, particularly when you know you wantto sell your business. However, did you know that a valuation isnot always necessary and — according to this segment’s guest — notalways recommended when you know you are getting ready to sell yourbusiness. David Bookbinder is a valuation expert at GBQ Consultingand contributing writer to The Huffington Post. On this installmentof “Deal Talk,” David explains to Jeff Alle...
Get an Outrageous Price for Your Business
May 02, 2016 12:59 - 30 minutes - 27.8 MBYou may have a particular value in mind for your company, but what are you basing that value on? Revenue? Profits? A multiple of EBITDA? Some companies are fetching far more than their ownership had ever believed possible—in some cases, double their actual appraised value. So the next question is: how do they do it? Kevin M. Short knows. He is the managing partner at Clayton Capital Partners in St. Louis and the author of “Sell Your Business for an Outrageous Price.” Through his 25 years of...
Success AFTER the Sale
May 02, 2016 12:45 - 30 minutes - 27.8 MBPost-merger integration isn’t just some fancy name for an M and A concept. In truth, the success of the transition from one owner to another of any business depends very heavily on what happens in the days and weeks after the acquiring company officially takes over. As you’ll find out in our discussion, both the new owner and exiting owner share a responsibility to make certain the business that was sold continues to succeed and thrive well into the future, for the sake of the deal itself an...
Factors That Influence Valuations
May 02, 2016 12:38 - 30 minutes - 27.8 MBWhen considering having your business appraised, you might want to give some thought to how the numbers could be impacted by a variety of issues both internal and external, some of which may be well within your control. The fact is that valuations often reveal the consequences of a lack of oversight that could lower your company’s true value, leaving money on the table and jeopardizing the prospects for a successful sale in the future. On this edition of Deal Talk, Trisch Garthoeffner, Found...
Fix Your Cash Flow Now
April 27, 2016 12:53 - 31 minutes - 29.1 MBIn an ongoing effort to help you and all business owners get your arms around a common problem—cash flow (or NO cash flow), Jeff Allen welcomes another expert who has worked with hundreds of business owners to get their money moving again. Scott Shields, CPA and founding partner of Shields, Blice & Company CPA’s in Ohio returns for his second appearance on Deal Talk. In our discussion, Scott explains the impact cash flow can have on the very value of your business as well as any attempt you...
Lifting Value: A Fresh Perspective
April 27, 2016 12:40 - 30 minutes - 27.8 MBOur mission on “Deal Talk” is to bring you information you can use to help you build your bottom line and improve your company’s value. However, as we’ve learned on the program, not all value drivers may be so apparent, and as our guest on this edition of the program will tell you, sometimes you have to dig deeply to discover those important intangible factors that could help lift your business’s value to a level you never thought possible. Join us for an insightful chat with Dr. Carl Sheel...
How an Investment Banker Really Works
April 27, 2016 12:27 - 36 minutes - 33.6 MBMany of us already have a good idea of what an investment bank is, but how they differ from a business broker or other firms specializing in mergers and acquisitions may not be so clear. How can they help you get the maximum value for your company? What criteria do they use to determine which companies they will actually work with? How does the transaction process work, and how are you—the owner—involved? What are some of the common misconceptions about working with an investment bank? For a...
Value Recovery Through Restructuring
April 26, 2016 12:37 - 28 minutes - 26.8 MBRestructuring and reorganization are two different things. However, in some cases, if you don’t do the former, you may have to succumb to the latter (reorganization) through bankruptcy. If your business is stagnant, showing little or no signs of growth with no obvious way forward, restructuring may be just what the doctor ordered. Dan Tamkin is the managing director at Resurgent Ventures, as well as the chief technology officer at Transdev, with a depth of experience as a corporate develope...
Reps and Warranties Insurance Helps Buyers and Sellers
April 21, 2016 12:26 - 30 minutes - 27.9 MBOften times, in the late stages of an acquisition, or even after the acquisition of a company is complete, an issue presents itself that may pose a significant financial risk to the acquiring company. Reps and warranties insurance can act to protect both the buyer and seller in such a situation, but what exactly are reps and warranties, and what information should they include? How is reps and warranties insurance used, and where can you obtain it? To answer those and a host of other questio...
Financing Cash Flow and Business Growth
April 18, 2016 12:36 - 30 minutes - 27.8 MBDealing with debt is something many business owners are faced with even in the best of times, regardless of business or economic cycles, but many continue to tread water without an understanding of the financing that is often available to them. These solutions are intended to free up cash flow and are especially useful when your cash is tied up in long-term loan and lease payments. On this edition of “Deal Talk,” Jeff Allen catches up with Steve Mariani, founder and president of Diamond Fina...
Tax Advantages for Commercial Property Owners
April 14, 2016 12:19 - 30 minutes - 27.8 MBIf you own commercial property of any kind, whether it’s where you operate your business or it’s property you lease to others, this program is for you. The IRS tax code includes provisions that could save you money--potentially, alot of money. However, many business owners are not aware of these advantages that have actually been part of the tax for years, so we’ve invited Mr. Steve Oppenheim to fill you in on the details. He’s, a CPA and partner at Gettry Marcus in New York. As a member of...
What All Successful M&A Deals Have in Common
April 13, 2016 12:19 - 30 minutes - 27.8 MBWhy do many M&A transactions fail after the deal? Why do so many deals fail to get done in the first place? It may be because the acquiring company and the business targeted for acquisition aren’t a good fit, either culturally or operationally, or for any number of other reasons. In other words, some businesses simply are not meant to be combined. On the other hand, what is the secret to success for those business acquisitions that do work? Why do some businesses go on to great success after...
Financial Readiness Before the Deal
April 11, 2016 12:16 - 29 minutes - 27.4 MBThe Chief Financial Officer (CFO) is often a very instrumental member of the sell-side team in any M&A deal offering a level of foresight, insight and overall financial expertise that bookkeepers and accountants cannot match. But what if you don’t have a CFO on board? If you’re considering selling your business within the next 3 to 5 years, who can you turn to to help you devise and implement a plan to raise your company’s value? Rob Taylor has some suggestions. Currently the CFO with Ac...
Investment Banks Provide Options, Flexibility
April 08, 2016 12:38 - 29 minutes - 27.6 MBWhether your company is in growth mode or you’re positioning your business for sale, you may want to consult the services of an investment banker. For low and mid-market level companies with revenues of $50 million or less, the decision of which bank to use may seem daunting, but not all investment banks are the same. Todd Taskey is an M&A Advisor with Potomac Business Capital. We had a chance to catch up with him to discuss his perspective on the importance of working shoulder-to-shoulder w...
Value Advantage of Being Lean
April 08, 2016 12:21 - 29 minutes - 27.1 MBMany business owners associate the subject of “lean” strictly with manufacturers. Today, however, businesses in all industries — including service businesses — can benefit from the implementation of lean principles to eliminate waste in all areas of their operations and increase the value of their companies in the process. On this edition of “Deal Talk,” Jeff Allen speaks with Colin Baird, vice president at Sullivan-Curtis-Monroe in Los Angeles, about what lean is and why business owners nee...
I Sold My Business – Dan Ness
April 06, 2016 12:17 - 31 minutes - 29.5 MBThere’s no substitute for the wisdom of someone who has been through the process of selling their business. You can learn a lot from the experience of someone who has “been there, done that,” like Dan Ness. Dan is now the former owner of a Miracle Method franchise in Northern California — a business he owned for more than 32 years. When he and his wife got into the business, it was just the two of them, but they eventually grew their business into one of the most successful franchises in the...
What Investors Want You to Know
April 05, 2016 12:32 - 30 minutes - 27.8 MBAre you making plans to grow your business? Are you looking to recapitalize? If you answered “yes” to either of those questions, you may have given at least some passing thought to working with a private equity group. While not every PE firm seeks to gain controlling interest in a company, investors won’t simply hand their money to just anyone. In fact, investors are more cautious and selective than ever when deciding whether to invest in a company. So what are investors looking for? What ar...
Cyber Crime’s Threat to Valuations
April 04, 2016 12:48 - 29 minutes - 27.5 MBCybercrime is one the fastest growing threats to businesses, and the risk it poses to valuations can be devastating, because it not only impacts company finances, it can also damage an organization’s reputation. Home Depot and Target are just two examples of how cybercrime can bring large corporations to their virtual knees, resulting in the loss of millions of dollars in the process. Imagine the damage that could be inflicted on your business. However, you and your company can avoid becomin...
Solutions to Cash Flow and Revenue Problems
April 02, 2016 13:20 - 31 minutes - 29.5 MBAny business owner will tell you that at one point or another they have had an issue with cash flow, and for many business owners, this is a common ongoing problem. The problem can seem insurmountable if your business is not generating revenue. So how can you get your arms around all of it to stop the bleeding and make the necessary changes to get cash flowing again? Mr. Darrell Dorrell is a widely recognized CPA and the principal at Financial Forensics. His work in the area of forensic acco...
Defer Capital Gains Tax With 1031 Exchange
April 02, 2016 13:11 - 31 minutes - 28.9 MBIf you own property as part of your business and you’re considering selling your company, you may want to think about using that real estate to help you put off paying any capital gains taxes you may owe. The 1031 Exchange has been around for several years. However, many entrepreneurs are not familiar with the ins and outs of this provision of the IRS tax code. Chris Cali is a business attorney and an expert in commercial real estate matters. On this edition of “Deal Talk,” Mr. Cali explains...
The Complex World of Franchise Resales and Transfers
April 02, 2016 12:46 - 31 minutes - 43.8 MBBuying, operating or selling a business is complex enough, but when it comes to franchises, the topic becomes even more confusing. On today’s podcast, Emery Orosz, an industry specialist in the exciting world of franchising, explains to us the basics of franchising and the complex process of reselling or transferring a franchise.
How to Increase the Value of your Business by Paying Off Equipment Leases
March 31, 2016 05:13 - 3 minutes - 3.53 MBDeciding to pay off your equipment lease before selling your business is primarily a mathematical decision with one unknown variable, the multiple. Let's look at a quick example to illustrate the math.
Types of Listing Agreement
March 28, 2016 06:01 - 12 minutes - 11.3 MBSelling your business is a big decision and the process can be overwhelming to those who are unfamiliar with the market. Your first step, after deciding to sell your business, should be to hire a business broker to assist you throughout the selling process. In this podcast, Morgan and Westfield President Jacob Orosz will help you understand the basics of the listing contract in all of its various forms.
What is an Offering Memorandum?
March 28, 2016 05:46 - 17 minutes - 15.9 MBMorgan & Westfield's clients range from small companies with revenues of less than $100,000 annually to large international companies with revenues up to $50 million. The firm has assisted with the sale and valuation of companies in a wide range of industries, including retail, construction, manufacturing, software, technology, wholesale, and professional services.
FAB 14: Template for Success
March 28, 2016 05:41 - 56 minutes - 52.4 MBGlass Doctor is the nation’s largest and leading full service glass franchise company. It has over 200 locations and is ranked among America’s top 500 franchise businesses by Entrepreneur Magazine. Achieving that level of success and fame is the result of the implementation of the FAB 14 -- 14 points that are all critical to a business’ success -- by every franchisee in the organization. Mark Liston, President of Glass Doctor and Mike Gai, Vice President of Operations at Glass Doctor talk...
Moran Family of Brands - An Automotive Franchise Everyone can Appreciate
March 23, 2016 12:35 - 24 minutes - 22.4 MBThere are hundreds of franchise businesses to choose from with thousands of locations across the nation and around the world. Among the many options available to entrepreneurs are franchise “families of brands,” where the different businesses offered seem to complement one another. The Moran Family of Brands is just such an example. Learn how this company has developed a unified culture among the brands it represents and how that results in tremendous added value for its customers, when host...
When to Release Confidential Information to a Buyer
March 21, 2016 12:27 - 5 minutes - 4.98 MBSo you are talking with several interested buyers and a few of them asked you for tax returns, bank statements and some other sensitive information. What should you do? How should you handle this situation? Should you show these documents without having an offer in hand? Before receiving an offer, you should be cautious with what you show to buyers. Certainly be helpful and engage with the buyers but do not give them everything they ask for. At some point, you should politely and tactfully a...
Investing in New Equipment When Selling a Business
March 21, 2016 12:18 - 7 minutes - 6.96 MBAs a general rule, you should not invest in new equipment or other hard assets when in the process of selling your business, unless it immediately increases your cash flow. Improvements to cash flow can come from both increased revenue and decreased expenses. Why shouldn’t I invest in new equipment or other hard assets? Reason: You are highly unlikely to recoup your investment upon selling your business. Buyers value businesses based on cash flow. They multiply cash flow to arrive at a busin...
Private Equity for Business Growth
March 18, 2016 12:36 - 27 minutes - 25.7 MBThere are many misconceptions about private equity, like the idea that all private equity deals require controlling interest of a company in order to make an invest in it. However, that is often not the case. Many private equity firms are more interested in the right long-term investment opportunities for their portfolios. In fact, private equity investors have become more discerning and very selective about the companies they work with. Don Charlton, operating partner and managing director ...
Keys to Effective Succession Planning
March 18, 2016 12:24 - 30 minutes - 27.8 MBWhat is the difference between succession planning and planning your exit strategy? The distinction is important, particularly if you decide not to sell your company outright. Knowing who, specifically, will take over after you leave can help the company to transition from one leader to the next more quickly while allowing it to continue to run smoothly during the entire process. On this edition of "Deal Talk," Jeff Allen welcomes Chicago-based business strategist Carl Seidman, who has advis...
Why Choose Glass Doctor
March 15, 2016 12:52 - 15 minutes - 14.2 MBIn this exclusive interview, we talk with Mark Liston, President of Glass Doctor. Mark joined Glass Doctor as the vice president of operations in April 2010. Today, we discuss about the reasons for choosing the Glass Doctor as a franchise. Mark's experience in franchising began in 1981 when he joined Kinetico Incorporated and worked with Kinetico dealers throughout the world. He is also very involved in the International Franchise Association (IFA). He currently serves as chairman of the Boa...
Become a Master Franchise Partner with ComForCare
March 15, 2016 12:43 - 32 minutes - 30.5 MBIn this exclusive interview, we talk with Phil LeBlanc, VP of Franchise Development at ComForcare Franchise. ComForCare is one of the nation’s leading home care franchise companies operating over 190 territories throughout the U.S., Canada and the United Kingdom. Today with Mr. Leblanc, we talk about the benefits of becoming a master franchise partner for ComForCare. Phil LeBlanc has been in franchise development for 25 years. The first 15 years, he spent most of his time in the travel indu...
A Scalable, Always In-Demand Business
March 14, 2016 12:26 - 27 minutes - 25.1 MBIn our modern society, appliance repair is one service that will always be in demand. Despite competition from independent and corporate appliance repair companies, Mr. Appliance has retained its title as the number one appliance repair franchise business in America. That’s good news for its franchisees and those entrepreneurs looking for a stable franchise opportunity, whether they have previous appliance repair knowledge or not. This company works with its owners to train them and help ...
Save your Company from Bankruptcy
March 14, 2016 12:19 - 29 minutes - 27.3 MBSometimes business owners are too close to their companies to see things as they really are, and by the time they begin to understand why their company may be failing, the damage may be insurmountable. The key, according to “Deal Talk’s” guest on this edition, is to have someone (or a team) with no emotional attachment to drill down and discover the causes of financial losses that could result in eventual bankruptcy. How do you prevent bankruptcy, become profitable and rebuild lost value in ...
How Telling your Story can Help you Sell your Business
March 11, 2016 12:37 - 29 minutes - 27.5 MBWhen was the last time you told a story? Can you spin a good yarn? I'm not talking about a bedtime story or a clever anecdote, but an honest to goodness true story about yourself, about your business. The reason I bring this up is because my guest on this edition on Deal Talk believes it's important for you to communicate your story, particularly when you're positioning your business for sale, whether that's ten months from now, ten years from now, or further down the line. His name is John ...
Ideal Opportunity for Sole Operators
March 11, 2016 12:26 - 20 minutes - 18.7 MBWork-from-home franchises continue to grow in popularity among entrepreneurs, but what separates the best opportunities from the rest? Keeping your own hours? Not having a staff to pay? No inventory to manage and ship? Those may be a few advantages, but as our guest tells you, the program the company has in place to ensure your success is just as important. Beth Wheeler is the Director of Franchise Development for Money Mailer, and she joins host Emery Orosz to discuss her 20 years of suc...
Leasing Commercial Property - Basic Tips for First-Time Business Owners
March 11, 2016 12:21 - 29 minutes - 27.4 MBIf you're a business owner looking to relocate or expand your operations, you've tuned in to the ideal episode because we're going to speak with an expert in the area of commercial real estate, to give us some guidance and answers to questions that will possibly help you with your property search. That all in itself is a full-time job or can be certainly and it's one that you can't take lightly. My guest named today Fred Encinas, he is the Senior Vice President at NAI Capital, a commercial r...
Should you "Rent" a CFO?
March 07, 2016 22:36 - 27 minutes - 25.7 MBMost small businesses operate without a chief financial officer because the business owner and/or their bookkeeper or accountant handles the financial responsibilities themselves. However, it doesn’t mean your company would not benefit from the services of a CFO, particularly if you are planning the sale of your business in the near future. In fact, CFOs are available on a part-time, temporary basis, and the experience they bring can be invaluable in helping a business owner put their organi...
Asset Sales Versus Stock Sales
March 07, 2016 22:28 - 30 minutes - 27.8 MBAsset sale or stock sale? The seller favors one; the buyer favors the other. Why? The distinction between asset sales and stock sales seems simple, but the differences are important, because each type of sale has its advantages, although one side may benefit financially more than the other depending on the type of deal. The key is knowing whether an asset or stock sale is right for your particular situation. Andrew Gantman, CPA and owner of Gantman & Associates in Los Angeles, joins us for a...
Streamlining Processes to Create a more Efficient Company
March 02, 2016 12:30 - 29 minutes - 27.7 MBWhat we're going to talk about a little bit about today, the importance of efficient operations and effective communication, because I don't really think you can have one without the other. They may sound like two different things, but really, for today's business owner in the age of the internet it's really taken over as kind of a primary source of communications among the business owner, his clients, his prospects, his staff in some cases, and today's guest knows a lot about this. He spent...
How to Build Leads through Online Marketing Strategies
March 02, 2016 12:22 - 31 minutes - 29.5 MBYou know the importance of marketing your company’s products or services, and depending on the size of your operation, you may even handle some or most of the marketing responsibilities yourself. Now, how much of that time do you spend in your online marketing efforts? How much? Maybe 25%, 50%, all of it? Good for you. My guest on this edition of Deal Talk is here to reinforce the notion that the old tried and true marketing strategies are not as effective anymore, particularly if you're int...
Revenue Gains from Operational Improvements
February 29, 2016 07:22 - 27 minutes - 25.4 MBBusinesses that are the targets of private equity investors won’t command the value they deserve because of lost revenue opportunities. Often times, lost revenue is due to inefficiencies in a business’ operations. Our guest on this edition of “Deal Talk” makes it his mission to help business owners uncover operational inefficiencies in order to increase productivity, resulting in substantial revenue growth and greater EBITDA. Tim Van Mieghem is a partner at The ProAction Group, which works...
Reduce Taxes on Capital Gains
February 29, 2016 07:01 - 27 minutes - 25.4 MBAfter you’ve sold your company, you’ll face the reality of having to pay capital gains tax on the proceeds, but there are ways to minimize these taxes. These methods can be discussed during the M&A process between the buyer and seller. In fact, the structure of the deal itself may be critical to help the sell-side business owner reduce their tax exposure. Ms. Meghan Jodz, Sr. Tax Manager at Grant Thornton, LLP, talks with Deal Talk’s Jeff Allen about a “Tax Shield” and how both buyers and s...
Is your Business Franchisable?
February 25, 2016 12:24 - 29 minutes - 27.6 MBExpanding your operations and brand through franchising is one way to grow your business. It involves using the money and managerial talents of others to open and operate locations in desirable markets. However, just because you have a successful business doesn’t mean it will pass the test as a “franchiseable” or franchise-ready business. On this edition of “Deal Talk,” host Jeff Allen asks our guest expert how a business owner can determine if they and their business are ready for growth ...
How New Entrepreneurs Can Thrive – New Business Series
February 22, 2016 19:42 - 29 minutes - 27.5 MBEvery new business owner wants their venture to be a big success, but for many, getting started on the right foot is often the biggest challenge. From having an understanding of what your brand is and the importance of determining your corporate culture to the development of your product or lines of service, the questions you need to answer are critical in order to build a successful business you can one day sell at a premium value. James Bottom is the Director of Innovation and Entreprene...
Common Myths Regarding SBA Loans and Buying a Business
February 19, 2016 12:23 - 30 minutes - 28.2 MBIn this edition of deal talk, we're going to talk to you buyers out there. If you're considering buying an established small business that you've had your eye on and you know you're going to need financing, you may want to listen up. Specifically, we're going to talk with an expert about funding through the SBA, or small business administration, and some misconceptions concerning the process, expectations, and results of working with the SBA to help you finance your transaction. To do that, ...