Selling a company is something most business owners will only encounter once in their lifetime. Over the years, we've met with thousands of business owners and noticed that the same questions and concerns come up repeatedly. To that end, we've launched our Well Capitalized Interview Series to help demystify the process of selling one's business. We interview private equity investors, business owners who have partnered with private equity groups, and professionals well-versed in legal, tax, accounting, environmental and other aspects of business transactions.
Business Owner Interview: First 100 Days With Private Equity
What really changes at a company after being acquired by an outside investor? The answer largely depends on the acquirer. We interviewed Matt O'Donnell, founder of North Shore Commercial Door, on his experience selling his business to private equity backed strategic Torsion Group Corp. Matt discusses the timing of the transaction, some of the emotions he dealt with throughout the negotiation process, trying to juggle running the business while negotiating the sale, and gives some advice for b...
13 Oct 2020
Most Important M&A Negotiation Terms
What are the most important terms in negotiating the sale of a business? We sat down again with deal attorney Brent Pietrafese of Calfee, Halter & Griswold for a deep dive into legal due diligence. Among other things, we discuss: Protections business owners retaining minority stake in the new business should focus on during negotiationsMost heavily negotiated terms in M&A transactionsKey terms for entrepreneurs when negotiating a post-transaction employment agreementNon-compete clause...
22 Sept 2020
What To Expect From Legal Due Diligence
We interviewed Brent Pietrafese, M&A attorney from Calfee, Halter & Griswold LLP for an overview of M&A due diligence and what business owners should expect from this part of the transaction process. What legal specialty groups are involved in due diligence?What type of information is requested from a buyside legal team during due diligence?What if a business owner doesn't know the answer to a legal M&A due diligence question?Why is it important for a business owner to hire ...
29 Jun 2020
What Are Debt Covenants? M&A Banking Due Diligence Overview
We interviewed Kelly Lamirand, Senior Vice President at KeyBank to discuss what business owners should expect from Senior Lender M&A due diligence. Among other things, Kelly discusses: What information do senior lenders require when performing bank due diligence in an M&A transaction?Why do banks conduct due diligence?Common lending terms including revolver availability, cashflow recapture, and airballDiscussion of the "5 C's of Credit," Character, Capacity, Condition, Collateral, C...
25 Jun 2020
What To Expect From Financial And Tax Due Diligence
Financial and tax due diligence are a few of the many moving parts involved with selling a business. Most of the time, sellers provide buyers with plenty of financial data long before due diligence even begins. All the additional requests for information can seem repetitive, but financial and tax diligence is critical for both sides of a deal. We were joined by Justin Thomas, Partner in Charge of Transaction Services at Cohen & Company, to the financial and tax due diligence process and t...
25 Jun 2020
What Is Working Capital And Why Is It So Important?
What is working capital and why is it so heavily negotiated in M&A transactions? Justin Thomas from Cohen & Company joined us for a deep dive into working capital to discuss how it is calculated and how it impacts the sale of businesses. 1:03 - Working capital definition 2:57 - How does working capital affect purchase price? 6:12 - How does the market most commonly calculate working capital requirements? 7:40 - Is working capital affected by a business's seasonality? 9:19 - Example w...
13 Feb 2020
What Is Life Like Under Private Equity Ownership?
How does life at a family business change after being acquired by a private equity firm? We were recently joined by Marc Calcaterra, CEO of Torsion Group Corp, a manufacturer and distributor of garage door parts and accessories. In this interview, Marc discusses his discuss his experience working with a private equity partner since being acquired in 2016. Among other things, Mark covers: What caused Torsion Group Corp to seek a transactionWhy the company chose private equity over other deal o...
13 Feb 2020
Senior Operating Partner's Role at Private Equity Firm
We recently sat down with Harry Shimp, Senior Operating Partner at MCM Capital, to discuss his role at the firm and its portfolio companies and thought you might find it interesting. Among other things, Harry covers: Types of issues a CEO of a portfolio company should discuss with a senior operating partnerSetting the communication and reporting cadence between the portfolio company and senior operating partnerWhat management teams should expect from weekly calls with a senior operating partn...
8 Feb 2020
Advantages and Disadvantages of Selling to a Private Equity Firm
We recently sat down with Mark Mansour, Founder and Senior Managing Partner at MCM Capital Partners, in an effort to shed some light on the fundamentals of private equity. In this interview, Mark discusses, among other things: Options for business owners seeking liquidity or an exit strategy and the advantages and disadvantages of eachAn overview of the private equity business modelHow private equity firms analyze a company's value and which characteristics play the largest role in the assess...
8 Feb 2020
COO Discusses First Few Months Under Private Equity Ownership
We sat down with Mike Tiner, COO of Andover Corporation, to discuss his recent experience in the private equity acquisition process. Just four months removed from Andover's sale, Mike covers the following topics, among others, from management's perspective: Whether to sell to management, a strategic, or a private equity firmWhat Andover was looking for in a partnerWhat to expect from due diligenceCommunication with employees during the sale processPreserving company culture post-acquis...
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