Secrets to Selling Your Business

Why should businesses shift focus from selling products to selling outcomes?

Stephen Steers is a renowned consultant and author with a notable background in storytelling in sales, a skill honed through his experience working with approximately 1000 companies worldwide following his transition into consulting from the sales industry. Steers considers storytelling as a pivotal aspect of sales, particularly when the objective is to sell a business. Drawn from his extensive experience and insights, he emphasizes the role of narratives in demonstrating systems and processes that prospective buyers would be interested in. He advocates for storytelling that focuses on positive outcomes, such as improved customer acquisition, effectively communicating business value. Steers insists that aligning storytelling with the benefits and outcomes for customers, rather than merely highlighting product features, is instrumental in engaging customers and fostering memorable experiences that can result in referrals.

Here’s what to expect this episode:

• Storytelling is key in sales to sell outcomes rather than products and connect with customers on a deeper level.

• Crafting narratives that resonate with buyers’ aspirations and goals is crucial for engaging and influencing potential customers

• Using context-driven strategies in sales, such as personalized messages and storytelling, helps establish meaningful connections with customers.

• AI in Sales can personalize customer interactions but should be complemented with storytelling and context selling for sustainable results.

Connect with Stephen Steers

https://www.stephensteers.com/

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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What does it really take to close a successful business deal in today’s market?

In this engaging podcast episode, host Jacob Koenig welcomes seasoned attorney Randolph Ewing—who has practiced law since 1978 and holds deep expertise in mergers and acquisitions, international law, finance, sports, and general business—for a wide-ranging discussion on the intricacies of business transactions. Drawing on his 45 years of experience and history as a partner in prominent firms such as Reynolds Allen & Cook, Looper, Reed, Ewing & McGraw, and Boyer, Ewing & Harris, Ewing reflects on a recent successful deal he closed with Koenig, highlighting the collaborative role of legal and financial advisors. He offers valuable insights into strategic negotiation, the importance of experienced counsel on both sides of a deal, and the evolving landscape of seller-friendly transactions. Throughout the conversation, Ewing shares practical advice and real-world anecdotes, emphasizing how clear communication and legal acumen are key to navigating risk allocation and ensuring smooth deal closures for clients ranging from private equity firms to entrepreneurs and investors.

Here’s what to expect this episode:

• Insight into Mergers and Acquisitions (M&A) Expertise: valuable insights into the world of mergers and acquisitions from a seasoned legal expert, including strategies for successful deal negotiation and closure.

• Importance of Professional Legal Representation: the crucial role of having experienced and specialized legal representation on both sides of a transaction, highlighting how this can impact the negotiation and outcome of business deals.

• Trends and Evolution in Business Transactions: how the landscape of business sales has changed over the years, particularly noting the shift towards more seller-friendly environments and the implications of these changes.

• Risk Management in Business Deals: gain an understanding of the complexities of risk allocation in business transactions, including how risks are identified, negotiated, and managed by legal professionals.

• Practical Advice and Anecdotes from Experience: the real-world anecdotes and practical advice drawn from the expert’s 45-year career, offering a realistic view of the challenges and considerations in the field of business law and transactions.

Connect with Vin Infante:

https://www.ewingjones.com/attorney-randolph-ewing.html

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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What steps should business owners take to ensure a smooth transition when selling their businesses?

Kate Hufnagel is a seasoned professional with a solid background in engineering and an extensive 25-year career in big tech, including a tenure as a federal employee at the Central Intelligence Agency. Her perspective on business continuity and digital legacy planning is profoundly shaped by her professional experiences. Hufnagel emphasizes the critical role

of reliable documentation and information storage in a digital format for ensuring operational continuity and security, a lesson she learned during her service at the agency. As the founder of the Digital Wrangler, she leverages her expertise to help solopreneurs and small to medium-sized business owners prepare for potential succession and business sale, focusing on digital aspects such as online accounts and financial records. Her approach is proactive, identifying blind spots in digital legacy planning to ensure a smoother transition and a more confident business owner.

Here’s what to expect this episode: 

• Having a comprehensive plan in place is crucial for preparing to sell a business

• Business owners need to organize digital accounts, formalize succession plans, and implement data security measures when selling their businesses

• Consultants play a critical role in guiding owners through the business transition process to ensure a successful outcome

Connect with Kate Hufnagel

https://www.thedigitalwrangler.com/

https://www.linkedin.com/in/kate-hufnagel/

Connect with Jacob Koenig:

https://woodbridgegrp.com/

https://www.linkedin.com/in/jacobkoenig/

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What are the key elements to consider when acquiring an online business?

Michael Frew, a seasoned serial entrepreneur and the owner of multiple SaaS businesses, has carved a niche for himself in the competitive landscape of online business acquisitions. Leveraging his engineering and development background, Michael transitioned from a long corporate career to focus on acquiring online companies, targeting businesses with owners motivated by reasons beyond just financial gain. He emphasizes the significance of building strong relationships with sellers, ensuring that there’s mutual alignment in mission and customer focus. By utilizing a diverse mix of cash, debt, equity, and earn-outs, Michael remains adaptable and strategic, continuously learning from both successes and challenges to refine his approach and maintain his passion for running these businesses.

Here’s what to expect this episode:

• Importance of mindset, financing, due diligence, and transition planning in acquiring online businesses.

• Significance of aligning businesses with one’s niches and specialties, and having a well-thought-out transition plan.

• The evolving financing approach in online business acquisition by incorporating borrowing, debt, equity, and earn-outs.

• The need to consider compatibility, vision alignment, and working together post-sale in business acquisitions and sales.

Connect with Michael Frew

https://www.linkedin.com/in/michaelfrew/

https://www.michaelfrew.com/

Connect with Jacob Koenig:

https://woodbridgegrp.com/

https://www.linkedin.com/in/jacobkoenig/

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How can investing in an opportunity fund help business owners defer and potentially eliminate taxes?

Ashley Tison is a renowned expert in tax planning and mitigation strategies, bringing a wealth of experience from his background in law, commercial real estate, and tax-advantaged syndication. Recognizing the significant tax implications that arose during the Great Recession, he pivoted his focus toward assisting business owners in preserving their profits through effective tax strategies. Since 2018, Ashley has concentrated on Opportunity Zones, guiding clients in optimizing their tax efficiency and emphasizing the importance of establishing Opportunity Funds early to capitalize on future capital gains and tax benefits. He advocates for proactive planning and comprehensive financial management, encouraging business owners to explore strategies such as charitable remainder trusts and Opportunity Funds to mitigate tax liabilities and enhance returns, particularly before the Opportunity Zones program’s 2026 deadline.

Here’s what to expect this episode:

• Succession planning is crucial for business owners to navigate potential transitions and avoid negative outcomes.

• Tax planning strategies like Opportunity Zones and charitable remainder trusts can optimize tax outcomes for business owners.

• Excess inventory can complicate the selling process for businesses, highlighting the importance of proactive inventory management.

• Investing in an opportunity fund within 180 days of realizing a capital gain can defer tax payments and potentially eliminate taxes altogether through creative tax mitigation strategies.

• Collaboration with professionals and early preparation can help businesses navigate transitions smoothly and maximize the value of their assets.

Connect with Ashley Tison:

https://www.linkedin.com/in/ashley-tison/

Connect with Jacob Koenig:

https://woodbridgegrp.com/

https://www.linkedin.com/in/jacobkoenig/

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How can reframing sales as a service help build trust and lead to business success?

Nicky Billou, an inspiring figure whose journey as an immigrant from Iran to Canada profoundly shaped his worldview, passionately believes in the power of freedom and self-determination. Escaping the Islamic revolution to practice their Christian faith freely, his family’s transition from tyranny to freedom significantly influences his mission to champion these values for entrepreneurs. Guided by his father’s entrepreneurial spirit and generosity, Nicky dedicates himself to empowering business professionals, teaching them to achieve personal and financial freedom while restoring faith in humanity. Through initiatives like E Circle Academy, he leverages his expertise to guide thousands in scaling their ventures, emphasizing the importance of aligning with clients’ values and preparing businesses for sustainable growth independent of their owners.

Here’s what to expect this episode:

• Nicky Billou’s journey as an immigrant from Iran to Canada and the importance of his parents’ sacrifices in shaping his entrepreneurial mindset.
• The emphasis on reframing sales as a service to build trust and achieve business success.
• The impact of the Ideal Client Exercise in tailoring messaging and strategies to attract the right buyers and increase client satisfaction.
• Instances of regret from business owners due to buyer misalignment post-acquisition, highlighting the importance of aligning values and intentions before selling a company.
• The significance of preparing a business for sale by ensuring it can operate independently from the owner, focusing on sustainable growth post-sale.

Connect with Nicky Billou:

https://www.linkedin.com/in/nickybillou/

https://www.ecircleacademy.com/

Connect with Jacob Koenig:

https://woodbridgegrp.com/

https://www.linkedin.com/in/jacobkoenig/

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Why is open communication important among financial professionals in divorce cases involving family businesses?

Melissa Murphy Pavone is a seasoned certified divorce financial analyst and the founder of Mindful Financial Partners and Mindful Divorce Partners, bringing over 18 years of experience from prestigious financial institutions like UBS and Citibank. She is renowned for her expertise in navigating the intricate financial landscape of divorces involving family-owned businesses, focusing on fair business valuations and thorough expense analysis. Melissa advocates for a collaborative approach among certified divorce financial analysts, accountants, and attorneys to achieve the best possible outcomes for clients, ensuring that financial strategies align with personal and business objectives. Through her entrepreneurial venture, she provides tailored financial advice and acts as a family CFO, guiding clients through comprehensive financial planning, from insurance to estate planning, to support their long-term goals and financial well-being.

Here’s what to expect this episode:

• Melissa Murphy Pavone specializes in cases involving family-owned businesses, focusing on business valuations, expense analysis, and financial implications of divorce.

• Thorough financial analysis is crucial in divorce cases with family businesses to address all aspects for the best interest of all parties.

• Open communication and collaboration among financial professionals is crucial for working in the best interest of the client.

Connect with Melissa Murphy Pavone:

https://www.linkedin.com/in/melissamurphypavone/

https://mindfulfinancialpartners.com/about/

https://mindfulfinancialpartners.com/

Connect with Jacob Koenig:

https://woodbridgegrp.com/

https://www.linkedin.com/in/jacobkoenig/

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How can building a business for strategic buyers increase value?

Igor Vainshtein, a renowned serial entrepreneur and best-selling author, is a leading advocate for building businesses with strategic buyers in mind. His approach emphasizes that such buyers seek more than just financial returns; they look for acquisitions that align with their strategic objectives. Vainshtein’s entrepreneurial philosophy shifts the focus from merely growing a business to strategically positioning it as indispensable to potential buyers, thus increasing the likelihood of a successful and timely sale. Drawing on his experience, including the successful sale of his golf business, he underscores the importance of aligning business value with buyer expectations, thereby crafting exit strategies that are not only lucrative but also foster long-term growth.

Here’s what to expect this episode:

• Managing expectations and being strategic are key when planning to sell a company

• Successful exits require a period of handover, golden handcuffs, and shared risk in the upside of the deal

• Igor’s experience underscores the value of strategic exits over traditional ones

• Planning for a potential exit is necessary to build a business that someone would want for strategic reasons

• Understanding cultural factors and navigating international business dealings is important

Connect with Igor Vainshtein:

https://www.igorvainshtein.com/

https://www.linkedin.com/in/igorvainshtein/

Connect with Jacob Koenig:

https://woodbridgegrp.com/

https://www.linkedin.com/in/jacobkoenig/

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“My profitability was in excess of 80%… I stopped growing the company. So they’re like, well, it’s not on an upwards trajectory. And I’m like, yeah, but you’ve seen… literally untouched… for four plus years, and the clients have gone nowhere.”  -Ben Bressington-

Ben Bressington is the CEO of Automate Boring, where he champions the transformative potential of robotic process automation in refining business operations. He advocates for the strategic integration of automation as a critical factor for businesses aiming to scale and maintain competitiveness in today’s fast-paced technological environment. By focusing on simplicity and agility, Bressington believes that businesses can empower their employees to effectively manage automated systems, thereby reallocating human resources to more strategic and innovative tasks. With his extensive expertise, he underscores the significance of leveraging AI to enhance operational consistency and efficiency, ultimately optimizing business processes for sustainable growth.

Here’s what to expect this episode:

• Automation is crucial for streamlining processes and freeing up human resources for more valuable tasks.
• Businesses can use Gen AI and robotic process automation to create and post content on social media platforms for engagement.
• Sustainable income and profitability are key factors for buyers when acquiring a business.
• Entrepreneurs should focus on simplicity, agility, and flexibility in utilizing automation to improve business operations.

Connect with Ben Bressington:

https://www.linkedin.com/in/benjaminbressington/

https://bareremedy.net/

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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Barry LaBov, CEO and founder of Labov Marketing Communications and Training, is a prominent advocate for brand differentiation, emphasizing the importance of discovering and maximizing a company’s unique qualities. Starting his business as a one-person operation, LaBov has grown it into a global entity serving major clients like Harley Davidson and Volkswagen, focusing on highlighting what sets them apart in the marketplace. Through his book “Power of Differentiation” and his podcast, Difference Talks, LaBov explores methodologies such as brand assessment and technical immersion to validate and strategically execute a company’s distinct traits. He firmly believes that by celebrating these unique aspects with employees and effectively communicating them to the market, businesses can build a compelling narrative, increase their value, and ensure long-term success even amidst fierce competition.

Here’s what to expect this episode:

• Brand differentiation is crucial for increasing value and standing out in the market.

• Maintaining what is special about a business is important for preserving its legacy.

• Valuing uniqueness over commodities is essential for creating brand alignment and value.

• External perspectives are necessary for companies to uncover hidden differentiators and enhance their marketability.

Connect with Barry LaBov:

https://www.linkedin.com/in/barry-labov-6965241/

https://www.labov.com/barry-labov/

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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