Secrets to Selling Your Business

CJ Perrone, a seasoned professional at Woodbridge International, and Pat Laliberte, a key member of the same firm’s closing team, are experts in the critical role of closing expertise in business transactions. Perrone, known for his efficiency and effectiveness in deal execution,

emphasizes the importance of specialization and a strong team in navigating the complex closing process. His perspective is shaped by his experience in managing an increasing deal flow and creating sophisticated systems and processes. He believes that successful transactions require skills, empathy, and support from a diverse team. On the other hand, Laliberte, known for his understanding of buyer behavior and deal-making intricacies, stresses the importance of maintaining strong business performance while navigating the transaction. He

believes in selling a business at its peak momentum while fostering trust and open communication with clients. His experience in setting clear timelines and holding stakeholders accountable has led him to advocate for a mediator role, ensuring a positive relationship between buyers and sellers’ post-transaction.

Here’s what to expect this episode:

• Financial findings and holding buyers accountable pose significant challenges in the closing role.
• Extended timelines can increase risk perception and potential deal failures.
• Efficiency in the closing process is crucial for successful deal-making.
• The importance of trust, accountability, and timely issue resolution in project management.
• Closing expertise is essential in navigating challenges such as financial findings and legal aspects.
• Controlling the deal process, setting the tone early on, and maintaining a 60-day close timeline are key for successful transactions.

Connect with CJ Perrone:

https://www.linkedin.com/in/cj-perrone-2246ab2a/

Connect with Pat Laliberte

https://www.linkedin.com/in/patrick-laliberte-547022127/

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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In this episode of the “Secrets to Selling Your Business” podcast, Jacob interviews Jeff Mains, a seasoned entrepreneur and CEO who has led multiple international software and professional services companies, specializing in transforming ideas into successful enterprises. Jeff discusses his role in healthcare with Intelligent Contacts, focusing on improving patient experiences, and his work with the Champion Leadership Group where he helps software companies achieve scalable, profitable growth. He shares valuable insights on the importance of building strong teams, the strategic shifts necessary for scaling to higher revenue brackets, and the lessons learned from selling companies, including the challenges faced during post-acquisition transitions. Jeff also delves into the concepts from his upcoming books “Small Fish, Big Pond: Building A World Class Business That Swims Circles Around Competitors” and “The Captain’s Keys,” offering practical strategies for entrepreneurs to outsmart, outgrow, and

outlast the competition and understanding essential leadership roles for business success.

Here’s what to expect this episode:

• Emphasis on Team Building: How fostering a strong team dynamic contributes to success for an ever-changing business.

• “Dumb Tax” Concept: suggesting that mistakes or oversights in business can be costly. This explores the importance of learning from errors and making informed decisions.

• Focus on Business Growth: insights into strategies for sustainable business growth, particularly during critical stages like crossing from $2M to $10M in revenue.

• Jeff’s Next Book: “Small Fish, Big Pond: Building A World Class Business That Swims Circles Around Competitors,” which offers practical strategies for entrepreneurs to outsmart, outgrow, and outlast the competition.

• Think Big, Go Small: The motto that suggests a strategic approach to business growth, encouraging listeners to consider broader goals while adopting practical, step-by-step measures.

Connect with Jeff Mains:

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

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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Jasmine Jonte, a passionate advocate for education, began her journey teaching at one of the

nation’s lowest-performing schools, which fueled her transition into course creation and online learning. Drawing upon her classroom experiences, Jasmine believes that simplicity and fun are crucial elements in crafting effective and engaging educational programs. She approaches course creation as a strategic process, akin to assembling Lego blocks, where pre-planning and breaking down content are essential for success. Collaborating with industry leaders like Candy Valentino and Nick Bradley, Jasmine has gained valuable insights into achieving financial success while aligning entrepreneurial efforts with personal lifestyle goals, reinforcing her belief that perseverance is key to thriving in the industry.

Here’s what to expect this episode:

• Educational programming can be a valuable revenue stream through course creation, marketing, and sales plans.
• Collaborating with thought leaders provides valuable insights on financial freedom and exit strategies.
• Planning for future business exits involves aligning personal lifestyle goals with financial freedom and strategic investments.
• Selling a business built on a personal brand requires established systems and processes for a successful transition.

Connect with Jasmine Jonte

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

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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Brian L. Shields, a seasoned expert with over two decades of experience in investing, executive roles, and entrepreneurship, provides a profound perspective on acquisition and turnaround strategies. Having led the acquisition and revitalization of Hill and Company and Pacific Union property management firms as a partner at Vaio Management, Shields emphasizes the critical role of cultural alignment and people dynamics in successful deals. His hands-on approach during the COVID-19 pandemic demonstrated the importance of technology modernization, process refinement, and strategic talent acquisition in enhancing customer service and business value. Shields’ insights highlight that a customer-centric focus, combined with operational efficiency and empowered leadership, is essential for transforming well-run businesses into high-value entities.

Here’s what to expect this episode:

• Focusing on customer experience and operational efficiency is crucial in the acquisition and turnaround of property management companies.
• Maintaining the integrity of successful businesses can lead to significant profitability.
• Empowering senior leaders and setting up businesses to run independently are crucial during acquisitions.
• Business transitions involve creating a partnership similar to a marriage, emphasizing trust and relationship-building.
• Prioritizing self-care and well-being are essential for business owners to avoid burnout during transitions.
• Having an intermediary during business transitions can help alleviate stress, manage complexities, and preserve relationships.

Connect with Brian L. Shields

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

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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In this episode, Jacob Koenig interviews Tim Shea, founder and former CEO of FRG Waste, to explore his journey in building and selling a successful waste and recycling business. Tim recounts starting FRG Waste in 1996, initially selling waste handling equipment before expanding into comprehensive services focused on sustainability and landfill alternatives. Over 27 years, the company thrived through its unique, transparent, and client-centric approach. Tim also shares his experience selling another business, Absolute Destruction, and highlights the challenges of the sales process, including due diligence, the importance of solid accounting and contracts, and the value of clear communication with customers and employees. Contrasting his direct sale of FRG Waste with a brokered sale through Woodbridge, he emphasizes the benefits of professional guidance, project management, and expertise. Tim reflects on the emotional transition from CEO to a less stressful lifestyle and reveals his plans to travel the Eastern Seaboard on a hybrid boat, reflecting his ongoing commitment to sustainability. The episode concludes with Tim’s gratitude for Woodbridge’s support in navigating the complexities of selling

his business.

Here’s what to expect this episode:

• Tim Shea’s journey of founding and growing FRG Waste into a successful waste and recycling business focused on sustainability and landfill alternatives.
• Insights into the challenges and intricacies of selling a business, including due diligence, preparing contracts, and communicating with customers and employees.
• A comparison of selling FRG Waste directly versus using Woodbridge, a business brokerage firm, and the benefits of professional guidance in the sales process.
• The emotional aspects of transitioning from CEO to a stress-free lifestyle and Tim’s plans for a sustainable future, including traveling the Eastern Seaboard on a hybrid boat.
• Tim’s reflections on the importance of transparency, client focus, and trusted advisors in achieving long-term business success and smooth transitions.

Connect with Tim Shea:

https://www.linkedin.com/in/tim-shea-6247191/

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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In this episode of Secrets to Selling Your Business, Jacob Koenig sits down with Rachel Neill, a serial entrepreneur and the founder and CEO of Carex and Figgy Play. Initially aspiring to be an attorney, Rachel discovered her passion for entrepreneurship while working at an early-stage startup, igniting a journey of continuous learning and action. She shares her experiences building Carex, a career matchmaking service focused on meaningful relationships, and Figgy Play, a children’s product that made a remarkable debut by selling $40,000 worth of products in just eight minutes on Kickstarter. Balancing the dynamics of a service-based company with a

product-focused venture, Rachel highlights the challenges of scaling businesses, managing seasonal demand, and seeking capital while emphasizing the importance of taking risks, embracing feedback, and blending work and life. Her journey is a testament to resilience and innovation, offering invaluable insights and inspiration for entrepreneurs navigating their own paths.

Here is what to expect on this episode:

• Insights into Rachel Neill’s entrepreneurial journey, from working at a startup to founding Carex and Figgy Play.
• How Carex revolutionizes career matchmaking through meaningful relationships and a personalized approach.
• The incredible launch story of Figgy Play, which raised $40,000 in just eight minutes on Kickstarter.
• Strategies for balancing the challenges of running a service-based business and a product-based company.
• Rachel’s advice for aspiring entrepreneurs on embracing feedback, taking risks, and planning for success.

Connect with Rachel Neill:

https://www.rachelneill.com/

https://figgyplay.com/

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Connect with Jacob Koenig:

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Stan Miller, a Vanderbilt Law School graduate, discovered his passion for estate planning after initially hesitating due to the family disputes he observed during his legal education. His enthusiasm was rekindled by the transformative potential of living trust planning, which revealed the profound, positive impact well-crafted estate plans can have on families. Stan’s approach to estate planning goes beyond mere financial considerations, as he emphasizes the importance of passing on values and creating lasting legacies for future generations. Through his work and writings, like “Your American Legacy,” he advocates for strategic estate planning that not only maximizes benefits and minimizes harm but also ensures a meaningful transfer of wealth and values.

Here’s what to expect this episode:

• Estate planning can have a profound impact on families by helping pass on values effectively.
• Effective tools and strategies are needed for implementing important values along with wealth transfer.
• Becoming irrelevant to the business before selling it is crucial for long-term success and avoiding post-sale complications.
• Entrepreneurial opportunities in the US are significant, emphasizing innovation and risk-taking for societal progress.

Connect with Stan Miller:

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

Connect with Jacob Koenig:

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

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Rod Hatley, a former criminal defense attorney with the Navy JAG Corps, shifted his focus to estate planning after experiencing firsthand the challenges of probate due to his father’s inadequate planning. This personal ordeal has driven Hatley to underscore the importance of early and comprehensive estate planning, particularly for business owners who wish to secure their legacy and assets. As the founder of Hatley Law Group, he is dedicated to helping clients minimize taxes, protect their assets, and ensure a smooth transition of wealth, emphasizing the need for collaboration with specialized professionals. His approach is informed by a deep understanding of state-specific asset protection laws and the satisfaction derived from ensuring clients’ wishes are honored without last-minute crises.

Here’s what to expect this episode:

• Proactive estate planning is crucial to avoid the negative consequences of inadequate preparation.
• Regularly updating and maintaining estate plans, with the help of advisors, is essential for adapting to changing tax laws and personal situations.
• Pre-planning in estate planning for business sales can protect assets and minimize taxes, ensuring a smoother process for business owners and their families.
• Understanding state-specific legalities is important for effective asset protection and estate planning, emphasizing the need for proper structuring of business entities and transferring ownership interests into living trusts.

Connect with Rod Hatley:

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

Connect with Jacob Koenig:

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

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In this special episode, special guest host Larry Reinharz of Woodbridge International

interviews Jacob Koenig.  Jacob Koenig, a seasoned financial professional with extensive experience at Goldman Sachs, offers a unique perspective on the impact of COVID-19 on financial institutions. Drawing from his time in Asia, he notes how the region’s cultural memory of SARS significantly influenced its response to the pandemic, contrasting with the more bureaucratic approach of larger firms like Goldman Sachs. Koenig underscores the importance of adaptability and technology, pointing out how smaller startups like Woodbridge leveraged these tools to navigate the pandemic more efficiently. He believes that the ability to quickly pivot and optimize resources is crucial for financial institutions to maintain business continuity and client satisfaction during such global crises.

Here’s what to expect this episode:

• In equity brokerage, big deals are relationship-driven with a few potential buyers, while lower middle market M&A involves casting a wide net to attract numerous potential acquirers for smaller companies.
• Both environments emphasize understanding market dynamics and valuation language for successful transactions.
• Running an auction in the lower middle market ensures that the seller obtains the best deal in a transparent and fair manner.
• Woodbridge’s ability to quickly adapt to new challenges, embrace technology, and explore new ways to add value sets them apart from larger institutions like Goldman Sachs.

 Connect with Larry Reinharz:

https://www.linkedin.com/in/larry-reinharz-9b14645/

Connect with Jacob Koenig:

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

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Kelly O. Finnell, president of Executive Financial Services, has carved a niche for himself in the ESOP consulting landscape with over four decades of experience dating back to 1979. Finnell’s unique perspective on ESOPs has been honed through his extensive involvement in the field, starting from his law school days when he was assigned a project on ESOPs. He strongly believes in the potential of ESOPs for healthy businesses that value their culture and view their enterprise as a legacy to be preserved rather than as a rescue tool for faltering companies. Finnell’s understanding of ESOPs has grown over the years, driven by the aging baby boomer population and an increased awareness of ESOPs. As an advocate for informed decision-making, Finnell strives to educate business owners through his comprehensive guide on ESOPs, debunking common misconceptions and providing insightful strategies for ownership succession planning.

Here’s what to expect this episode:

• ESOPs offer unique tax benefits and advantages over traditional selling methods, making them a valuable tool for succession planning and ownership transitions in businesses.

• ESOPs often provide better payouts than private equity firms, with significant tax benefits and advantages for business owners looking to transition ownership.

• ESOP Trustees play a vital role in the transaction process, ensuring a match in financial terms and cultural compatibility for the success of the ESOP transaction and the company in the long term.

• ESOPs have transitioned from ‘rescue ESOPs’ to a popular option for business owners due to the aging of baby boomers, serving as both a retirement plan for employees and a liquidity strategy for owners.

Connect with Kelly O. Finnell:

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

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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