Secrets to Selling Your Business

Eric Neumann, a seasoned fractional CFO at New Life CFO Services, brings over three decades of expertise in the due diligence process within the business sector. Neumann emphasizes the importance of thorough due diligence, particularly in understanding and forecasting critical metrics that drive business success. His approach involves adapting to changing market forces and uncovering hidden value through meticulous analysis, which can often reveal overlooked areas needing attention and ultimately improve operations. With a commitment to benefiting society through entrepreneurship, Neumann’s philosophy underscores the necessity of focusing on the right metrics, ensuring businesses not only survive but thrive, especially when preparing for investment or sale.

Here’s what to expect this episode:      

• Thorough due diligence is crucial for evaluating businesses for investment or sale, providing insight into past, present, and future trajectories.
• Implementing effective tactics to enhance cash flows and financial stability within organizations is vital for success in today’s financial landscape.
• Forecasting difficulty levels vary across industries like radio, outdoor, and oil and gas, requiring constant updates and financial strength.
• Eric Neumann’s three decades of experience emphasize understanding current metrics and evolving strategies to help businesses thrive in a competitive landscape.
• Embracing antifragility in business, as highlighted by Nassim Taleb, can lead to long-term success and growth by learning and growing stronger from setbacks.

Connect with Eric Neumann:

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

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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Jason Zilveti, a distinguished financial advisor at Rockefeller Global Family Office, brings a profound perspective on wealth management strategies shaped by his diverse family background in medicine and finance. With a focus on multi-generational family wealth preservation, Zilveti champions the value of building strong relationships and coordinating across various advisory domains such as tax, legal, estate, and insurance. He advocates for personalized financial plans and a “bucket approach” to long-term planning, addressing immediate, lifetime, and legacy needs. Crediting his early success to exceptional mentorship and understanding the importance of industry recognition, Zilveti remains committed to guiding clients in growing and maintaining their wealth through strategic and holistic financial planning.

Here’s what to expect this episode:

• Jason Zilveti’s early success in wealth management was influenced by family background and mentorship, leading to a passion for helping clients with their financial health.
• Multi-generational family wealth preservation is a core focus for Jason, emphasizing the importance of stewarding wealth for future generations and the emotional aspects of business transitions.
• Assembling a team of professionals is crucial for business owners preparing for a sale, providing personalized financial plans and support throughout the process.
• Implementing value acceleration methodologies can enhance a business’s value, making it more appealing to potential buyers and ensuring a smooth transition.
• Engaging investment banks for business acquisitions can significantly impact outcomes, maximizing the value of the company through competitive processes and tailored strategies.

Connect with Jason Zilveti:

https://www.linkedin.com/in/jason-a-zilveti-cpwa%C2%AE-cepa-bb4b2465/

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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Stoy Hall, the CEO and founder of Black Mammoth, brings a unique perspective to wealth management rooted in inclusivity and holistic principles. Hall’s experiences, including a transformative trip to Tanzania, have shaped his belief that true wealth transcends monetary gain, focusing instead on meaningful life experiences and living authentically. Founded in 2020, Black Mammoth caters to minority and women business owners, leveraging strategies of the ultra-wealthy to provide personalized financial planning and support. Hall’s emphasis on communication, strategic planning, and emotional intelligence underscores his commitment to creating a supportive environment that fosters both personal and financial growth for his clients.

Here’s what to expect this episode:

• Stoy Hall founded Black Mammoth in 2020 as a modern family office for minority and women business owners, focusing on inclusivity and holistic wealth management.
• Engaging multiple buyers in a business acquisition can significantly impact the value and finding the right partner for business owners.
• Identifying integration costs and seeking advice from experienced professionals are crucial in successfully aligning business acquisitions with wealth management strategies.
• Emotions and feelings play a significant role in business negotiations and sales, impacting decisions and outcomes more than monetary aspects.

Connect with Stoy Hall:

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

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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Nathan Turner, often referred to as the “Canadian Note Guy,” embarked on his real estate and mortgage note journey in 2009 after his Curves franchises were struggling. Inspired by flipping shows on TV, he initially delved into real estate and soon transitioned to mortgage notes, viewing the properties as collateral and the finance aspect as the primary focus. Turner and his Canadian partner began by managing a portfolio of Midwest properties for California investors, and their innovative approach to non-performing notes led to the establishment of an investment fund dedicated to purchasing performing loans. His career evolution highlights his adaptability and strategic thinking, earning him a respected niche in the U.S. mortgage note market.

Here’s what to expect this episode:

• Nathan Turner transitioned from owning Curves franchises to focusing on mortgage notes after a fortuitous opportunity presented by California investors in 2007.
• Turner specialized in buying non-performing notes and later transitioned to purchasing performing loans for his investment fund.
• Turner’s experience with owning Curves franchises highlighted the challenges faced during the economic downturn following the 2007 market crash.
• Nathan shares his experience in identifying and acquiring non-performing mortgage loans, transitioning towards acquiring performing loans over time.

Connect with Nathan Turner:

https://www.linkedin.com/in/nathan-turner-a9a1b510/

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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Dave Castro is an entrepreneurial force behind the innovative IceBrekr app, a platform designed to revolutionize the way individuals connect at gatherings by leveraging the power of cell phone ID technology. With a career spanning over 20 years in the software industry,

including co-founding a healthcare software company later acquired by Dr. Oz’s ShareCare corporation, Dave has consistently been driven by a fascination with technology and a desire to create impactful software products. His vision for IceBrekr stems from his belief that life’s most meaningful achievements are rooted in the connections we make. The app reflects this philosophy, allowing users to selectively share information and efficiently find relevant connections, thus alleviating the awkwardness often encountered in networking scenarios. Dave’s ambition with IceBrekr is not just to transform networking at events but to redefine how we forge personal and professional relationships for the foreseeable future.

Here’s what to expect this episode:

• Innovative Networking Technology: Listeners will learn about the Icebrekr app’s unique technology that uses phone radio signals to identify and connect with people nearby at events.

• Enhanced Connection for Introverts: The Icebrekr app facilitates initiating conversations and targets meaningful interactions, making networking events less daunting and more productive.

• Adaptation During the Pandemic: The discussionreveals how the COVID-19 pandemic led to the strategic pivot of Icebrekr, incorporating features for virtual and hybrid event networking. This adaptation underscores the importance of flexibility and innovation in business.

• Entrepreneurial Insights: The significance of patience, the critical role of sales, and the importance of operational efficiency in a startup’s success. These insights are particularly useful for aspiring entrepreneurs and business professionals.

• Future Developments and Vision: A glimpse into the future developments of the Icebreaker app, emphasizing its potential to revolutionize networking events. Castro’s vision for the app includes features that will further maximize the return on investment for event attendees, transforming expectations and experiences at networking events.

Connect with Dave Castro:

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

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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Episode Summary:

Ross Joel is a seasoned professional in the evolution of

broadcast media business, with a rich background as a television news anchor

and a master’s degree in journalism from New York University. He founded and

served as the CEO of Broadcast Med, a company that transitioned from children’s

video production to television production, corporate videos, and eventually

found success in live surgical broadcasts online. Joel’s perspective on the

evolution of the broadcast med business is one of adaptability and learning

from experiences, emphasizing the importance of evolving the business based on

lessons learned and being prepared for unexpected events. His experience

underscores the value of being flexible, innovative, and strategically aligned

with market dynamics to ultimately achieve success in the business.

Here’s what to expect this episode:

• Thinking about transitioning from project-based revenue to annual recurring revenue? We discuss the benefits and challenges of this business model shift.
• The evolution of Broadcast Med business showcases adaptability and innovative spirit.
• Offering mentorship to young entrepreneurs is emphasized by Ross Joel. Tune in to our latest podcast episode where we discuss the importance of mentorship in business success!
• The challenges faced during the sale process of Broadcast Med led to a transformative business evolution and a successful sale. Tune in to our latest podcast episode to hear all about it!
• Why is mentorship for young entrepreneurs emphasized by Ross Joel? Tune in to our latest podcast episode where we explore the power of mentorship in shaping the next generation of business leaders.

Connect with Ross Joel:

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

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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Jacob Koenig interviews Adam Zuckerman, founder of “Buried in Work,” a company that innovates in the estate planning sector by simplifying and organizing the process through digital and paper-based solutions. Adam shares a deeply personal catalyst for his venture—a poignant experience with his father’s sudden illness and subsequent death, which led him to help his mother as the executor of his father’s will. This experience showcased his comprehensive method of estate organization, which significantly impressed financial professionals and spurred the creation of his company. Adam details how “Buried in Work” provides comprehensive estate organization tools and services that help reduce the significant time

typically required to manage an estate, making the process less stressful and more efficient. He also discusses the unique challenges business owners face in estate planning and how his services cater to both individual and corporate clients, emphasizing the importance of being well-prepared for business transition or personal incapacitation.

Here’s what to expect this episode:

• Estate planning goes beyond just having a will or trust; it includes setting up advanced directives, detailed funeral instructions, and ensuring all necessary information is organized and accessible to ease the burden on family members during emotionally challenging times.
• Organizing and simplifying estate-related information can drastically reduce the time required to administer an estate, which typically takes an average of 570 hours.
• For business owners, estate planning must also encompass aspects like business continuity, client and partner relations, and succession plans. Proper planning ensures that business operations do not suffer in the event of the owner’s unexpected incapacity or death.
• Incorporating estate planning into employee benefits can increase workplace satisfaction and retention. When employees feel their personal and professional futures are secure, it can lead to higher productivity and stability within the company.
• The integration of digital solutions alongside traditional paper-based methods provides a balanced approach to estate planning, catering to varying preferences and needs, and ensuring all demographic groups are served effectively.

Connect with Adam Zuckerman:

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

Connect with Jacob Koenig:

 https://woodbridgegrp.com/

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Kevin D. Quinn is the founder and president of Legacy Counselors, where he specializes in estate and business planning with a focus on small businesses and asset protection. He believes that early planning is crucial for protecting one’s assets, family, and business from potential risks such as creditors’ claims and estate taxes. Quinn advocates for a holistic approach that includes building strong management teams, upgrading systems, and encouraging intergenerational communication about wealth to ensure its preservation and growth. Recognizing the emotional attachment entrepreneurs have to their businesses, he advises them on preparing for the transition from business ownership to the next chapter of their lives, providing comprehensive support through Legacy Counselors to maximize business value and secure family financial well-being.

Here’s what to expect this episode:

• Importance of engaging clients in conversations about preparing for selling a business and ensuring strong management teams are in place.
• Addressing emotional aspects of selling a business including personal attachment, identity, and future plans post-sale.
• Succession planning involves structuring shares, addressing estate taxes, and ensuring family financial well-being.
• Discussing the concept of underutilized wealth and exploring effective deployment for family legacy and asset protection.

Connect with Kevin D. Quinn:

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

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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Steven Pope, the CEO and founder of my Amazon guy, is renowned for his exceptional entrepreneurial success, emphasizing customer demand as the cornerstone of his business philosophy. He believes that understanding and meeting customer needs, coupled with continuous feedback loops, are critical to thriving in any venture. Pope’s approach is deeply rooted in focusing on familiar terrains and leveraging his expertise, as exemplified by his background in chess. Looking ahead, he plans to expand his company through strategic acquisitions and effective team management, employing tools like personality profiling to build a cohesive, high-performing global team of 540 employees.

Here’s what to expect this episode:

• Customer demand and feedback loop are crucial for entrepreneurial success
• Sticking to what you know can provide a competitive edge in the market
• Challenges with MyAmazonGuy.com dominance led to pivoting to more profitable ventures
• Importance of team culture and adherence to processes in successful business scaling

Connect with Steven Pope:

https://www.linkedin.com/in/steven-pope/

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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