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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Episode Summary:

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://execfin.com/team/kelly-o-finnell/

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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 Richard Parker, a seasoned entrepreneur hailing from Montreal, has spent the past three decades in south Florida, where he has carved out a successful career in buying and selling businesses. His journey into this field was sparked by financial setbacks he experienced in the stock market, pushing him to seek alternative avenues for financial security. Parker’s approach to business acquisitions has been shaped by his emphasis on understanding the operational aspects of a company, focusing on its stability rather than just its potential for growth. He stresses the importance of viewing businesses from a purchaser’s perspective and ensuring they can function independently of their owner. His strategies, which have been honed over 34 years of experience, have been widely recognized and adopted by others in the field, with many attributing their own business successes to his insightful teachings.

Here’s what to expect this episode:

• Operational involvement, financial analysis, process evaluation, and stability are crucial when evaluating business acquisitions.
• Success stories of individuals who achieved their business goals through Richard Parker’s program.
• Business owners should be prepared for selling their business by thinking from a buyer’s perspective and ensuring operational independence.
• First-time buyers should focus on stable, solid businesses and avoid distressed purchases.
• Buyers should understand what sellers are looking for to prepare for a successful business sale.

Connect with Richard Parker:

https://richardparker.com/

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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 Michael Cassata is a seasoned professional widely recognized for his extensive background in acquisition strategies, originally founded a successful healthcare software company in the Northeast. His perspective on acquisition strategies stems from his experiences as a business owner who has led numerous successful mergers and acquisitions, significantly growing his company’s revenues along the way. Cassata believes that many companies are inadequately prepared for acquisitions, which led him to focus on helping business owners understand how potential acquirers might view their company and prepare for a smooth transition. Drawing from over two decades of experience in investment banking, he offers invaluable insights into what buyers are looking for, and how businesses can strategically position themselves for an acquisition. He emphasizes the significance of understanding working capital needs and maintaining accurate documentation to evade unnecessary financial losses during transactions, underscoring the essential role of preparation and knowledge in a successful acquisition strategy.

Here’s what to expect this episode:

• Business Transition Services are crucial for preparing businesses for acquisition.
• High customer concentration can greatly affect valuations and make the business difficult to sell.
• The increasing involvement of private equity companies and generational shifts are changing the dynamics of the M&A world.
• Understanding the working capital needs of a business is crucial in transactions.

Connect with Michael Cassata:

https://www.rocklandtrust.com/wealth-and-investments/michael-cassata

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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Michelle Orr is a seasoned professional with an impressive 25 years of experience in the SBA lending space, beginning her career at Textron Business Credit and later becoming the vice president of lending at Live Oak Bank. Orr’s perspective on SBA financing and prequalification is heavily influenced by her extensive experience in this field, particularly in business buyouts. She believes that SBA financing, especially the seven a loan, plays a crucial role in the lending process as it provides a 75% guarantee for banks which allows them to approve loan requests they would otherwise reject. Orr stresses the importance of buyer prequalification early in the process, arguing that a well-prepared buyer stands a higher chance of not only executing a deal successfully but also of being taken seriously. She emphasizes the need for consistent cash flow revenue trends and profitability when evaluating loan requests and underscores the importance of maintaining open lines of communication and providing exceptional customer service throughout the financing process.

Here’s what to expect this episode:

• Insights from a specialist in franchise lending, general lending, and business buyouts.
• SBA financing policies now allow for partial change of ownership opportunities, adjustments in equity injections, and seller involvement in financing.
• ESOP financing offers a flexible and creative solution for financing diverse potential acquisition targets.
• The M&A market’s future looks promising with expectations of strong acquisition activity, potential decrease in interest rates, and increased focus on deal specifics.

Connect with Michelle Orr:

https://www.bizjournals.com/newyork/potmsearch/detail/submission/6495161/Michelle_Orr

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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 Peter Jordan is a seasoned entrepreneur with a strong background in computer science and business, having founded and led Knowledge Matters for 25 years. His perspective on the Woodbridge investment bank engagement is shaped by his experience during the acquisition process of his company. He valued the broad market approach taken by Woodbridge in selling his business, appreciating their ability to attract a diverse range of potential buyers, including industry companies, PE-backed firms, and wealthy individuals. Jordan trusted Woodbridge to narrow down the list of potential buyers to those who were serious and had the capital to make the deal happen, relieving him of the burden of managing the process himself. Overall, Jordan found Woodbridge’s approach invaluable in finding the right buyer for his business while he focused on running the company and achieving growth.

Here’s what to expect this episode:

• Engaging with Woodbridge Investment Bank for growth capital is crucial for business valuation and attracting multiple potential buyers.
• Managing a large number of bidders requires a structured approach to ensure timely responses and increase the likelihood of a successful sale.
• Adhering to strict timelines during the sale process is essential for successful outcomes and avoiding delays that could jeopardize the deal.
• Staying with a company for a year after an acquisition allows for continuity, stability, and the introduction of fresh perspectives.
• Entrepreneurs should explore how to sell their company in advance, seek help from professionals, and identify serious buyers to increase the company’s value.

Connect with Peter Jordan:

https://knowledgematters.com/

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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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? Join me in our latest episode as we discuss the benefits and challenges of this business model shift.
• The evolution of Broadcast Med business showcases adaptability and innovative spirit. Join me this week as we explore the latest trends and strategies in our newest podcast episode
• 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.broadcastmed.com/

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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This podcast is presented for informational purposes only and should not be relied upon as investment advice or the basis for making any investment decisions. It does not constitute an offer to sell or a solicitation of an offer to buy any specific product or service. UBS does not provide legal or tax advice and we would recommend listeners to obtain appropriate independent professional advice. Some of the views and opinions expressed may not be those of UBS Group AG or its affiliates. 

Woodbridge International are not affiliated with UBS Financial Services Inc.

James Jack is a seasoned professional in the field of business exit planning, leading UBS’s business owner’s client segment within the global wealth management division. His perspective on business exit planning is deeply rooted in understanding the emotional and personal aspects that business owners face when preparing to sell or transfer their business. Drawing from his extensive experience in product development and wealth management, Jack emphasizes that the sale or exit of a business is not just a financial transaction, but also involves significant emotional baggage and self-identity ramifications. He believes in the importance of involving financial advisors early in the process to help business owners prepare for the changes that come with exiting their business, including how they will fill their time, maintain their social life, and find purpose after the exit. Jack’s approach to business exit planning is centered on long-term relationships and thoughtful decision-making, highlighting the need for a comprehensive plan that goes beyond just investing the proceeds from the sale. UBS is a great resource for business owners looking to sell or transfer their businesses. They provide valuable support and guidance throughout the process, helping you navigate the complexities of selling a business and ensuring you make informed decisions every step of the way.

Here’s what to expect this episode:

• Maximizing value in business sales involves creating competitive tension and informed decision-making.

• When it comes to selling a business, creating competitive tension can truly maximize the value you receive. By generating interest from multiple potential buyers, you can drive up the selling price and ensure you’re getting the best deal possible.

• UBS is a great resource for business owners looking to sell or transfer their businesses. They provide valuable support and guidance throughout the process, helping you navigate the complexities of selling a business and ensuring you make informed decisions every step of the way.

• Educational events for business owners are a fantastic way to gain knowledge and insights that can help you make informed decisions when it comes to selling your business.

Connect with James Jack:

https://www.linkedin.com/in/james-jack-3a33026/

Connect with Jacob Koenig:

https://woodbridgegrp.com/

UBS Financial Services Inc. offers investment advisory services in its capacity as an SEC-registered investment adviser and brokerage services in its capacity as an SEC-registered broker-dealer. These services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that you understand the ways in which we conduct business and that you carefully read the agreements and disclosures that we provide about the products or services we offer. For more information, please review client relationship summary provided at ubs.com forward slash relationship summary.

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Marilyn Garcia is a highly experienced professional in the field of transaction advisory services. As a partner at Citrin Cooperman’s transaction advisory services department, Marilyn has demonstrated her expertise and knowledge in this area. With a background in auditing, Marilyn started her career at Rosting Cass in New Jersey before transitioning to their LA office. Since joining Citrin Cooperman in 2014, Marilyn has quickly become a valuable asset to the firm, gaining expertise in transaction advisory and navigating the internal dynamics of the company. With over 200 transactions under her belt, Marilyn has successfully dealt with complexities and challenges.

Marilyn Garcia is a seasoned professional in transaction advisory services, currently serving as a partner at Citrin Cooperman’s transaction advisory services department. With a solid background in auditing and over 200 transactions to her credit, Garcia holds a positive perspective on transaction advisory services, viewing them as a significant value-add compared to audit. She underscores the importance of being well-prepared, educated, and knowledgeable about one’s business and product to attract buyers and maximize both financial and emotional gains. Her career has seen the evolution of transaction advisory services, from a focus on private equity to encompassing a broader client base, including small businesses. Garcia also notes an increased demand for these services post-COVID-19, and remains optimistic about the future of the industry.

Here’s what to expect this episode:

• Value-Adding Financial Due Diligence for Transactions.

• Marilyn Garcia is a partner in Citrin Cooperman’s transaction advisory services department.

• She primarily works with sell-side clients, helping them understand the value of having their own quality of earnings done prior to any potential transactions and educating them on the terms and processes involved.

• Marilyn adds value to the transaction process and assists clients in achieving better outcomes.



• Being prepared, educated, and knowing your business and numbers is crucial when entering into a transaction.

Connect with Marilyn Garcia:

https://www.citrincooperman.com/Specialists/Marilyn-Garcia

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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Neil Dennis is a seasoned professional with a robust background in mergers and acquisitions (M&A), honed during his tenure at Allianz SC, a prominent German financial services firm. His perspective on M&A is shaped by his experiences at Allianz SC, where he transitioned from the finance department to a more significant role in company sales and transactions, eventually leading the M&A department. Currently, as a managing director at Woodbridge International, he appreciates the firm’s client-centric approach and its emphasis on international marketing to reach a broad range of potential buyers.

Host Jacob Koenig had a chance to sit with Neil and discuss his unique outlook at M & A. Neil highlights the unique, fast-paced, and client-focused approach of Woodbridge, contrasting it with his brief stint at a traditional investment banking firm, which lacked the intensity and satisfaction he found in closing deals. Dennis praises Woodbridge’s broad and international reach in finding buyers, emphasizing the importance of cultural fit and the right timing in the M&A process. Reflecting on his career, he values the impact of his work on clients’ futures, underscoring the fulfillment derived from seeing them thrive post-transaction.

Here’s what to expect this episode:

• What sets Woodbridge International apart in your experience in the M&A industry?

• How do you approach business development at Woodbridge International?

• What is your personal approach to mergers and acquisitions at Woodbridge International?

• How important is cultural fit and chemistry in your experience with M&A deals?

Connect with Neil Dennis:

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

Connect with Jacob Koenig:

https://woodbridgegrp.com/

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