Show Me The Way

In this episode of “Show Me The Way,” Dave sits down with Gerry Weinberg, CEO of Gerry Weinberg and Associates, to discuss the growth that happened through owning a business. Gerry also talks about the numerous things he discovered about himself and his family in the process of selling the business to his daughter.

Dave asks Gerry to introduce himself and give a bit of the background of starting his business.

• Gerry recalls his history growing up in Saratoga Springs, his journey to college, and getting fired from his first job out of college.

Dave follows up by asking Gerry’s thought process of switching from working for other people to owning his own business.

• Gerry realized he was an entrepreneur at heart, and talks about how he became very decisive, while also being a risk taker.

Dave asks if there is a key to the huge success of Sandler Sales.

• Gerry says that they help both companies and individuals grow.

Dave asks Gerry how he has grown over the years by running the business.

• Gerry says he is always learning, especially from the younger associates that they bring into the company or help train.

Dave switches gears and asks Gerry when he started thinking about a succession plan, and whether there was something that happened that caused him to start preparing an exit plan.

• Gerry discusses his mindset behind the selling of the company, realizing that they had lifetime clients.

Dave then asks what the “aha!” moments are that Gerry might have learned some lessons from by going through that process.

• Gerry says that he learned that he is a salesperson and his daughter is all about people.

Dave continues along the same line of thinking, asking what lessons he took away by selling his business.

• Gerry says that if you decide to sell, you need to do so quickly, and what happens if you don’t.

In order to get in contact with Gerry, you can reach him at 248-231-7890 or at [email protected]

To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at [email protected]

Disclosure

This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

In this episode of “Show Me The Way,” Dave sits down with Mike Waters, CEO of Continental Disc Corporation, to discuss the process of selling a business, and lessons learned by going through that process. Mike dives into how getting your employees involved in the deal might be one of the best decisions you make in the process.

Dave asks Mike to regale the listeners with the story of his life back in east Texas.

• Mike discusses his upbringing in Texas, noting that he graduated from Texas A&M’s College of Engineering program.

Dave then asks Mike to speak about his current business, Continental Disc Corp.

• He lists the four companies that comprise the larger business, all of which involve pressurization protection.

Dave seeks to dig into Mike’s previous roles at businesses before his current one.

• Mike recalls his history at Flow Management Devices, LLC, and CIRCOR Energy.

• Continuing to capture market share

Dave asks Mike to share what he learned from that experience of being a partial owner and selling a company.

• Mike recalls his time as CEO of SOR Controls Group, and the selling of that business.

Dave asks what lessons he has taken from prior experiences that help him and his current company continue to march forward with their goals.

• Mike says that he has a playbook that is driven by understanding the company mission, vision, and value.

Dave asks Mike to run through any lessons he has either learned personally or vicariously through watching other deals.

• Mike says oftentimes with large strategic industrial conglomerates, they often assume they can make a company more efficient, when that might not always be the case.

In order to learn more about Continental Disc Corporation go to www.contdisc.com or reach out to Mike at [email protected]

To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at [email protected]

Disclosure

This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

In this episode of “Show Me The Way,” Dave sits down with Jim Sorebo, Former President, CEO & Founder of Four Seasons Financial Group, to discuss how changing industry regulations led to the sale of his business. Jim reflects on his own personal challenges that brought him to that point, the process of selling the business, and advice for others looking to sell their business.

Dave asks Jim to discuss a bit of his personal background.

• He discusses his family and where he came from in Minnesota.

Dave then asks him to describe how he made the transition from Minnesota to Philladelphia, where Jim currently resides.

• Jim discusses how he started his career in financial services, and after a few years started his own company called Four Seasons Financial Group, which is a wholesale insurance distribution company.

Dave notes that Jim has had a number of personal challenges, and asks him if he would be comfortable discussing some of them.

• Jim starts by noting that it is a great thing to discuss those challenges, rather than hold them inside and suffer in silence.

Dave says that in part because of those challenges, Jim became a public speaker to share his story, and asks him to discuss what that is like.

• Jim says that as an insurance salesman, they are beneath it all, a storyteller.

Dave then asks Jim what his thought process looked like when he realized it was time to sell his business.

• Jim discusses how in 2017 there was a number of new regulations changes to his industry, and how it resulted in the loss of clients.

Dave asks how he went about communicating the incoming changes to both his employees and his customers.

• Jim says that he very openly and candidly discussed the whole process with his company during their weekly meetings.

Dave then questions how long the process took between looking for buyers and the actual selling of the business.

• Jim thinks back and says that they sold in November 2018, though they had started looking in Q4 of 2017.

Dave wonders what the highlights of selling his business were for Jim, and what were some of the goals he achieved because of the merger and acquisition process.

• Jim saw this journey as another opportunity, and was excited to learn.

Dave asks Jim what advice he would give for others who are looking to sell their business.

• Jim says the first piece of advice is to gain as much knowledge about the process before you begin.

Dave finishes by asking Jim what is next for him personally and professionally.

• Jim says his first goal is being happy and doing things that makes him happy, mixing in some travel, and getting his golf handicap down to single digits.

To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at [email protected]

Disclosure

This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

In this episode of “Show Me The Way,” Dave sits down with Joe Haydu, Former President of Versaflex, to discuss the selling of his business, not once, but twice. He reflects on the growth and trajectory of the business, both sales of the business, and his personal growth over that same time.

Dave asks Joe to discuss his background, and how he got into the business of Versaflex

• Joe mentions how he wanted to be entrepreneurial rather than pursue higher education

Dave asks Joe when it came to his and his partners’ attention that it might be time to sell the business.

• Joe says that the time to sell really started at the beginning, noting that the group was in it to make money and sell the business

Dave discusses how many people struggle with the process of selling their business, as it often gives them a sense of purpose.

• Furthering on this, he notes how Joe also seemed to be struggling with this when they met, but then found a way to move forward.

Dave asks how much Joe had a handle in the second selling of the business.

• Joe discusses how he didn’t feel comfortable as President of the business, as it had grown and changed so much

Dave says that he would be interested to know Joe back when he started the business, and compare that to who he is today, understanding that Joe grew a lot over that time.

• Joe discusses how the last few years became emotionally wrenching for him, which is what helped him realize it was time to sell the business

To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at [email protected]

Disclosure

This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

In this episode of “Show Me The Way,” Dave sits down with Quentin McArthur, President of McQueeny Group, to discuss his process of moving from an employee to owner of a business, to later merging that business. They reflect on the good and bad, and give advice for others looking to grow a business through mergers.

Dave asks Quentin to discuss his background, and how he ended up where he is now.

• Quentin begins talking about how he ended up graduating from K-State, and how he fell into his career path. 

Dave sorts through Quentin’s history of moving from an employee, to owner of that one business, to then owner of a larger business entity, and asks about that newest company.

• Quentin says they merged with Innovative Technical Solutions (ITS), and their sister company One Power, which operate in the same market space

Dave says that to grow a business you either do so by buying assets of a business, stocks, or through mergers, and asks Quentin why he chose merger rather than another path.

• Quentin says that while he sees the end of his career in the not-so-distant future, he wanted to leave the company in a better place.

Dave asks how long the process took from beginning to end.

• Quentin notes that while they were informally talking about it for 3-4 months, once they agreed to go ahead, it was about 6 more months.

Dave asks how purchasing the McQueeny Group from its prior owners compares and contrasts with this merger process.

• Quentin reflects back on his process of purchasing the business and said the most difficult part was that they had never done anything like that before.

Dave flips around the thinking and asks what some of the positives have been from the merger.

• Quentin notes that they have recognized a lot of synergies working together, and the benefits of working with similar industries has helped.

Dave asks Quentin how he felt and dealt with the “deal fatigue” that is common during these types of processes, and what advice he has for others who might be experiencing the same.

• Quentin explains his process getting through the thoughts of wishing each day was the last day of the merger process.

Dave focuses on the future and asks Quentin his views on the future of the business.

• He discusses the future growth of the business through geographical additions.

Dave asks what advice he has for others who might be looking to grow a business through merger or acquisition.

• Quentin’s advice is to ask yourself why you are running the business, whether that is to grow your personal wealth, or if the organization comes first.

To reach out to Quentin McArthur, go out to their website: https://www.mcqueenygroup.com/

To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at [email protected] 

Disclosure

This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

In this episode of “Show Me The Way,” Dave sits down with Col. Jeff Crooks to discuss his career as a business intermediary. They dig into how his role helps both buyers and sellers, how expectations have changed over the course of his career, and some of the crazy things business owners have put in their books.

Dave begins by asking Col. Crooks to talk about how much his military background comes into play in his day to day job, and to discuss Apex Business Advisors.

• Col. Crooks discusses how his military background guides his interactions with clients, and briefly mentions his time in the service.

Dave then asks for more details about his role as a business intermediary, and what kills the ability to close a deal.

• Col. Crooks shares the three things most likely to destroy the ability to close a deal are time, attorneys, and CPAs.

Dave questions what aspects help a deal close or reach a conclusion.

• Col. Crooks says that communication is the biggest piece that can help deals progress.

Dave wonders what the key issues or points that Col. Crooks would try to get across to Dave as a seller.

• He says that details about what the business does well versus what it could improve upon are very important, and explains why.

Dave then flips it around and asks what the key points are for people that are looking to purchase a business.

• Col. Crooks discusses some of the differences between an unprepared buyer versus a prepared buyer.

Dave then asks about some personal anecdotes such as surprises that have come about during his time as a business advisor, and his career in the military.

• Col. Crooks discusses a few of the interesting items he has found, especially when it comes to the financial aspect of the business.

Dave asks how clients typically find Col. Crooks or Apex Business Advisors.

• Col. Crooks mentions their website www.kcapex.com and through a number of advertisements.

Dave leads this into asking how over the course of his career as a business advisor, how the industry has changed, how clients have changed, and how financing has changed over that timeframe

• He responds by mentioning how though his role has largely stayed the same, he has learned from years in the industry to predict issues before they arise.

Dave follows this up by asking what the main reason is that a deal might fall through, as well as digging down into how many clients Apex might work with at any given time.

• Col. Crooks says that time is the biggest enemy, and lists out a number of scenarios as to what can go wrong.

Dave then asks about timeframes for the quickest and longest times that deals have taken, in what states they operate, and what is next for Col. Crooks professionally and personally.

• Col. Crooks notes that the quickest time was 20 minutes for a deal to close, though that was a ‘right place right time’ circumstance, and that the longest time was over 5 years to get a deal to close.

To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at [email protected] 

Disclosure

In this episode of “Show Me The Way,” Dave sits down with Matt Slawson to discuss his journey of moving from consultant, to employee, to owner of a business. They also talk about tips on how to grow a business, either organically or through acquisitions, and what is really involved in the buying or selling a business

Dave opens by giving a bit of background on guest Matt Slawson, and then asks him to add some additional color.

• Matt discusses his shift from civil engineering to computer science, and yet still spent 90% of his career in the construction space.

Dave notes how Matt also does a bit of consulting for construction companies, and asks whether the consulting helps the business or the other way around.

• Matt says that it’s a bit of both, noting that he takes lessons from clients and applies it to his own business, and lessons from his own business that he takes into consulting.

Dave asks for more of Matt’s history with Paradise Asphalt.

• Matt regales the last few years and his history with Paradise.

Dave clarifies that Matt moved from consultant, to employee, to owner of that very business, and questions how that transition also shifted his viewpoint on the company.

• Matt walks through how his mindset shifted through that process, and the different things he was looking at from each perspective.

Dave asks Matt if now as the owner he is looking to grow the business, or looking to acquire more businesses.

• Matt talks high-level about the company saying that there are different ways a company can approach growth.

Dave notes that Matt has helped with a number of acquisitions and asks for Matt’s top three pieces of advice he would give others who are looking at buying or selling businesses.

• Matt says an important thing to keep in mind is that building a company for a successful exit is different than building a great lifestyle business, and details how those businesses look different.

Dave then asks Matt to speak about ‘deal fatigue’ and how he deals with it.

• Matt goes into his personal experience with deal fatigue, and how even someone experienced in the art of negotiating will still go through it.

Dave says that he looks at deals very linearly, and then has Matt describe how he views the deal process, without using legal talk.

• Matt describes how he thinks most people view the process, and then notes that in his mind there are additional pieces on the beginning and end of that typical process.

Dave asks if Matt notices differences between someone that is a strategic buyer of a business, versus someone who is actually in the industry.

• He notes that there are pretty stark differences, stating that the strategic buyers tend to be very numbers and financially driven.

To find out more about Matt Slawson visit www.paradiseasphalt.com or reach out to him on LinkedIn.

To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at [email protected] 

Disclosure

This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

In this episode of “Show Me The Way,” Dave sits down with Joe Suhor to discuss his experience of laying out plans on his kitchen table, through his journey of acquiring over 80 businesses, and ultimately his sale of that business.

Dave opens by introducing Joe Suhor, and discusses his funeral home business, Wilbert Funeral Services. Dave asks Joe to talk about his background and his experience in his career.

• Joe discusses his experience working in Kansas City, and how he was offered to buy the business shortly after.

Dave asks Joe what the strategies were for tackling this project.

• Joe says he called experts in the industry for advice and learned a lot working through this process to help him be successful.

Dave mentions a quote from Joe in his book, Quiet Plans Exciting Results, in which Joe says “the team will carry you a long way with your company.” Dave asks what he was looking for in establishing his team.

• Joe recalls searching through connections in Kansas City, and brought together an advisory board of business people, attorneys, executives, etc. 

Dave asks about his experience expanding his business in the funeral home industry.

• Joe said his business owned 45 manufacturing plants, and with that you go to national meetings and conferences.

Dave asks Joe what aspects in doing acquisitions bring him joy.

• Joe says the smaller operations acquired had no idea about selling the company. 

Dave asks Joe how Wilbert is involved in working with other companies in the funeral industry.

• Joe details the many things Wilbert does in the funeral industry involving caskets, fluids, etc.

After 80 acquisitions, Dave asks Joe to reflect and share the public announcement about his company.

• Joe shares his journey through the sale of Wilbert Funeral Services.

Dave asks Joe what advice he can give to those who are going through succession planning or will be going through it soon.

• Joe begins by noting that if you plan it properly, it is not such a big jump. 

Dave asks what advice he would give to people going into business or working to grow a business.

• Joe states planning for the unexpected will help a business survive. 

Dave asks Joe about his experience working with elected professionals, and how he has helped them throughout the years.

• Joe says he started years ago with President Reagan, and has also worked with a friend to start the organization LHT (Legacy, Honor, Trust), which specializes in high profile funerals. 

Dave closes out the show by sharing where to learn more about Wilbert Funeral Services and information about Joe at www.wilbert.com. 

To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at [email protected] 

Disclosure

This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

In this episode of “Show Me The Way,” Dave sits down with Todd Riley to discuss his process of transitioning from an employee to a business owner and details about his process including how to handle deal fatigue.

Dave opens by introducing the guest, Todd Riley of Creative Blow Mold Tooling, and asks Todd to share more about his personal and career background.

• Todd says he grew up close to Pittsburg, Kansas, and graduated from Pittsburg State University’s plastics program.

Dave mentions Todd’s jump as an employee to business owner, and asks Todd how he made that transition.

• Todd explains how he has always wanted that in his career and approached it by taking stake in the company’s success.

He attributed his successful transition to a business owner coming from personal ownership and the people. Dave mentions  his book Quiet Plans - Exciting Results, their are values and principles that determine success for business owners, and asks Todd what strengths people would recognize as the driving force of his success as an owner.

• Todd says he thought about how it would play out constantly, so when the opportunity finally came about, he already knew what to do.

Dave asks Todd whether his first acquisition was Creative Blow Mold Tooling, and more details about the business.

• Todd reflects on forming a relationship with the CEO of his previous company.

Dave asks Todd more details around his approach to buying a business, and other aspects around the process.

• Todd says there are different approaches, and then discusses his informal conversations with the previous owner and his official offering.

Dave asks who assisted Todd in his transactions.

Todd was supported by a private equity team, adding that there were people who are willing to help him. Dave asks Todd what the process is for determining how much to offer for a business.

• Todd says working directly with an accounting team to audit the company and determine what the business is worth based on the area, quality, etc.

Dave asks what the next step is for Creative Blow Mold Tooling.

• Todd says he wants to continue to grow, acquire, and move the business forward with potential partnerships or expanding to new locations.

Dave asks Todd if there is an endgame in mind right now with the business.

• Todd discusses about what the future holds and what future ownership looks like to him.

Dave asks what advice Todd would give to someone who is interested in buying or selling a business.

• Todd says from a seller's standpoint, having a clear plan of what your goals are for the future.

Dave asks what’s next for Todd personally and professionally.

• Todd gives family updates on his kids and what his goals for his career are.

Dave wraps up the show with key takeaways of this episode, and asks Todd how listeners can find more information about him and his company.

• Todd says the company’s website is creativeblowmold.com and he can personally be found on LinkedIn.

To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at [email protected]

Disclosure

This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.

In this episode of “Show Me The Way,” Dave introduces the show, and himself, as he discusses what the show is about, and what he hope listeners will be able to take away from the show.

Dave opens by introducing the show and its purpose – sharing secrets regarding business succession planning, the merger and acquisition experience, and successful exits.

Dave notes that there have been a series of questions from his guests about why he is starting the podcast, and what it is about.

• He says to answer what it is about, check out his book Quiet Plans-Exciting Results which tells the stories of people he has had the privilege of interacting with, and helping grow their businesses.

Dave notes that he is not a conventional attorney based on personality tests and expectations from his own firm.

• He adds that he has been practicing law for over 40 years, representing clients in various industries including construction, manufacturing, distribution, and financial services.

He continues by discussing what you can expect from the show, and what topics will be covered.

• Dave says you will hear first-hand accounts of the successes generated by various business owners.

• Todd Riley from Creative Blow Mold moving from being an employee to owning and buying businesses.

To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at [email protected]

David's book, Quiet Plans, Exciting Results is available on Amazon: https://amzn.to/3mPMKyn

Disclosure

This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.