Today’s episode is part 2 of my interview with Bobby Kingsbury, a principal at the private equity firm MCM Capital. During this half of the interview, we are joined by Marc Calcaterra, a shareholder of the Torsion Group. We explore the private equity process from the perspective of the seller. Marc tells me why he chose Bobby and how Bobby helped make the best decision possible for his company. Also, he explains why private equity was the best solution for his situation. Marc and Bobby walk us through the process they went through to make Action Industries a healthier and more successful business. If you missed part 1 of this interview and topic, go back and listen to episode 91 to get caught up with today’s guests. Trust me, you’ll find some really valuable information in these conversations. You will learn about: Welcome back, Bobby Kingsbury. Introducing Marc Calcaterra of the Torsion Group. How Bobby and Marc met. The importance of establishing a relationship with your client and learning their situation. Marc’s situation with Action Industries. How Bobby and Marc began building their relationship. The options Marc considered before calling Bobby. Why private equity was the best solution. The role of the Quality of Earnings report. Why you should hire an outside financial professional to appraise the company. The headache of dealing with 8 partners in one business. How Bobby kept Marc motivated through the process. The due diligence process and why it was the longest MCM Capital has ever done. Lessons Marc learned from his time working with MCM Capital. How to align all your key players’ interests. The deal Bobby structured for Marc. Pulling together the best executive team and strategically planning the future. The value a board gives a company. Why outside opinions matter in business decisions. How to establish a trust and comfort level with your client. Bobby’s and Marc’s parting thoughts. You will remember from last week’s episode with Bobby Kingsbury that we discussed the private equity process and why they might be the best fit for you when it comes time to sell or get funding. Bobby went on to explain his role and that of his company, MCM, in the process and how a seller can best attract this kind of buyer. Well today, we’re going to see if that’s all bunk from one of Bobby’s own clients. Marc fills us in on what it was like deciding to use private equity, why it was the right choice for him and his businesses and the aftermath of the sale. Why Private Equity? In Marc’s very specific case, he had a pre-existing relationship with Bobby and so had already built up a significant amount of trust in him personally as well as professionally. However, even before Marc approached Bobby about the sale, he consulted his business partners about the right avenue to take in terms of the business’ future. The first key thing here is figuring out what’s in the best interest for the business. Marc didn’t have the capital to buy out all the other owners, and no one else wanted sole proprietorship to take the business to the next level. So, in order to grow the business, they knew they’d need to get an investor or a buyer.  To that end, they explored the various types of buyers out there and found that private equity best aligned with their goals based on the types of deals they offered and the struc