On this episode of Open for Business, Stuart and Norman welcome Alan Scharfstein, Founder and CEO of The DAK Group, one of the nation’s most trusted advisors to middle-market business owners navigating high-stakes M&A decisions.

With more than 750 transactions completed across industries and borders, Alan shares what founders most need to know before they sell: why an unsolicited offer isn’t the same as a true market process, how the right advisor can locate buyers you’d never expect, and why buyers don’t “buy your past” — they buy a company’s future story and the roadmap to growth.

You’ll also hear Alan’s candid take on:

• When it makes sense to not sell — and how the best bankers talk owners off the ledge
• What sellers obsess over that doesn’t matter to buyers (and what buyers care about most)
• The most common ways founders unintentionally leave money on the table
• Why “due diligence” can feel like a “colonoscopy without anesthesia,” and how to manage it without losing momentum in the business
• How to evaluate value beyond price: employees, legacy, life-after-sale, and the emotional reality of closing day
• Red flags in buyers, deal “retrades,” and how to protect yourself from terms that shift risk back onto the seller
• A lightning round of hard-won lessons on handshakes, negotiation mistakes, and what owners should never say at the table

Alan also weighs in on what’s ahead for the deal market — private equity dry powder, increased international interest in U.S. businesses, and why strategic acquirers continue to rely on M&A for growth — plus how AI is reshaping diligence and deal execution without replacing the human judgment that closes great transactions.

Whether you may be years from an exit or are getting approached right now, this conversation is a practical masterclass in preparing, positioning, and protecting what you’ve built — so you can maximize value and walk away feeling great about the outcome.

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Family businesses, especially uber-successful and wealthy ones, are often seen as untouchable and otherworldly. But in reality, they are just like any other family: they have their own dynamics and experience inevitable conflicts. Stuart Brown and Norman Kallen chat with Jeff Savlov, Founder of Blum & Savlov, who talks about his consulting work for high net-worth families who balance personal relationships with business transactions and generational wealth. He explains how older and younger generations can work better together, the right way to handle conflicts, and how to properly introduce in-laws in a family business. Jeff also presents strategies on making business transitions as smoothly and conveniently as possible to secure a positive and long-lasting legacy.

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Private equity is an intricate but also rewarding venture – if you just know how to play your cards right. Adam Coffey has been guiding people in learning and mastering the ropes of private equity so they can grow their wealth and secure profitable opportunities. In this conversation with Norman Kallen and Stuart Brown, he details how he became a blue-collar CEO who utilizes the so-called “napkin math” to help entrepreneurs and organizations achieve financial success. Adam also shares how working under Jack Welch and serving in the military influenced his no-BS approach to leadership and coaching.

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Every workplace must prioritize everyone’s happiness to produce the right results and retain the right people. With the proper grasp of positive psychology, business leaders can elevate their cultures and help the entire team flourish. Exploring this topic with Norman Kallen and Stuart Brown with Leona Brandwene of the University of Pennsylvania and Andrew Soren of Eudaimonic by Design. They discuss how positive psychology can lead to a resilient business, empower employee management, and help address work-related stress. Leona and Andrew also share how they take care of their own well-being and the importance of surrounding yourself with positive individuals.

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Ever wonder what it takes to turn a political science degree into a multi-million dollar wine empire? Today, we're about to find out! The legendary Gary Fisch of Gary's Wine & Marketplace joins hosts Norman Kallen and Stuart Brown to go behind the scenes of a retail revolution, from navigating unexpected pivots and the challenges of rapid growth, to the surprising impact of a global pandemic on a beloved wine business. If you're an entrepreneur, a wine enthusiast, or just curious about the art of the pivot, this is an episode you won't want to miss. Pull up a chair, and let's pour into Gary's incredible story.

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Money and family – two of life's most powerful, and potentially volatile, forces. What happens when they collide in the high-stakes arena of a family business? That's exactly what we're exploring today. Family business succession planning is a minefield of emotions, expectations, and often, unwritten rules. Our guest, Adam Blecker, has walked that path. From co-founding a top-tier home healthcare agency with his father and siblings, to facing the unimaginable, and ultimately, orchestrating a successful sale, Adam's journey is a masterclass in resilience and strategic foresight. Get ready for candid insights on navigating difficult conversations, the absolute necessity of documentation, and why sometimes, even happy endings can feel a little somber. This isn't just business; it's profoundly personal. Don't miss it.

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People often see retirement as a never-ending vacation, a time to relax, and a special opportunity to pamper yourself. But instead of sitting around the house or wandering aimlessly without actual goals, you can make it more fulfilling with the right preparation and mindset. Norman Kallen and Stuart Brown sit down with Joel Malick, author of Afterwork, to discuss how to prepare yourself emotionally and psychologically for a meaningful retirement. Joel challenges the traditional notions of retiring, emphasizing why it must be spent on intentionality, giving back, and finding purpose beyond leisure. He also explains how to properly integrate play during retirement to strike the right balance in achieving personal growth, finding genuine happiness, and securing your finances.

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One of the absolute truths in running a business is that it will eventually end. Therefore, you must prepare for your business transition as early as you can to lessen the headaches when it finally comes. Laurie Barkman, the Business Transition Sherpa, helps business owners navigate this challenging process. She joins Norman Kallen and Stuart Brown to share valuable advice on preparing for a transition not only financially but also mentally and emotionally. Tune in as Laurie breaks down the benefits of business valuation, the right way to build a transition team, and the different kinds of potential business buyers to keep an eye on.

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