In this episode of "Show Me the Way," Dave and Casey Coffman, Founder of Sandler Training by Coffman Group, to discuss the journey of business succession planning, particularly focusing on Casey's experience of selling his business to his long-time partner. This episode is perfect for business owners considering their own succession plans, as it provides invaluable lessons on the intricacies of business exits, the emotional and psychological aspects of selling a business, and the personal evolution that follows.

Casey Coffman begins by recounting his upbringing in Missouri and his early educational endeavors, which set the stage for a career in personal computer hardware. His experiences in the dynamic environment of Silicon Valley during the tech boom highlight the unpredictability and excitement of the technology sector. Casey’s career eventually led him to become a crucial part of the Sandler sales training franchise, where he spent the majority of his working life.

One of the most compelling parts of Casey’s story is his decision to sell his company to his long-time partner, Eric, in what Dave calls an "insider sale." Casey’s thought process emphasizes the importance of trust and appreciation for the contributions of valued employees. He candidly shares how this decision was not just about exiting the business, but also about rewarding loyalty and ensuring a smooth transition for the company he helped build.

Casey’s approach to selling his business reveals crucial lessons for anyone considering a similar path. He stresses the importance of understanding the true valuation of your business rather than relying solely on personal assumptions. Engaging professionals like accountants and business advisors helped Casey overcome his initial misconceptions about the saleability and value of his company. This process ultimately led to a successful transition funded through an SBA loan, which was a pleasant surprise for Casey.

After a year out of ownership, Casey reflects on the challenges and opportunities of transitioning out of a long-term business role. He stresses the importance of finding new purposes and passions after leaving a business and recognizes the difficulty many people face in defining who they are beyond their professional identity. Casey’s journey highlights the need for reflection and the “rewiring” process necessary to embrace a new phase of life, fostering continued personal growth and fulfillment.

For those considering selling their business, Casey offers insightful advice:

1. Prepare Yourself Mentally: Understand your motivations for selling and be sincere in wanting to sell, not just curious about the idea.
2. Seek Professional Guidance: Engage with experts to gain clarity on your business’s true value and the realistic opportunities available for exit.
3. Build Trust in the Process: Whether selling to an insider or a third party, trust is crucial in ensuring a smooth transition.
4. Rewire, Don’t Retire: Post-sale life is an opportunity to explore new passions and contributions; it’s not the end, but a pivot to a new beginning.

Casey’s journey is a compelling testament to the complexity and rewards of business succession planning. His thoughtful approach to both his personal and professional life provides valuable lessons for anyone looking to make a similar transition. As we continue to explore different facets of business success and exit strategies, Casey's story remains a definitive guide for navigating the path ahead.

To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter4@gmail.com

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 and Charis Santillie, a fearless transition coach and Founder of Charis Your Life®, dive deep into the emotional, intellectual, and spiritual sides of business succession, continuity, and exit planning. From young entrepreneurs recognizing the pitfalls of workaholism to seasoned professionals redefining their purpose post-retirement, Charis provides valuable guidance for business owners navigating challenging transitions.

Charis explains the significance of the owl in her logo and tagline. The owl, an emblem of wisdom and guidance, symbolizes the advising role she embodies. Her approach intertwines personal development with business acumen, fostering environments where individuals can thrive both professionally and personally.

Charis shares her personal story, a poignant narrative that deeply influences her work. Witnessing her parents' entrepreneurial journey—rising to success, yet facing adversity when unforeseen circumstances struck—shaped her understanding of resilience. Charis recounts the profound impact of her father's paralysis and her mother's subsequent struggles, experiences that catalyzed her path to guiding others.

Charis's clients span ages and backgrounds, from ambitious thirty-year-olds seeking balance to seasoned business owners nearing retirement. For younger clients, she emphasizes the importance of not letting work define their existence. Her advice serves as a caution against the seductiveness of equating identity with professional achievement.

For those in their fifties or sixties, Charis emphasizes planning transitional phases, highlighting the psychological challenges tied to identity shifts. These transitions, she notes, must incorporate emotional readiness alongside strategic planning to ensure a smooth passage into new life chapters.

Charis shares compelling success stories, such as a client who meticulously planned his business transition over several years. By phasing back work responsibilities and engaging in spiritual and emotional preparation, he ensured a seamless exit, embracing retirement as an opportunity for personal growth and fulfillment.

Her stories emphasize the critical nature of redefining purpose beyond professional titles. Charis advocates for identifying intrinsic motivations and cultivating activities that genuinely light up individuals, regardless of societal expectations.

Together they reflect on the importance of internal motivation and the quest for authenticity. Charis urges listeners to look beyond external achievements and discover a purpose that harmonizes professional endeavors with personal joy.

Dave highlights the significance of considering Charis's insights, pushing the audience to think deeply about their own transitions.

For those seeking guidance, Charis Santillie's coaching offers a beacon of wisdom in navigating complex business and life transitions. Her approach, rooted in personal experience and profound understanding, provides a roadmap for individuals striving for a fulfilling life beyond their professional endeavors. Visit Charis's website or listen to her podcast, "Charis Your Life," to delve deeper into these essential life lessons.

To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter4@gmail.com

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 delves deep into the world of business succession planning and tax strategies with Stuart Sorkin, founder of Business and Legal Advisors. Stuart shares invaluable insights on how business owners can make informed decisions that not only protect their legacy but also maximize the financial potential of their enterprises.

Stuart Sorkin brings a unique blend of expertise to the table with his vast experience in tax law, business consulting, and succession planning. Educated at renowned institutions like the University of Miami and boasting a career that includes significant time at major firms like Arthur Anderson and Coopers, he has helped countless businesses navigate complex tax landscapes and achieve optimal exits.

Business succession is more than just passing the baton; it's about ensuring continued success and financial stability. Stuart emphasizes the concept of aligning personal and business goals. He believes that succession planning should focus not only on financial aspects but also on preserving family harmony and establishing a clear future for the business.

A major topic Stuart covers is the potential financial benefits of converting from an S corporation to a C corporation, especially post the 2017 Tax Act. While many fear the perceived "double taxation" of C corporations, Stuart explains how strategic planning can lead to significant tax savings and enhanced business flexibility. He also highlights the advantages of the C corporation structure for attracting investors, thanks to its ability to offer liquidation preferences and reduced phantom income risk.

Stuart shares insights on designing a business model that supports all of an owner's long-term goals. He advocates for thorough estate planning, particularly for clients approaching significant tax limitations. Utilizing strategic tools like dynasty planning and trusts can ensure that businesses are not just handed down but are set up for future success.

For those considering buying or selling businesses, Stuart offers invaluable advice. He underlines the importance of due diligence, integration planning, and having a clear exit strategy. Sellers should prepare their due diligence archive well in advance, while buyers should focus on integration and back their acquisition with a solid working capital line. Both should remain prepared to adapt and make the experience as smooth and beneficial as possible.

Stuart's passion for helping others is evident, as he dedicates his career to educating business owners and facilitating successful transitions. He continues to provide consultations to potential clients and partners, reinforcing his commitment to sharing knowledge and fostering growth in the business community.

For those interested in pursuing further guidance, Stuart is open to consultations, offering a hands-on approach to learning about your unique business needs and how to best address them.

For further inquiries and consultations, reach out to Stuart Sorkin at stuart@businessandlegaladvisors.com or visit his website to ensure a productive session tailored to your business needs.

To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter4@gmail.com

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 Dawn Shuler, CEO of the Schuller Group LLC, to discuss post-acquisition integration and post-closing matters. This episode explores the often overlooked process of cultural due diligence. Together they discuss how to integrate a company after an acquisition, emphasizing culture, leadership, and communication.

Understanding efficient communication within an organization is crucial to its success. Dawn shares her extensive experience in helping companies enhance their internal communication strategies. With a focus on creating effective systems that promote clarity and reduce friction, Dawn's methods can transform a business's communication landscape.

Dawn Shuler brings a wealth of knowledge from her established career, working with a variety of organizations to improve their communication frameworks. Her expertise lies in identifying barriers to effective communication and implementing practical solutions. In this episode, she discusses her journey and how her strategies can be applied to any organization looking to refine its communication processes.

Dawn emphasizes that strong communication starts with understanding and actively engaging with team members. She outlines her approach to crafting communication frameworks that are both scalable and adaptable to an organization's needs. Whether it's enhancing team meetings or improving digital communication, Dawn shares actionable insights that leaders can implement immediately.

Every organization faces unique communication challenges. Dawn discusses common pitfalls and how addressing these issues not only improves morale but can lead to significant productivity gains. Her advice is grounded in real-world applications and draws on her experiences in helping organizations move past communication barriers.

To learn more about Dawn Shuler's work and how she can assist your organization, feel free to connect with her through https://www.theshulergroupllc.com/ or LinkedIn. Whether you aim to optimize your current strategies or need help resolving persistent issues, Dawn’s expertise can guide your business to more effective communication practices.

To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter4@gmail.com

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 Wadella, founder of Core Catalyst LLC, to delve into the concept of 'Business Hygiene.' Learn how business hygiene can prepare your company for growth, mergers, or successful exits. Jim shares insights addressing common challenges in financial management, process documentation, and strategic planning.

Jim has an impressive background in management consulting. Hailing from Dayton, Ohio, and armed with degrees from the University of Cincinnati and the University of Texas at Dallas, Jim brings a wealth of knowledge from his time at Electronic Data Systems (EDS), Ernst & Young, and Jefferson Wells. Since founding Core Catalyst in 2011, Jim has built a robust team that helps companies optimize their operations.

So what exactly is business hygiene? According to Jim, it's about ensuring your business's financials, data systems, and processes are in tip-top shape. If a company struggles to produce financial statements or consolidate its processes, it’s a telltale sign of poor business hygiene. Core Catalyst helps businesses find their way to clear operational transparency and efficiency.

Core Catalyst is a versatile firm, working with businesses ranging from privately held companies generating $70 million to multibillion-dollar enterprises. No matter the size, Jim and his team aim to "move the needle" quickly for their clients, often taking on the role of troubleshooters. Whether a company seeks growth, faces operational issues, or needs a strategic exit strategy, Core Catalyst customizes its solutions to address each unique challenge.

Jim recalls significant projects where Core Catalyst made substantial differences. From correcting underbilling issues for a global manufacturing company to guiding a tech firm through a tough financial situation, Core Catalyst has proven its mettle. Even when faced with challenging circumstances, Core Catalyst stands by its integrity, delivering honest assessments and actionable solutions.

Unlike firms that rely strictly on pre-set playbooks, Core Catalyst listens closely to its clients to understand their specific needs. By engaging deeply with a company's processes and people, the firm develops tailored strategies that lead to meaningful improvements.

Jim stresses the importance of understanding how a company is valued externally. For businesses considering an exit, Core Catalyst assesses their readiness against detailed checklists, helping improve operational aspects that enhance market value. Whether planning a fire sale or a strategic exit over several years, having a roadmap is crucial.

Core Catalyst offers a breath of fresh air in the consulting realm with its emphasis on personalized strategy and comprehensive hygiene for businesses. To learn more about Jim Wadella and his team at Core Catalyst, visit their website at www.corecatalysts.com or reach out on LinkedIn.

For those needing expert guidance on business operations or exit strategies, Jim stands ready to assist. As always, the podcast encourages consulting with an attorney for legal specifics tailored to your business situations.

To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter4@gmail.com

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, we take a step away from our usual format of hosting guests, as I, your host Dave Seitter, offer you a solo journey. As we near the end of 2024 and approach a new year, it's a perfect time to reflect on the M&A landscape of this year and glimpse into what 2025 has in store for us.

As we move into 2025, it's time to reflect on the preceding year and forecast what the future holds for the M&A market, exit planning, succession planning, and business continuity planning. Here, originating from insights shared on my recent podcast episode, are a few key takeaways and predictions to guide your business strategies.

2024 was an intriguing year for the M&A sector, characterized by incremental progress and notable challenges. While financial acquisitions saw a 30% increase, strategic valuations remained stable. Observers largely anticipated the return of deal flow post-COVID, yet the market's strides were moderated by ongoing economic challenges and regulatory scrutiny.

Globally, M&A values rose by 15%, with frequent acquirers gaining a strategic advantage. My personal experience aligns with this positive trend, evidenced by an active year aiding expansion in industries ranging from manufacturing to construction.

Despite the market's robustness, challenges persist. Some deals failed due to insufficient due diligence or unsecured financing. As we prepare for 2025, it's crucial to ensure thorough preparation and realistic expectations, particularly with the continued reliance on deferral techniques like seller financing and equity rollovers. These methods help distribute risk and will likely remain prevalent unless market conditions pivot significantly.

Interestingly, internal sales, such as ESOPs, emerge as promising opportunities. These transactions can incentivize employee retention, positioning companies for long-term success.

An often-overlooked aspect of business planning is regular valuation. This annual exercise equips owners with an accurate understanding of their business's worth, aiding in informed negotiations and strategy development. This should be a priority as we anticipate continued market evolution.

Optimism is high for 2025, with projections of declining interest rates, increased IPOs, and potentially relaxed regulatory frameworks contributing to heightened activity in the business sector. This environment fosters a mindset ripe for innovation and expansion.

While political shifts may impact regulatory landscapes, the broader economic climate suggests a conducive backdrop for business growth. It is prudent to stay informed and adaptable, ready to capitalize on emerging opportunities.

As we embark on this new year, I encourage businesses to embrace proactive planning and remain flexible. The landscape is rich with potential, and with careful navigation, 2025 could prove a fruitful year for growth and success.

To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter4@gmail.com

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.