What happens when you’re truly ready to sell your business?
This discussion can help you avoid the pitfalls of business transitions and help create a smooth, successful exit.
Join Josh Ackerman and special guest Matt Lockaby, an experienced attorney with a knack for supporting business owners through the buy-sell process, as they break down the key elements of successful business sales and transitions.
From understanding your true goals to preparing your financials, Matt and Josh want to help make sure you’re ready for the next chapter.
Key conversations in this episode include:
- The make-or-break importance of knowing your end goals [00:04:42]
- Common pitfalls in the emotional and psychological side of selling a business [00:06:13]
- Why cleaning up your books is crucial before a sale [00:16:46]
- Challenges and stories from real business transitions that went well (and those that didn’t) [00:24:44]
- The intriguing rise of young, educated buyers in the business market [00:30:36]
- And more!
Resources:
Connect with Josh Ackerman:
- Context Financial
- josh@contextfinancial.com
- LinkedIn: Josh Ackerman
- Facebook: Context Financial, LLC
- Instagram: Context Financial
- YouTube: Context Financial
Connect with Matthew Lockaby:
- Lockaby Law
- LinkedIn: Matthew Lockaby
- Facebook: Lockaby PLLC
- Instagram: @lockaby_pllc
- mlockaby@lockabylaw.com
- (859) 263-7884
About Our Guest:
As the Managing Member of Lockaby PLLC, Matthew Lockaby represents employees, employers, and management in nearly every aspect of workplace law and advises small and midsized businesses on corporate and M&A matters, and acts as outside general counsel.
M&A COUNSEL — Matthew represents buyers and sellers in lower-middle-market / “Main Street” transactions, often working with the buyer and seller through due diligence and post-close obligations. In larger transactions, he provides specialized labor-and-employment guidance for buyers and sellers, including pre-deal due diligence (e.g., a review of employment contracts, restrictive covenants, policies, and practices that impact the transaction), liability analysis (i.e., liabilities related to employment claims, wage-and-hour compliance, and employee benefits), and compliance analysis (e.g., classification and pay audits and other “stress testing” under federal, state, and local regulations).
PREVENTATIVE COUNSEL — Matthew provides compassionate yet business-minded guidance on a wide variety of issues that arise during the employment lifespan, from hiring to disciplinary action to leaves of absence to separation.
TRANSACTIONAL COUNSEL — He drafts and negotiates workplace contracts, including operating, shareholder, and buy-sell agreements and other employment agreements, such as non-compete, non-solicit, and non-disclosure agreements, independent contractor agreements, arbitration agreements, and severance agreements.
INVESTIGATIONS COUNSEL — Matthew oversees and conducts internal investigations into director, officer, and employee misconduct, including the defense of government agency investigations.
LITIGATION COUNSEL — He defends discrimination, retaliation, harassment, wage-and-hour, and breach-of-contract claims in state and federal courts, administrative agencies, and arbitration, including both class-action and FLSA collective-action claims.
No matter the client, Matthew’s singular focus is the same: vigorous yet transparent, cost-effective representation specifically tailored to resolve each client’s problem and achieve each client’s goals as quickly and efficiently as possible.
29 mins