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Dynasty Leadership Podcast

It's great if you can pick when you hand over the reins, but what if that time picks you? “Does your company consistently meet or beat the targets you set?" “Do you have the right team rowing in the right direction?" “Is there something going on in your market or company that threatens your growth? "Are you considering transitioning the leadership of the company?" “Is there a clearly articulated long-term strategy?" We specialize in guiding Family-owned businesses with 50-500 employees to become Succession ready.
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Aug 18, 2016

Eric Nicholson has been in the mergers & acquisitions career field for over 20 years. He has primarily worked one-on-one with business owners looking to sell their businesses and is currently the Managing Director for Green Holcomb Fisher, now owned by BMO Capital Markets. Eric shares a bit of his expertise on how to hire the right investment banker and how to properly come up with an exit strategy long before you retire. Tune in for more great insights from Eric.

 

Key Takeaways:

[1:20] Who is Eric Nicholson?

[2:05] What is an investment banker and how is that different compared to a business banker?

[3:55] What's the difference between an investment banker and a business broker?

[6:50] How do you pick an investment banker that's right for you?

[10:45] Remember, you can always ask for references!

[11:05] What are some of the biggest mistakes Eric sees in the business? When clients go with an investment banker who says he can get his client the best and highest price.

[11:45] Ask different investment bankers for an evaluation on your business.
[13:05] How do you know when it's the right time to sell?

[14:05] Don't wait too long to sell your business.

[15:05] Selling your business when you're ready to retire is often not the best strategy.

[16:50] You want to start on doing the necessary due diligence and documentation at least a year before you plan to sell your business.

[18:10] Where do you draw the line in putting money into the business versus. not?

[18:50] How is you cutting costs going to play out with potential buyers for the business?

[21:15] What is your business really worth?

[23:35] Anything 15% or greater in EBITDA margins is considered great.

[24:50] What's a good EBITDA pay range?

[29:50] The biggest factor in businesses that did not perform well was when a major customer changed their mind.

[30:20] What are some of the common mistakes business owners make when trying to sell their businesses?

[34:50] What should business owners concentrate on when they're preparing to sell their businesses?

[37:30] Final piece of advice? The sale process can be a lot of fun.

 

Mentioned in This Episode:

www.dynastylc.com

www.bmocm.com

Call Eric: (621) 904-5700

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