Transaction Talk

What is a business really worth, and why do buyers and sellers so often see that number differently? In this episode of Transaction Talk, Jennifer Fox and Eric Sigman sit down with Louis Pereira of Merrimack Business Appraisers to unpack how business valuations are actually determined and why preparation plays such a major role in maximizing value. Drawing on decades of experience in business brokerage, mergers and acquisitions, and valuation work, Louis explains the financial metrics buyers focus on, including EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), seller's discretionary earnings (SDE), cash flow, and valuation multiples. The conversation also explores why similar businesses can sell for very different prices, the common mistakes owners make when estimating value, and why some buyers are willing to pay more than others. Along the way, Louis shares practical advice on clean financials, long-term planning, and positioning a business for a stronger sale. Tune in for a practical discussion on what really drives value in today's market! Key Points From This Episode: Introducing today's guest, Louis Pereira of Merrimack Business Appraisers. Discover why business valuations matter to both buyers and sellers. Learn why owners should prepare years in advance before selling a business. Explore why many owners overestimate what their business is worth. What buyers focus on: breaking down EBITDA, SDE, and cash flow metrics. Find out how valuation multiples and earnings are determined. How appraisers use sales data from similar businesses to determine value. Why similar businesses can sell for very different prices. Common value killers that reduce the sale price and buyer confidence. Understanding value as an opinion shaped by multiple factors. Discover how preparation and the right advisors can increase value. Tip of the Day: A valuation sets the baseline for what your business is worth, but the right advisor can uncover buyers who see greater strategic value in it. Understanding your market and positioning your business for the right buyer can make all the difference in the final outcome. Links Mentioned in Today's Episode: Louis Pereira on LinkedIn Louis Pereira email: [email protected] Louis Pereira phone number: 1-978-975-7600 Merrimack Business Appraisers Jennifer Fox on LinkedIn Eric Sigman on LinkedIn Transaction Talk Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

What causes a business sale to fall apart before it reaches the closing table? In this episode of Transaction Talk, hosts Jennifer Fox and Eric Sigman welcome back Aaron Fox, Managing Director of Transworld Business Advisors Boston, to discuss why deals often break down, what warning signs owners should watch for, and how better preparation can keep a transaction moving forward. Aaron walks through the most common deal killers, including poor books and records, inconsistent financials, and a lack of supporting documentation. He also explains why lease issues can create major risk for buyers, how working with only one buyer can weaken a seller's negotiating position, and why due diligence surprises often create unnecessary friction in a sale. They also explore unrealistic expectations around valuation, deal terms, post-closing payments, and changes that may arise before closing, as well as the importance of staying prepared. Tune in to learn how sellers can avoid preventable mistakes, protect buyer confidence, and keep business sales on track from offer to closing with Aaron Fox! Key Points From This Episode: Learn why poor books and records remain a major deal killer. Hear how sellers can prepare cleaner financials before going to market. Find out how many years of financial records buyers usually request. What makes business books reliable, consistent, and useful to buyers. Tips for dealing with inconsistent bookkeeping and financial records.  Understand why personal and one-time expenses need clear documentation. Discover why leases and landlords can create major transaction risk. Practical steps to prevent lease issues before selling your business. Unpack why sellers should avoid working with only one buyer. Explore how changes during a transaction can affect buyer confidence. Why sellers should always disclose risks and how to align expectations. Unpack why major changes may require renegotiation before closing. Tip of the Day: Run your business every day like it's not for sale! Links Mentioned in Today's Episode: Aaron Fox Email Aaron Fox Call Aaron Fox  Transworld Business Advisors Jennifer Fox on LinkedIn Eric Sigman on LinkedIn Transaction Talk Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

What are buyers really looking for in today's deal market? In this episode of Transaction Talk, Jennifer Fox and Eric Sigman are joined by Steven Smith of Business Transfers & Strategies, a buy-side advisor who works closely with individual buyers, private equity groups, and strategic acquirers. He breaks down how each type of buyer approaches acquisitions and what drives their decisions, from growth potential and scalability to long-term alignment. The conversation also explores shifting industry trends, key risks shaping buyer behavior, and what can make or break a deal during the process. Throughout, Steven emphasizes a central theme: success in today's market comes down to fit, not just chasing the hottest industries. Tune in to hear the full scope of our conversation and what today's buyers are really looking for! Key Points From This Episode: Welcoming returning guest, Steven Smith of Business Transfers & Strategies. Types of buyers: individuals, private equity groups, strategics, and family offices. What each type of buyer is looking for, from scalability to long-term fit. Key risks buyers assess: employees, customers, and industry factors. Industries that are gaining traction, like home services and electrical contracting. Why buyers must differentiate themselves in a crowded, competitive market. How tariffs and supply chain disruptions are impacting manufacturing deals. AI and automation as emerging factors in buyer decision-making. The importance of fit over chasing "hot" industries. How buyer background, skills, and experience shape what makes a "good fit." Common seller mistakes: poor financials, delays, and lack of transparency. Why communication and preparation can make or break a deal. Tip of the Day: Don't chase industry, chase fit. The long-term value of a deal depends on how well you align with the business and your ability to improve it over time. Links Mentioned in Today's Episode: Steven Smith on LinkedIn Business Transfers & Strategies Jennifer Fox on LinkedIn Eric Sigman on LinkedIn Transaction Talk Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Is there ever really a perfect time to sell your business, or does the best exit come down to preparation, performance, and knowing when not to wait? In this episode, Jennifer Fox and Eric Sigman welcome back Johnathan Zsittnik, Senior Manager and Business Broker at Transworld Boston, to discuss how to know when it is the best time to sell your business. Jonathan explains why waiting for the perfect time to sell can be risky, why selling when your business is in a stable financial state offers the best leverage and valuation, and the typical signs that it is time to sell. He shares why buyers should prioritize recent revenue and profit trends, why market conditions and supply chain stability can swing deals, and how a dependable staff makes a business more attractive. Jonathan also breaks down a clear approach to timing your retirement, how to plan effectively to avoid last-minute pressure-driven sales, and how to ensure that you sell on your own terms. Tune in to learn how to prepare for a successful and stress‑free business sale with Johnathan Zsittnik. Key Points From This Episode: Introduction to Johnathan Zsittnik, Senior Manager and Business Broker at Transworld Boston. Why there is rarely a perfect time to sell a business, and why you should not wait. Learn how strong and growing financial performance attracts better offers. Discover why selling from a position of strength gives owners better leverage. Find out how earnouts can help bridge gaps in valuation when revenue has declined. Explore how supply chain stability can impact timing and valuation when selling. The importance of having experienced, reliable staff to share the workload. Uncover the common reasons why most owners decide to sell.  What to take into account to ensure a smooth and effective transition.  Johnathan highlights mistakes that owners should avoid when selling.  Advice for owners who are considering selling and how to contact Johnathan.  Tip of the Day: Start early, talk to a broker or exit planner, and create a plan that allows you to sell by choice, not necessity. Links Mentioned in Today's Episode: Johnathan Zsittnik Transworld Business Advisors Boston Inside the Deal: How One Business Sale Really Happens with Boston Broker, Johnathan Zsittnik Jennifer Fox on LinkedIn Eric Sigman on LinkedIn Transaction Talk Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Selling your business is likely the largest financial event of your life, yet many owners try to go it alone or wait until the last minute to prepare. In this episode, Jennifer Fox and Eric Sigman explain why a successful exit starts with building the right professional team. They break down how the right advisors can turn what might feel like a stressful, complex process into a smooth and profitable transition. From a business broker who guides the sale, to a CPA who helps navigate tax implications, to a skilled transaction attorney who protects your interests in the contracts, they outline the key roles every seller should have in place. In their discussion, they also highlight other important experts who can help safeguard your financial future and point out common mistakes owners make when assembling their advisory teams. Tune in to learn why deals are far less likely to fall apart when experienced M&A professionals are involved, and why starting to build your team early can make all the difference when it's time to sell.   Key Points From This Episode: Today's topic of conversation: building the right team. Jennifer unpacks who should be on your team, and why it matters. Why a business broker is an important member of your team. Working with your CPA, and how that makes the broker's job easier. The role of a transaction attorney (and why the right one is key!) How a financial advisor can support your transaction: understanding your financial situation. Other key players who have a role to play on your team. Jenn shares common mistakes made when compiling teams. A key takeaway from today's topic.   Tip of the Day: When selling your business, don't go it alone—build a team of experienced professionals to ensure you do it right and maximize the value of your deal.   Links Mentioned in Today's Episode: Jennifer Fox on LinkedIn Eric Sigman on LinkedIn Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Building a successful business isn't all that different from building a strong marriage. Both require communication, trust, and long-term commitment, even when things get tough. In this episode of Transaction Talk, we welcome Jennifer and Ryan Armstrong of Transworld Business Advisors Phoenix to discuss how their business partnership has evolved over the course of their 20-year marriage. Jennifer married into Ryan's multi-generational family egg farm, where they learned firsthand the complexities of working with extended family. Their unstructured exit from that business became a defining lesson and now fuels their passion for helping owners plan thoughtful, value-driven exits. They discuss dividing roles based on their strengths, navigating communication challenges unique to married partners, balancing parenting with entrepreneurship, and building a strong team culture together. Tune in to hear the full scope of our conversation on communication, commitment, and navigating business ownership as a couple!   Key Points From This Episode: Introducing 20-year partners in business and marriage, Jennifer and Ryan Armstrong. Jennifer and Ryan's experiences growing up with family businesses. How they first worked together on Ryan's family egg farm, and expanded the business. Their family business's unstructured exit and how it inspired their work with Transworld. Insights on organizing your workspace as a couple and assigning roles and tasks. Unique communication and co-working challenges that come with marriage and co-parenting. Building a strong office team by modeling teamwork and commitment as a couple. Key strengths of running a business as a couple, like authenticity and commitment. How their experiences have helped them support other sellers through emotional transitions. Final reflections on how communication, commitment, and family values shape lasting success.   Tip of the Day: Success in business starts with commitment. Stay focused through the hard times, communicate clearly with your partners, and aim to improve a little every day.   Links Mentioned in Today's Episode: Jennifer Armstrong Jennifer Armstrong on LinkedIn Call Jennifer — 602-551-6604 Ryan Armstrong Ryan Armstrong on LinkedIn Call Ryan — 480-447-3504 Jennifer Fox on LinkedIn Eric Sigman on LinkedIn Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Is getting answers from a seller like pulling teeth—or an open, transparent conversation? Buy-side expert Steve Smith says deal success often hinges on one critical factor: tone. Today, your hosts, Jennifer Fox and Eric Sigman, are joined by Steven Smith from Business Transfers & Strategies. Steven shares insights on how business owners can establish credibility when selling their company, from the perspective of a buy-side broker. He discusses how buyers evaluate trust through transparency, consistent information, and professional preparation. He offers practical tips, including maintaining an open tone, responding promptly to inquiries, and disclosing business shortcomings early to avoid surprises. Emphasizing honesty and mutual respect, Steven explains how these practices build buyer confidence, facilitate financing, and help ensure a successful transaction. To learn more about the buyer's perspective on judging a seller's credibility, including Steven's tip of the day, don't miss this episode of Transaction Talk!   Key Points From This Episode: Introduction to today's guest, Steven Smith of Business Transfers & Strategies. How buyers evaluate seller credibility early in the sales process. Building credibility from first contact through closing. The importance of responsiveness and communication during the courting stage. How deal dynamics change when a broker is involved. An anecdote on navigating a transaction with a litigator as a representative. The complexities of transaction financials. Why clean, reliable financials matter to buyers. Understanding and validating business operations from the buyer's perspective. Why buyers value clear access to documentation, information, and processes. The importance of disclosing deficiencies early to ensure long-term deal success.   Tip of the Day: Disclose business deficiencies early—transparency builds trust, guides diligence, and protects both parties from deal-breaking surprises later.   Links Mentioned in Today's Episode: Steven Smith on LinkedIn Business Transfers & Strategies Jennifer Fox on LinkedIn Eric Sigman on LinkedIn Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

What should business owners be doing now if they're thinking about selling in 2026 or beyond? In this episode of Transaction Talk, Jennifer Fox and attorney Eric Sigman break down the key steps sellers can take to prepare for a smoother, more successful exit. Drawing on years of experience, they explain why a business sale typically takes around nine months from preparation to closing, why you can't treat it like listing a house, and how confidentiality, timing, and emotions all factor into the process. Jennifer and Eric discuss why it is essential to understand your numbers and tax implications, as well as document processes and clean up books and records, before due diligence begins. They also delve into why buyers pay for proof rather than potential, and how to find the right team of professionals to make the deal go smoothly. To hear the steps for navigating an exit and a practical roadmap for selling on your timeline and not the buyer's, tune in now!   Key Points From This Episode: What most people get wrong about how long selling and exiting a business takes. Hear why you should start early to avoid rushing to market or reacting under pressure. Learn how the emotions of many sellers makes the selling process more intense. Explore how confidence and control can positively influence buyer perception. Discover how clean documentation, books, and records build buyer confidence. Why it is critical to talk with your CPA about the tax implications of selling, before selling. Uncover how proper due diligence before selling can maximize value and reduce friction. The distinction between "proof" and "potential" and why buyers pay for what's documented. Understand why establishing your full team of professionals early is essential. Find out how preparing early for a sale helps you take control of the timeline.   Tip of the Day: If you're thinking about selling your business, start preparing now and talk to your CPA and financial advisor early so you can sell on your timeline, with fewer surprises and better leverage at the negotiating table.   Links Mentioned in Today's Episode: Jennifer Fox on LinkedIn Eric Sigman on LinkedIn Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

A Letter of Intent may not be legally binding, but it can determine whether a deal moves forward or falls apart. In this episode of Transaction Talk, hosts Jennifer Fox and Eric Sigman break down the role an LOI plays in buying and selling a business, and why it deserves serious attention from both buyers and sellers. They explain what an LOI is, what it typically includes, and how it sets expectations around price, structure, timing, contingencies, and exclusivity. The conversation covers how LOIs provide a framework for due diligence and financing, how exclusivity protects buyers during the process, and why clear timelines help prevent deals from stalling. The episode also explores working capital, financing terms, and how sellers evaluate competing offers. Eric closes with a practical reminder that even when it is nonbinding, an LOI carries weight and should be approached thoughtfully. Listen in for a clear, practical breakdown of how LOIs guide successful transactions!   Key Points From This Episode: What a Letter of Intent (LOI) is and why it starts most business transactions. How LOIs, term sheets, and offers are commonly used interchangeably. Why buyers use LOIs to show seriousness and begin due diligence. Laying out a purchase price structure and why it matters more than a single number. Why written terms carry more weight than verbal agreements. How LOIs create a working framework before diligence costs begin. The importance of timelines and target dates in preventing delays. What exclusivity means and how it protects buyers during due diligence. Common contingencies like financing, diligence, and approvals. The difference between binding and nonbinding LOI terms. Why working capital expectations surface early in deals. A reminder to take LOIs seriously, even when they are nonbinding.   Tip of the Day: Take Letters of Intent seriously, because even when they are not binding, they set the framework and structure of the deal.   Links Mentioned in Today's Episode: Jennifer Fox on LinkedIn Eric Sigman on LinkedIn Ruberto, Israel, & Weiner Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Overcoming challenges is important, but what if you could prepare for them before they ever surface? In this conversation, Steven Hanson joins us again to share from his wealth of hard-earned experience and practical knowledge around transactions, deal challenges, and how to resolve them before they become deal-breakers. As Partner of the San Diego Transworld office, one of the top-performing offices in the network, Steven has been a business owner and broker for almost 12 years. Together, we dive into in-depth examples of what can happen once due diligence is complete, but a deal continues to drag on, and a buyer repeatedly pushes for additional concessions. Steven unpacks how to navigate these moments, manage expectations, and protect the integrity of the transaction. Along the way, we touch on key considerations around leases, asset sales versus stock sales, contractual nuances, and the often-overlooked power of simply knowing when and how to say no. This episode is a practical look at preparing for challenges in advance, so you can operate your business and approach transactions with more confidence and control. Thanks for listening!   Key Points From This Episode: Introducing Part 2 of our conversation on deal challenges with expert Steven Hanson. Challenges associated with the deal that Steven is currently working on. The supportive role of a broker in navigating concessions between buyers and sellers. Considerations to help determine whether or not to extend a lease as a business owner. An example of resolving a recent issue between landlord and tenant. Managing expectations and making informed choices as a renter. What changes when a transaction goes from an asset sale to a stock sale. Understanding the contractual implications of changing a transaction type. The tax implications of changing from one transaction type to another. Preparing for deal challenges and operating your business with this in mind.   Tip of the Day: Sometimes you just have to be prepared to say no. That's it. Hold your ground, say no, and then keep your mouth shut. It can be very effective when you put it back on the other person. Sometimes you just have to be ready to say no.   Links Mentioned in Today's Episode: Steven Hanson Steven Hanson Phone Number Steven Hanson Email Jennifer Fox on LinkedIn Eric Sigman on LinkedIn Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

What happens when your "straightforward" business sale suddenly runs into nervous employees, bank surprises, shifting valuations, or a seller who is just exhausted by the process? In this episode of Transaction Talk, Jennifer and Eric are joined by Steven Hanson, Transworld Business Advisors owner and partner, to dig into real-world deal challenges and practical ways to solve them. Steven is an experienced business intermediary with more than a decade at Transworld, where he and his team help business owners navigate confidential sales, franchise growth, and mergers and acquisitions. In our conversation, Steven explains why every transaction has ups and downs, how brokers end up acting as both quarterback and coach for all the moving parts, and why you should never consider a deal done until the money is in the bank. Together they explore the impact of key employees on a sale, the pros and cons of when to loop staff into the process, what to do when valuations or lender decisions change late in the game, and how to manage the emotional toll of "deal fatigue." Steven also shares creative solutions he's used to keep deals alive and his simple but powerful tip for staying calm when tensions run high. To learn how preparation, flexibility, and a deep breath can help get more deals across the finish line, tune in now!   Key Points From This Episode: Hear about the typical challenges and hurdles in almost every deal. Find out how every deal has good days and bad days and why. Learn ways to reduce risk and why employees are the major source of risk. Why the real business value is in people and relationships, not just the hard assets. What point in the transaction the buyer should be able to meet the employee/s. How Steven pivots with sellers when bank feedback or valuation issues require changes. Explore the concept of "deal fatigue" and learn how to overcome it.   Tip of the Day: When a deal gets tense, pause to take a slow, deep breath before you respond.   Links Mentioned in Today's Episode: Steven Hanson Steven Hanson on LinkedIn Call Steven Hanson: 858-699-3346 Transworld Business Advisors | San Diego Jennifer Fox on LinkedIn Eric Sigman on LinkedIn Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Recognized for its energy and diversity, Boston's M&A market stands out as one of the most active in the world. Joining Eric and Jennifer on the show today is senior broker Jonathan Zsittnik from Transworld Boston. With over 15 years of experience completing successful transactions, from small business sales to large mergers and acquisitions, Jonathan brings a wealth of insight to the table. Today, he'll walk us through a real-life business sale: a 30-year-old asbestos company in the Boston area. From preparing the retiring owners to closing the deal, he breaks down the entire process and shares how he helped them achieve their goals. Be sure to start listening now to learn more from Johnathan Zsittnik today on Transaction Talk!   Key Points From This Episode: An introduction to what listeners can expect from today's episode. Who is Johnathan Zsittnik? How Johnathan approaches initial conversations and goal setting with clients. A real-life example of conversations with the sellers of the asbestos business. Diving into the details about how he valued the business. What he means by the quality of earnings and the factors that can influence it. How the sellers navigated the process of sorting through the multiple buyer options. Next steps and what they discovered in the due diligence. Contracts in place and what that means: asset versus stock sale. Johnathan's thoughts on what made the process smooth from beginning to end. Aftermath of the sale and what it currently looks like for the seller. Johnathan shares his tip of the day.   Tip of the Day: Enter a deal in good faith, align early on what matters most to both sides, and save the finer details for when you draft the purchase agreement.   Links Mentioned in Today's Episode: Johnathan Zsittnik Johnathan Zsittnik Phone Number:  +1 978-472-4385 Johnathan Zsittnik on Email Johnathan Zsittnik on LinkedIn Johnathan Zsittnik on X Jennifer Fox on LinkedIn Eric Sigman on LinkedIn Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Smart tax planning starts when you form your business! Today, we are joined by Caleb Powers to discuss one of the best-kept secrets in the tax code, Section 1202. Tuning in, you'll hear about our guest's impressive career, what 1202 stock is, why it's important to consider it when planning to sell a business, who qualifies, and so much more. We delve into the drawbacks of being a C-Corp business before Caleb tells us how the Big Beautiful Bill has enhanced Section 1202. We also discuss common mistakes he sees businesses make that cause them to lose their Section 1202 status, and Caleb reminds listeners of the importance of having a good team when planning an exit. Finally, Caleb ends with his invaluable tip of the day. If you want to save a fortune in exit taxes, this episode is for you, so be sure to press play now!   Key Points From This Episode: Introducing Caleb Powers and a brief overview of his career. What 1202 stock is and why it should be considered when selling a business. Caleb walks us through who qualifies and who doesn't for Section 1202. The drawbacks of being a C-Corp and what to consider when converting. How the Big Beautiful Bill has enhanced Section 1202 and why it's for small businesses. Some potential burdens that may come with having a Section 1202 business. Common mistakes Caleb has seen that have caused businesses to lose their 1202 status. The importance of having the right team in place when considering your exit options. Caleb tells us a story about an entrepreneur who saved massively using Section 1202.   Tip of the Day: Surround yourself with people who understand Section 1202! It can make an enormous difference to the wealth you're trying to build!   Links Mentioned in Today's Episode: Caleb Powers on LinkedIn Caleb Powers Email Address Jennifer Fox on LinkedIn Eric Sigman on LinkedIn Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

All businesses experience some seasonality, but what sets the sale of a seasonal business apart from a typical transaction? Joining the podcast is Aaron Fox, Managing Director of Transworld Boston, and partner to host Jennifer Fox, to break down "The Seasonal Sale" and what makes these deals unique. They walk through a real-life seasonal sale, explain why annual financials are critical for valuation, and explore how to manage transition periods effectively. He shares thoughts on what it might look like to buy or sell during a busy season and unpacks one of the highest strategic acquisitions they see. The conversation also covers how lenders approach seasonal businesses and why the type of buyer can significantly influence the outcome. For more insights—and Aaron's tip of the day—tune in now.   Key Points From This Episode: An introduction to our guest today, Aaron Fox. What makes the process of selling a seasonal business different from a regular business. He unpacks what a seasonal business is and shares an example of a transaction where a seasonal business was part of the deal. Annual pictures for the valuation of seasonal business. How to handle seasonal business transition periods. His thoughts on selling (or buying) a business in the middle of the busy season. How lenders view seasonal businesses and why they look at the annual picture. Whether the type of buyer affects the outcome of a seasonal business sale. A level of seasonality and seasonal implications is present in almost all businesses. He unpacks one of the highest strategic acquisitions that they see. Dealing with the potential uncertainty and unpredictability of seasonal businesses. Why buyers and sellers need to know they're buying the future but paying on the past. How to contact Aaron Fox. A recap of the episode on buying and selling seasonal businesses.   Tip of the Day: Cash flow is king—keep clean books, prepare monthly financials, and be ready to clearly show and document your cash flow!   Links Mentioned in Today's Episode: Aaron Fox Transworld Boston Aaron Fox Phone Number — +1 (781) 773-8922 Aaron Fox on Email Jennifer Fox on LinkedIn Eric Sigman on LinkedIn Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

For many family businesses, the biggest obstacle to a successful exit is not the market; it's family dynamics. In this episode of Transaction Talk, we welcome Jeremy Stevenson to discuss how he helps owners "fix the family and the business" during the transition process. Jeremy is an entrepreneur, consultant, and adviser who has helped over 150 family businesses unlock more than $5 billion in value. He is also the founder of iBridge Global Partners, the only firm in the US that integrates family, business, and transition into a comprehensive strategy. In our conversation, he explains the difference between a family business and a family enterprise, why starting early is essential, and how aligning family members is just as important as growing the company. He also delves into navigating family dynamics when transitioning a business, the pitfalls of poor planning, how families can prepare both relationships and business strategies for a smooth transition, and more. Join us to hear how fixing the family and the business can set the stage for a smoother, more valuable transition with Jeremy Stevenson!   Key Points From This Episode: Jeremy's background and how he became known as the family business guy. Learn about the difference between a family business and a family enterprise. Why starting early matters and assuming the kids will take over is a mistake. Understand how unclear expectations can lead to conflict and failed transitions. How Jeremy helps families align expectations and his idea of family governance. Unpack the common mistakes owners make and how to avoid them. How Jeremy navigates conflict and why the controlling owner's buy-in is critical. Find out when selling is the right decision versus succession or scaling. Final advice from Jeremy on how to unlock the full potential of your business.   Tip of the Day: Start now, involve advisers early, and think beyond just tax and legal considerations.   Links Mentioned in Today's Episode: Jeremy Stevenson on LinkedIn Jeremy Stevenson Email iBridge Global PartnersJennifer Fox on LinkedIn Eric Sigman on LinkedIn Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Are you a business owner considering a sale but want to explore all your options? Then this episode of Transaction Talk is for you! Today, we dive into the world of Employee Stock Ownership Plans (ESOPs) with Mary McCooe, a Corporate and Benefits Lawyer from Maselan & Jones. As a specialist in ESOPs, financing transactions, and a wide range of employee benefits issues, Mary brings a wealth of expertise to the conversation. Join us to learn what an ESOP is and why a business might choose one over other options. We'll explore how ESOPs function as retirement plans, unpack the concept of beneficial ownership, and break down vesting components. Mary also discusses the advantages of being ESOP-owned, the various legal areas associated with these transactions, the importance of a strong management team, and other crucial considerations for business owners. This episode is an insightful guide to understanding all things ESOPs. Don't miss out—start listening now!   Key Points From This Episode: We introduce today's guest, Mary McCooe. What is an ESOP anyway? Why businesses would choose to sell to an ESOP rather than a private buyer. How ESOPs work as a retirement plan for employees. A small distinction: selling to the ESOP for the benefit of the employees. Beneficial ownership of a company and what that means. Mary breaks down the vesting component of ESOPs. What happens when employees leave an ESOP-owned company. The advantages of a company being ESOP-owned. Her thoughts on why every company isn't already an ESOP-owned company. The various areas of law associated with ESOP transactions. Why having the right team is essential. We dive further into the advantages of being ESOP-owned. Why it's beneficial for business owners: the succession plan. The importance of having management teams in place. Mary describes her role on the ESOP team. Other ESOP considerations for business owners. How these transactions are financed. The ideal size for ESOP company success.   Tip of the Day: If you are considering selling your business, learn about what an ESOP is. Spend some time talking to somebody who is knowledgeable about ESOPs and consider whether it's the right option for you.   Links Mentioned in Today's Episode: Mary McCooe on LinkedIn Mary McCooe at Maselan & Jones Mary McCooe on Email Mary McCooe Phone Number: +1 617 310 6567 Jennifer Fox on LinkedIn Eric Sigman on LinkedIn Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation, either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

SBA loans can be a powerful tool for business buyers and sellers once you understand how they work and what approvers are really looking for. Today, we are joined by Jennifer McKay, senior loan officer at Live Oak Bank, to discuss all things SBA loans. Tuning in, you'll hear all about what an SBA loan is, why it's a unique kind of loan, what loan approvers are looking for in buyers, sellers, and businesses, and so much more! We delve into the timeline involved in these kinds of loans before discussing the importance of selecting a good attorney for this process. Jennifer even shares what causes SBA deals to fall apart. Finally, our guest shares her tip of the day with listeners. Be sure to press play now!   Key Points From This Episode: A warm welcome to today's guest, Jennifer McKay. Jennifer tells us what an SBA loan is and how it differs from other loans. What loan approvers are looking for in buyers and sellers. Why SBA transactions mostly move quite quickly. The importance of having the right attorney to represent you. Jennifer shares some common reasons SBA loans fall apart. One key takeaway from this conversation: surround yourself with trusted advisors!   Tip of the Day: If you're navigating an SBA loan, you need to surround yourself with trusted advisors. A solid team can save you from costly missteps and set you up for success!   Links Mentioned in Today's Episode: Jennifer McKay on LinkedIn Jennifer McKay Email Address Jennifer McKay Phone Number: 508 244 2309 Live Oak Bank Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Negotiation isn't just a skill; it's a strategy that can make or break your next big deal! Today on Transaction Talk, we are joined by senior business advisor at Transworld Business Advisors, Bill Luce, to discuss the art of negotiation. From defining what negotiation really is to explaining why preparation is key, Bill walks us through the negotiation methods every business owner should master. We dive into some powerful tactics, such as setting an extreme anchor and staying silent before discussing the importance of listening and keeping emotions at bay. Bill also highlights the value of showing understanding, being cautious of artificial deadlines, and always getting everything in writing! You don't want to miss this one!   Key Points From This Episode: Welcoming Bill Luce to this episode of Transaction Talk. What negotiation is and why it's so important to understand it. The importance of preparing for a negotiation and how to do it. Why setting an extreme anchor is a good negotiation tactic. The worst thing that can happen in a negotiation: getting emotional. Why you need to (really) listen to the other person when negotiating. The power of showing understanding towards the other party. A reminder to be wary of artificial deadlines set in negotiations. Bill outlines the most common mistakes people make when negotiating. Key takeaways: thinking outside the box and making sure everything's in writing!   Tip of the Day: Negotiating a deal? Get it in writing! A handshake won't hold up in court, but a clear, written agreement protects your time, money, and peace of mind.   Links Mentioned in Today's Episode: Bill Luce on LinkedIn Bill Luce Email Address Transworld Business Advisors Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Selling a business is challenging on its own, but when paired with the emotional and legal complexities of a divorce, it can feel overwhelming! In this episode, we're joined by family law attorney Cindy Runge, who draws on her extensive experience to unpack the critical legal and financial factors involved. From understanding how marital estates are valued to the impact of prenups and postnups, and the challenges of business valuation amid separation, Cindy shares essential strategies to help you protect your business interests, navigate financial and legal hurdles, maintain operational stability, and communicate effectively during this difficult time. We also discuss extreme scenarios like court-ordered sales and the protective role of operating agreements, offering practical tips to help business owners navigate this intersection with clarity and strategic planning. Tune in to gain invaluable insights and learn how proactive collaboration between legal and business experts can safeguard your interests when personal and professional worlds collide!   Key Points From This Episode: Why selling a business during divorce is uniquely challenging. How marital estates impact business valuation. The importance and role of prenups and postnups (and how they differ). Navigating business valuation during separation. Court-ordered sales and extreme divorce cases. How operating agreements can protect business interests. Balancing emotional and legal considerations in negotiations. Common mistakes people make when going through a divorce. The importance of collaborating with legal and business professionals. Key takeaways: how to protect both your business and yourself!   Tip of the Day: Getting divorced? Slow down and stay in control. Work with a mediator or collaborative attorney to help you protect your wallet, your business, and your sanity.   Links Mentioned in Today's Episode: Cynthia Runge Peridot Family Law Cynthia Runge on LinkedIn Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Estate planning is a vital component for all business owners, and today, we unpack everything you need to know about estate planning for your business. We are joined by Neil Cohen from RS Law LLP (previously Regnante Sterio LLP), an AV-rated firm bringing a collaborative approach to legal representation in order to provide comprehensive and efficient legal services. Neil is an estate planning attorney for business succession planning, probate administration, and complex and simple estates, and he begins our conversation by defining estate planning and explaining why it's essential for all businesses. Then, we explore the differences between a will and a trust, what it means to avoid probate, why setting up a will or trust should be your top priority, and how estate planning informs succession planning. We also uncover the consequences of not having a will or trust when incapacitated during a sale as a business owner, why many procrastinate on their estate planning, why a healthcare proxy matters, and where spouses fit into the various components of estate planning. To end, Neil shares the Tip of the Day and we learn how to connect with him and his work.   Key Points From This Episode: Neil Cohen defines estate planning and explains its importance for businesses.  Why Massachusetts leans heavily on irrevocable trusts. The difference between a will and a trust, and what it means to avoid probate. Why setting up a trust should be one of your non-negotiables. Protecting business owners: How estate planning informs succession planning. The consequences of an owner being incapacitated during a sale without a will or trust. When business owners should start their estate planning and tips for keeping it updated. Why procrastination reigns: Common obstacles that prevent estate planning. Understanding how often you should review your estate plan. The ins and outs of the healthcare proxy and its importance and where spouses fit in. How to connect with Neil Cohen.   Tip of the Day: Start Early! Estate planning can start even before you have kids or own a business. The only way to falter is by not starting at all, and because none of us can predict the next moment, the best time to start is now.    Links Mentioned in Today's Episode: Neil Cohen on LinkedIn Neil Cohen Email Neil Cohen Phone Number: 781-246-2525 ext. 241 RS Law LLP (Regnante Sterio LLP) Jennifer Fox on LinkedIn Eric Sigman on LinkedIn Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation, either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

On this episode of Transaction Talk, hosts Jennifer Fox and Eric Sigman sit down with Dave Killen, a commercial real estate broker at LandVest, a firm specializing in customized commercial real estate solutions. Dave shares his expertise on everything from complex property valuations to identifying the right buyers for unique properties. Tune in to learn about the challenges of valuing businesses alongside real estate, the implications of a business not paying rent, and why business owners should engage a broker sooner rather than later. Dave also breaks down the nuances of 1031 exchanges, the importance of due diligence in real estate and business deals, and how LandVest's sophisticated marketing network helps connect sellers with the right buyers, even when the ideal buyer isn't obvious. Don't miss this insightful conversation packed with expert advice on navigating the complexities of commercial real estate!   Key Points From This Episode: The different types of valuations that Dave does for commercial real estate. How to determine the value of a business when it owns the property. Interesting properties that Dave has worked on with LandVest. The difference between real estate and commercial real estate brokers. How Dave finds buyers for unique properties and developments. The typical timeframe for commercial property valuation and sales. When business owners should contact a commercial real estate broker. How to do a 1031 exchange (and how to know if it's right for you). Conducting due diligence for business and commercial real estate transactions.   Tip of the Day: Price your property realistically. In today's market, deals that are priced appropriately will move, while overpriced listings are likely to stall. The period of aspirational pricing is behind us, so sellers should focus on setting a fair market value from the start!   Links Mentioned in Today's Episode: Dave Killen Dave Killen on LinkedIn Call Dave Killen on 508-451-0020 LandVest Jennifer Fox on LinkedIn Eric Sigman on LinkedIn Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Artificial intelligence is changing the way businesses operate, but do you know how to use it responsibly? Today on Transaction Talk, we're joined by Adam G. Gutbezahl, an AI thought leader in the legal field, litigation attorney, and author of the CHATAdamG newsletter, a monthly digest of AI trends shaping the legal landscape. In our conversation, Adam breaks down how AI tools, especially large language models (LLMs), are being used in business and the legal risks they pose. From the dangers of AI-generated misinformation to increasingly convincing phishing scams, he shares examples of AI misuse and how companies can protect themselves. We also discuss why every business should have an AI policy in place and how leaders can ensure their employees use AI responsibly. Whether you're excited by AI's potential or wary of its risks, this episode will equip you with the knowledge you need to navigate AI with confidence!   Key Points From This Episode: An overview of how we use AI every day, from autocorrect to ChatGPT. Why AI's output depends on the quality of the data it is trained on. How to instruct Large Language Models (LLMs) like ChatGPT for optimal results. The risks of using AI without proper oversight. Suggestions on how to responsibly use AI as a tool for efficiency. What companies can do to safely navigate the AI landscape. Why businesses should seriously consider hiring a Chief Technology Officer (CTO). How a CTO and AI policy can help protect you against potential harm. Adam's predictions for the future of AI and how to set your business up for success.   Tip of the Day: AI is a powerful tool, but like any tool, it works best when you understand how to use it. Don't be afraid to ask questions and admit what you don't know. Taking the time to learn first will save you from costly mistakes down the road!   Links Mentioned in Today's Episode: Adam G. Gutbezahl, Esq. on LinkedInFind Adam at 255 State Street, 7th Floor | Boston, MA 02109 Call Adam direct at 617-570-3502 or on his cell at 508-649-4216 Contact his office at 617-742-4200 or fax him at 617-742-2355 Email Adam at [email protected] Ruberto Israel & WeinerSign up for the CHATAdamG Newsletter Jennifer Fox on LinkedIn Eric Sigman on LinkedIn Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

How would you run your business differently today if you knew exactly how you would leave it tomorrow? A business exit strategy is not something you plan when you are ready to sell. It is something you build from day one. Without the right preparation, you could leave money on the table or even struggle to sell your business. In this episode of Transaction Talk, we welcome Megan Kearney, entrepreneur, franchisee, and Partner at Exit Factor Lexington, to discuss why every business owner needs an exit plan. Exit Factor is a business coaching and consulting firm that helps entrepreneurs increase profits, free up their time, and unlock their business's true value. In our conversation, we delve into Megan's transition from corporate life to entrepreneurship, how she identified a major gap in exit planning, and why many business owners fail to prepare for their eventual exit. We also unpack how Megan helps make businesses more sellable, explore generational differences in approaches to entrepreneurship, learn about common exit planning mistakes, and more. Tune in to learn why starting a business with the end in mind is key to long-term success with Megan Kearney!   Key Points From This Episode: Megan's journey into entrepreneurship and why she chose exit planning as a specialty. What Exit Factor does and how Megan helps owners build sellable businesses. Common pitfalls and why many businesses are not set up for successful exits. Why an exit strategy does not always involve selling the business. The differences between millennial and baby boomer entrepreneurs. A real-world case study of a flower shop that struggled to sell due to poor exit planning. How owners can shift their mindset to focus on long-term value. Reasons that building a business with an exit strategy in mind is crucial. Insights into what buyers look for in a business and how to foster a long-term plan. Why you should think about your business as an investment.   Tip of the Day: Think about your business not just as a venture to run, but as an investment to grow. Start with the end in mind to build a scalable and valuable company!   Links Mentioned in Today's Episode: Megan Kearney on LinkedIn Megan Kearney Email Call Megan Kearney Exit Factor Good Sports Big Brothers Big Sisters Jennifer Fox on LinkedIn Eric Sigman on LinkedIn Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Welcome back to Transaction Talk! Today, we're joined by a very special guest, Brook Hartnett, one of our top brokers from the Transworld Boston office. A U.S. veteran and seasoned entrepreneur with a strong background in the fitness industry, Brook has seamlessly transitioned his expertise into the world of business brokerage. Now, he's helping business owners confidently navigate the buying and selling process with insight and precision. Join the conversation as they delve into his story and journey to becoming a business broker, what he would have done differently with his first deal, and what it was like to work on that deal with his mom. We share on the importance of allowing the donning of different hats throughout different phases of a process, and Brook reflects on factors that have impacted his success as a broker and entrepreneur. To hear more from Brook, including his tip of the day, be sure to tune in now.   Key Points From This Episode: We introduce today's special guest, Brooke Hartnett. Brook shares his story, from a US veteran to the fitness industry, to a business broker. What he would have done differently in his first transaction process. He unpacks his experience working on the deal with his mom. The importance of allowing the donning of different "hats" during the process. Thoughts on what has impacted his success as a broker and entrepreneur. How his personal understanding influences his approach to helping sellers position themselves for success. Setting appropriate expectations for the sales process: why it can be crucial to get right. One of the worst things they see during the selling and transition process.   Tip of the Day: It's never too early to start planning your exit. Engaging in conversations with your trusted advisors—your attorney, your accountant—can make a huge difference. Even if you're a few years away from selling, let them know your intentions. Chances are, one of them has valuable connections that can help you take the right steps now to prepare your business for a successful sale   Links Mentioned in Today's Episode: Brook Hartnett on LinkedIn Brook Hartnett Brook Hartnett Email Brook Hartnett Phone Number — +1 631 965 9073 Coach Brook Inside Sales Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Entering into a business transaction requires full disclosure, and a Quality of Earnings Report provides the perfect opportunity to bring everything to light. Matthew Allison is a Partner at Citrin Cooperman's Tax Practice, and he joins us to talk about the importance of a Quality of Earnings Report in due diligence during a business sale transaction. We kick off our conversation by defining what a Quality of Earnings Report is and how its directive differs on the buy- and sell-side. Diving into the details, we consider how a thorough consideration of information improves relationships and how sellers can embrace a realistic mindset during the research period. Next, we discuss the impact of Quality of Earnings on sales price and how pre-exposure can increase buyer comfort level when entering into a transaction. Lastly, we get into the importance of bringing everything to light during the reporting period and presenting it with transparency. Thanks for tuning in.   Key Points From This Episode: Matt Allison's broad experience in business growth, transition planning, operational finance, and more. What a Quality of Earnings Report is. The two very different directives of a Quality of Earnings Report for buyers and sellers. Information sellers should ask their CPAs or Brokers to prioritize. Having a realistic mindset leading up to a sale. Embracing the opportunity to examine everything during the research period. Examples of how Quality of Earnings can impact the sales price. Taking advantage of the opportunity to expose everything on the sales side.   Tip of the Day: Bad news doesn't get better with age. There is no sense in trying to hold anything back when there is going to be significant scrutiny on everything. Hand over everything — there's no reason to keep anything hidden.   Links Mentioned in Today's Episode: Matt Allison on LinkedIn Matt Allison Email Citrin Cooperman Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Our guest today's favorite pastime is making business insurance a bit more exciting, and this is a segment you don't want to miss! Joining Jennifer Fox and Eric Sigman on the podcast today is Brett Beaurivage, Founder of The Bag Room, LLC. His company, The Bag Room, takes a strategic approach to risk, leveraging advanced mitigation and loss control techniques to prepare for any scenario that could impact you or your business, ensuring comprehensive protection. As an expert insurance advisor and consultant, Brett breaks down the critical role of business insurance in transactions. Join our insightful conversation with Brett as he unpacks why you need to have a strategy when it comes to insurance and shouldn't just pick and choose policies. He underlines the importance of working closely with your advisor on constructing a mutually agreeable insurance plan and stresses that maintaining an ongoing conversation about your insurance portfolio is crucial! Packed with key insights, this episode is a must-listen, so tune in now!   Key Points From This Episode: An introduction to the topic and guest of today's podcast episode. More details on Brett's company, The Bag Room, LLC. He explains what business insurance is and why it is essential to have it. Brett takes us through different policies and the types of risks we would try to mitigate with each one. He unpacks one key principle of risk management insurance. How to evaluate the right amount of coverage: a robust insurance portfolio. Brett explains how he helps business owners get the right insurance coverage: collaboration with your agent. How business insurance fits into a transaction. Why you need to look at a claims history before you buy a business and the importance of tracking losses. He explains the difference between how general liability and professional liability work, as far as claims go. How the coverage works with professional liability. Why you shouldn't be with any one insurance company for more than 3-5 years. The benefits of having a full, and effective team, with transactions. How to reach out to Brett.   Tip of the Day: Stay with an insurance company for no more than 3–5 years, reassess as your business grows, and work closely with your agent to develop a cost-effective strategy. Open communication and trust are essential for successfully managing your business insurance portfolio. If you are working on transactions, having a full and effective team is key!   Links Mentioned in Today's Episode: Brett Beaurivage on LinkedIn Brett Beaurivage Phone Number — +1 603 413 6500 Brett Beaurivage Email The Bag Room, LLC Jennifer Fox on LinkedIn Eric Sigman on LinkedIn Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

With the holidays just around the corner, it's an important time to consider giving back. In this episode of Transaction Talk, we sit down with David Crowley, founder of Social Capital Inc. (SCI), to explore how small acts of service can make a big impact. With the tagline "cultivating connections," SCI's mission is all about building local connections through leadership programs and volunteer opportunities. David shares the highlights of SCI's work, from the Youth Grant Pitch Contest where teens create community improvement projects with the help of professional mentors to seasonal volunteer activities like leaf raking and snow shoveling for seniors to fight social isolation. SCI also focuses on building leadership skills to organize grassroots initiatives, as well as developing scalable models that can work in diverse neighborhoods. Efforts like these not only tackle immediate challenges but empower local leaders to create lasting change. Tune in to learn how you can make a difference in your community this holiday season and beyond!   Key Points From This Episode: An introduction to David, SCI, and their mission to cultivate connections. Encouraging community participation through leadership development and volunteering. Opportunities to volunteer, such as leaf raking to reduce social isolation among seniors. How you can get involved in community programs like the Youth Grant Pitch Contest. A strategic approach to scale initiatives by empowering local leaders to organize projects. The value of bridging generational and cultural divides to build inclusive communities. Seasonal programs to engage young volunteers and address specific community needs. Cultivating connections to combat loneliness and foster collaboration in divided times. The importance of getting involved: a recap of the key takeaways from today's episode.   Tip of the Day: Find an opportunity to cultivate connections and strengthen your community in a grassroots way, either through SCI or by creating similar initiatives locally!   Links Mentioned in Today's Episode: Social Capital Inc. David Crowley David Crowley on LinkedIn David Crowley on X Bowling Alone: The Collapse and Revival of American Community 'In the News: Over 100 Volunteers Rake Leaves for Seniors – Including 50 Migrant Volunteers!' Youth Grant Pitch Contest Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

The final quarter is bookkeeping season as businesses consolidate their year and plan for the next one. To explain why keeping your books and records up to date is vital for the success and growth of your business, we are joined today by Jeff Starr, General Manager of Supporting Strategies, an outsource-booking, accounting, and operation services provider for small and mid-sized businesses. Jeff begins with some important bookkeeping tips for 2025 before explaining why every business should use Q4 to update all its financial records. We discuss the role of bookkeeping professionals, why updating your books should be a monthly activity, the things that could go wrong when your records are outdated, and Jeff's unique approach to the accrual-cash pendulum. To end, we learn about how bookkeepers help business owners translate their financial data for prospective buyers and Jeff advises us to always stay on top of our bookkeeping and not to underestimate its importance. Ready to set your business up for success? Tune in to start taking control of your financials today!   Key Points From This Episode: Important tips and considerations about books and records for 2025. Why it's vital to consolidate your bookkeeping before the end of the year. The importance of relying on professionals to help sort through your books and records. Understanding how often a business should be updating its books and records. How having updated records makes a business more attractive to willing buyers. Exploring the challenges and possible pitfalls of having outdated books and records. Accrual versus cash and how Jeff approaches this particular towrope. How bookkeepers help business owners translate their financial data. The way Supporting Strategies advises its clients on cash flow.   Tip of the Day: Stay on top of things, don't procrastinate, and don't underestimate the importance of bookkeeping for your business.   Links Mentioned in Today's Episode: Jeff Starr on LinkedIn Jeff Starr Email Supporting Strategies Shark Tank Jennifer Fox on LinkedIn Eric Sigman on LinkedIn Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

When is the right time to sell your business? Hollie Choe is a Business Broker and Certified Exit Planning Advisor at Transworld Business Advisors, and she joins us today to provide key insights on how to determine the right time to sell and how to prepare for it, both personally and in your business. Tune in to hear what to consider before engaging in a sale with real-life examples of moments where the market converges with personal reasons. Holly shares why the first question she asks potential sellers is always "What is your plan?" and what steps to take to ensure that your business is ready to sell. You'll also hear about hurdles you might face before preparing to sell, how to understand the transition process before engaging in a sale, why it's so important to prepare for the unexpected, and more. Thanks for tuning in.   Key Points From This Episode: Introducing Hollie Choe and today's topic, determining the right time to sell a business. Two considerations to establish the right time to sell: personal and business readiness. Examples of reasons to sell where the market converges with personal reasons. The first question Hollie asks potential sellers: what is your plan? Steps to ensure your business is ready to sell: team, reliance on the owner, and more. Hurdles you might face before preparing for the right time to sell. Understanding the transition process looks like before selling. How being more prepared is connected to understanding the right time to sell. Preparing for the unexpected.   Tip of the Day: Preparation is key, whether it's to sell, expand, or grow your business.   Links Mentioned in Today's Episode: Hollie Choe Phone Number: 541-920-9026 Hollie Choe Hollie on LinkedIn Hollie Choe Email Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

What makes restaurant transactions so complex? In this episode of Transaction Talk, Adam Barnosky, chair of the Restaurant Hospitality Practice Group at Ruberto, Israel & Weiner in Boston, joins us to break it all down. Adam delves into the unique challenges of restaurant transactions, discussing everything from liquor licensing and zoning permits to the intricacies of multi-unit franchising. He highlights how doing your due diligence is essential, particularly when reviewing lease agreements and navigating regulatory approvals, which often lead to longer timelines compared to other business deals. Adam also covers key issues such as employment claims, UCC liens, and whether to buy or lease restaurant properties, noting how each decision impacts the overall transaction. Tune in for valuable insights on handling the complexities of buying or selling restaurants, and discover why proper planning, patience, and the right team are crucial to closing a successful deal! Key Points From This Episode: Key differences between restaurant transactions and other businesses. Various permits to consider and why patience is key in restaurant transactions. An overview of multi-unit franchising in restaurant acquisitions. Financial dynamics that impact the decision to buy land versus renting. How to approach liquor licensing; why it's such a nuanced and specialized issue. The importance of doing due diligence, from UCC liens to reviewing lease agreements. Employment claims and issues you need to be aware of as a buyer. Doing due diligence as a seller and ensuring you have post-closing protections. Selecting the right professionals to work with; why it's important to have a restaurant broker. Health inspections, zoning, and other considerations at the municipal level. How to get in touch with Adam and a quick recap of today's key points.   Tip of the Day: $1 in diligence today will save you $1,000 down the road.   Links Mentioned in Today's Episode: Adam Barnosky on Linkedin Adam Barnosky on X Adam Barnosky Email Ruberto, Israel & Weiner Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

As a business owner, there are foundational concepts of employment law that are important for you to know. During this episode, we are joined by Todd Bennett, from Bennett and Belfort. Specializing in employment law matters for both employers and employees. He joins us to discuss important issues facing business owners as they navigate relationships between employers and employees. We begin our conversation by differentiating between non-competes and solicitation agreements. Next, we delve into wage-per-hour laws, and advice for employers according to termination, suspension, and why it is valuable to build a strong relationship with an employment lawyer. Hear why record-keeping is important for overtime and what the three-year lookback period for Wage Act violations means for you and your business. We also get into the weeds with the legal implications and best practices on remote work in Massachusetts and beyond. You'll hear how the global economy has changed since COVID and more.   Key Points From This Episode: Introducing Todd Bennett, Attorney at Bennett and Belfort. An overview of the topics touched on today. What a non-compete agreement is and why a business owner would implement one. The difference between non-compete and solicitation agreements. How non-solicitation agreements apply to employees. Differentiating between restrictions in different states. Why a non-compete in a business transaction is not the same as one between an employer and employee. Implications of time constraints applying to non-competes and non-solicitations. Exceptions for non-compete agreements including physicians and broadcasters. Best practices on wage-per-hour for employers: termination, suspension, and more. Why it is helpful as a business owner to have a good relationship with an employment lawyer. How commissions apply to a wage payout. The importance of having an employment handbook. Record-keeping and Wage-Act violations. Navigating remote work in compliance with wage-an-hour laws. How hiring has changed since COVID. Why it is so important to have good practices around paying employees timeously. Key takeaways from the conversation: having the right advisors in place.   Links Mentioned in Today's Episode: Todd Bennett on LinkedIn Todd Bennett Email Bennett and Belfort Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

When companies are merged or acquired, the integration of employee benefits can be just as significant as the consolidation of business operations. In this episode, we delve into the critical role of employee benefits in mergers and acquisitions, highlighting the importance for both buyers and sellers. Joining us for this discussion is Scott Bostley, Founder and Managing Partner of Benefit Strategy Partners (BSP), a leading provider of fully integrated, flexible, and creative employee benefits solutions for small and medium-sized businesses. Scott underscores the significance of employee benefits in the M&A context, not only from a liability perspective but also for maintaining continuity in what is often a company's most valuable asset: its workforce. He also stresses the importance of involving the right advisors throughout the process, doing the proper due diligence, being as transparent as possible, and much more. Tune in today for expert insights on ensuring a smooth transition and safeguarding your workforce during M&A!   Key Points From This Episode: Four common mistakes that businesses make with employee benefits during M&A. Why both buyers and sellers must acknowledge the importance of employee benefits. Tips for communicating benefit changes to your combined workforce. Valuable lessons from successful (and not-so-successful) integrations. Reasons to blend benefits plans as early as possible in the process. What sellers can do to prepare themselves and their employees for an eventual sale. Risks to employees during M&A that result from inadequate due diligence. Whether it's necessary to disclose serious health conditions among your employees. Why operating in a silo will create more issues than involving all the relevant experts. A quick recap of the key takeaways from today's conversation.   Tip of the Day: When buying or selling a business, make sure to include all relevant experts from the start!   Links Mentioned in Today's Episode: Scott Bostley on LinkedIn Scott Bostley Email Scott Bostley Phone Number — 617-686-9566 Benefit Strategy Partners Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

We've already discussed franchises here on Transaction Talk, but there's just so much information to cover that we've decided to revisit franchising today (and honestly, we just love talking about it!) So today, we'll be defining what a franchise is, the various franchise options that are available in today's market, and so much more. We are joined by the illustrious Greg Mohr, a franchise consultant who combines his experience as a business owner to help his clients find their best franchise options. First, Greg defines "franchise" and explains why franchising may be a better option for you than starting a business. Then, we unpack the questions that prospective franchise buyers should be asking, how to find information on other franchisees, the characteristics of a good franchisor and their role in the success of their franchisees, and the importance of conducting comprehensive research before signing on the dotted line. To end, we explore common franchising mistakes and how to avoid them, the ins and outs of an area development agreement, why franchise attorneys are an essential part of the process, and a reminder to be thorough in your due diligence.   Key Points From This Episode: Greg Mohr defines "franchise" and explains why franchising could be better than starting a business. Questions that prospective franchise buyers should be asking. The information you'd need to know about other franchisees, and where to find it. Exploring the role of a franchisor in ensuring the success of their franchisees. Why research matters, and how there aren't any shortcuts to being fully prepared. Common mistakes and pitfalls in the franchising process, and how to avoid them. Understanding that creativity is encouraged, but it's dangerous to reinvent the wheel. What an area development agreement is, and how it differs from a regular franchise agreement. Why franchise attorneys are an integral part of the franchising process. The characteristics of a good franchisor, and the elements that make a franchise successful. A reminder of the importance of doing your due diligence. Tip of the day: Visit the SCORE chapter in your area!   Links Mentioned in Today's Episode: Greg Mohr Greg Mohr on LinkedIn Greg Mohr on X Greg Mohr on Instagram Greg Mohr on Facebook Greg Mohr Email Greg Mohr Phone Number: 361-772-6401 Real Freedom SCORETransaction Talk     Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

In the world of cybersecurity, breaches are not a matter of if but when. In this episode of Transaction Talk, we discuss the important topic of cybersecurity with a focus on how the risks can impact small and medium-sized businesses. Joining us to unpack this topic is Sean Kline, the CEO of Turbotec, an IT services provider that offers consulting, IT infrastructure and planning, network and cybersecurity, disaster recovery, business continuity, and more. We discuss the importance of these issues for business owners and outline some of the best practices and standards. We also explore the value of understanding where you are in the process and why you should never stick your head in the sand as this topic and these risks change constantly. Tune in for this insightful conversation as Sean highlights plenty of important things that are easily overlooked by small business owners!   Key Points From This Episode: Some of the most common cybersecurity threats that individuals and businesses face today. Reasons we are vulnerable to anything connected to our network. Why having a process to evaluate where you stand and what your weaknesses are is key. What to focus on when setting up cybersecurity. The process of understanding where the gaps are in order to resolve them. How investments in cybersecurity can yield financial benefits. Evaluating security from a business and technical risk perspective. Best practices for password protection. The organized nature of cybercrime. Common misconceptions about cybersecurity. Establishing and testing a recovery plan in preparation for inevitable breaches. Invaluable insights about why cybersecurity is an executive issue.   Tip of the Day: Be open-minded about your cybersecurity strategy!   Links Mentioned in Today's Episode: Sean Kline on LinkedIn Sean Kline Email Sean Kline Phone: 603-296-4845 Turbotek Transaction Talk   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Bob Furlong is a seasoned wealth management professional from The Bulfinch Group. With years of experience managing his own family business + his clients' family businesses, Bob offers a unique perspective on wealth maximization and legacy building. In this episode, Bob reflects on his personal journey through multiple company exits, including one that left him completely in the red, and discusses the common misconceptions about the timing and strategy of selling a business. He also shares how he uses his expertise to guide family-owned businesses on financial strategies and vision planning, with the importance of aligning family legacy with business goals.   Key Points [3:00] A little bit about Bob and his background in wealth management + selling the family business. [5:15] Knowing what Bob knows now, what would he have done differently? [7:25] On Bob's third company exit, he did horrible. He really struggled through that process and had a negative balance sheet by the end of it. [9:15] What do most people get wrong about exiting a company? [13:05] When your company finances are looking better than they've ever been, that actually might be an indicator to sell. [15:00] Bob now works with a lot of family-owned businesses, how does he use his experience + his expertise to advise and guide them? [18:25] Although Bob does focus on the financials of the business, he also believes it's important to talk with the owners about their visions for the future and what their legacy will look like. [19:55] It is a delicate balance to sell the family business because employees might also leave the moment the owner leaves. [24:25] How far in advance does Bob start working with a family-owned business? What is a good timeline to plan an exit? [28:25] In Bob's experience, the founder is usually the obstacle in how they want to realistically exit. [32:55] Bob sees himself as a bit of a choreographer when it comes to helping everyone within the company and the family have tough conversations, be on the same page, and understand their risks.   Tip of the Day: It's never too early to plan!   Mentioned in this Episode Tworld.com/locations/boston Riw.com Transactiontalk.com   Bob Furlong LinkedIn Bob's bio Bulfinchgroup.com Email: [email protected] Phone: 781-292-3265   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.   Quotes   "Business owners, more often than not, sacrifice the 'self' for the business and the business doesn't always take care of them."   "There are about 80%+ family-owned businesses where the owners want their kids to own their business. However, it's less than 20% of the kids who want the business."   "Selling a business is such a big decision, it's a life decision, and you want to make sure, whether it's a family member or another buyer, they're going to live on your legacy."

Shiva Karimi is an Immigration lawyer and Managing Director for McLane Middleton's Boston Office. She is experienced in navigating complex U.S. Immigration issues and advises businesses on hiring key personnel and helps foreign investors and buyers navigate the purchasing process of a business on U.S. soil. In this episode, Shiva breaks down what it takes to qualify for an E2 investment visa, what business owners should be aware of when working with a foreign buyer, and how to best handle an international transaction like this.   Key Points [3:20] What do business owners need to be aware of when working with foreign investors/buyers? [5:00] What type of businesses qualify under the E2 visa? [6:00] What's the minimum amount a buyer has to invest under the E2 visa? [7:20] Shiva breaks down the process of how to qualify for an E2 visa. [11:00] This is not a visa you can do on your own. It is complex and you will need professional and legal help. [13:10] Why would a business owner sell to a foreign buyer? [16:00] What do business owners need to be aware of when hiring a foreign national? [18:00] What happens if you have illegal immigrants working in your company and you're trying to sell your business? [20:00] What is an i-99 audit? What should employers be aware of? [27:50] What is an H1 visa? [29:30] Shiva also breaks down what an L1 visa is and how to qualify for it.   Tip of the Day: Complete your I-99 audit and understand who is working within your company and who exactly wants to buy your company.   Mentioned in this Episode Tworld.com/locations/boston Riw.com Transactiontalk.com   Shiva Karimi  LinkedIn Shiva's bio Mclane.com Email: [email protected] Phone: 617-523-7937   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.   Quotes   "You do have to show sources of funds; where did that money come from? And you need a five-year business plan."   "If half of the workforce is not authorized to work in the United States, if buyers want to take on that liability, fine, but oftentimes, they are not willing to proceed with the sale."   "You never want to take on someone else's liability. You don't know what they've done or how they've done it."

Diane Hartz-Warsoff is the President of Exit Factor of the SLC & Utah County branch. She is focused on helping business owners maximize their company's value and prepare it for an exit. With over 8 years of experience, Diane shares her wisdom on this week's podcast and talks about her role as an exit advisor, a business owner's value to a company, and letting go of control.    Key Points [3:50] You should start/think of your exit plan when you start your business.  [4:45] You want to document each element or department of your business one at a time. It can feel overwhelming doing it all at once.  [7:20] What is your legacy? Is it financial? Community? You need to define this.  [12:15] What is the role of an exit advisor?  [14:10] What should business owners be thinking about/preparing for?  [17:35] Getting any business owner to let go of control and let others do it is a very difficult mental shift.  [23:45] A prospective buyer is going to pay you for the work you've done and the business you've built, not for what the business has potential for.  [27:00] If you can get other people to put out the fires, then you become a much more valuable business. [29:20] Interested in working with Diane? Reach out!    Tip of the Day: It's never too early to plan your exit and it's a holistic decision for yourself and where you are in life.    Mentioned in this Episode Tworld.com/locations/boston Riw.com Transactiontalk.com   Diane Hartz-Warsoff  Exit Factor LinkedIn Diane's bio Diane's info at Transworld Email: [email protected] Phone: (385) 342-3692   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.   Quotes "Any business where they are the business or integral to the business, it really has the negative impact on their value."   "We have tools to help you with growth, and at the same time, know the right people to put in front of you to ensure your personal, financial, and your business are taken care of.."   "As you grow your business, a buyer is going to buy your business because they think they can improve on it and grow it. They're going to pay you based on what you've done."

Join Aaron Fox, Managing Director at Transworld Boston, as he shares his profound insights into the unique challenges and strategies involved in selling or exiting a family business. With personal experience in successfully selling his third-generation family business, Aaron brings a wealth of knowledge to the table. In this episode, he discusses the intricacies of keeping sales confidential, the dynamics of family involvement in the business during a sale, and the importance of succession planning within family enterprises.   Key Points [2:30] What makes selling/exiting a family business different from traditional businesses? [3:15] Should you keep the sale of the family business confidential? [3:30] Aaron has unique experience in this; having had to sell his father's business that had, at one point, 18 family members working in the business. [5:05] Do buyers want multiple family members still working in the business? [7:35] How did Aaron's father take over the family business? [8:50] What does a succession plan look like within a family business? [13:25] The ability to tap into your elder family members' knowledge base is invaluable. They've been through recessions, wars, and economic uncertainty. [18:00] Aaron has been through this process personally, so it makes advising clients in similar family businesses a lot easier because he knows some of the things they're not automatically thinking about. [21:55] There's no better way to show accountability and ownership by opening up your wallet and buying the business.   Tip of the Day: Write down everything! Write it all down! You're going to revisit it and you need to know what you're getting involved in.   Mentioned in this Episode Tworld.com/locations/boston Riw.com Transactiontalk.com   Aaron Fox  LinkedIn Aaron's bio Email: [email protected]   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.   Quotes   "When it's family, you always want to help. The experience of some of the senior family members; they've been through recessions, ups and downs, wars. The business survived."   "I strongly believe you should buy the business from that family. If it involves taking out an SBA loan, do it. Pay the money."   "We want to show there's a clear transition of that business and there's no better way to show ownership by opening up your wallet."

Join JT Tatem, an experienced franchise owner with Transworld Business Advisors, as he delves into the art of effective goal-setting and goal-getting. Drawing on his extensive experience and lessons learned from mentors like Brian Tracy and Zig Ziglar, JT shares valuable insights on transforming aspirations into tangible results. In this episode, he introduces the 8 W's of goal-setting and provides listeners with a comprehensive framework for achieving success into the new year.   Key Points [2:30] What should we know about goal-setting? [3:45] Most people are good at goal-setting but not at goal-getting.  [4:50] 97% of the population doesn't have written goals and only 3% of the population do. [5:20] Have a place where you can see your goals regularly. [6:40] It's important to have some accountability for your goals. Don't keep them a secret! [8:10] How many goals should you set? [9:00] JT explains what the 'wheel of life' is. [11:20] What makes a good goal? [17:00] How did JT help his children set and achieve their goals? [21:35] How do you set realistic goals? [22:10] What are the 8 W's? Write, Why, Where, What, Who, Way, When, and Work. [34:25] A lot is possible if you put your mind to it!   Tip of the Day: Learning the art of goal-getting is the difference between having to plan for your life vs. someone else planning it for you.   Mentioned in this Episode Tworld.com/locations/boston Riw.com Transactiontalk.com   JT Tatem  LinkedIn JT's bio Email: [email protected]   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.   Quotes   "There's two types of people in this world. There's the people who life happens to and there's the people who make life happen."   "Anybody can write down a goal, but putting a game plan together where you actually achieve what you set out to accomplish is probably more beneficial."   "You should have your goals written down and have it posted somewhere where you're going to see them on a regular basis."

Join Andy Cagnetta, CEO of Transworld, as he shares his extensive experience in commercial real estate and business sales. In this episode, Andy reflects on the market changes from 2019 to 2023 and provides his predictions for 2024, including the challenges posed by interest rates and the unprecedented buying power of private equity firms. He discusses the importance of timing in selling a business, the value of preparing for the sale of a business, and the upcoming wealth transfer from Baby Boomers to younger generations.   Key Points [0:50] A little bit about Andy and what he does at Transworld. [2:30] In 2023, everyone felt a little bit beat up by interest rates, slow business, and more. [5:00] Private equity firms have the most buying power than they've ever had in history right now. [6:40] Let's do a high-level recap on what was happening in the market from 2019-2023. [7:40] The good news is that good businesses are still selling! [8:15] Andy has seen sellers wait too long to sell, but what are some of the negatives if you decide to wait? [12:10] On the flip side, there is nothing wrong with having the right broker in your pocket when you're ready to sell. [13:10] It does take time to prepare and accurately sell the business at a price point that makes sense. [18:00] Baby boomers will be transferring their wealth to Gen X and Millennials. In the future, we will see a surge in new opportunities. [22:50] Instead of getting jobs, the younger generation might just invest their new wealth instead. [25:45] What happens if a younger person buys a business? Andy believes you can't lose if you've got the work ethic. [28:15] What are Andy's thoughts about AI?   Mentioned in this Episode Tworld.com/locations/boston Riw.com Transactiontalk.com   Andy Cagnetta LinkedIn Andy's bio Email Andy: [email protected]   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.   Quotes: "Dry powder of private equity firms reached 3.4 trillion dollars and it's up almost double." "When is a good time to sell? You don't want to wait because you never know what's going to happen." "If you want to sell your business at a good price, you have to have raising revenues, raising profits, and good management in place."

Dana Hall is a seasoned franchise consultant with 20 years of experience in the industry. With a background that includes diverse roles at Panera Bread and Wendy's Company, Dana offers valuable insights for both first-time buyers and seasoned entrepreneurs. In this episode, he delves into what makes a successful franchise owner, and the role of a franchise consultant, and discusses the benefits of networking with other franchisees. This is a must-listen for anyone considering a venture into franchising.   Key Points [1:00] Why are franchises good for first-time buyers? [3:15] What are new or beginner franchise owners looking to be? [4:50] What makes a good franchise owner? [8:00] What does a franchise consultant do? [9:15] Not everybody gets into a franchise to make a ton of money. Sometimes, they want to find an elevated way to give back to their community. [11:05] There's a lot of value when it comes to being able to talk to other franchise owners and having access to that knowledge base. [12:10] What is a discovery day? [14:50] Company fit plays a big role in what franchise to invest in. You have to pick carefully. [17:45] Should you invest in a franchise with a large brand following/recognition? [23:10] Remember, investing in a franchise is a two-way street. It's important that the franchisor is also picky. [28:40] What franchise would Dana buy if given the chance? [32:55] Dana offers his tip for business owners.   Tip of the Day: Be realistic as a potential owner in your expectations all throughout your due diligence process.   Mentioned in this Episode Tworld.com/locations/boston Riw.com Transactiontalk.com   Dana Hall Website LinkedIn Dana's bio   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.   Quotes   "It's a business. It's hard. Just because you got a good franchisor and a good blueprint, you still have to execute."   "There are a lot of franchise companies that don't have brand recognition. There's hundreds of franchise businesses where you don't necessarily know the name but they have a great system in what they do."   "Franchisors are looking for partners. They're not just letting anybody in and taking your money. It's important that they're truly looking for the right person."

Robert (Bob) Gorton is a CPA and Founder of Gorton & Company. He has over 30 years of experience providing accounting and tax services to a diverse client base. In today's episode, he shares what business owners need to be aware of when it comes to end-of-the-year tax planning to make sure their tax returns and claims go as smoothly as possible. He also explains why it's important to find a specialized person with tax knowledge to handle your books because the wrong or inexperienced professional can really set your business back.    Key Points [2:05] What should business owners be thinking about when it comes to their year-end tax planning?  [3:30] Ideally, Bob wants to have communication with his clients at least quarterly to understand what's happening within the business..  [3:40] Who should be doing the books? And how can business owners make sure they're correct?  [6:20] Bob recommends not to pre-pay for things that extend to the new year. However, he explains what to think about from a tax perspective if you do need to pre-pay.  [7:20] Regular check-ins with your CPA/Tax accountant can save you a lot of time and hassle.  [8:35] It's a good time to do or think about year-end planning during the months of Oct-Dec. [12:55] Jennifer shares a tax horror story.  [14:00] It's so important to hire the right tax professional. Regular CPAs are not going to have in-depth knowledge on tax codes.  [18:00] What is the 'quality of earnings' and why is it important?  [24:30] What should business owners look for in a CPA? [25:15] What makes Bob different? [26:15] Bob shares his number one business tip.    Tip of the Day: Have an exit plan and work with your advisory team towards that plan.    Mentioned in this Episode Tworld.com/locations/boston Riw.com Transactiontalk.com   Robert (Bob) Gorton Website Email: [email protected] Phone: 978.705.4400   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.   Quotes   "Unfortunately, folks want to get this done as cheaply as possible, and that gets people into trouble."   "There's a lot of competent CPAs out there that don't do this kind of work. They're not as focused on what kind of impact is going to have on the business owner down the road."   "The numbers aren't going to lie. When you go through due diligence to sell your business. The people on the other side are smart. They're going to look."

Jennifer and Eric interview Michael Lake, the new franchise owner of Signarama Framingham, MA, a large-chain supplier of custom-made signs, banners, and decals. Michael is an accomplished Emmy® Award-winning media executive with over 20 years of experience. Prior to purchasing this business, he worked at ESPN for over 22 years. In this episode, Michael shares his perspective on what it's like to purchase a business and some of the key lessons he learned along the way with the due diligence and transaction process.   Key Points [2:35] A little bit about Michael and what he was looking for when purchasing a business. [6:00] The franchise model seemed attractive to both Michael and his business partner. [8:55] It was great to have a clean handoff from the previous owners into Michael's hands. It gave customers the stamp of approval that he and his partner were trustworthy. [11:25] Michael had discovery days with the franchisor where he was able to better understand the different types of franchise options available and what style would fit Michael's temperament. [12:15] What did Michael's advisor team look like? [15:20] Michael attempted to purchase another business with Eric and realized during their due diligence process that the business wasn't for him. [16:20] Good advisors will tell you what you need to hear, not what you want to hear. Under Eric's guidance, Michael was able to avoid a bad purchase. [18:35] Why didn't Michael want to purchase that particular business? [22:05] What did the due diligence process on a franchise look like? [25:45] A year into owning the business, how has it been going so far? [29:30] Despite paying for an already-established business, you can still easily lose that through poor management. [33:15] If Michael had to do it over again, he'd want to have more cash reserves.   Tip of the Day: There are no stupid questions. Ask them all. Don't just sign things. Ask!   Mentioned in this Episode Tworld.com/locations/boston Riw.com Transactiontalk.com   Michael Lake Website LinkedIn   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.   Quotes   "It's absolutely critical to have a team that you know is working for you and on your side, and protecting your interests."   "The end goal is for the new business owner to have a smooth transition."   "As much as you want this business purchase to work out, you also got to know when to tap out and have those advisors there that can guide you."

Jennifer and Eric talk with Sarah Grossman, a CBI Principal at BayState Business Brokers. Sarah has worked with both Jennifer and Eric on a number of client projects. She has over 15 years of experience and is very knowledgeable about her field and is excited to share with you how businesses get bought and sold. On this week's podcast, you'll learn the benefits of a seller note, why this can be a good thing for both the buyer and seller and how it can be used to mitigate your tax liabilities with a seller note.   Key Points [1:40] What is seller financing and how is it used in a deal? [4:15] What happens if a buyer is unwilling to do a personal guarantee on a seller note? [6:30] How does Sarah prepare her sellers for a seller note or even approach them about the benefits of one? [9:10] What are some of the risks of having a seller note?  [10:25] There are ways to creatively structure the note so that both sides up being happy with the terms. [10:35] Would a buyer care if their seller is doing seller financing? [13:25] Sarah shares an example of how seller financing works in real time. [15:35] What types of due diligence should a seller be doing on the buyer? [20:00] The seller note is just a good option to have for both the seller and buyer to get the deal done. [21:35] Sarah shares how you can mitigate some of your tax liabilities with a seller note. [24:00] Sarah shares some additional examples of how people can leverage and beneficially use seller financing. [27:45] Seller notes also help make sure the transaction process itself goes really smoothly and that there are no unexpected skeletons in the closet. [31:30] Deal structures have gotten really complicated due to the ripple effects of businesses being shut during COVID. People want better guarantees that their business is going to perform.   Tip of the Day: Don't wait till the last minute to engage in a sale with your broker. You should be talking to them about it 1 to 5 years out.   Mentioned in this Episode Tworld.com/locations/boston Riw.com Transactiontalk.com   Sarah Grossman Website LinkedIn Phone: 617-562-5700 Email: [email protected]   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.   Quotes   "If for some reason the buyer defaulted, the seller has; instead of recouping the assets; they can resell the business to somebody else and they're keeping all the money that they've already gotten."   "The seller note is a good tool to have at your disposal in case there is a surprise, but no one goes into it wanting that surprise. It's just good to know that it's an option."   "It underscores the importance of having really good advisors. Deals are more complicated now than I've ever seen them in terms of structure."

Jennifer and Eric talk with Kathleen Kelly and Greg Giacopelli to get a full understanding of SBA loans and when it makes sense for business owners to apply for one. Kathleen is an SVP SBA Relationship Manager at Webster Bank and Greg is the VP of Business Banking Relationship Management at Eastern Bank. There are a number of considerations and rules to understand about SBA loans, how a bank sees a potential candidate, and which loan option might be best for you. In this episode, Kathleen and Greg do a deep dive into the different situations you need to be aware of before applying for this type of loan.    Key Points [1:40] What is an SBA loan? [4:25] A banker or loan officer is going to look at three years of historical tax returns. This can be challenging if two of those years were COVID years. [5:45] What factors are banks analyzing about the business before issuing an SBA loan? [8:45] The bank first has to make an internal decision on whether they want to issue this type of loan to you. [9:25] There are SBA rules and there are also bank rules. Some banks will not touch particular industries just because they've been burned on them in the past. [11:05] What's the difference between an Express, 7(a) and 504 loan? [17:55] Really be conscious of the types of income projections you have. The bank will be double-checking and scrutinizing that. [26:45] When is it a good time for a business owner to talk to an SBA loan officer? [31:20] Try to send financials over as early as possible. [32:35] What is a term sheet or a commitment letter? [37:30] If you want to get the best out of your loan, you really want to make your bottom line as strong as possible. [43:30] Both Kathleen and Greg end the show with their tips of the day.   Tip of the Day: Kathleen's Tip: Do not cut corners on advisors. It makes a world of difference hiring qualified and efficient professionals. Greg's Tip: Make sure you are thoughtful and reasonable about your projections. Don't go overboard!   Mentioned in this Episode Tworld.com/locations/boston Riw.com Transactiontalk.com   Kathleen Kelly Website LinkedIn Phone:  617-416-6567   Email:  [email protected]   Greg Giacopelli Website LinkedIn   Phone:  781-231-4897   Email: [email protected]   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.   Quotes   "There are SBA rules and then there are bank rules. Some banks just won't touch a restaurant [for example] or they got burned on a certain type of [industry]."   "Banks differ on how they price. National SBA lenders do a loan, price them variable, and sell them on the secondary market. That's the model. The regional banks price them however they price them."   "Having constant communication with the lender is really important and having it as early on as possible."

Your hosts Jennifer and Eric welcome Scott Giles onto the show. Scott recently sold his business, ScoreBuilders, and worked directly with Jennifer and Eric during the selling process. In this episode, he shares some real-life examples of what the sale process was like, key learnings he experienced, and some unexpected challenges he experienced when it came to selling his business.   Key Points [1:40] A little bit about Scott and why he decided to sell his business. [3:55] Why did Scott pick Jennifer and Eric's firm? [5:00] Formally, Scott interviewed three different business broker groups. [8:40] How did Transworld go about finding a good buyer for Scott's business? [10:20] Scott and his team at Transworld decided to set a formal date for the prospective buyers to bid on his company. [12:15] Scott had to prepare for the buyer to completely deconstruct his business and do their due diligence. It's a stressful moment because they're looking at everything, including their finances. [16:40] Scott shares his experience on why having a specialized attorney early in the process is critical. [20:35] Scott did feel overwhelmed at times because the prospective buyer had a lot of questions and they wanted answers ASAP. [22:00] The buyer was asking for procedures and policies that were intuitive to Scott and his wife Traci but didn't exactly have formal documentation for. [26:25] Scott still has plans to be involved in the business despite selling it. Why was this arranged in that way? [30:30] Scott wants to ensure there's a smooth transition and integration for the buyer. [31:30] What would Scott do differently knowing what he knows now?   Tip of the Day: You need to have a great business broker team on your side in order to make the sale of your business successful. Surround yourself with a great team because you will need it!   Mentioned in this Episode Tworld.com/locations/boston Riw.com Transactiontalk.com   Scott Giles Website LinkedIn Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.   Quotes   "After 34 years, it just came to the point where there was more regulation, more documentation, more HR, so randomly out of the blue, I said let's sell the business."   "Some of these companies we met 4 or 5 times on different Zoom meetings. We were having enough activity that we were feeling really good and we decided to [speed up the buying process]."   "The requests didn't stop [from the buyer]. Every time we thought we were done, it was can you produce this document, can you explain why your inventory has these levels, and why it was different pre-pandemic."

Transaction Talk welcomes you to the fourth and final episode of a four-part series that details what business owners need to know about selling their businesses. Your hosts Jennifer and Eric interview Russ Stein, a Mergers & Acquisitions Attorney with more than 30 years of experience working as a lawyer and shareholder at Ruberto, Israel & Weiner, P.C. In this episode, Russ shares his perspective on what business owners should look out for from a legal perspective when it comes to selling their business.   Key Points [1:30] You don't just need an attorney, you need a Mergers & Acquisitions attorney. [2:40] What does Russ first like to talk to a business owner about when they're getting ready to sell their business? [4:15] Business cycles do happen and that makes business owners consider selling before a big dip. [5:25] At what stage does Russ step into the selling process? [7:35] What are some of the most common concerns business owners have? [8:40] How many written contracts do you have with vendors, third-party suppliers, etc? [11:25] What do you do if you have remote workers on your staff? [15:10] How should business owners think about warranties when they're about to sell their business? [20:15] How should a seller think about personal liabilities? [23:45] Everything you talked about needs to be in writing. Nothing verbal should be 'assumed'. [24:10] What should business owners look for in an M&A attorney? [29:00] Who would Russ add to his team of advisors? [32:35] Why would a business owner want to do an asset sale vs. a stock sale? [35:30] It's critical to get a lawyer in your selling process as early as possible to save you a mountain of headaches.   Tip of the Day: Do your best to avoid surprising your lawyer. Be honest and upfront as early and as soon as possible, even if it might make you or your company look bad. The sooner they know, the better they can protect you/correct the error.   Mentioned in this Episode Tworld.com/locations/boston Riw.com Transactiontalk.com   Russell N. Stein Website LinkedIn Phone: 617-742-4200 Email: [email protected]   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.   Quotes   "If there's hundreds of [third-party] contracts that need to be reviewed that can be a big chunk of time and if you're under time pressure after closing, that can create anxiety for us and the buyer."   "Estate tax can be a real surprise to a buyer that is from another state that hasn't bought a company in Massachusetts before and is unaware of this tax. The seller might want the buyer to compensate for this tax."   "I recommend we do an up-front review of consent requirements in an asset deal and in a stock deal. One time, in an asset deal, it came back that [the client] needed 165 consents to do an exit."

Transaction Talk welcomes you to the third episode of a four-part series that details what business owners need to know about selling their businesses. Your hosts Jennifer and Eric interview Scott Sagan, a CPA with over 30 years of experience in accounting, auditing, taxation, and more. Scott shares from a CPA perspective how business owners can maximize their company's value and also make sure that their numbers are realistic to a potential buyer.   Key Points [2:00] What does a typical conversation look like with a CPA and a business owner looking to sell his/her business? [3:55] Every business owner wants to maximize their value, but it's important to be realistic with that expectation. [5:05] How does Scott work with business owners and prepare them properly for a sale? [7:25] What other people should be on a business owner's team when they're looking to sell? [9:25] What role does a CPA play during the sale of a business? [11:55] It's important to have a seasoned advisor who is used to these types of transactions. [15:10] What types of documents does a CPA need to properly do their due diligence? [18:00] What happens if there are two CPAs on the team and they disagree with the numbers/projections? [18:45] Scott explains what a cash-free/debt-free purchase is. [21:55] What are some of the benefits of a stock sale vs. an asset sale? [23:25] What types of taxes should you be thinking about when you're getting ready to sell a business? [27:05] Are different types of assets taxed differently? [27:55] What should you look for in a CPA? [31:00] Scott shares some examples of how he's helped clients in the past with the sale of their businesses.   Tip of the Day: Make sure you use seasoned professionals. Don't get caught up in the cost of these professionals because, in the long run, they will save you more than the cost.   Mentioned in this Episode Tworld.com/locations/boston Riw.com Transactiontalk.com   Scott Sagan Website LinkedIn Phone: 781-569-4732 Email: [email protected]   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.   Quotes   "Nobody wants to see their life's work fail. They want to sell their business to someone who will succeed and take it to the next level."   "I can't stress enough the importance of getting a good team in place to really hash these things out prior to making a final agreement."   "The last thing you want to do is sell the business and 15 months after a transaction, you have a huge tax bill that you had no idea that it'll be that much."

Transaction Talk welcomes you to the second episode of a four-part series that details what business owners need to know about selling their businesses. Your hosts Jennifer and Eric interview the Managing Partner of Boston Partners Wealth Management, James Connors, to discuss the important role a financial advisor plays in the sale of a business. They break down when you need a financial advisor, how they help business owners confidently know their numbers, and so much more.   Key Points [2:45] Why is it so important to have a financial advisor on your team? [4:35] What are some of the common reasons why a business owner wants to sell their business? [8:10] How does James walk his clients through an exit plan and/or strategy? [9:40] Selling a business after being a part of it for so long is a very scary thing, but by having the numbers by your side, you become a bit more confident in the process. [13:10] What should somebody look for in a financial advisor? [16:35] The communication style of the financial advisor is very important. Do you understand what they're saying? [17:00] You should always ask your financial advisor's philosophy on risk. [18:10] What happens if you have to switch financial advisors midway through a deal? [22:30] It's important to talk to your financial advisor before you begin the sale process. [24:05] What makes James different from other financial advisors? [29:05] James shares a play-by-play of how a typical business sale goes down.   Tip of the Day: In addition to the finances, start to think about what you're going to do with your life after the sale of your business. Reliving your Sunday every day gets boring quickly and people like to feel relevant. Business owners don't plan to fail, but they often do fail to plan.   Mentioned in this Episode Tworld.com/locations/boston Riw.com Transactiontalk.com   James Connors Website LinkedIn Phone: 978.689.6995 Email: [email protected]   Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.   Quotes   "When a business owner knows (his numbers) and he knows that everything is in good order, now they're confident and it replaces the fear."   "Look for an advisor that communicates clearly and effectively. You want to understand what they're recommending and be able to have open communication."   "We are all here to help the business owner optimize the best deal." 

When it comes to selling your business, there can be a lot of unknown factors that many first-time sellers might not be aware of or even think about. It's critical to have the right team on your side to help you through the sale of your business and to make sure you're getting the best deal available to you. Transaction Talk welcomes you to their first episode out of a four-part series that details what business owners need to know about selling their business. In this episode, Aaron Fox, Managing Director at Transworld, explains the vital role a business broker plays in the selling of a business.    Key Points: [2:55] Why are business brokers so critical when business owners are getting ready to sell their businesses?  [3:45] Should you reveal more information to your business broker than you would to your business lawyer?  [4:50]Remember, these people are working for you. It's important to be honest and upfront with what's going on.  [9:15] The key players on your team should be: Accountant, attorney, financial advisor, and a business broker.  [9:30] Aaron explains why these four people are important during the selling process.  [12:25] What type of attorney should you get when you're selling the business?  [18:15] How do you maximize your profits and sell price?  [20:45] After you find a buyer, what's the next step towards moving the deal forward?  [25:25] When does it make sense to reveal tax returns and other sensitive financial documentation?  [28:35] How long does the due diligence of a business typically take?  [34:35] ]After due diligence, there's still a lot of moving pieces that need to be checked. Insurance policies, payroll, bank underwriting, business plans, etc all need to get finalized.  [39:50] What can business owners do to make the closing process a lot smoother?  [42:45] What should sellers look for in a business broker?  [46:45] As a business owner, you need to keep operating your business as normal until you have the money in the bank. You are still the owner and things should not be slipping through the cracks!  [47:55] A good team is when all parties involved are communicating with each other. It's important to get these four key team players in a room together and collaborating.    Tip of the Day: Remember, your team is there to help you and they're working in your best interest. Talk to them, ask them questions, and readily share information with them.    Mentioned in this Episode: Tworld.com/locations/boston Riw.com Transactiontalk.com Aaron Fox Phone - 781-773-8922  Email - [email protected]   Quotes:   "Finding a buyer is maybe 10% of the work and the other 90% comes from getting that deal across the finish line."   "Your business broker is going to make sure your business is priced right, how do we justify cash flow, how do we tell the story, and how do we find these qualified buyers. Your broker keeps going and going."   "The biggest mistake is not telling your trusted team upfront that something might come up during due diligence."    The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing in this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.