Interviews

Our goal at Morgan & Westfield is to provide you, our readers, with high quality information and valuable resources to help you navigate through the process of buying or selling your business. In this section, we provide interviews from various professionals somehow involved in the process of buying or selling a business.

As you read through the interviews, you will see several of the questions are repeated in different interviews. While we think it is important to ask each professional a wide range of questions, it is equally important to ask professionals some of the same questions we find particularly important. This way, you can get various perspectives and different opinions on the most important issues you will face as you go through the process of buying or selling a business.

We encourage you to read through multiple interviews and we hope that as you progress through the interviews you will not only become more informed about the issues and trials you will face, but that you will feel confident as you embark on the journey of buying or selling a business.

Business Appraiser Interviews

Dan Doran | Certified Valuation Analyst

In this interview, Dan Doran, explains to business owners that planning ahead is a must, and it will generate more value and return on investment in the end if planning for a sale is included in the startup of the business. While many owners are pouring money into starting the business, they do not realize an extra few thousand dollars now can lead to tens of thousands of dollars in value at the time the business sells. Mr. Doran is the Founder and Principal of Quantive Business Valuations and a seasoned valuation professional.

Walter Blijleven | Certified Valuation Analyst and Business Valuator

In this interview, Walter Blijleven discusses how you can avoid a faulty sale through due diligence, how you can protect yourself from paying too much for a business, whether you need to have your business and real estate appraised separately, how to secure funding for a purchase, the proper ways to exit your business, and the importance of a buy-sell agreement. Mr. Blijleven is a highly experienced finance professional, a Dutch CPA and a US business valuator.

Marcus A. Sullivan | Certified Valuation Analyst

In this interview, we discuss business valuation and appraisal with Marcus Sullivan, CVA. Mr. Sullivan is a certified valuation analyst, as well as the Founder and Managing Partner of Sullivan Consulting, a boutique consulting firm based in Puerto Rico. Today, Mr. Sullivan tackles topics such as the importance of due diligence and how you can get a premium value for your business. Not only does Mr. Sullivan explain the why and how of business valuation, he also shares with us the three most critical factors that improve the value of a business.

Michael Bankus | CVA, MBA

In today’s interview, we speak with Michael Bankus, Principal at Goriano Experts & Advisors, a business valuation consulting firm. Mr. Bankus knows that when it comes to buying or selling a business, a strategic plan must be created and executed. According to Mr. Bankus, business appraisal and valuation should be at the top of every business owner’s list. Not only does he discuss what is needed to prepare a business for sale, Mr. Bankus also breaks down the anatomy of buy-sell agreements, minority interest appraisals and exit plans.

Brad Van Horn | ASA, CBA, CVA, CPA, MBA

Today we were given the opportunity to interview Mr. Van Horn, the president and founder of Business Appraisal Services, LLC. Mr. Van Horn has over 23 years of business valuation experience and has been involved with over 3,000 valuation engagements. In this interview, Mr. Van Horn discusses various aspects of appraisals, such as real estate appraisals, appraising a minority interest, when to get an appraisal done, and the benefits of having a business appraised.

John G. Mack | ASA, MCBA, ABAR

John G. Mack, the managing member of Mack Business Appraisals, LLC, is here today to talk with us about how to sell a business and how business appraisals play a role in that transaction. He launches into a discussion about when and why it is a good idea to have your business appraised, and he moves on to talk about what goes into a business appraisal, the different types of business appraisals, and why different appraisals may offer different information.

Garrett M. Wilson | CFA, CVA

Today it is our pleasure to interview Mr. Garrett Wilson, a Senior Manager in the Denver office of RGL Forensics. Mr. Wilson specializes in the field of business and security valuation and his work includes financial, economic and valuation analyses for financial reporting purposes, mergers & acquisitions, asset and securities valuations, manager selection, corporate strategy and litigation. Mr. Wilson explains earnouts, working capital adjustments and normalized salary. He goes on to give factors that can improve the value of your business and discusses how long it can take to sell your business. Those are just a few of the topics discussed in today’s interview!

Steven J. Siefert | CFA, ASA-BV/IA

In this interview, we speak with Steven Siefert, Accredited Senior Appraiser and Business Valuator at Baker Tilly Virchow Krause, LLP, located in Milwaukee, Wisconsin. Anyone who is thinking of selling a business will want to pay close attention to this interview. Here, you will learn about the most important things you can do in order to build business value before a sale. Mr. Siefert points out which types of buyers are likely to pay more for a business. He shares with us his expertise regarding topics such as the different types of business appraisals, the ins and outs of structuring a business sale, and the critical role of timing in the sale of a business.

Michael S. Blake | CFA, ASA, ABAR, BCA

In this interview with Michael Blake, the Director of Valuation Services at Habif, Arogeti & Wynne, LLP, we take a look at what you need to know about appraising your business before you sell. We discuss different methods of appraisal and why you need an appraisal, as well as how you can keep your costs low when you do need to appraise your business. We will also take a moment to look at buy-sell agreements and what you need to know when creating one.

Angela Sadang | ASA, CFA

We recently had the distinctive opportunity to interview Angela Sadang, CFA, ASA, and a Director in the Litigation and Corporate Financial Advisory Services Group at Marks Paneth LLP in Manhattan.Today, Ms. Sadang discusses how to determine what your business is worth, how to get a premium value for your business, using online software to value a business, getting paid for the potential your business has, and so much more!

Jason Kwiatkowski | CPA, CA, CBV, ASA, CEPA

In this interview, we cover topics covering valuing and appraising businesses with Jason Kwiatkowski, co-founder and the President at Valuation Support Partners Ltd. Mr. Kwiatkowski has completed numerous valuation and expert reports for various purposes, including but not limited to share transactions, tax and general corporate planning, corporate reorganizations, succession/exit planning, commercial and shareholder disputes, tort disputes and insurance claims. He was more than willing to sit with us and answer a few questions in regards to business evaluations, differences in appraised values, and how location can affect the value of a business.

Michael A. Gould | CPA/ABV/CFF, ASA, CFE, CVA

Michael A. Gould is a Director at Rotenberg Meril Solomon Bertiger & Guttilla, P.C. Mr. Gould is a CPA, ABV, ASA, CFE, CVA, CFF and specializes in fair value accounting for financial reporting, mergers and acquisitions, sales of a business, split-ups/spin-offs, succession planning, liquidation/reorganization, mediation/arbitration and more. Today, Mr. Gould shares with us his wealth of knowledge and answers questions about valuations and more.

Jerry Horton | MS, MBA, CBA, Ph.D.

In this interview, we discuss exit planning, business appraisals, valuations, normalized salary, working with a CPA, Business appraiser, and Attorney, and more. Dr. Horton has owned, operated and started several high tech businesses in the past twenty-five years and has many years of experience performing forensic accounting on seller’s financials, analysis of financials during due diligence phase of acquisition and business valuations.

Joshua Johnson | Accredited Senior Appraiser

In this interview with Mr. Joshua Johnson, a senior valuation analyst at Shenehon Company, we have the pleasure of discussing some very important topics that all business owners should familiarize themselves with before selling their business. Mr. Johnson has valued hundreds of holding companies and family-owned businesses. Today, Mr. Johnson explains the difference between an appraisal and a valuation and discusses how an appraisal works, including what types of property can be appraised.

Attorney Interviews

Francis Boyer | Esquire

Francis M. Boyer, Esq., is a member of the Bars of Florida and the District of Columbia. Mr. Boyer is also one of the few attorneys in Florida to be Board Certified by the Florida Bar as an Expert in International Law. In this interview, Mr. Boyer explains when a business owner should hire an attorney, how to avoid a lawsuit, buying and selling businesses in different countries, minimizing post-closing problems, and more.

Adam Gana | Attorney

In this interview, we discuss business law with attorney Adam Gana. Mr Gana is the managing partner of Gana LLP in New York, NY. His practice focuses on all aspects of securities arbitration, complex commercial and business litigation, insurance litigation, employment law, class actions and appeals. In this interview, he discusses financing a business, the precautions a business owner should take when selling a business, getting the most out of working with an attorney, and more!

Hae Kyung (Ella) Lim | Attorney

Today we have the opportunity to interview Ms. Ella Lim, the managing-member of Lim & Company, P.L., which services all of Florida! In this interview, she shares insight on how a sale can affect a lease and whether, legally, a business owner must inform a landlord about the sale of a business. Ms. Lim also explains escrow, customer contracts, and how an attorney can help business owners.

Jamie Sasson | Managing Partner at The Ticktin Law Group, P.A.

Jamie Sasson is a managing partner at The Ticktin Law Group. Mr. Sasson’s concentration is in the area of business law, real estate law, and commercial litigation. In this interview, he discusses attorneys’ fees, disclosure obligations, how an attorney can help with the sale of a business, and much more.

Royce Lanning | Attorney

In this interview, Royce Lanning gives you pointers on how to stretch your money and decrease fees when working with an attorney when buying or selling a business. Mr. Lanning, an associate attorney with the Strong Firm, has experience working on both sides of a business sale. Here, Mr. Lanning discusses the most successful tactics he has seen work to the advantage of clients. According to Mr. Lanning, the three most important things to keep in mind when working with an attorney include preparing questions ahead of time, finding an attorney you trust, and doing some of the work on your own.

Ekaterina Mouratova | Attorney

Business law attorney Ekaterina Mouratova, founder of Ekaterina Mouratova Law Firm, PLLC, represents both individuals and companies in a broad range of business industries, including manufacturing, e-commerce, entertainment and others. In this interview, Mrs. Mouratova offers professional insight into the complex world of entrepreneurial business law. She also discusses business transactions, non-disclosure agreements and the Uniform Commercial Code (UCC).

Robert Shipley | Attorney

Robert Shipley is problem-solving trial attorney with experience arguing cases on the Illinois Appellate Court. He is a considered a trusted advisor by many business owners, and is here to share his knowledge with us today. In this interview, he discusses some of the legal issues that may arise when you are selling a business, such as what happens when you have disputes with the buyer during the sale. He also address issues you may have with your landlord.

Richard Leissner, Jr. | Attorney

Today, we interview Attorney Richard Leissner, a Partner at Howard, Stallings, From, Hutson, Atkins, Angell & Davis, P.A. Mr. Leissner has extensive experience in all aspects of residential and commercial real estate sales and acquisitions, leases and various other real property transactions. In this interview, Mr. Leissner discusses how selling a business can affect your lease, earnest money deposits, how to benefit from working with an attorney, and more.

Chris Cali | Attorney

In this interview, we have the opportunity to discuss wth attorney Chris Cali the legal aspects buyers and sellers should consider when buying and selling a business. Mr. Cali offers excellent insight on an array of topics, including: third-party contracts, due diligence, working with an attorney and attorney's fees.

Peter C. Brehm | Esq, CVA

In this interview, we discuss the importance of having a business appraised with Peter Brehm, an attorney and certified valuation analyst. Mr. Brehm is a partner at Business Law Center, PLC, where he advises small business owners on tax issues, buying and selling businesses, estate planning, succession planning and shareholder issues. Today, Mr. Brehm answers a variety of questions regarding business appraisals and valuations, and shows us how this complex process is much more than just extracting a number. He also offers advice on how to choose the best appraiser, as well as the best time to sell, merge or recapitalize a company.

Hanwei Cheng | Attorney

In this interview, we discuss a variety of topics with Hanwei Cheng, Senior Counsel at Adli Law Group, P.C. As a practicing attorney specializing in business litigation, transactions and real estate law, Mr. Cheng was named “Top Attorney” for Civil Litigation by Pasadena Magazine in 2012 and 2013. Here, he discusses a broad range of topics such as business purchases and sales, business appraisals and intellectual property law. Mr. Cheng also emphasizes and explains the importance of due diligence when buying or selling a business.

Robert A. Shipley |

Robert Shipley is problem-solving trial attorney with experience arguing cases on the Illinois Appellate Court. He is a considered a trusted advisor by many business owners, and is here to share his knowledge with us today. In this interview, he discusses some of the legal issues that may arise when you are selling a business, such as what happens when you have disputes with the buyer during the sale. He also address issues you may have with your landlord.

Richard P. Leissner, Jr. |

Today, we interview Attorney Richard Leissner, a Partner at Howard, Stallings, From, Hutson, Atkins, Angell & Davis, P.A. Mr. Leissner has extensive experience in all aspects of residential and commercial real estate sales and acquisitions, leases and various other real property transactions. In this interview, Mr. Leissner discusses how selling a business can affect your lease, earnest money deposits, how to benefit from working with an attorney, and more.

Chris Cali |

Legal Aspects to Consider When Buying and Selling a Business

In this interview, we have the opportunity to discuss wth attorney Chris Cali the legal aspects buyers and sellers should consider when buying and selling a business. Mr. Cali offers excellent insight on an array of topics, including: third-party contracts, due diligence, working with an attorney and attorney's fees.

Julie Lusthaus | Esq.

In this interview, we discuss an array of topics with attorney Julie Lusthaus, partner at Einbinder & Dunn. Ms. Lusthaus has been practicing law since 1996 and has substantial experience representing franchise and private business clients. If you have any questions regarding the legal aspects of buying, selling or appraising a franchise or private business, then this interview is a must read. Not only does Ms. Lusthaus cover the basics of buying and selling a franchise business, she also offers insight into the problems that could arise during the sales process, as well as important information such as a non-compete agreement.

Peter C. Brehm | Esq, CVA

In this interview, we discuss the importance of having a business appraised with Peter Brehm, an attorney and certified valuation analyst. Mr. Brehm is a partner at Business Law Center, PLC, where he advises small business owners on tax issues, buying and selling businesses, estate planning, succession planning and shareholder issues. Today, Mr. Brehm answers a variety of questions regarding business appraisals and valuations, and shows us how this complex process is much more than just extracting a number. He also offers advice on how to choose the best appraiser, as well as the best time to sell, merge or recapitalize a company.

Hanwei Cheng |

In this interview, we discuss a variety of topics with Hanwei Cheng, Senior Counsel at Adli Law Group, P.C. As a practicing attorney specializing in business litigation, transactions and real estate law, Mr. Cheng was named “Top Attorney” for Civil Litigation by Pasadena Magazine in 2012 and 2013. Here, he discusses a broad range of topics such as business purchases and sales, business appraisals and intellectual property law. Mr. Cheng also emphasizes and explains the importance of due diligence when buying or selling a business.

Harry J. DiDonato | Esq. LL.M. The Necessary Legal Steps of a Business Transaction

In this interview, Harry DiDonato, transactional attorney and business advisor at MacElree and Harvey Law Firm, utilizes his 25 years of legal experience to discuss topics, such as: business aquisition and sales, corporate matters, real estate transactions and tax planning. Mr. DiDonato also explains the unique advantage that you will gain with the assistance of a seasoned mergers and acquisitions attorney during the purchase or sale of your business.

Andrew R. Silverman | Esq.

In this interview, we discuss an array of topics with corporate law and business litigation attorney Andrew Silverman. As associate attorney of the MacElree Harvey Law Firm, Mr. Silverman has helped numerous corporate and business clients litigate and negotiate a variety of claims and issues, including shareholder oppression, LLC member disputes, advancement and indemnification rights and fiduciary duties of officers and directors. He also discusses the steps you can take in order to negotiate a business separation agreement on favorable terms.

M. Blen Gee Jr. | Attorney

Today we have the pleasure of interviewing Mr. Blen Gee, a partner at Johnson, Hearn, Vinegar & Gee, PLLC. Today we discuss valuation, taxation, financing, franchises, and what business owners can do to protect themselves from being sued and what to do if they are sued. Valuation is very subjective. I frequently see a broad range of values for similar businesses. Very often a business will be valued quite low for tax purposes. A similar business may be valued quite high in the event of a litigation. There are “rules of thumb” for various industries. This can give the prospective seller a ballpark idea of the value of his company. However, a more sophisticated valuation is essential in setting the market price.

Accountant & CPA Interviews

Russel T. Glazer | CPA/ABV, MCBA, ABAR, ASA, CVA, MBA

In this interview exclusive, Russell Glazer, CPA, discusses buy-sell agreements, buying out an owner, working with a CPA and hiring an attorney. Mr. Glazer is a Partner with Gettry Marcus CPA, P.C. and is a member of the firm’s Business Valuation & Litigation Services Group. Mr. Glazer is a Certified Public Accountant, Certified Valuation Analyst, Master Certified Business Appraiser, is accredited in Business Valuation and is an Accredited Senior Appraiser.

Scott R. Miegel | CPA, CBA, CrFA

In this interview, we talk with Scott Miegel about the reasons why a business owner would hire a CPA, the role a CPA should play in buying or selling a business, and more. Mr. Miegel is a Certified Public Accountant licensed in the State of Florida, a Certified Business Appraiser with the Institute of Business Appraisers, and a Certified Forensic Accountant with the American College of Forensic Examiners.

Rick Adamy | CPA/ABV, ASA, CBA

Today we have the opportunity to interview Rick Adamy, a CPA and the founder of Adamy Valuation Advisors. In this interview, Mr. Adamy gives us an overview of several very important topics, including: valuations, equity value, working capital adjustments, earnouts, enterprise value, private equity groups and a venture capital groups. If your primary goal is simply to get the best price, watch two things: market multiples and what’s going on in your industry. Published data on market multiples show history and current levels. The market is strong right now, recovering from the low point following the recession.

Sam Bachstein | CPA

As is common with any medium or large-scale business transaction, the Certified Public Accountant (CPA) plays many roles in the buying and selling process. In today’s interview, we interview Sam Bachstein, an audit partner and CPA at Holthouse Carlin & Van Trigt, LLP. With 15 years’ experience as a CPA, Mr. Bachstein is the ideal professional to answer our most complex questions as they relate to the CPA’s role in various business transactions. Above and beyond the topic of how CPA’s can assist in business valuations, purchases and sales, Mr. Bachstein also introduces us to some important accounting principles as they relate to a successful business transaction.

Matt E. Turpin | CPA, CVA, CMAP, CGMA

A Certified Public Accountant is able to play a multitude of roles when it comes to the purchase or sale of a business. In today’s interview, we speak with Matt E. Turpin, a Certified Public Accountant and Certified Valuation Analyst at Carr, Riggs & Ingram, LLC. Mr. Turpin is just the professional to answer our most complex questions as they relate to both the CPA’s and CVA’s role in various business transactions. Above and beyond the topic of how a CPA is able to assist in tasks such as due diligence, Mr. Turpin also introduces us to some key concepts, such as how Working Capital Adjustments relate to a business purchase or sale.

Elliott Chester | CPA, CFE, CVA, CGMA

Today we interview Business Appraiser and Certified Public Accountant Elliott Chester, who specializes in Business Valuation, Litigation Support and Forensic Accounting. In this interview, he discusses the different factors that come in to play when buying or selling a business, and how those factors can impact a sale. Mr. Chester explains how and why book value, equity value and enterprise value can affect the sale or purchase of a business. Mr. Chester also shares with us some valuable advice about getting to know the buyer of your business.

Brian D. Bornino | CPA/ABV, CFA, CBA

In this interview, we discuss a wide variety of topics with Brian Bornino, the Director of Valuation Services at GBQ Consulting LLC. Mr. Bornino has led, managed, or completed nearly 2,500 valuation engagements during his career and is here to share his wealth of knowledge on the subject. He also discusses exit planning, business appraisals, and how working with various professionals can help you successfully sell your business.

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Morgan & Westfield Deal Talk Improve Your Customer Relationships to Increase the Value of Your Company

In this Deal Talk Episode, we talk with Craig Klein, founder and CEO of SalesNexus.com in Houston, an online CRM and email marketing developed by sales people for sales people.

Craig gave us a brief background about himself, how he started at first, and how his experience led him to develop SalesNexus. He also gave emphasis about creating a good relationship with the customer in order for your business to succeed.

Key Points From Our Conversation Customers want to be treated as important. You have to dig pretty deep. You have to be good at asking questions and listening. You have to be prepared to adjust your approach depending on where that customer is in their buying cycles. Start thinking about your own customers.

Jeff: Welcome to Deal...

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Morgan & Westfield Deal Talk Choosing the Right Business Appraiser

Our interview today is provided by Drew Dorweiler, founder of Dartmouth Partners Limited and a world-renown business valuation professional. Mr. Dorweiler discusses the importance of finding a business appraiser in your industry and the different types of business appraisers. He also explains earnouts and what it means to recast financial statement, discusses how fees are structured, explains when you should get a valuation, assists readers in determining a price for your business, and, finally, gives the benefits of staying involved in the business after you sell.

Key Points from Our Conversation “The most critical characteristic a business owner should seek when engaging a business appraiser is the overall experience of the valuation professional and her/his firm.” “One trend that is becoming increasingly popular in...

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Morgan & Westfield Deal Talk Buying, Selling and Appraising a Franchise

In this interview, we discuss an array of topics with attorney Julie Lusthaus, partner at Einbinder & Dunn. Ms. Lusthaus has been practicing law since 1996 and has substantial experience representing franchise and private business clients. If you have any questions regarding the legal aspects of buying, selling or appraising a franchise or private business, then this interview is a must read. Not only does Ms. Lusthaus cover the basics of buying and selling a franchise business, she also offers insight into the problems that could arise during the sales process, as well as important information such as a non-compete agreement.

Key Points from Our Conversation “Typically, deals fall apart because after due diligence, the parties simply cannot agree on a price.” “It is highly recommended that you have an attorney knowledgeable...

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Morgan & Westfield Deal Talk Preventing Extra Work and Superfluous Fees When Selling Your Business

Randy Lewis is a CFA, CVA, & MBA who works as a managing director in the business valuation and consulting firm, LP Valuation, LLC in Los Angeles, Calif. In this interview, Mr. Lewis discusses the level at which accountants and business analysts should be involved in the sale of any business. Mr. Lewis advises a business owner should have an exit strategy in place at least three years prior to the sale of a business. When valuing a business, sellers should keep in mind the value of intellectual property as well as the different market categories the business may be included in and whether or not they plan to offer financing.

Key Points from Our Conversation “One challenge appraisers often face is getting clients to stop viewing their business simply as a source of income and start viewing it as an asset.”...

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Morgan & Westfield Deal Talk Importance Of Valuing Your Business Early On

In this interview, we discuss the topic of business valuation and appraisal with Trisch Garthoeffner, Founder and President of Anchor Business Valuations & Financial Services, LLC. Ms. Garthoeffner has over fifteen years of valuation and financial advisory experience and is here to share her extensive knowledge on the subject. She also discusses the valuation of business entities and the appraisal of businesses for tax purposes.

Key Points from Our Conversation

“There are many instances in which the IRS requires business owners to obtain business appraisals.”

“I learned through my training to have a strong argument for every move that I take in a valuation report as if I will be questioned as an expert witness.”

“Of course with the augmented demand for these services comes a lot of...

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Morgan & Westfield Deal Talk Valuing Your Business and Planning Your Exit Strategy

In this interview, T. J. Liles-Tims, a Certified Valuation Analyst at BVFF Partners, LLC, a certified business valuation and financial forensics firm, answers an array of questions related to topics such as business valuations, financial analysis and exit plans for distressed companies. Mr. Liles-Tim’s insight and knowledge will be helpful for anyone who is buying, selling or appraising a business.

Key Points from Our Conversation

“The business valuation is pivotal in many different aspects of the exit planning process, but one of the biggest roles is allowing the Seller to prepare for exiting the business.”

“ Seller financing is often a selling point, because traditional banks will not loan money on 'goodwill' or 'blue-sky' and if the business is expected to continue forever...

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Morgan & Westfield Deal Talk Creating an Exit Strategy for Your Business

This interview consists of a Q&A session with Derek Groff, a Senior Manager with Frank, Rimerman + Co. LLP, where he specializes in providing business valuation and consulting services for financial, strategic, tax and litigation purposes. A well-known business appraiser, he has taken time out of his busy schedule to cover a few questions that often plague the minds of business owners considering an exit strategy for their companies. We will cover a few topics to include differences between small and medium sized companies, privately and publicly owned companies, capitalization rate and a few others.

Key Points from Our Conversation

"Since perception is relative and can vary substantially, companies that consider selling should try to anticipate as many potential risks, concerns and deal-breakers as possible; before the sales process...

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Morgan & Westfield Deal Talk

In this very special interview, we have three attorneys from the firm Rohrbachers Cron, located in Ohio. These three attorneys, Nicholas J. Cron, Russell R. Miller, and Mathew R. Persinger, have a combined total of over 60 years of legal experience. We are honored to have this unique opportunity. Today, the attorneys will discuss the role attorneys play in helping you sell your business. They also address questions you may have about your selling your business.

Key Points from Our Conversation "Therefore, it is my opinion that what an attorney adds to a business transaction other than strict legal advice is perspective as to what are reasonable expectations from the other side, as well as from their side of the transaction." "The attorney is integral in all of those phases of the transaction. Having an attorney will ensure a complete and clean sale of his business and will help avoid...

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Morgan & Westfield Deal Talk

Bryan Goetz is President/Owner of Capital Advisors, Inc., located in Creve Coeur (St. Louis), Missouri and has been actively engaged in the appraisal/investment banking profession since 1983. Mr. Goetz discusses with us intrinsic value, investment value, premise value, using an appraisal in a courtroom, determining the value of your business, and more!

Key Points from Our Conversation "Business appraisals usually have a stated purpose and a statement that the appraisal should only be used for that purpose." "The only time an idea of value for a business can be derived by a comparison of the business to publicly-traded companies is if the subject business could realistically be publicly-traded." "Business appraisals are often challenged by parties who do not agree with the resulting conclusions."

Tina: I am...

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Morgan & Westfield Deal Talk

Eric Sundheim, a Vice President in the valuation practice at Teknos, joins us today to discuss topics that all business owners should understand before selling a business. Mr. Sundheim explains how a business owner can choose the right business appraiser and what one should know about a business appraiser before hiring him or her. Further, Mr. Sundheim explains the mistakes many business owners make when setting a price for a business.

Key Points from Our Conversation "A valuation credential is a sign of a qualified business appraiser and indicates that he or she is someone who keeps up professionally with the discipline of appraisal." "it is most essential that the appraiser is someone who is skilled and competent in appraisal techniques and financial analysis before even considering the necessity of his or her industry expertise." "Appraisers are experts at...

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Morgan & Westfield Deal Talk

Today we are interviewing Mr. Philip Reynolds, the owner of First State Valuation Services. Mr. Reynolds has valued companies in various states, including California, Delaware, Georgia, Maryland, Mississippi, Missouri, New York, North Carolina, Pennsylvania, Virginia, and the District of Columbia. In this interview, Mr. Reynolds explains working capital adjustments, equity and enterprise value, buy-sell agreements and how business owners can get a premium value.

Key Points from Our Conversation "The value of a business is equal to the value of the cash flows expected to be generated by the business discounted at a rate sufficient to justify the risk involved in generating those cash flows." "In addition to knowing how to value a business, qualified business appraisers also know what gives value to the business, so they can suggest what actions to take to increase the value of your...

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Morgan & Westfield Deal Talk

In this interview, we have Mr. Bryan Graiff as our esteemed guest. Mr. Graiff brings 20+ years of experience to this interview and has been involved in a variety of industries, such as public accounting, financial services, aerospace, consumer products, and more. In this interview, Mr. Graiff discusses, in great detail, the importance of exit planning and how to implement a successful exit strategy.

Key Points from Our Conversation "Plan and prepare before moving to the market. Sit down with tax and estate planning professionals to discuss the effect a sale could have on the estate, and most importantly, fully understand what your goal is in considering an exit strategy. " "Although a buyer will conduct its own due diligence, having a reputable firm do a quality of earnings analysis will add credibility and provide more substantiation to the valuation report, which will help support...

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Morgan & Westfield Podcast The Benefits of Using Retirement Funds to Buy a Business

In this exclusive interview, we talk with Jacob Orosz, president of Morgan & Westfield, a nationwide leader in business sales and appraisals. Morgan & Westfield is a professional services firm that specializes in the confidential appraisal and sale of small to mid-sized, privately-owned businesses. Today, we dicsuss about the benefts of using retirement funds to buy a business.

Morgan & Westfield's clients range from small companies with revenues of less than $100,000 annually to large international companies with revenues up to $50 million. The firm has assisted with the sale and valuation of companies in a wide range of industries, including retail, construction, manufacturing, software, technology, wholesale, and professional services.

Key Points From Our Conversation If you are buying a...

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Morgan & Westfield Deal Talk

Thomas J. Czupta is Vice President in the Valuation & Financial Opinions Group. Mr. Czupta has extensive experience providing professional valuation advisory services in the fields of taxation, litigation and corporate transactions. Mr. Czupta is an Accredited Senior Appraiser (ASA) with the American Society of Appraisers and a member of the Business Valuation Association of Chicago and Chicago Estate Planning Counsel.

Key Points from Our Conversation "A normalized salary is one which reflects a market level of compensation while taking into consideration the profitability of a Company." "Enterprise value is indeed different than equity value. Since equity value represents what a seller puts in their pocket upon selling a business, an understanding of the difference is essential." "Typically the recapitalization’s goal is to shift capital from debt to equity or vice...

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Morgan & Westfield Deal Talk

In this interview, we discuss an assortment of topics with Mr. Howard Johnson, the Managing Director of Veracap M&A International Inc. in Toronto, Canada. Mr. Johnson is the author of eight books on the subjects of business valuation, acquisitions and divestitures. He shares with us today some insight on valuations, appraisals, private equity groups, liquidity and financing options, and common mistakes business owners make when selling a business.

Key Points from Our Conversation "Business appraisers typically do not sell businesses. Business brokers and investment bankers specialize in selling businesses." "While industry transactions and public company comparables are usually considered, they often do not provide a good indication of business value due to differences in size, markets served, transaction specifics and other reasons." "The right PEG should provide...

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Morgan & Westfield Podcast All About an Offering Memorandum

In this exclusive interview, we talk with Jacob Orosz, president of Morgan & Westfield, a nationwide leader in business sales and appraisals. Morgan & Westfield is a professional services firm that specializes in the confidential appraisal and sale of small to mid-sized, privately-owned businesses. Today, we dicsuss all about an offering memorandum.

Morgan & Westfield's clients range from small companies with revenues of less than $100,000 annually to large international companies with revenues up to $50 million. The firm has assisted with the sale and valuation of companies in a wide range of industries, including retail, construction, manufacturing, software, technology, wholesale, and professional services.

Key Points From Our Conversation This document is so critical in the process of...

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Morgan & Westfield Deal Talk

In this interview, we have the pleasure of interviewing Mr. Hall, CEO of Affordable Business Valuations and a certified business valuations expert. Today, Mr. Hall answers some of the most common questions business owners have regarding business appraisals. Mr. Hall also discusses how one can improve the value of a business, whether one should consider an earnout, the difference between an asset and a stock sale, and more.

Key Points from Our Conversation "The purpose for which one needs a valuation can often dictate the type of appraiser needed." "An experienced appraiser who is well versed in financial analysis and appraisal techniques can often produce a valuation that is more accurate and defensible than one from a purported industry expert who is not skilled in financial analysis and appraisal techniques. " "A court-ordered sale, or a sale due to the owner’s failing...

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Morgan & Westfield Deal Talk

In this interview, Mr. Hyde discusses how to prepare a business to sell, financing a business, how to find an appraiser, whether to sell equity in the Company or the assets owned by the Company, recasting financial statements, and so much more. Mr. Hyde is a Master Certified Business Appraiser (MCBA), an Accredited Senior Appraiser (ASA) in Business Valuation and Real Property, a Senior Machinery & Equipment Appraiser, and an MAI Real Estate Appraiser.

Key Points from Our Conversation "The most important thing a seller can and should do is have high quality financial statements prepared for the prior three to five years of operations." "The business appraisal designations that I believe are most likely to indicate that an appraiser is competent are CBA or MCBA (Certified Business Appraiser or Master Certified Business Appraiser) and ASA (Accredited Senior Appraiser in Business...

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Morgan & Westfield Deal Talk

In this interview, we talk with Walter L. Zweifler, the Senior Financial Appraiser and Chief Executive Officer of Zweifler Financial Research. Mr. Zweifler has been active in the appraisal profession since 1976 and has a wealth of knowledge on the topic. Today, we discuss a range of topics from valuing a business to appraisals.

Key Points from Our Conversation "The value of any business is the present worth of its estimated future ownership benefits." "The revenues define the size of a company and the profits define the returns available to a potential buyer." "The facts and circumstances of the negotiation with buyers or sellers will tell you the right way to make an offer or to entertain a bid for the business." "Three groups typically define the best places to find a buyer or seller of a business – the largest customers – competitors and suppliers. Informal...

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Morgan & Westfield Deal Talk

In this interview, we discuss valuations with Mr. Curtiss from Western Reserve Valuation Services, LLC. Mr. Curtiss has over 30 years of experience valuing private companies and has valued over 3,500 private businesses in manufacturing, distribution, retail, service, investment and financial industries in a wide spectrum of business and financial environments.

Key Points from Our Conversation "Generally a discounted cash flow method is the best [valuation methodology], because it compares the cash price of buying the company with the cash returns it generates. "Have your business appraised when you are contemplating doing something – selling it, buying out a partner, taking on a partner, or perhaps gifting it to family. " "An appraisal is not required [when buying a business], but perhaps some sound, limited advice from an experienced professional can help.

Tina...

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Morgan & Westfield Deal Talk

In this interview with Michael Meagher, an experienced Business Appraiser with MWM Associates in Edina, Minnesota, we discuss some of the critical questions that should be addressed by anyone who is considering a business appraisal. Michael specializes in business valuation, business succession planning, and bank financing presentations, and is the Past President of the Minnesota Association of Business Valuation Professionals.

Key Points from Our Conversation "The type of appraiser one needs depends on the assets to be valued." "A good appraisal contains quite a bit of confidential information concerning the business’s financial condition, customer base, operations and strategies. " "One thing that comes out of a good valuation is an identification of significant risk factors, which can lower the value of the business." "I always tell would-be sellers to look...