Mergers & Acquisitions – They say selling a business is an art – we’ve turned it into a science
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Returning to M&A Talk, Dan Tamkin looks at how the market has changed in recent years; how changes in interest rates affect valuations; the problem with low revenue, high EBITDA businesses; and why it’s important for buyers and sellers to get along. He discusses the impact of a mismatch between buyer and seller expectations, the surprising influence of a good dinner meeting to build trust and establish a relationship between the buyer and seller, and stories about getting deals done and some that fell through.
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| 2:34 What is ZIRP (zero-interest-rate policy), and what is its impact on valuations and prices? |
| 4:05 How is the cost of debt impacting sellers and buyers? |
| 7:42 What is an independent sponsor, and how do they operate? |
| 9:12 General thoughts on the potential acquisition of a business with low revenue but high EBITDA. |
| 10:38 Does a balancing act exist between a high gross margin business and a high EBITDA business? |
| 12:05 How important is it for buyers and sellers to get along? |
| 19:36 How can a buyer build a good relationship with the seller? |
| 21:58 Tips on building a bridge in relationships between the business broker, seller, and buyer. |
| 24:10 To what extent are honesty and transparency from the seller important? |
| 26:55 How are search funds or independent sponsors different from a private equity firm? |
| 29:10 What should a seller consider if they are potentially selling to a search fund or an independent sponsor? |
| 31:21 What’s the one action that business owners can take that will have the greatest impact on the success of their exit? |
Dan Tamkin is an experienced entrepreneur, investor, and large company executive with a focus on corporate re-invention. During his career, he has overseen the turnaround of several companies, primarily in the technology and service sectors, partnering with lenders, founders, and boards to help struggling companies.
Dan has been the CEO of five successful turnarounds. He was the Chief Technology Officer of Transdev, a $10 billion transportation conglomerate, where he built a staff of 70 and ran the Digital Center for Innovation. Dan joined Transdev through the sale of Unified Dispatch, a call center technology company he acquired and turned around. The key to the Unified Dispatch’s successful exit was the re-invention of the business around the foundational product and technology concept for IntelliRide.
Prior to Unified Dispatch, Dan was an associate at Momentum Ventures in Los Angeles and part of the management team that turned around Computer Motion. He holds a Bachelor’s degree in Business / Economics from the University of California at Santa Barbara.
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