Masters in Small Business M&A

Today’s guest is Matt Plooster, founder and CEO of Bridgepoint, a boutique investment bank based in Omaha, Nebraska. We start the conversation with a background on private credit and its origins. From there we proceed to cover its growth, its arrival in the lower middle market, and how business owners can think about its features, risks, utility and applicability. We close out the conversation by getting into specific lower middle market transactions where private credit has been central to the outcome. Discussion points: The rise of private credit in the private market How non-bank financing has evolved post-2008 crisis Mezzanine vs. unitranche debt Comparing private credit to traditional bank lending Non-control transaction success with private capital

In this episode, we interview Bob Falahee, the recently exited founder of SunPro Motorized Awnings & Screens. Bob’s entrepreneurial origin story starts in Michigan, where he was a sales leader for a semi-truck trailer manufacturer. Bob and his family left behind the cold winters of Michigan for Florida, where he founded SunPro with $36,000 in seed capital. He went on to expand SunPro from a local retractable awning business to a wholesale manufacturing leader in the category. The conversation reviews SunPro's founding story, its strategic growth and his daughters' pivotal involvement on the finance and retail sides of the business. We also dive into the mind of the founder on the exit process. When did Bob start thinking about exiting? What drove his timing and thinking? How did he start learning about what goes into a successful exit? Bob recounts the impact of cultural fit in selecting an investment banker and walk through how he thought about strategic succession planning and M&A preparation. Discussion points: Bob’s first exit from a successful Michigan semi-trailer business Family relocation to Florida and the search for a small business Turning a partnership with a local awning business into a new company

In this episode, Glenn Oken, Managing Director at Mangrove Equity Partners, sits down with host Peter Lehrman to discuss the evolution of Small Business M&A, from the late ‘80s to present day. The conversation starts with Glenn’s entry into the M&A scene, and the challenges and opportunities of closing transactions before the internet. Glenn shares his insights on the major changes in deal sourcing methods over his career, valuation drift, and the growth of sell-side M&A advisory in the lower middle market. The conversation wraps up with a deep dive into the operating partner model, how early Mangrove was in institutionalizing this model, and how significantly it has influenced the firm’s culture and way of partnering with business owners. Additional Discussion Points: The birth of Florida Capital PartnersClosing deals in the 90sEvolution of private equity investingThe impact of internal operating partnersThe power of add-on acquisitionsIntegration strategies and dual brandingLeveraging reputation in competitive transactionsSourcing strategiesComplexities and opportunities in dealsAdvice for young professionals exploring private equity This podcast is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and capital partners via a trusted online platform. In every episode, we seek to explore the vast world of small business M&A, interviewing a mix of proven and emerging owners, operators, investors, and M&A advisors whose strategies and methods are being put to the test. If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lower middle market investment banking league-table rankings, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. Resources: Glenn Oken LinkedIn Peter Lehrman LinkedIn Axial X Axial Website

Today’s guest is Clint Fiore, a small business operator turned M&A broker and the President of Bison Business, a Texas-based business brokerage transacting in both Main Street deals and the lower middle market. Clint lays out his four different archetypes of business brokers, what makes them tick, and how private equity investors and SMB acquirers can best modify their approaches to successfully close deals with any of them. Discussion points: Why Clint decided to starting his own business brokerageThe 80/20 rule of brokersLOI language tweaks that will resonate with owners and business brokersBuilding relationships to get an angle on a broker’s dealsHow to handle real estate brokers moonlighting as M&A brokersThe future of M&A brokerageEnsuring trust, reliability, and cost-effectiveness in deals This podcast is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and capital partners via a trusted online platform. I am your host, Peter Lehrman, founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing a mix of proven and emerging owners, operators, investors, and M&A advisors whose strategies and methods are being put to the test. If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lower middle market investment banking league-table rankings, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. Resources: Clint Fiore LinkedIn Clint Fiore X Peter Lehrman LinkedIn Peter Lehrman X Axial Website

In this episode, Mike Botkin, founder and CEO of OneOutdoor Holdings sits down with Peter Lehrman. The conversation starts with the OneOutdoor Holdings origin story (hint: Mike was in bed at the time). Mike goes into how and where he sourced his first deal, how he structured the deal, and OneOutdoor’s strategic shift from residential to commercial landscaping businesses. From there, Mike reveals how he kept his acquisitions on track with a simple “main thing” due diligence playbook, focusing on contracts, talent, equipment, and high quality candid conversations with sellers. The episode concludes with a deep dive on leadership talent and, more specifically, the intangible and nuanced considerations that are associated with retaining every owner post-closing. Discussion points: Trade business career progression and property managementImpulsive purchase of landscaping businessThoughts on an employee quitting for self-employmentDifferences and value in commercial landscapingSeller profiling in business acquisitionBuilding strong relationships in businessRelationship and expansion in the landscaping marketNext steps and expansion plans This podcast is produced by the team at Axial (www.axial.com). Axial makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and capital partners via a trusted online platform. I am your host, Peter Lehrman, founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test. If you enjoy the podcast, let us know by giving us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. Resources: Michael Botkin LinkedIn Peter Lehrman LinkedIn Axial Website

Today Peter Lehrman speaks with Emily Holdman, the Managing Director at Permanent Equity, about the intricacies of due diligence. The conversation delves into the importance of creating a powerful diligence team when preparing to sell a business, highlighting the roles of an M&A attorney and an M&A advisor. Emily also discusses the concept of internal diligence and the importance of forging strong relationships in buyer-seller dynamics. She emphasizes the significance of trust-building and ethical behavior for successful deals. The discussion also touches upon the importance of understanding the source of funding and anticipating changes in financial projections during the diligence period. Permanent Equity invests in private companies deliberately built for long-term success. The company commits for the long haul with 30-year funds, no intention of selling, and rarely uses debt. Discussion points: The recent exhaustive document on due diligence by Permanent EquityRoles and strategies for creating a powerful diligence teamImportance of an M&A attorney and advisor in the processInternal diligence in business sellingTrust-building and ethical behavior in deal successUnderstanding funding sources and anticipating financial changesAssembling a business selling teamAdvantages of hiring a professional M&A advisor and attorneyThe process of assembling a diligence team for business sellingBuilding trust in buyer-seller relationships and understanding the source of fundingEthical behavior during the diligence processStrategic art of business sale preparationContact us with your podcast topic ideas! We hope you enjoy the episode, which is produced by the team at Axial (www.axial.com). Axial is an online deal sourcing platform that makes it easy for business owners to confidentially research and connect with top-ranked M&A advisors and capital partners. I am your host, Peter Lehrman, founder and CEO of Axial. In every episode, we aim to explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods for buil

In today’s episode, Peter Lehrman sits down with Chris Gallagher, CEO of Gallagher Fluid Seals, a family-owned distributor and manufacturer of fluid sealing products. Chris worked in the family business on the factory floor in his teens and returned to the business after a significant chapter in strategy consulting. In January 2017, the company executed the next phase of its succession plan, with Chris’ uncle retiring and Chris becoming Gallagher’s next CEO. In a wide-ranging and highly authentic conversation, Chris discusses: The stop and start acquisition history of Gallagher and why that’s changingLessons learned from the first acquisition Chris ledHow Chris navigates family-owned shareholder dynamics Techniques for winning deals and building relationships in M&ARe-investing in Gallagher versus distributing dividendsStrategies for effectively sourcing and integrating acquisitionsThe impact of outside board members on Chris’ development as a CEO We hope you enjoy the episode, which is produced by the team at Axial (www.axial.com). Axial is an online deal sourcing platform that makes it easy for business owners to confidentially research and connect with top-ranked M&A advisors and capital partners. I am your host, Peter Lehrman, founder and CEO of Axial. In every episode, we aim to explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods for building successful private companies are being put to the test. If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, M&A advisor rankings, and lots of other useful information for owners exploring exits and acquisitions. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. Resources: Chris Gallagher LinkedIn Gallagher Fluid Seals Peter Lehrman LinkedIn Axial Website

Today, we’re publishing Peter Lehrman’s conversation with Max Artz, a search fund expert and Partner at Peterson Search Partners, a professional investment firm focused on backing the top search fund talent. Max shares insights on the world of small business mergers and acquisitions including strategies for securing the best deals, the importance of understanding an owner's willingness to sell, and how traditional bidding techniques have evolved. He also highlights the crucial role of trust and chemistry in successful acquisitions. The conversation delves into the current state of searcher outreach and how Peterson Search Partners supports the searchers they back by removing growth hurdles. Additionally, Artz discusses changes in the search / EtA market and offers advice for those considering taking over a small business. This podcast is produced by Axial (www.axial.com). Axial is an online platform that makes it easy for small business owners to confidentially research and connect with top-ranked small business M&A advisors and capital partners. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test. If you’re enjoying the podcast, spread the word and give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. Discussion points: Max Artz background and previous careersSearch fund investing and state of searcher outreachTraditional bidding techniques in small business M&AUnderstanding an owner's willingness to sell for successHow Peterson Partners supports searchers and sources talentTrust and chemistry in successful business acquisitionsChanges in the search market and sourcing talent beyond business schoolsImpact of pricing on a dealAdvice for those interested in taking over a small businessImportance of taking a break in the relentless search processEmphasizing trust, relationship building, and search beyond the top MBA schools Resources: Max Artz Peterson Partners Peter Lehrman LinkedIn Axial Website

Today Peter Lehrman sits down with Dzmitry Miranovich and Dr Bill Wagner, co-founders of Associated Veterinary Partners (AVP), a holding company rollup acquiring and partnering with American veterinary clinics. Dr. Wagner Dzmitry share their approach, structures and key decisions rolling up independently owned and operated American veterinary clinics. They delve into the financial structure, partnership incentives and incentive design, the operational investments that enable a more repeatable programmatic M&A and the pros and cons of certain key post-closing integration decisions. They also discuss the complexities of practice management software, the recruitment processes of veterinary professionals and its keyman risk, and the growing role of software in veterinary clinics. They highlight the importance of understanding the key players in a business, their culture, and the dynamics of the practice. Lastly, they explore emerging markets, services, and approaches to pet care. Associated Veterinary Partners began when ex-Carlyle Group investment professional Dzmitry Miranovich and entrepreneur and practicing veterinarian Dr. Bill Wagner connected on the shared idea that veterinary clinic owner-operators need a new and better capital partner and exit partner than what was presented by the status quo. This podcast is produced by Peter Lehrman and the team at Axial (www.axial.com). Axial is an online platform that makes it easy for small business owners to confidentially research and connect with top-ranked pre-vetted M&A advisors and potential acquirers. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we interview professionals that work at the intersection of small business operations and small business M&A, interviewing both proven and emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test. If you enjoy the podcast, please spread the word by giving us a review on Apple or Spotify. It helps us grow the reach of the podcast. If you’d like to go deeper, we invite you to visit Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner exploring an exit or a professional acquirer or M&A advisor, you can create a free profile and start using Axial for free at Axial.com. Discussion points: What it means to build “veterinarian-centric” roll-upTransitioning the administrative burden that veterinary owner operators bearDiving into the specifics of AVP’s partnership and incentive structuresEductating veterinarians on key financial decisions as part of the M&A processAVP's model for shared financial successPractice management software decisions and complexities across vet clinicsRecruitment and transition of veterinary professionalsExploring emerging services and pet care approachesHigh-growth areas in veterinary servicesAvoiding low-margin categories like pharmacy and inventory salesDiscussing the potential of boarding, geriatric care, and end-of-life care

Today Peter Lehrman welcomes Accordion’s CEO and founder Nick Leopard onto the podcast. Nick started Accordion after prior chapters in investment banking and private equity / mezzanine lending. Accordion has become a leading financial consulting firm focused exclusively on serving the office of the private equity-backed CFO. Their clients, which include investment leaders Bain, Apollo, Hellman & Friedman, Golden Gate, Thoma Bravo, and many others, speaks for itself. Nick and Peter dive deep into the finance function and what the best acquirers and operators do beyond the nuts and bolts of accounting and financial statements to get real strategic leverage and value from the office of the CFO. Specifically, they talk about: How the up-market PE leaders professionalize the portfolio company finance functionWhat business owners can unlock if you hire a great CFO earlier than one typically doesExploring the concept of ‘Exit Readiness' and why it’s so valuable for owners to prioritize itAccordion’s own M&A story and why they turned to acquisitions alongside organic growth What Nick has learned watching the best PE firms transform the CFO functionSome potentially easy wins operators can achieve with simple technology and process discipline This podcast is produced by the team at Axial (www.axial.com). Axial is an online deal-sourcing platform that makes it easy for small business owners to confidentially explore transactions and connect with top-ranked M&A advisors and capital partners. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test. If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. Resources: Nick Leopard LinkedIn Peter Lehrman LinkedIn Axial Home Page Axial for Business Owners Accordion Home Page

In this episode, host Peter Lehrman sits down with Brad Smith, Co-Founder and Managing Director of specialist healthcare investment bank Vertess Advisors. Brad shares his journey from employee to CEO of a durable medical equipment provider to co-founding Vertess. We discuss the challenges entrepreneurs face in the complex industry of healthcare mergers and acquisitions. Smith highlights the importance of home care, the potential opportunities in fragmented markets, and the necessity for managing directors to have a background in operations, entrepreneurship, or clinical work to add value. The impacts of COVID on the healthcare landscape and the importance of cultural fit and terms in business deals are also explored. Vertess is a healthcare-focused Mergers + Acquisitions (M+A) advisory firm that helps owners increase their company’s financial value and negotiate the best price when they decide to sell their own company or grow through acquisition. Their expertise spans the healthcare vertical, ranging from behavioral health and intellectual/developmental disabilities to DME, pharmacies, home care/hospice, urgent care, life sciences, and other specialized services and products. This podcast is produced by the team at Axial (www.axial.com). Axial is an online platform that makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and professional acquirers. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test. If you're enjoying the podcast, drop us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where we make available dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and other useful information for buyers and builders. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. Discussion points: Brad’s intro and background, transition from employee to CEO Importance of empowering employees and making their own decisions Benefits of inorganic growth strategies through acquisitions The transition from employee to entrepreneur in healthcare Private equity's changing landscape over the past two decades Brad’s unconventional business exit and how it came about Importance of home care and long-term sustainable approach Potential opportunities in fragmented markets for healthcare Streamlining businesses and promoting innovation through private equity Prioritizing cultural fit and terms over price in deals Uncovering new opportunities with a fresh M&A perspective Brad’s take on search funds Brad’s grandfather’s business acumen and work ethic as his inspiration

In this episode, Peter Lehrman sits down with Walker Deibel, a serial acquisition entrepreneur, successful small business M&A advisor and author of the canonical work Buy Then Build, How Acquisition Entrepreneurs Outsmart the Startup Game. Walker is also the founder of Acquisition Lab, an acquisition entrepreneur incubator. He has acquired seven companies over ten years and co-founded several startups. His bestselling book, Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game, was recognized by Forbes as “one of the top 7 books all entrepreneurs must read,” and is currently being used in many universities. Walker discusses his journey into the world of acquisition entrepreneurship and the creation of the Acquisition Lab. You’ll hear his experiences in acquiring and building businesses, and how he has developed tools and resources for aspiring entrepreneurs seeking success in small business M&A. The Acquisition Lab supports potential business buyers by providing a common language, tools, and analysis, as well as case studies and peer group support. This podcast is produced by the team at Axial (www.axial.com). Axial is a trusted online M&A platform that makes it easy for small business owners and their M&A advisors to confidentially research and connect with vetted acquirers and capital partners. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, I explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test. If you enjoy the podcast, pls consider giving us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. Discussion points: The genesis of the idea for "Buy, Then Build"Walker’s grandfather warned against certain business practicesConducting interviews to create foundational frameworksCreation of the Acquisition Lab and its curriculumBuilding a common language, tools, and analysis for potential business buyersWorld-class winners in the business of M&ACoaching around record-keeping and accounting in small businessesThe importance of having a broker in the small business M&A processValuation gaps and understanding private capital marketsThe future of acquisition entrepreneurship and the impact of network externalities on the M&A spaceContact us with your podcast topic ideas! Resources: Book: Buy, Then Build Acquisition Lab

My guest today is David Eshaghian, Founder of Panther Equity Group. Panther Equity pursues investments in lower middle market businesses generally providing mission-critical services, products, and solutions. David’s responsibilities at Panther include deal sourcing and qualification, transaction execution, firm strategy, portfolio management, and investor relations. Before Panther Equity Group, David was the CEO of a Managed IT Services Provider (MSP), formerly known as The Tech Info Group (‘TTIG’) which he acquired in 2017 through a self-funded search fund vehicle. In 2020, David merged TTIG with a California-based ISP / CLEC to create a comprehensive Technology Service Provider – ‘InfoNetworks’. Previously, David was an M&A banker at Guggenheim advising both public and private companies on strategic transactions. David is a California native and graduated magna cum laude from the University of Southern California’s Marshall School of Business. In this episode, we walk through David’s origin story chapter by chapter, starting with his self-funded search fund. We cover deal sourcing and how he sourced TTIG, how outsourcing customer service functions to Serbia saved 70% in labor costs, the exit story for TTIG, and how he is orienting the development of his investment firm Panther Equity Group. This podcast is produced by the team at Axial (www.axial.com). Axial is an online platform that makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and capital partners. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we aim to explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test. If you enjoy the podcast, let us know by giving us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. Discussion points: ● David’s background and war stories as a CEO ● Biggest changes as CEO - standardizing SLAs with customers ● Leveraging remote talent in Serbia for most customer service issues ● Hiring executive-level talent to build an organization beyond David ● 2020 - the exit timeline, Covid, and going remote ● How TTIG merged with a key vendor came ● The decision to found Panther Equity Group ● 2022’s interest rate increases and their impact on deal structure ● David’s thoughts and plans for Panther Equity Group Resources: David Eshaghian LinkedIn

My guest today is Nathan Chandrasekaran, Co-Founder and Partner at Columbia River Partners (CRP). We start by discussing the impetus that pushed Nathan to leave behind a comfortable and prestigious career path in NYC at middle market private equity firm TZP Group. From there, we hear all about the entrepreneurial risks, opportunities and considerations associated with building an independent private equity sponsor. You’ll hear about the point at which Nathan decided to start his own firm, advice for others considering this type of career move, and hear Nathan’s very detailed answers to some questions around the processes his team has established for deal sourcing, raising LP capital, and generally defining priorities at CRP. Discussion points include: ● Nathan’s background and decision to leave ● Nathan’s thoughts on how to go out on your own ● Developing investment themes and criteria at CRP ● Deal-by-deal structure vs. fund model considerations ● Prioritizing new deals vs add-ons in 2023 ● Raising LP capital and the terms that matter - economics, governance, reference ● Previous and current approaches to winning deals ● Seller financing, avoiding long difficult earnouts, creating a larger incentive pool ● Talent and building the team at CRP CRP now has multiple companies under its umbrella including Sagetech Avionics, Tinifiber, and Business Solution Partners. The firm focuses on industries like Hardware Components/Manufacturing, Hardware/Software Distribution, Industrial Technology, and IT Services - all in North America. CRP is passionate about people and introducing technology to traditional business models. This podcast is produced by the team at Axial (www.axial.com). Axial is an online platform that makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and vetted capital partners. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing both proven and emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test. If you enjoy the podcast, give us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner, professional acquirer, or M&A advisor, you can get started using Axial for free at Axial.com. Resources: Nathan Chandrasekaran LinkedIn Columbia River Partners Peter Lehrman LinkedIn

My guest today is Linda Rose, of RoseBiz, Inc. A tax accountant by training, Linda left the accounting world behind early in her career and became a repeat entrepreneur with multiple exits in the world of IT Services. After her last exit, Linda wrote the book “Get Acquired for Millions,” in which she laid out many of her lessons learned from her three exits. The book accidentally spawned Linda’s third major career chapter as a specialized M&A Advisor advising IT Services entrepreneurs. It was in this context that I got to know Linda given her use of the Axial platform on her sell-side M&A assignments. In this episode, you’ll hear about Linda’s early days in accounting, her strategies, tools, and protocols around preparing a company for sale, her surprising views on “women-owned” businesses, and an in-depth discussion on how Linda screens sellers and buyers to find exactly the right fit for all parties. Discussion points: Linda’s background and journey to her current successTransitioning her IT Services to a 97% recurring revenue modelThe ERP CRM firm and three-year contracts, different margins, and multiplesHiring an M&A advisor to help find buyersLinda’s selling protocols and strategiesBecoming an advisor was not plannedA value assessment tool for companiesLinda’s book continues to provide value for readersThe 6 Types of IT channel partnersWhat drives appeal and value in each categoryRevenue vs. other value drivers, multiple channelsGetting financials in order for Linda’s boutique clienteleScreening potential clients starts with a phone conversationConsidering buyers - a combination of factors determines the right fitThe weekly barrage of interested buyer inquiries“Women-owned businesses” and the exit challenges they createTimelines on deals - calendar year start, March to market, finish before holidays This podcast is produced by the team at Axial (www.axial.com). Axial is an online platform that makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and capital partners. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test. If you enjoy the podcast, please consider giving us a thumbs up on Apple or Spotify. If you’re a business owner, professional acquirer, or M&A advisor, you can start using Axial for free at Axial.com. There you will also find dozens of recorded Axial member roundtables, download

My guest today is Tarrus Richardson, Founder, And CEO of IMB Partners. Tarrus has 25 years of private equity experience, has invested over $500 million of capital, and completed over 20 lower middle market acquisitions. In this episode, you’ll hear why Tarrus and IMB decided to acquire companies with unusually high levels of customer concentration in the utility services sector, why diversity is a proven source of outperformance and competitive advantage in all their companies, and advice for anyone thinking of starting down a similar path in the lower middle market M & A space. This podcast is produced by the team at Axial (www.axial.com). Axial is an online platform that makes it easy for small business owners to confidentially research and connect with top-ranked M&A advisors and capital partners. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we explore the vast world of small business M&A, interviewing both the proven and the emerging owners, operators, investors, and advisors whose strategies and methods are being put to the test. If you enjoy the podcast, let us know by giving us a review on Apple or Spotify. If you’d like to go deeper, head to Axial.com, where there are dozens of recorded Axial member roundtables, downloadable tools for dealmakers, quarterly league-table rankings, and lots of other useful information. If you’re a business owner, professional acquirer or M&A advisor, you can start using Axial for free at Axial.com. Discussion points: LaFata and the Mid-Atlantic utility sectorIMB looks at outliers that others are not interested inA Certified MBE businessExelon CorpPrioritizing diversity - the philosophyLooking into the future - what changes, what remainsLingering issues from supply chain and covid disruptionsDreams of a $1B Holdco started at age 17Staying within the lower middle marketAdvice for someone starting today - narrow your focus, be at scaleFounders - selling should mean a change in responsibilitiesThe Q of E (Quality of Earnings) - sell-side vs. buy-sideCompliments on what Axial has builtYour first purchase may be difficult but gets easier every time Resources: IMB Partners

My guest today is Lance Stier, CEO of NC Custom (a division of Nassau Candy) Nassau Candy is one of the largest US wholesale manufacturers of specialty and private label confections, supplying many national retailers and independent stores across the country. Headquartered in Hicksville, New York, they create millions of pounds of confections every year — including chocolate-covered raisins, Jordan almonds, fudge, fruit slices, chocolate pretzels, and hand-dipped cherries. Nassau Candy isn’t just candy. They are a parent company to NC Custom, the promotional products arm of the business, and home to industry-leading brands including Chocolate Inn/Taylor & Grant (edibles), Lanco (promotional hard goods), and SPD Shoreline (apparel and soft goods). You’ll hear how Lance is proud to work with his family at Nassau Candy including his dad, uncle, and four brothers. From his early start on Wall Street to deciding to join the family business in 2009, Lance brought his talent and interest in making deals and creating businesses to Nassau Candy, helping to build it into a multi-disciplinary distribution, customization, and manufacturing juggernaut. Lance is an experienced and entrepreneurial family business builder across food, confectionery, promotional products, travel + resort, and short-run manufacturing and customization (apparel, hard goods, health and beauty, edible and other categories). His skill set includes M&A, Management, Private Equity, Manufacturing, Specialty Printing, Food/Confectionery/OTC, and Product/ Business Development. This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test. If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and other useful information. To join Axial as an acquirer, an owner considering an exit, or a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas. Discussion points: Nassau’s origin story - all the way back to 1918Lance’s journey from Wall Street to Nassau Candy in 2009Taking a step back - it’s a family dynamic The decision to add a promotional products businessBuilding the custom products business arm <

My guests today are Jonathan Kasen and Gordon Scott, Co-Owners of Hilliards Chocolates. Hilliards is one of New England’s most beloved artisan brands. Founded in 1924 in south Boston, Hilliards is now in its fourth generation of family ownership. In this episode, you’ll hear Jonathan and Gordon talk about their journey from portfolio managers at Fidelity, to leaving those positions to start the second half of their careers as business investors/owners. With 15 years of experience in the public markets, Jonathan and Gordon felt comfortable analyzing a business and assessing a management team. They liked that Hilliards was almost 100 years old, which spoke to its resilience, and that the brand had a strong following and a family management team that was (and still is) impressive. The guys talk about the purchase of Hilliards, the acquisition of Hilliards' sister company Harbor Sweets, and the complementary strengths of both companies. Keeping the family in charge of day-to-day operations is an unusual approach, but it has worked very well for their partnership with Hilliards. This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test. If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas. Discussion points: Gordon and Johathan’s backgrounds on Wall StreetFidelity and how portfolio management was structuredThe origin story of Gordon and Jonathan’s partnershipHilliards and why it was so compellingThe chocolate market - how can it sustain so many brands?Brick and mortar vs eCommerce pre and post covidWhy and how they ‘won’ the purchase of HilliardsBuying a business and keeping the family and future generations involvedHi

My guest today is Troy Berg, CEO of Dane Manufacturing located in Wisconsin. Unlike most contract manufacturers in the upper Midwest, Dane Manufacturing has end-to-end capabilities to serve customer needs without reliance on third parties for service. The addition of packaging and shipping services ensures Dane provides high-quality, high-pay manufacturing jobs that have positive impacts on the community. Dane's customers count on them to self-perform everything associated with their production, including cutting, bending, welding, painting, assembly, packaging, and fulfillment of their products, minimizing the potential for supply-chain disruptions and layering of cost, all while increasing the accountability for quality. Dane’s customer base has evolved as well. The company went from making “hidden parts” to producing recognizable parts that have key applications in a wide range of consumer products: architectural metal for elevator cabs, joint plates and corner guards for airports, handrails for hotels and conventional centers, job boxes for construction sites, and more. I speak with Troy about how he and his family acquired this 85-year-old manufacturing company, their massive scaling, and growth since the early 2000s, details about their acquisitions and real estate expansion over the years, and Troy’s plan for the future of Dane. This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test. If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas. Discussion points: Dane Manufacturing origin storySolving customer’s problems and soaring sales - the housing boom and Home Depot store expansionGrowth from $1M to $6M - 2001 to 2005Troy discovered he was “doing too much” as a leader and limiting Dane’s sales potentialAcquisitions - challenges and processesA 3X plan in 3 years - with help from Axial.net

My guest today is Ken Heuer, Principal at Kidd & Company, a principal investment firm with a unique approach to designing businesses that transform their industry segments. Combining intensive research and hands-on involvement, Kidd & Co creates highly successful businesses that generate world-class investment returns. Ken Heuer joined Kidd & Company in 2008 and participates in all facets of the firm’s activities, including sourcing new opportunities, investment strategy development, conducting technical, financial and market due diligence, maintaining relationships with debt and equity co-investors, and overseeing strategy execution for existing investments. Previously Ken was a Managing Director at Spencer Trask, an early-stage venture capital firm, where he worked with companies in the life sciences, healthcare, information technology, software and communications sectors. Prior to Spencer Trask, Ken was an investment banker at JPMorgan, where he worked on numerous capital-raising and M&A transactions. Ken received a BS in Civil Engineering from Lehigh University and an MBA from New York University, where he was a Stern Scholar. Ken currently serves on the Board of the New York Chapter of the Alliance of Merger & Acquisition Advisors (AM&AA). I speak with Ken about the many bubbles and crashes he seems to have been a part of and rode to success over the years (internet in the 90s, real estate in 2008, and the pandemic) and also how Kidd & Company functions as a “generalist” investment firm, with perhaps fewer dollars to invest, but bringing in much higher returns than some megalithic private equity organizations. Kidd focuses on outsourcing the less desirable functions in their businesses to allow the principals to focus on what they enjoy - which has provided very successful exit opportunities in a number of industries. This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test. If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas. Discussion points: How Ken got into banking and M&A - Business school in the late 90s, JP Morgan, early-stage venture capital in NY, then Kidd & Co. Ken knew it was time to leave the early-stage venture when it became just a long line of “sick patients” to triage