Well Capitalized

Selling a company is something most business owners will only encounter once in their lifetime. Over the years, we've met with thousands of business owners and noticed that the same questions and concerns come up repeatedly. To that end, we've launched our Well Capitalized Interview Series to help demystify the process of selling one's business. We interview private equity investors, business owners who have partnered with private equity groups, and professionals well-versed in legal, tax, accounting, environmental and other aspects of business transactions.

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Episodes

Business Owner Interview: First 100 Days With Private Equity

What really changes at a company after being acquired by an outside investor? The answer largely depends on the acquirer. We interviewed Matt O'Donnell, founder of North Shore Commercial Door, on his experience selling his business to private equity backed strategic Torsion Group Corp. Matt discusses the timing of the transaction, some of the emotions he dealt with throughout the negotiation process, trying to juggle running the business while negotiating the sale, and gives some advice for busi...

Nov 12, 2020•21 min

Most Important M&A Negotiation Terms

What are the most important terms in negotiating the sale of a business? We sat down again with deal attorney Brent Pietrafese of Calfee, Halter & Griswold for a deep dive into legal due diligence. Among other things, we discuss: Protections business owners retaining minority stake in the new business should focus on during negotiations Most heavily negotiated terms in M&A transactions Key terms for entrepreneurs when negotiating a post-transaction employment agreement Non-compete clause...

Oct 13, 2020•24 min

What To Expect From Legal Due Diligence

We interviewed Brent Pietrafese, M&A attorney from Calfee, Halter & Griswold LLP for an overview of M&A due diligence and what business owners should expect from this part of the transaction process. What legal specialty groups are involved in due diligence? What type of information is requested from a buyside legal team during due diligence? What if a business owner doesn't know the answer to a legal M&A due diligence question? Why is it important for a business owner to hire an...

Sep 22, 2020•15 min

What Are Debt Covenants? M&A Banking Due Diligence Overview

We interviewed Kelly Lamirand, Senior Vice President at KeyBank to discuss what business owners should expect from Senior Lender M&A due diligence. Among other things, Kelly discusses: What information do senior lenders require when performing bank due diligence in an M&A transaction? Why do banks conduct due diligence? Common lending terms including revolver availability, cashflow recapture, and airball Discussion of the "5 C's of Credit," Character, Capacity, Condition, Collateral, Cap...

Jun 29, 2020•23 min

What Is Working Capital And Why Is It So Important?

What is working capital and why is it so heavily negotiated in M&A transactions? Justin Thomas from Cohen & Company joined us for a deep dive into working capital to discuss how it is calculated and how it impacts the sale of businesses. 1:03 - Working capital definition 2:57 - How does working capital affect purchase price? 6:12 - How does the market most commonly calculate working capital requirements? 7:40 - Is working capital affected by a business's seasonality? 9:19 - Example worki...

Jun 25, 2020•21 min

What To Expect From Financial And Tax Due Diligence

Financial and tax due diligence are a few of the many moving parts involved with selling a business. Most of the time, sellers provide buyers with plenty of financial data long before due diligence even begins. All the additional requests for information can seem repetitive, but financial and tax diligence is critical for both sides of a deal. We were joined by Justin Thomas, Partner in Charge of Transaction Services at Cohen & Company, to the financial and tax due diligence process and the ...

Jun 25, 2020•25 min

What Is Life Like Under Private Equity Ownership?

How does life at a family business change after being acquired by a private equity firm? We were recently joined by Marc Calcaterra, CEO of Torsion Group Corp, a manufacturer and distributor of garage door parts and accessories. In this interview, Marc discusses his discuss his experience working with a private equity partner since being acquired in 2016. Among other things, Mark covers: What caused Torsion Group Corp to seek a transaction Why the company chose private equity over other deal opt...

Feb 13, 2020•16 min

Senior Operating Partner's Role at Private Equity Firm

We recently sat down with Harry Shimp, Senior Operating Partner at MCM Capital, to discuss his role at the firm and its portfolio companies and thought you might find it interesting. Among other things, Harry covers: Types of issues a CEO of a portfolio company should discuss with a senior operating partner Setting the communication and reporting cadence between the portfolio company and senior operating partner What management teams should expect from weekly calls with a senior operating partne...

Feb 13, 2020•25 min

COO Discusses First Few Months Under Private Equity Ownership

We sat down with Mike Tiner, COO of Andover Corporation, to discuss his recent experience in the private equity acquisition process. Just four months removed from Andover's sale, Mike covers the following topics, among others, from management's perspective: Whether to sell to management, a strategic, or a private equity firm What Andover was looking for in a partner What to expect from due diligence Communication with employees during the sale process Preserving company culture post-acquisition ...

Feb 08, 2020•27 min

Advantages and Disadvantages of Selling to a Private Equity Firm

We recently sat down with Mark Mansour, Founder and Senior Managing Partner at MCM Capital Partners, in an effort to shed some light on the fundamentals of private equity. In this interview, Mark discusses, among other things: Options for business owners seeking liquidity or an exit strategy and the advantages and disadvantages of each An overview of the private equity business model How private equity firms analyze a company's value and which characteristics play the largest role in the assessm...

Feb 08, 2020•24 min•Season 1Ep. 1

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