Why do some companies grow by leaps and bounds while others only inch forward? Simple. They embrace Deal-Driven Growth in addition to organic growth! DealQuest is where you learn how to strategize, prepare for, find, and complete deals to grow your company faster.Listen in as host Corey Kupfer takes you behind the scenes with some of the world’s most fascinating deal-savvy business leaders. This is the one place where they can share openly the secret to deals they have done (or failed to do) and the issues, opportunities, benefits, pitfalls and lessons learned.Here you learn first-hand all about:Powerful deals that require little capital Mergers, acquisitions, and tuck-insJoint ventures, partnerships, and strategic alliancesLicensing, raising capital and onboarding key employeesNegotiating, structuring, finding, valuing, closing and integrating dealsDon’t be the one at the table who doesn’t grasp the power of Deal-Driven Growth! See acast.com/privacy for privacy and opt-out information.
Episode 266: From Sheepskin Boots to Billion-Dollar Success with Brian Smith
From Sheepskin Boots to Billion-Dollar Success with Brian Smith
DealQuest Community, I am so grateful to each of you for allowing the DealQuest Podcast to grow over the last few years. We’ve had so many incredible guests since day one, and we’ve learned a lot along the way. This is why I’ve chosen to remaster many of our older episodes into new life… And what better way to do that than with the story of Brian Smith, Founder of the internationally icon brand UGG®? Brian is so much more than his UGG® brand, however — he is the entrepreneurial success story. A SURFING DREAM INTO A REALITY While surfing in California, it struck Brian that there was a notable absence of easily accessible sheepskin boots in the United States. This led to his first deal with an Australian manufacturer, despite initial reluctance. Luck played a significant role in sealing this pivotal deal. His vision was to create a brand that every American would eventually embrace. With the manufacturer lined up, Brian and a friend realized they needed capital to buy 500 pairs of boots as samples. A fortunate encounter with a roommate's office colleagues resulted in a $20,000 investment, equivalent to about $70,000 today. This investment set the stage for UGG®'s initial business operations. LUCK DOESN’T MEAN EASY The road to success was far from smooth. In the early days, retailers in California were hesitant to embrace sheepskin boots. Despite having high hopes for sales, they encountered resistance. Brian highlights a valuable lesson: Everyone may show interest in your idea… until it’s time to make a commitment. The initial capital they raised lasted a couple of years, but the company struggled to gain traction. When they ran out of money, Brian decided to bring in another investor, diluting their ownership from 50% to 25%. This infusion of cash allowed them to keep the business afloat. Brian's resilience shone through during these challenging times. He continued to work tirelessly, building the UGG brand one sale at a time. His ability to adapt, pivot, and find creative solutions was instrumental in his journey. AUTHENTICITY IN ENTREPRENEURSHIP Throughout his story, Brian emphasizes the importance of listening to one's inner wisdom and staying true to oneself, even when faced with seemingly insurmountable challenges. Here are key lessons for authenticity in entrepreneurship: * Different Objectives, Not Bad Intentions: In negotiations, diverse objectives reflect varying goals and perspectives, rather than indicating bad intentions. Recognizing this is crucial for trust-building in business relationships. * The Power of Customer Loyalty: Brian's customers' unwavering loyalty, even in the face of counterfeit products, highlights the importance of exceptional customer service and authentic connections. * Staying the Course Amid Challenges: Brian's persistence and belief in UGG® boots' potential kept him going through challenging moments, showcasing the resolve of authentic entrepreneurs. * Trusting Your Inner Wisdom: Brian relied on his inner wisdom, accessed through meditation, for pivotal decisions in his entrepreneurial journey. * Authenticity as a Guiding Principle: Authenticity isn't a buzzword for Brian; it's a guiding principle that shapes his product, brand, and relationships with partners and customers. Brian Smith's entrepreneurial journey is a testament to the transformative power of authenticity and trust. By staying true to his vision, trusting his inner wisdom, and forging genuine connections, he transformed a simple idea into a globally recognized brand. His story serves as an inspiration for aspiring entrepreneurs and a reminder that authenticity and trust are the cornerstones of long-lasting success in any business venture. Trust your inner wisdom, stay authentic, and let it guide you on your entrepreneurial journey. FOR MORE ON BRIAN SMITH: https://briansmithspeaker.com/about-brian-smith/https://www.linkedin.com/in/briansmith
Episode 265: The Fundamental Equation of Business Success with Kevin Stansfield
The Fundamental Equation of Business Success with Kevin Stansfield
When it comes to entrepreneurship, many people take the bold step of leaving their jobs to pursue their dreams of becoming their own boss. Too often, these aspiring entrepreneurs end up becoming proverbially enslaved to their own businesses. Kevin Stansfield is a seasoned entrepreneur and business coach on a mission to liberate fellow entrepreneurs from the shackles of their businesses. He witnessed his father's life consumed by a business bought on a whim from a pub stranger, sparking his commitment to help others avoid such pitfalls. With experience as a financial director in major companies, Kevin realized that business shouldn't be a personal burden; it should be enjoyable and rewarding. He leveraged this insight to drive impressive growth, including taking a company from £2 million to £36 million in revenue and assisting a startup sold for £15 million. For over 16 years, Kevin has coached 300+ business owners, enabling them to work less while earning more. THE FUNDAMENTALS OF SUCCESS Kevin's coaching philosophy revolves around a simple yet powerful formula: BE x DO = HAVE. Let's break it down: 1. BE (Belief): This represents the internal aspects of an individual's journey, including their beliefs, thoughts, knowledge, and skills. Belief plays a crucial role in shaping one's actions and determination. 2. DO (Actions): These are the physical steps taken to achieve specific goals. Entrepreneurs are known for their "doer" mentality, but it's essential to ensure that these actions align with their beliefs and aspirations. 3. HAVE (Goal): This is the ultimate objective or vision that entrepreneurs strive to attain. It encompasses not only material achievements but also personal fulfillment and impact. All three components are vital for success, but one stands out as the most important. According to Kevin, it's the "BE" – your internal beliefs, thoughts, and skills. Your mindset and self-belief are the driving forces behind your actions and, ultimately, your achievements. The equation BE x DO = HAVE serves as a valuable framework for understanding the dynamics of entrepreneurial success. Belief, action, and vision are interconnected, and balance among these elements is essential. Entrepreneurs who start with a clear vision of what they want to achieve and align their actions accordingly are more likely to overcome challenges, break through plateaus, and realize their goals. As you embark on your entrepreneurial journey, remember that success is not just about constant activity or being overly busy. It's about finding harmony between your beliefs, actions, and aspirations. CHECK OUT KEVIN’S BOOKS In the ever-evolving world of entrepreneurship, Kevin's wisdom and coaching expertise continue to inspire and guide countless business owners towards greater success. That wisdom expands into the books he written. Be sure to check out his books: * The BIG Dipper: How to Survive the Rollercoaster Ride of Business Ownership * The Great Game: How Lessons From The Great Game Of Golf Can Help You Win The, Equally Great, Game Of Business • FOR MORE ON KEVIN STANSFIELD: www.abc-solent.co.uk https://www.linkedin.com/in/kevin-stansfield-94494798/?originalSubdomain=uk Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast. Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!
Episode 264: Wealth, Legacy, and Investment with Salvatore Buscemi
Wealth, Legacy, and Investment with Salvatore Buscemi
In a world where wealth and success are often pursued with relentless ambition, Salvatore Buscemi stands out as a financial expert with a unique perspective. With a remarkable 20-year career spanning a diverse range of financial domains, Salvatore's journey has taken him from the illustrious Goldman Sachs to the dynamic realm of entrepreneurship, as well as becoming an investor for the 0.001%. Along this extraordinary path, he has cultivated a deep understanding of wealth, legacy, and investment that transcends conventional wisdom. THE QUEST FOR MEANING IN WEALTHOne of the central themes of Salvatore's philosophy is the pursuit of meaning in wealth. He believes that as individuals accumulate substantial assets, their focus often shifts from the pursuit of more wealth to the desire to leave a meaningful legacy. This shift in mindset reflects a deep human need to make a lasting impact on the world.For those who have reached a level of wealth where they no longer seek material possessions for their own sake, legacy building becomes paramount. Legacy encompasses not only financial success but also the desire to make a significant contribution to society, whether through philanthropy, iconic investments, or participation in exclusive ventures. UNDERSTANDING VANITY AND LEGACYWhile vanity is often viewed negatively, Salvatore emphasizes that it can also serve as a driving force for positive change. Legacy-building is not about flaunting wealth; it's about leaving a lasting mark on the world and creating a narrative that extends beyond one's lifetime.Legacy transcends the individual and can benefit companies, societies, and causes. For example, after the passing of celebrities like Marilyn Monroe or musicians like Jimmy Buffett, their legacies continued to thrive, demonstrating the enduring power of leaving a mark on history. STATUS, ACESS, AND REPUTATIONStatus and access to exclusive opportunities play a significant role in legacy building for the ultra-wealthy. Individuals at this level seek not only financial success but also recognition and inclusion in exclusive circles. They want to access unique opportunities and networks that set them apart from others.To achieve this, Salvatore suggests building strong relationships with like-minded individuals and families who understand the nuances of specific industries. Having in-kind investors who possess deep knowledge and networks in a particular sector can add substantial value to investment decisions. LESSONS FROM SALVATORE FOR ASPIRING WEALTH-BUILDERSWhile Salvatore's insights are geared toward individuals with substantial wealth, there are valuable lessons that aspiring wealth builders can apply to their own lives and investment strategies:
Clarify Your Why: When making investment decisions or pursuing new ventures, always ask yourself why you're doing it. Understanding your motivations and goals is crucial to making sound financial decisions.
Seek Maturity and Track Record: When considering investments, prioritize founders and leaders with a track record of success and maturity. Experience and a proven ability to navigate challenges are invaluable.
Focus on High-Barrier Industries: Consider investing in industries with high barriers to entry, such as life sciences and technology. These sectors often provide opportunities for long-term growth and stability.
Build Meaningful Relationships: Invest time and effort in building relationships with like-minded individuals and families who share your values and interests. Strong partnerships can open doors to exclusive opportunities and networks.
• • •For my full discussion with Salvatore Buscemi, and more on this topic and topics not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here• • • FOR MORE ON SALVATORE BUSCEMI:https://salvatorebuscemi.com/https://www.linkedin.com/in/salvatore-buscemi/www.SalvatoreBuscemi.com/books
Corey Kupfer is an
Episode 263: Best Of the DealQuest Podcast: The Meaning of Freedom
Freedom is a term we often come across, yet its meaning varies significantly from person to person. In the entrepreneurial world, freedom takes on a myriad of dimensions, from financial autonomy to the liberty of choice, and the flexibility of time. In essence, freedom in the entrepreneurial landscape is a tapestry of diverse elements – financial independence, time flexibility, decision-making autonomy, operational liberty, and the freedom to take risks. Each entrepreneur, with their unique journey and experiences, adds a distinct hue to this multifaceted concept.In this special DealQuest Best Of Episode, we delved into just that — the diverse perspectives of entrepreneurs on what freedom means to seven of past DealQuest guests: Justin Skinner, Denver Nowicz, Matthew Holman, Jeff Dekko, Alex Jarbo, David Bradley, and Wies Bratby. JUSTIN SKINNEREpisode: Professional Failurehttps://www.professional-failure.com/DENVER NOWICZEpisode: Building Your Investment Portfolio: Playing Offense-Defense and Leveraging Your Wealth with Denver Nowiczhttps://wealthforlife.net/https://twitter.com/DenverNowiczhttps://www.linkedin.com/in/denvernowicz/MATTHEW HOLMANEpisode: The Art of Choosing the Right Business Partner with Matthew Holman and David Bradleyhttps://www.linkedin.com/in/holman-matthew/Subscription Prescription Youtube Channelhttps://QPilot.cloudJEFF DEKKOEpisode: M&A Talk with Leading RIA Aggregators and Integrators: Jeff Dekko of Wealth Enhancement Grouphttps://www.wealthenhancement.com/https://www.linkedin.com/in/jeffrey-dekko-a6244b200/ALEX JARBOEpisode: Setting Yourself Apart in Short-Term Rentals with Alex Jarbowww.alexjarbo.comhttps://www.youtube.com/c/AlexBuilds1DAVID BRADLEYEpisode: The Art of Choosing the Right Business Partner with Matthew Holman and David Bradleyhttps://www.linkedin.com/in/davebrad/Subscription Prescription Youtube Channelhttps://QPilot.cloudWIES BRATBYEpisode: Negotiating Your Worth: Gender Differences in Negotiation with Wies Bratbywww.womeninnegotiation.orghttps://www.linkedin.com/in/womeninnegotiation/ As we navigate our entrepreneurial paths, may we embrace and strive for the multifarious dimensions of freedom, cherishing not just the financial prosperity but also the enriched life experiences, choices, and time that true freedom bestows. Through deal-driven growth and strategic collaborations, let us step closer to the holistic freedom that amplifies not just our business success but also our life’s richness and fulfillment.• • •For my full discussion, and more on this topic and topics not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here
Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast. Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!•••••
Episode 262: From Acquisitions to Generational Wealth with Jeff Evenson
From the hallowed halls of West Point in 1990 to the bustling floors of stock trading, Jeff Evenson's journey through the corporate maze has been nothing short of remarkable. With an MBA from Washington University in St. Louis under his belt, Jeff navigated the world of stocks at a brokerage firm, managed diverse portfolios, oversaw pension funds, and played a key role in facilitating acquisitions for a prominent Fortune 50 company. But it's not just his corporate pursuits that set him apart. Jeff's true passion lies in business ownership—a path he's intimately familiar with, having owned, run, and successfully exited businesses ranging from hair salons to aerospace manufacturers and even smoothie shops. Now, wearing the hat of an acquisition and acceleration coach, he is on a mission to guide others in building generational wealth through the intricacies of business acquisition and ownership. Jeff Evenson's journey from West Point to business ownership offers invaluable lessons for entrepreneurs and business leaders. His experiences underscore the significance of anticipation, the art of negotiation, and the importance of clear communication. THE HUMAN SIDE OF MAKING DEALSWhile financial considerations are undoubtedly critical when making deals, the human element remains pivotal in sealing the deal. In the intricate dance of buying, selling, or starting a business, both the head. Building a relationship is pivotal to a successful deal. Beyond financial considerations, many sellers care deeply about the legacy of their business and are unlikely to sell to someone they feel won't respect or continue that legacy. Building trust and rapport can be just as crucial as getting the numbers right. IT’S NOT ALL ABOUT THE MONETJeff advises against charging into meetings with sellers, focusing solely on financial specifics. Instead, he suggests fostering genuine conversations, letting sellers narrate their journey, their motivations, and their concerns about the future of the business post-sale. He emphasizes the importance of understanding a seller's emotional ties to the business, whether it's the legacy they've built or the relationships they've forged with employees over the years. COLLISIONS AS CATALYSTS FOR GREATNESSJeff, with his extensive experience in business operations and hiring practices, is a firm believer in the power of collisions. A quote from our interview that sticks out to me, “Collisions are the catalyst for greatness.” The idea is simple yet profound: When two people or entities with complementary skills and visions come together, the potential for greatness multiplies exponentially. ACQUIRING TALENT THROUGH M&ASIn a tight labor market, acquiring businesses can also be a strategy to onboard talent. Instead of recruiting individuals, companies can buy out entire teams or firms, ensuring they get seasoned professionals who are already synergized. While this approach has its advantages, however, integrating cultures and ensuring the acquired talent feels valued and comfortable are essential to the acquisition's success. For those interested in leveraging Jeff's expertise, he is approachable and encourages direct contact. He's available on LinkedIn and has two businesses: His coaching business at www.flawlessacceleration.com and his personal acquisition venture at www.ThayerGateProject.com. • • • For my full discussion with Jeff Evenson, and more on this topic and others discussed not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here• • • FOR MORE ON JEFF EVENSON:https://www.thayergateproject.com/www.linkedin.com/in/jeffreyevenson
Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Pod
Episode 261: Mergers & Acquisitions Made Easy with Bill Snow
In the latest episode of the DealQuest Podcast, I have the privilege of hosting Bill Snow, a towering figure in the world of mergers and acquisitions (M&A). With a rich career spanning over three decades, Bill boasts unparalleled expertise in myriad facets of M&A, including business sales, capital raises, and buy-side services, especially for middle-market companies. Having delved into sectors as diverse as automotive parts, medical supplies, security, apparel, and many more, his experience truly runs the gamut. Beyond his practical experience, Bill is also the mastermind behind the widely revered book, Mergers & Acquisitions For Dummies, serving as an invaluable guide for entrepreneurs and investors alike. UNDERSTANDING THE ART OF M&AWhen it comes to mergers and acquisitions, it's not just about the industry or the numbers; it's about understanding the intricate dance of negotiation, valuations, and human psychology. Bill emphasized that while industry knowledge can be beneficial, what's even more crucial is expertise in the M&A process itself. This point couldn't be truer. No matter if you're selling a marketing company or a manufacturing business, the foundational principles of M&A remain consistent. And that's where Bill's strength truly lies. MAXIMIZING YOUR COMPANY'S VALUEWhat Makes a Company Valuable? Bill breaks down the key factors that can significantly bolster a company's value:
Replaceable Owners: The ability for an owner to step aside and let the business function autonomously is crucial. Buyers want assurance that the business won't collapse when the original owner departs.
Diversified Customer Base: Concentrating too much business with a single customer can be risky. Businesses should strive for a varied customer base to ensure stability.
Strong Management Team: Beyond the owner, companies need a reliable management team. This provides a continuation of operations even after the owner exits.
Growth & Profitability: Both the top line (sales) and bottom line (profits) need to be growing. The margins matter too. A high volume of sales with thin margins might raise eyebrows.
THE IMPORTANCE OF ACTIVITY IN MARKETINGSimply having a product or service isn't enough. The differentiation often comes from the relationships built, and the ongoing activity and efforts to remain top-of-mind with potential clients. For Bill there are the five essential things for marketing success:
Professionalism - You need to show up and be a professional in your dealings.
Knowledge - Understanding your industry or niche is vital.
Ethics - Honesty and ethical dealings are essential.
Activity - Consistent marketing and networking activities keep you in front of potential clients.
Being Memorable - In a world full of noise, standing out is crucial.
MERGERS & ACQUISITIONS FOR DUMMIESThe world of M&A is not always the easiest to understand, but Bill Snow is here to help newcomers and seasoned veterans alike with his new book Mergers and Acquisitions for Dummies. Available on Amazon, this insightful book delves deep into the complexities of the M&A landscape, breaking down intricate processes and strategies into digestible, actionable steps. Leveraging his extensive experience and wisdom, Bill provides readers with practical guidance, real-world scenarios, and invaluable advice to navigate successful M&A transactions. Whether you're considering your first acquisition, aiming to optimize your sale strategy, or simply looking to expand your knowledge in this dynamic domain, Mergers and Acquisitions for Dummies is a must-have resource to illuminate your path. Get Mergers and Acquisitions for Dummies today: https://www.amazon.com/Mergers-Acquisitions-Dummies-Bill-Snow/dp/0470385561 • • • For my full discussion with Bill Snow, and more on this topic and others discussed not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here• • • FOR MORE ON BILL SNOW:https://www.linkedin.com/in/billsnow/ https://
Great episodes for M&A education!
John Warrillow Making Your Business Attractive to Buyers episode is my favorite. Loving his take on multiples and obsessing over your profit. Really helps me understand the M&A world. Love this podcast.
Great Content but Lacking Speech
Kept saying “Uhhhh” or “You Know”. It’s annoying. Hard to imagine he was a lawyer. Other than that, great podcast