Secrets to Selling Your Business

Market Domination
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Secrets to Selling Your Business

Welcome to "Secrets to Selling Your Business," where we explore the strategies, challenges, and success stories behind business transitions. The podcast is hosted by Jacob Koenig, a managing director and partner at Woodbridge International. Woodbridge is an atypical mergers & acquisitions firm founded in 1993, which combines collaborative strategies with a laser-pointed focus on their client's success. Woodbridge doesn't just help their clients get the best for their business but helps to transform their lives for the better. Join industry experts and thought leaders as they share invaluable insights on financial planning and the broader world of business advisory. On the show, Jacob interviews business owners, wealth managers, financial advisors, business lawyers, and life coaches. Gain the knowledge to navigate complexities, achieve financial success, embrace strategic shifts, and prepare to sell your business with no regrets. Get ready for transformative insights and actionable wisdom on your journey to growth and success.

  1. The Entrepreneurial Spirit in Business Succession Planning

    3 DAYS AGO

    The Entrepreneurial Spirit in Business Succession Planning

    Stan Miller, a Vanderbilt Law School graduate, discovered his passion for estate planning after initially hesitating due to the family disputes he observed during his legal education. His enthusiasm was rekindled by the transformative potential of living trust planning, which revealed the profound, positive impact well-crafted estate plans can have on families. Stan's approach to estate planning goes beyond mere financial considerations, as he emphasizes the importance of passing on values and creating lasting legacies for future generations. Through his work and writings, like "Your American Legacy," he advocates for strategic estate planning that not only maximizes benefits and minimizes harm but also ensures a meaningful transfer of wealth and values. Here’s what to expect this episode: Estate planning can have a profound impact on families by helping pass on values effectively. Effective tools and strategies are needed for implementing important values along with wealth transfer. Becoming irrelevant to the business before selling it is crucial for long-term success and avoiding post-sale complications. Entrepreneurial opportunities in the US are significant, emphasizing innovation and risk-taking for societal progress.       Connect with Stan Miller: https://www.linkedin.com/in/stanmillerpinnacle/   Connect with Jacob Koenig: https://www.linkedin.com/in/jacobkoenig/ Learn more about your ad choices. Visit megaphone.fm/adchoices

    18 min
  2. Collaboration With Advisors: Key to a Smooth Asset Transition

    DEC 11

    Collaboration With Advisors: Key to a Smooth Asset Transition

    Rod Hatley, a former criminal defense attorney with the Navy JAG Corps, shifted his focus to estate planning after experiencing firsthand the challenges of probate due to his father's inadequate planning. This personal ordeal has driven Hatley to underscore the importance of early and comprehensive estate planning, particularly for business owners who wish to secure their legacy and assets. As the founder of Hatley Law Group, he is dedicated to helping clients minimize taxes, protect their assets, and ensure a smooth transition of wealth, emphasizing the need for collaboration with specialized professionals. His approach is informed by a deep understanding of state-specific asset protection laws and the satisfaction derived from ensuring clients' wishes are honored without last-minute crises.   Here’s what to expect this episode: Proactive estate planning is crucial to avoid the negative consequences of inadequate preparation. Regularly updating and maintaining estate plans, with the help of advisors, is essential for adapting to changing tax laws and personal situations. Pre-planning in estate planning for business sales can protect assets and minimize taxes, ensuring a smoother process for business owners and their families. Understanding state-specific legalities is important for effective asset protection and estate planning, emphasizing the need for proper structuring of business entities and transferring ownership interests into living trusts.     Connect with Rod Hatley: https://www.linkedin.com/in/rodneyhatley/   Connect with Jacob Koenig: https://www.linkedin.com/in/jacobkoenig/ Learn more about your ad choices. Visit megaphone.fm/adchoices

    22 min
  3. Jacob Koenig: Balancing Emotional and Transactional Needs

    DEC 4

    Jacob Koenig: Balancing Emotional and Transactional Needs

    In this special episode, special guest host Larry Reinharz of Woodbridge International interviews Jacob Koenig.  Jacob Koenig, a seasoned financial professional with extensive experience at Goldman Sachs, offers a unique perspective on the impact of COVID-19 on financial institutions. Drawing from his time in Asia, he notes how the region's cultural memory of SARS significantly influenced its response to the pandemic, contrasting with the more bureaucratic approach of larger firms like Goldman Sachs. Koenig underscores the importance of adaptability and technology, pointing out how smaller startups like Woodbridge leveraged these tools to navigate the pandemic more efficiently. He believes that the ability to quickly pivot and optimize resources is crucial for financial institutions to maintain business continuity and client satisfaction during such global crises.   Here’s what to expect this episode: In equity brokerage, big deals are relationship-driven with a few potential buyers, while lower middle market M&A involves casting a wide net to attract numerous potential acquirers for smaller companies. Both environments emphasize understanding market dynamics and valuation language for successful transactions. Running an auction in the lower middle market ensures that the seller obtains the best deal in a transparent and fair manner. Woodbridge's ability to quickly adapt to new challenges, embrace technology, and explore new ways to add value sets them apart from larger institutions like Goldman Sachs.      Connect with Larry Reinharz: https://www.linkedin.com/in/larry-reinharz-9b14645/    Connect with Jacob Koenig: https://www.linkedin.com/in/jacobkoenig/ Learn more about your ad choices. Visit megaphone.fm/adchoices

    13 min
  4. ESOPs: From Rescue Plans to Ownership Transition

    NOV 27 · BONUS

    ESOPs: From Rescue Plans to Ownership Transition

    Kelly O. Finnell, president of Executive Financial Services, has carved a niche for himself in the ESOP consulting landscape with over four decades of experience dating back to 1979. Finnell's unique perspective on ESOPs has been honed through his extensive involvement in the field, starting from his law school days when he was assigned a project on ESOPs. He strongly believes in the potential of ESOPs for healthy businesses that value their culture and view their enterprise as a legacy to be preserved rather than as a rescue tool for faltering companies. Finnell's understanding of ESOPs has grown over the years, driven by the aging baby boomer population and an increased awareness of ESOPs. As an advocate for informed decision-making, Finnell strives to educate business owners through his comprehensive guide on ESOPs, debunking common misconceptions and providing insightful strategies for ownership succession planning. Here’s what to expect this episode: ESOPs offer unique tax benefits and advantages over traditional selling methods, making them a valuable tool for succession planning and ownership transitions in businesses. ESOPs often provide better payouts than private equity firms, with significant tax benefits and advantages for business owners looking to transition ownership. ESOP Trustees play a vital role in the transaction process, ensuring a match in financial terms and cultural compatibility for the success of the ESOP transaction and the company in the long term. ESOPs have transitioned from 'rescue ESOPs' to a popular option for business owners due to the aging of baby boomers, serving as both a retirement plan for employees and a liquidity strategy for owners. Connect with Kelly O. Finnell: https://www.linkedin.com/in/esopcoach/ Connect with Jacob Koenig: https://woodbridgegrp.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices

    22 min
  5. Blueprints for Growth: Excellence in Business Innovation

    NOV 21 · BONUS

    Blueprints for Growth: Excellence in Business Innovation

    Chris Tatge, founder and president of DC Materials, has transformed his journey from a struggling high school student to a self-made entrepreneur disrupting the construction industry. DC Materials, known for its innovative approach to framing labor and materials in multifamily construction, ranks as the 539th fastest-growing private company in the US and third in Wisconsin on the 2023 Inc 5000 list. Tatge’s unique business model, combining material and labor services, strategic wholesale purchasing, and value engineering, has fueled the company's exponential growth and positioned it as a leader in the industry. Despite challenges like fluctuating material costs during the pandemic, DC Materials thrived by leveraging agility and adaptability. Tatge’s insights into the construction labor market, plans for expansion with a larger lumberyard and office space, and a focus on off-site construction underscore his vision for continued innovation. His involvement with the National Framework Council and experience with professional framing contractors inspired a shift in focus toward material profit, driving the company's success and influence in the evolving construction landscape. Here’s what to expect this episode:      Innovative Business Model: DC Materials stands out in the Wisconsin market for its unique approach of combining both labor and material provision in the construction of multifamily wood apartment buildings.      Adaptability During the Pandemic: Navigating the challenges of the COVID-19 pandemic, particularly in dealing with fluctuating material costs. Professional Growth and Industry Influence: Tatge's personal journey from a hands-on carpenter to an industry innovator is highlighted. Future Expansion and Industry Trends: insights into broader industry trends, such as significant mergers and acquisitions in the lumber space and the increasing venture capital interest in construction innovation. Commitment to Quality and Labor Relations: The importance of quality in their projects and maintaining good relationships with subcontractors.      Connect with Chris Tatge: https://www.linkedin.com/in/chris-tatge-38007a72/ Connect with Jacob Koenig: https://woodbridgegrp.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices

    19 min
  6. The Importance of Emotional Readiness in Business Sales

    NOV 13

    The Importance of Emotional Readiness in Business Sales

    Purdeep Sangha, strategic advisor and co-founder of Sell Wealthy, is renowned for his expertise in guiding business owners through successful sales by harmonizing the personal, business, and family aspects of their lives. He emphasizes the significance of early preparation and structured introspection to facilitate emotional and mental readiness for a smooth transition post-sale. Sangha highlights common challenges such as emotional attachment to the business and its impact on personal relationships, advocating for a solid financial plan and a mindset shift to address these issues effectively. By focusing on self-discovery and core value alignment, Sangha aims to empower business owners to create a meaningful legacy and ensure a successful exit strategy that transcends mere financial gain.   Here’s what to expect this episode: Emotional readiness, as well as personal and family alignment are crucial steps before selling a business. Misconceptions about selling a business include the belief that it is easy and the timing will be perfect. Legacy in family businesses involves navigating the impact on the next generation and avoiding passing on unsustainable work habits. Exit planning for a business requires intentional strategy, proper timing, and emotional readiness.     Connect with Purdeep Sangha: https://www.linkedin.com/in/purdeepsangha/   Connect with Jacob Koenig: https://www.linkedin.com/in/jacobkoenig/ Learn more about your ad choices. Visit megaphone.fm/adchoices

    25 min
  7. The Future of SBA Financing: Trends and Opportunities

    NOV 6

    The Future of SBA Financing: Trends and Opportunities

    Michelle Orr is a seasoned professional with an impressive 25 years of experience in the SBA lending space, beginning her career at Textron Business Credit and later becoming the vice president of lending at Live Oak Bank. Orr's perspective on SBA financing and prequalification is heavily influenced by her extensive experience in this field, particularly in business buyouts. She believes that SBA financing, especially the seven a loan, plays a crucial role in the lending process as it provides a 75% guarantee for banks which allows them to approve loan requests they would otherwise reject. Orr stresses the importance of buyer prequalification early in the process, arguing that a well-prepared buyer stands a higher chance of not only executing a deal successfully but also of being taken seriously. She emphasizes the need for consistent cash flow revenue trends and profitability when evaluating loan requests and underscores the importance of maintaining open lines of communication and providing exceptional customer service throughout the financing process. Here’s what to expect this episode: Insights from a specialist in franchise lending, general lending, and business buyouts. SBA financing policies now allow for partial change of ownership opportunities, adjustments in equity injections, and seller involvement in financing. ESOP financing offers a flexible and creative solution for financing diverse potential acquisition targets. The M&A market's future looks promising with expectations of strong acquisition activity, potential decrease in interest rates, and increased focus on deal specifics. Connect with Michelle Orr:  https://www.linkedin.com/in/michelleaorr/ Connect with Jacob Koenig: https://woodbridgegrp.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices

    19 min
  8. Maximizing Value Through Timely Decision-Making in Business Sales

    OCT 30

    Maximizing Value Through Timely Decision-Making in Business Sales

    Joseph Gitto, a seasoned entrepreneur and founder of Blue Sky Advisory Services, brings over 25 years of expertise in business sales across various industries. A CPA by training, Gitto underscores the importance of maintaining clean financial records and having a strong team as foundational elements for a successful business sale. He advises business owners to initiate sale preparations at least 36 months in advance to align with personal financial goals and ensure tax efficiency. Emphasizing the value of professional guidance, Gitto highlights the need for strategic planning and transparent communication to manage the risks and emotional complexities involved in selling a business. Here’s what to expect this episode: Organized financial records are crucial to avoid complications during a business sale. Having a competent team can enhance the value of a business being sold. Strategic planning over a 36-month period is essential to align personal and business financial goals for a smooth sale process. Preparing for life after selling a business is critical, including defining new purposes and navigating emotional transitions. Engaging with professionals like M&A advisors is crucial during a business sale to manage emotional aspects, planning, and non-monetary factors.       Connect with Joseph Gitto: https://www.linkedin.com/in/josephgitto/   Connect with Jacob Koenig: https://www.linkedin.com/in/jacobkoenig/ Learn more about your ad choices. Visit megaphone.fm/adchoices

    22 min
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About

Welcome to "Secrets to Selling Your Business," where we explore the strategies, challenges, and success stories behind business transitions. The podcast is hosted by Jacob Koenig, a managing director and partner at Woodbridge International. Woodbridge is an atypical mergers & acquisitions firm founded in 1993, which combines collaborative strategies with a laser-pointed focus on their client's success. Woodbridge doesn't just help their clients get the best for their business but helps to transform their lives for the better. Join industry experts and thought leaders as they share invaluable insights on financial planning and the broader world of business advisory. On the show, Jacob interviews business owners, wealth managers, financial advisors, business lawyers, and life coaches. Gain the knowledge to navigate complexities, achieve financial success, embrace strategic shifts, and prepare to sell your business with no regrets. Get ready for transformative insights and actionable wisdom on your journey to growth and success.

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