18 episodes

Business broker Jennifer Fox and attorney Eric Sigman team up to provide a 360-degree view of the current Boston Business for-sale market. From buying and selling to franchising and everything in between, Transaction Talk breaks down the deal process from a business, brokerage, and legal perspective. A resource for business owners, buyers and entrepreneurs, Transaction Talk offers interviews and real-life deal experiences from industry experts and key transaction players.

Transaction Talk Jennifer Fox and Eric Sigman

    • Business
    • 5.0 • 4 Ratings

Business broker Jennifer Fox and attorney Eric Sigman team up to provide a 360-degree view of the current Boston Business for-sale market. From buying and selling to franchising and everything in between, Transaction Talk breaks down the deal process from a business, brokerage, and legal perspective. A resource for business owners, buyers and entrepreneurs, Transaction Talk offers interviews and real-life deal experiences from industry experts and key transaction players.

    Cybersecurity Risks – How They Can Affect Small Businesses

    Cybersecurity Risks – How They Can Affect Small Businesses

    In the world of cybersecurity, breaches are not a matter of if but when. In this episode of Transaction Talk, we discuss the important topic of cybersecurity with a focus on how the risks can impact small and medium-sized businesses. Joining us to unpack this topic is Sean Kline, the CEO of Turbotec, an IT services provider that offers consulting, IT infrastructure and planning, network and cybersecurity, disaster recovery, business continuity, and more. We discuss the importance of these issues for business owners and outline some of the best practices and standards. We also explore the value of understanding where you are in the process and why you should never stick your head in the sand as this topic and these risks change constantly. Tune in for this insightful conversation as Sean highlights plenty of important things that are easily overlooked by small business owners!
     
    Key Points From This Episode:
    Some of the most common cybersecurity threats that individuals and businesses face today. Reasons we are vulnerable to anything connected to our network. Why having a process to evaluate where you stand and what your weaknesses are is key. What to focus on when setting up cybersecurity. The process of understanding where the gaps are in order to resolve them. How investments in cybersecurity can yield financial benefits. Evaluating security from a business and technical risk perspective. Best practices for password protection. The organized nature of cybercrime. Common misconceptions about cybersecurity. Establishing and testing a recovery plan in preparation for inevitable breaches. Invaluable insights about why cybersecurity is an executive issue.  
    Tip of the Day: Be open-minded about your cybersecurity strategy!
     
    Links Mentioned in Today’s Episode:

    Sean Kline on LinkedIn
    Sean Kline Email
    Sean Kline Phone: 603-296-4845
    Turbotek
    Transaction Talk
     
    Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

    • 25 min
    How to Best Plan a Strategic Family-Owned Company Exit

    How to Best Plan a Strategic Family-Owned Company Exit

    Bob Furlong is a seasoned wealth management professional from The Bulfinch Group. With years of experience managing his own family business + his clients’ family businesses, Bob offers a unique perspective on wealth maximization and legacy building. In this episode, Bob reflects on his personal journey through multiple company exits, including one that left him completely in the red, and discusses the common misconceptions about the timing and strategy of selling a business. He also shares how he uses his expertise to guide family-owned businesses on financial strategies and vision planning, with the importance of aligning family legacy with business goals.
     
    Key Points
    [3:00] A little bit about Bob and his background in wealth management + selling the family business.
    [5:15] Knowing what Bob knows now, what would he have done differently?
    [7:25] On Bob’s third company exit, he did horrible. He really struggled through that process and had a negative balance sheet by the end of it.
    [9:15] What do most people get wrong about exiting a company?
    [13:05] When your company finances are looking better than they’ve ever been, that actually might be an indicator to sell.
    [15:00] Bob now works with a lot of family-owned businesses, how does he use his experience + his expertise to advise and guide them?
    [18:25] Although Bob does focus on the financials of the business, he also believes it’s important to talk with the owners about their visions for the future and what their legacy will look like.
    [19:55] It is a delicate balance to sell the family business because employees might also leave the moment the owner leaves.
    [24:25] How far in advance does Bob start working with a family-owned business? What is a good timeline to plan an exit?
    [28:25] In Bob’s experience, the founder is usually the obstacle in how they want to realistically exit.
    [32:55] Bob sees himself as a bit of a choreographer when it comes to helping everyone within the company and the family have tough conversations, be on the same page, and understand their risks.
     
    Tip of the Day:
    It’s never too early to plan!
     
    Mentioned in this Episode
    Tworld.com/locations/boston
    Riw.com
    Transactiontalk.com
     
    Bob Furlong
    LinkedIn
    Bob’s bio
    Bulfinchgroup.com
    Email: bobfurlong@bulfinchgroup.com
    Phone: 781-292-3265
     
    Disclaimer:
    The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.
     
    Quotes
     
    “Business owners, more often than not, sacrifice the ‘self’ for the business and the business doesn’t always take care of them.”
     
    “There are about 80%+ family-owned businesses where the owners want their kids to own their business. However, it’s less than 20% of the kids who want the business.”
     
    “Selling a business is such a big decision, it’s a life decision, and you want to make sure, whether it’s a family member or another buyer, they’re going to live on your legacy.”

    • 40 min
    Buying a Business: How Foreign Nationals Can Qualify for an E2 Visa

    Buying a Business: How Foreign Nationals Can Qualify for an E2 Visa

    Shiva Karimi is an Immigration lawyer and Managing Director for McLane Middleton’s Boston Office. She is experienced in navigating complex U.S. Immigration issues and advises businesses on hiring key personnel and helps foreign investors and buyers navigate the purchasing process of a business on U.S. soil. In this episode, Shiva breaks down what it takes to qualify for an E2 investment visa, what business owners should be aware of when working with a foreign buyer, and how to best handle an international transaction like this.
     
    Key Points
    [3:20] What do business owners need to be aware of when working with foreign investors/buyers?
    [5:00] What type of businesses qualify under the E2 visa?
    [6:00] What’s the minimum amount a buyer has to invest under the E2 visa?
    [7:20] Shiva breaks down the process of how to qualify for an E2 visa.
    [11:00] This is not a visa you can do on your own. It is complex and you will need professional and legal help.
    [13:10] Why would a business owner sell to a foreign buyer?
    [16:00] What do business owners need to be aware of when hiring a foreign national?
    [18:00] What happens if you have illegal immigrants working in your company and you’re trying to sell your business?
    [20:00] What is an i-99 audit? What should employers be aware of?
    [27:50] What is an H1 visa?
    [29:30] Shiva also breaks down what an L1 visa is and how to qualify for it.
     
    Tip of the Day:
    Complete your I-99 audit and understand who is working within your company and who exactly wants to buy your company.
     
    Mentioned in this Episode
    Tworld.com/locations/boston
    Riw.com
    Transactiontalk.com
     
    Shiva Karimi 
    LinkedIn
    Shiva’s bio
    Mclane.com
    Email: shiva.karimi@mclane.com
    Phone: 617-523-7937
     
    Disclaimer:
    The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.
     
    Quotes
     
    “You do have to show sources of funds; where did that money come from? And you need a five-year business plan.”
     
    “If half of the workforce is not authorized to work in the United States, if buyers want to take on that liability, fine, but oftentimes, they are not willing to proceed with the sale.”
     
    “You never want to take on someone else’s liability. You don’t know what they’ve done or how they've done it.”

    • 33 min
    When Do You Need a Business Exit Advisor?

    When Do You Need a Business Exit Advisor?

    Diane Hartz-Warsoff is the President of Exit Factor of the SLC & Utah County branch. She is focused on helping business owners maximize their company’s value and prepare it for an exit. With over 8 years of experience, Diane shares her wisdom on this week’s podcast and talks about her role as an exit advisor, a business owner’s value to a company, and letting go of control. 
     
    Key Points
    [3:50] You should start/think of your exit plan when you start your business. 
    [4:45] You want to document each element or department of your business one at a time. It can feel overwhelming doing it all at once. 
    [7:20] What is your legacy? Is it financial? Community? You need to define this. 
    [12:15] What is the role of an exit advisor? 
    [14:10] What should business owners be thinking about/preparing for? 
    [17:35] Getting any business owner to let go of control and let others do it is a very difficult mental shift. 
    [23:45] A prospective buyer is going to pay you for the work you've done and the business you’ve built, not for what the business has potential for. 
    [27:00] If you can get other people to put out the fires, then you become a much more valuable business.
    [29:20] Interested in working with Diane? Reach out! 
     
    Tip of the Day:
    It’s never too early to plan your exit and it’s a holistic decision for yourself and where you are in life. 
     
    Mentioned in this Episode
    Tworld.com/locations/boston
    Riw.com
    Transactiontalk.com
     
    Diane Hartz-Warsoff 
    Exit Factor
    LinkedIn
    Diane’s bio
    Diane’s info at Transworld
    Email: dhartzwarsoff@tworld.com
    Phone: (385) 342-3692
     
    Disclaimer:
    The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.
     
    Quotes
    “Any business where they are the business or integral to the business, it really has the negative impact on their value.”
     
    “We have tools to help you with growth, and at the same time, know the right people to put in front of you to ensure your personal, financial, and your business are taken care of..”
     
    “As you grow your business, a buyer is going to buy your business because they think they can improve on it and grow it. They’re going to pay you based on what you’ve done.”

    • 32 min
    How to Safely Sell and Transition Out of a Family Business

    How to Safely Sell and Transition Out of a Family Business

    Join Aaron Fox, Managing Director at Transworld Boston, as he shares his profound insights into the unique challenges and strategies involved in selling or exiting a family business. With personal experience in successfully selling his third-generation family business, Aaron brings a wealth of knowledge to the table. In this episode, he discusses the intricacies of keeping sales confidential, the dynamics of family involvement in the business during a sale, and the importance of succession planning within family enterprises.
     
    Key Points
    [2:30] What makes selling/exiting a family business different from traditional businesses?
    [3:15] Should you keep the sale of the family business confidential?
    [3:30] Aaron has unique experience in this; having had to sell his father’s business that had, at one point, 18 family members working in the business.
    [5:05] Do buyers want multiple family members still working in the business?
    [7:35] How did Aaron’s father take over the family business?
    [8:50] What does a succession plan look like within a family business?
    [13:25] The ability to tap into your elder family members’ knowledge base is invaluable. They’ve been through recessions, wars, and economic uncertainty.
    [18:00] Aaron has been through this process personally, so it makes advising clients in similar family businesses a lot easier because he knows some of the things they’re not automatically thinking about.
    [21:55] There’s no better way to show accountability and ownership by opening up your wallet and buying the business.
     
    Tip of the Day:
    Write down everything! Write it all down! You’re going to revisit it and you need to know what you’re getting involved in.
     
    Mentioned in this Episode
    Tworld.com/locations/boston
    Riw.com
    Transactiontalk.com
     
    Aaron Fox 
    LinkedIn
    Aaron’s bio
    Email: aaron@tworld.com
     
    Disclaimer:
    The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.
     
    Quotes
     
    “When it’s family, you always want to help. The experience of some of the senior family members; they’ve been through recessions, ups and downs, wars. The business survived.”
     
    “I strongly believe you should buy the business from that family. If it involves taking out an SBA loan, do it. Pay the money.”
     
    “We want to show there’s a clear transition of that business and there’s no better way to show ownership by opening up your wallet.”

    • 25 min
    Make 2024 the Best Year Ever with These Goal-Getting Habits

    Make 2024 the Best Year Ever with These Goal-Getting Habits

    Join JT Tatem, an experienced franchise owner with Transworld Business Advisors, as he delves into the art of effective goal-setting and goal-getting. Drawing on his extensive experience and lessons learned from mentors like Brian Tracy and Zig Ziglar, JT shares valuable insights on transforming aspirations into tangible results. In this episode, he introduces the 8 W's of goal-setting and provides listeners with a comprehensive framework for achieving success into the new year.
     
    Key Points
    [2:30] What should we know about goal-setting?
    [3:45] Most people are good at goal-setting but not at goal-getting. 
    [4:50] 97% of the population doesn’t have written goals and only 3% of the population do.
    [5:20] Have a place where you can see your goals regularly.
    [6:40] It’s important to have some accountability for your goals. Don’t keep them a secret!
    [8:10] How many goals should you set?
    [9:00] JT explains what the ‘wheel of life’ is.
    [11:20] What makes a good goal?
    [17:00] How did JT help his children set and achieve their goals?
    [21:35] How do you set realistic goals?
    [22:10] What are the 8 W’s? Write, Why, Where, What, Who, Way, When, and Work.
    [34:25] A lot is possible if you put your mind to it!
     
    Tip of the Day:
    Learning the art of goal-getting is the difference between having to plan for your life vs. someone else planning it for you.
     
    Mentioned in this Episode
    Tworld.com/locations/boston
    Riw.com
    Transactiontalk.com
     
    JT Tatem 
    LinkedIn
    JT’s bio
    Email: jttatem@tworld.com
     
    Disclaimer:
    The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.
     
    Quotes
     
    “There’s two types of people in this world. There’s the people who life happens to and there’s the people who make life happen.”
     
    “Anybody can write down a goal, but putting a game plan together where you actually achieve what you set out to accomplish is probably more beneficial.”
     
    “You should have your goals written down and have it posted somewhere where you’re going to see them on a regular basis.”

    • 39 min

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