Randy (not his real name) had been trying to buy a business in the Nashville area since early 2015. A few weeks ago, he called to ask if he could retain me to assist his search effort. Though he had met with about 25 business owners over the past two years, Randy had nothing to show for it; he was ready to be more professional and intentional about his search process. Randy was not a novice. He had run his family's Read More
The Wimpy Effect
“I’ll gladly pay you Tuesday for a hamburger today.” If you are 60 or older, you probably recognize that comment frequently spoken by J. Wellington Wimpy. This character from the Popeye cartoon series seemed to be a successful businessman (after all, he wore a suit and tie). But curiously, Wimpy never had money in his pocket to buy his favorite lunch. He seemed to always be saying “you can trust me, I’ll have it in Read More
What Does Private Equity Want?
“Do I need to wear a tie to this meeting? Hell, I haven’t had a tie on since Mama died.” Getting fired from Ryder Trucks in 1984 ended up being the best thing to happen to Andy (not his real name). Truck fleet management was all he knew, so he had no choice but to go into business for himself. Fast forward 30 years, Andy was ready to sell the business since both of his children were interested in practicing Read More
Presenting to the Board You Don’t Have, But Probably Need
Mason (not his real name) and I met about six years ago during a men’s Bible conference at the church we both attend. We meet every so often at the church coffee shop to talk about life and family. About a year ago, Mason was telling me about some stresses in his business. I suggested he join a peer networking group or put together an advisory board. I told him my belief that every business owner needs third-party Read More
All in the Family, Great TV Idea, Maybe a Bad Business Idea
When Bob (not his real name) called me, I could tell he was tired. He was ready to sell his family business, but he didn’t know how to find the right buyer and make sure he got a fair value for his life’s work. Bob started a machine shop business in 1981, and eventually found a thriving niche manufacturing plumbing components. But at age 74, Bob was ready to sell his business and spend more time with his ailing Read More
Seven Things I Need to Hear From a Search Funder
I admire an aspiring entrepreneur who wants to enter the world of business ownership via the search fund model. You see, I was once that guy. Decades before the term "search fund" was even invented, I left a great job in Orlando with the Walt Disney Company to buy a bankrupt radio business in Nashville. Looking back on it, it was a crazy decision, but for a variety of reasons (some beyond my control), it worked out Read More
Selling a Professional Services Business, What I Learned Over Fried Chicken After a Funeral
Little did I know I'd learn something at a funeral to help me appreciate an important principle regarding the successful sale of a professional services business. I had returned to Orlando, where I spent the first half of my business career, to attend the funeral of a dear family member. After the funeral, the church hosted a covered dish dinner for family and friends. While going through the food line, I bumped Read More
The Dangerous Allure of Synergy, per Warren Buffett
“Assemblage of strengths is a huge asset,” Warren (his real name) said in a letter I received last week. He was describing his strategy to grow his business; given his success, I figured I better pay attention. You see, Warren is that Warren, Warren Buffett, chairman of Berkshire Hathaway. His annual letter to company shareholders never fails to be a great read; no clichés, no lofty aspirational BS, but a deep dive Read More
Danger in the Wild Wild West
"I researched these guys before the first call. They seemed legit, and I could tell they weren’t on a fishing expedition. They knew a ton about my industry, the players, and opportunities. You think they might be a real buyer for my company?” I felt sorry for Angie. She looked tired, and running this company was nothing she had bargained for. But when her husband went AWOL on the family and business, she had no Read More
The Dangerous Second Act
Randy (not his real name) and I were sitting in a coffee shop across the street from his office. As soon as we sat down to enjoy our overpriced lattes, I asked Randy why he asked for this meeting. He didn’t beat around the bush, “My exit from the tech company was way beyond my expectations, but I’m getting anxious to get back in the game. Do you know of any businesses that would appeal to me?” I had heard rumors Read More
