『Before You Buy or Sell a Business』のカバーアート

Before You Buy or Sell a Business

Before You Buy or Sell a Business

著者： Jared W. Johnson
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Learn everything you need to know about buying and selling a business from High-Performing SBA Lender, Jared Johnson, who specializes in business acquisitions. Jared interviews industry experts on both the buying and selling side to provide insights into the buying and selling process. Experts include brokers, attorneys, escrow officers, and seekers. And you'll hear from actual buyers and sellers before and after the process. If you're a buyer or a seller or thinking about becoming one at some point in the future, this is the podcast that will provide you with the information you need for a successful transaction.Copyright 2023 Jared W. Johnson マネジメント・リーダーシップ リーダーシップ 個人ファイナンス 経済学
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  • What 5,000 Business Sales Taught Dennis Hayes About Buying and Selling Companies

    What 5,000 Business Sales Taught Dennis Hayes About Buying and Selling Companies
    2026/08/25
    Jared Johnson sits down with Dennis Hayes, co-owner of WCI Business Sales, the oldest business brokerage firm in Arizona. Dennis shares what he has learned from a firm with 60 years in business and more than 5,000 closed transactions, what he is seeing in today’s competitive market, and how his perspective changed when he went from representing sellers to buying an 80-year-old business with his son.Dennis explains why good businesses are creating what he calls a “feeding frenzy” among buyers, why owners are holding onto their companies longer, and why strong listings can attract serious interest almost immediately. He also breaks down one of the biggest problems he sees when sellers come to market: sloppy books and records.Jared and Dennis dig into Quality of Earnings reports, seller add-backs, financial due diligence, and why buyers should never assume the numbers they are given tell the whole story. Dennis explains why he believes buyers are ultimately purchasing a known and reliable revenue stream and why understanding where that revenue comes from and whether it will continue after closing should be central to due diligence.Dennis also walks through the acquisition he recently completed with his son. After selling the same Phoenix cooling business eight years earlier, Dennis found himself on the other side of the transaction when the owner was ready to exit. He shares how they evaluated the opportunity, why a Quality of Earnings report became essential to getting the deal done, and what they learned after taking over the 80-year-old company.Jared and Dennis also discuss buying commercial real estate alongside a business, how real estate values can outgrow the cash flow of the operating company, why buyers and sellers need to disclose problems early, and the surprises that can surface late in a transaction. They close with Dennis’s perspective on mentorship, training the next generation of business brokers, and why closing day still motivates him after decades in the industry.Main Takeaways:Quality businesses are attracting significant buyer interest, while good listings are becoming harder to findBusiness owners often sell for personal reasons rather than business reasons, making listing volume difficult to predictSloppy books and records remain one of the biggest deal killers in small business transactionsRunning personal expenses through a business can lower taxable income but ultimately reduce the value a seller can substantiate when it is time to sellQuality of Earnings reports can provide clarity when tax returns and internal financial statements do not accurately reflect the economics of a businessBuyers should independently verify financial information and should not rely on a broker to perform their due diligenceA buyer is ultimately purchasing a known and reliable revenue stream, making the sustainability of that revenue criticalHidden liens, financial issues, and other surprises are likely to surface before closing, so sellers should disclose problems earlyCommercial real estate can be a valuable part of an acquisition, but the business still needs enough cash flow to support both the company and the propertyThe value of commercial real estate can sometimes grow faster than the cash flow of the business occupying it, creating challenges for future buyersDennis’s own acquisition showed how strong financial diligence can turn a complicated opportunity into an attractive dealMentorship and continued learning remain important even after decades of experience and thousands of transactionsBusiness ownership is not for everyone, but for entrepreneurs who enjoy solving problems and building value, the work itself can be rewardingEpisode Highlights:[00:00] Why good business listings are creating a feeding frenzy among buyers[00:05] Dennis’s background and the 60-year history of WCI Business Sales[00:13] What Dennis is seeing in the Phoenix business brokerage market[00:29] Why listing volume has become increasingly difficult and owners are holding onto businesses longer[00:51] The number one problem Dennis wishes every seller would address before going to market[00:53] Sloppy books, personal expenses, and the impact they can have on business value[01:03] When a Quality of Earnings report can help establish what a business actually earns[01:23] What buyers should know about financial due diligence[01:35] Why Dennis believes buyers are purchasing a known and reliable revenue stream[01:43] How Dennis went from selling an 80-year-old cooling business to buying it with his son[02:17] Why a Quality of Earnings report was essential to completing Dennis’s acquisition[02:37] The surprises that can surface late in a transaction and why sellers should disclose problems early[02:53] What buyers should consider when commercial real estate is included in an acquisition[03:23] How real estate values can outgrow the cash flow of the operating business[03:43] Why including real estate can change the ...
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    45 分
  • Inside Business Brokerage: How Buyers Stand Out, Sellers Choose, and Deals Get Done | Live From Acquire Fort Worth with Layne Kasper

    Inside Business Brokerage: How Buyers Stand Out, Sellers Choose, and Deals Get Done | Live From Acquire Fort Worth with Layne Kasper
    2026/08/12
    Jared Johnson sits down with Layne Kasper of Kasper & Associates for a live episode recorded at Acquire Fort Worth. With nearly three decades in business brokerage, Layne shares an inside look at how brokers prepare businesses for sale, identify qualified buyers, protect sellers throughout the process, and navigate an increasingly competitive acquisition market.Layne explains how sellers typically enter the market, why many business owners have little understanding of what their company is actually worth, and how his firm approaches preliminary valuations before taking a business to market. He walks through the process of gathering financial information, preparing detailed acquisition materials, maintaining confidentiality, and using targeted outreach rather than broadly advertising listings.Jared and Layne also discuss what buyers can do to stand out when attractive businesses may receive interest from dozens or even hundreds of potential acquirers. They explain why financial qualification, relevant experience, preparation, and the ability to build trust with a seller can significantly influence who ultimately gets the deal. For buyers, the process is not simply about evaluating the seller. Sellers and their brokers are evaluating buyers at the same time.The conversation also explores current valuation multiples, seller financing, SBA prequalification, private equity versus individual buyers, off-market deal sourcing, and why having the right acquisition team can prevent buyers from wasting time on deals that were never going to close.Layne and Jared also discuss why the long-predicted "silver tsunami" of retiring baby boomer business owners has been slower to materialize than expected. For many owners, selling a company means giving up something deeply connected to their identity, relationships, income, and status. Understanding that emotional component can give thoughtful buyers a major advantage when approaching sellers and negotiating a transaction.Main Takeaways:- Business brokers represent the seller and are responsible for protecting their time, confidentiality, and interests throughout the transaction- Many business owners begin the sale process without knowing what their company is worth or how the acquisition process works- Sellers who begin preparing several years before an exit have more opportunities to position their businesses for a successful sale- A detailed acquisition report or SIM can help buyers evaluate an opportunity efficiently and reduce unnecessary delays- Strong businesses can attract significant buyer interest quickly, making speed and preparation important for serious searchers- Buyers can stand out by demonstrating liquidity, financing readiness, relevant experience, and a clear ability to close- SBA prequalification can help buyers understand the size of acquisition they can realistically pursue before submitting offers- Brokers increasingly want evidence that buyers have the financial resources or investor backing required to complete a transaction- Buyers should remember that the acquisition process is a two-way interview and sellers are evaluating them as potential successors- Building trust with a seller can influence negotiations, deal structure, seller financing, and ultimately who wins the transaction- Buyers who submit generic questions without reviewing available materials can quickly signal to brokers that they may not be serious- Seller financing can help bridge valuation gaps while demonstrating the seller's confidence in the future of the business- Businesses with approximately $500,000 to $1 million in EBITDA may trade around three to four-and-a-half times EBITDA, while businesses above $1 million may begin reaching approximately four-and-a-half to six times depending on the opportunity- Off-market opportunities can often be found through attorneys, bankers, financial advisors, industry groups, and other trusted networks- Searchers may not need to hire a buy-side intermediary if they are already capable of conducting targeted outreach themselves- A strong acquisition team that includes experienced lenders, attorneys, CPAs, and due diligence professionals can help buyers identify both viable opportunities and deals they should walk away from- The anticipated wave of baby boomer business sales has developed more slowly because many owners continue operating well beyond traditional retirement age- A seller's business is often deeply connected to their identity, making respect for what they have built an important part of the buyer-seller relationship- Businesses with established middle management can be particularly attractive because buyers can focus on growing the company rather than immediately replacing the owner's operational responsibilities- Buyers using outside investors and maintaining additional liquidity after closing may be better positioned to handle unexpected challenges and pursue future growthEpisode Highlights:[00:00:40] Why buyers need to ...
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    1 時間 2 分
  • Inside M&A from a Soldier's Perspective: How Guy Bartlett Built a 170 Million Dollar Track Record Buying and Selling SME Businesses

    Inside M&A from a Soldier's Perspective: How Guy Bartlett Built a 170 Million Dollar Track Record Buying and Selling SME Businesses
    2026/07/28
    Jared Johnson sits down with Guy Bartlett, founder of The Business Buyers Club and Fidelis Advisory, a fractional M&A service based in the UK. Guy shares how 42 years in the British Army Reserve shaped his approach to acquisitions, how he stumbled into his first share sale in the late 1990s, and how that experience led him to complete over 150 transactions and personally acquire 13 companies since 2006.Guy explains why M&A is fundamentally a people business, how due diligence can never fully capture a company's culture, and why the "transition trenches" after a deal closes are often harder than the deal itself. He breaks down the psychology of sellers who come to market unprepared, why so few UK business listings actually sell, and how unregulated brokers contribute to unrealistic price expectations on both sides of the table.Jared and Guy walk through what overseas buyers need to know before acquiring a business in the UK, from leadership presence and management incentives to deal structures like security bonds for deferred consideration. They also discuss the coming wave of baby boomer business exits, the risks of waiting too long to sell, and the hard lessons Guy learned from deals that went wrong, including a lost government contract, an underfunded roofing acquisition, and a cultural transition that cost him a business.Main Takeaways:M&A success depends more on people and culture than on spreadsheets or numbersDue diligence can verify contracts and financials but rarely captures a target company's cultureOnly about one in five UK businesses listed for sale actually sellUnregulated brokers in the UK often promise inflated prices to win the mandate feeSellers need a clear, realistic understanding of how much money they actually need before pricing a saleWaiting too long to sell can be catastrophic, including forced closures and lost value for owners and employeesOverseas buyers acquiring UK businesses should be prepared to lead in person, not manage remotelyTax-efficient tools like Enterprise Incentive Schemes and growth shares help retain key management post-acquisitionVendor and seller financing structures reduce reliance on traditional debt and lender riskDeal fever, the emotional rush of finally finding a deal, causes buyers to overlook red flagsMaintaining a strong pipeline of options is the best defense against overpaying or over-committingWhen problems arise late in a deal, asking "how do we mitigate this" is more productive than walking awayThe UK is likely entering its final five years of a major wave of baby boomer business exitsSelf-funded and creative deal structures are becoming more common as debt becomes more expensive and riskyCuriosity, mentorship, and surrounding yourself with people ahead of you accelerates growth as an operatorEpisode Highlights: [00:00:40] Guy's path from the British Army Reserve into printing, marketing services, and his first share sale [00:02:40] Teaching himself leveraged buyouts and completing his first acquisitions in 2006 [00:04:10] Writing "Business Magic" and founding The Business Buyers Club in 2014 [00:05:30] Launching Fidelis Advisory as a fractional M&A service for busy operators [00:06:50] 42 years of military service and the direct parallels to running acquisitions [00:09:40] Why M&A is fundamentally about people, not numbers [00:11:20] The "transition trenches" and why culture is impossible to fully diligence [00:13:40] Why only about one in five UK business listings actually sell [00:15:00] Unregulated brokers, inflated price promises, and take-home fee incentives [00:16:50] Helping sellers understand the real number they need versus what they want [00:19:30] The dangers of waiting too long to sell, including two cautionary stories [00:23:00] Advice for overseas buyers acquiring UK businesses, from leadership to tax tools [00:27:30] The current state of the UK economy and its impact on SME M&A [00:29:40] Lessons from failed deals, including a lost government contract and an underfunded roofing acquisition [00:33:10] A cultural transition gone wrong after acquiring an electrical contractor [00:36:00] Deal fever, red flags, and the power of walking away [00:38:20] Using a triangle framework to mitigate problems between buyer, seller, and company [00:40:00] The coming wave of baby boomer business exits and where the UK market is headed [00:43:30] Mentorship, curiosity, and Guy's advice on building a strong network [00:45:10] What motivates Guy and where to find himConnect with Guy Bartlett:Website: https://fidelis-advisory.ukConnect with Jared:If you have questions for Jared, visit: https://jaredwjohnson.comLinkedIn: https://www.linkedin.com/in/jaredwjohnson/DISCLAIMER:The views and opinions expressed in this program are those of the guests and host. They do not necessarily reflect the views or positions of my employer.Keywords:mergers and acquisitions, SME acquisition, business buyers club, fidelis advisory, UK business sale, leveraged buyout, ...
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    48 分
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