Business
In this episode:[01:00] The business buyer ecosystem [06:40] The mental and emotional realities that exist when you buy a business [10:30] Tips for thinking about what the business needs [15:30] How business owners can prepare for due diligence [20:25] How to establish a relationship as a broker[22:40] About making your business recession-resistant [27:30] How to find hidden deals[32:35] Final takeaways Key Takeaways:Most of our buyers are people who are leaving corporate America and looking to buy their own business. Franchises can be more comfortable for new business owners. Franchises already have a playbook and a template. Business owners wouldn’t necessarily have to figure it all out on their own. Business buyers need to know if a franchise or individual business will be a better fit for them. Think about what type of skills the business needs – you may need to retain the owner for a year until you find someone to replace them. Structure your deal so it has recession-resistance. Be honest with yourself and have the right team around you to fill in your gaps. Featuring: Brain Slipka and Chris JonesBrian SlipkaPrior to becoming chairman and CEO, Mr. Slipka served as senior vice president and senior director and head of TCF Technology Finance and was responsible for incrementally growing and leading the efforts to grow TCF’s technology finance companies in the United States prior to their integration into TCF Capital Solutions. Prior to his nearly 14 years at TCF/Winthrop, Mr. Slipka held sales and leadership roles at PeopleSoft and Oracle, where he was responsible for the largest financial institution accounts, after starting his career at Ernst & Young.Throughout his career as a senior executive, Mr. Slipka began investing in numerous operating companies, eventually forming the framework of today’s Paradygm Equity Partners (analysis and due diligence) and True North Equity Partners (acquisition platform). Over time, and with his own hard-earned capital, he began acquiring controlling interest in operating companies across varied and diverse industries. Today, the combined portfolio of small businesses has revenues in excess of $25 million and 140 employees. Mr. Slipka’s experience includes building a startup, buying existing (including distressed) businesses, selling/exiting businesses, and angel investments in numerous companies, as a limited partner/investor, while serving on the boards of many. He is the owner of multiple types of commercial real estate, inducing retail, multi-tenant, medical office, and commercial.Chris Jones Prior to joining Sunbelt Chris worked in strategic acquisitions for a $400 million subsidiary of a “Fortune 200 Private Company”. He has assisted clients in many industries including: distribution, business services, light manufacturing, outdoor products, consumer services, retail, hospitality and information technology. Mr. Jones is licensed in Minnesota and Wisconsin and is a member of the International Business Broker Association (IBBA) and M&A Source. Chris lives in the Twin Cities with his wife and three children.Chris Jones is a member of Sunbelt Midwest, with offices in the Twin Cities of Minneapolis/St. Paul helping people buy businesses and sell businesses in Minnesota and the greater Midwest area. Sunbelt Midwest agents are licensed Minnesota Business Brokers. Sunbelt Midwest also has business broker offices in Wisconsin and Illinois.