Morgan & Westfield - Deal Talk

Many newer aspiring business owners and some who have been added for a while may be a bit challenged by some of the basic tenets or principles of operating a business. But good news is, chances are you have a very valuable resource in your own backyard, and I am talking about the Small Business Development Center and if you've never heard of these and there are number of them across the country we are here to talk with an expert who can shed a little more light, because he is essentially an insider. His name is Jim Griggy, he is a business advisor for the Small Business Development Center at the Summit Medina Business Alliance in Akron Ohio

If you're a business owner, entrepreneur, or investor this is the place to be. It's our mission to always to educate and inform you with the help of some of the most credible, highly-regarded experts in the industry of transacting businesses so you'll be equipped with the knowledge to help you make some important decisions when the time comes to sell your business or buy one. If you're a franchisor or a franchisee, or if you are considering purchasing a franchise I think you might find this segment particularly informative, because the needs of franchise business owners are different from independent business owners. How are those needs different? We're going to find out. My guest on this edition is Tom Spadea. He's a business and franchisee attorney and principal at Spadea, Lanard, & Lignana in Philadelphia.

It’s important as a business owner to hire and maintain a team of people who are enthusiastic and motivated to help make the business a success. In the franchising world, the same is true, but it all starts with the need for the franchisor to choose the best owners for the various locations. So how do you determine which candidates are best suited to own and operate your stores?  What are the key factors and traits? How important is personal character? Should they have previous business ownership experience? There are many things to consider as Ron Bender, Chief Franchise Executive at Future Focus Franchise Advisors, will tell you on this edition of Deal Talk.

While there are a lot of moving parts in any M&A deal, ensuring a smooth transition from you to the new owner of your company is important for a number of reasons that could impact not only your reputation but also the prospects for success of the new ownership and the livelihoods of your loyal employees. That, however, only scratches the surface. How can you work now and during the acquisition process to help make sure the transition goes as smoothly as possible? Brent Freeman, investment banker and M&A advisor at The CBB Group, joins us to talk about the ways that a business owner can work to smooth out the bumps that sometimes occur when a company transitions from one owner to another.

On this special edition of “Deal Talk,” we’ll talk about why some successful entrepreneurs sell their business and happily move on to the next chapter of their lives, while others sell their companies and seemingly live to regret it. Bo Burlingham — author of “Finish Big: How Great Entrepreneurs Exit Their Companies on Top” and, previously, The New York Times best-seller “Small Giants” — joins us from his Northern California home to talk about the key factors that separate owners who are happy after leaving their companies from those who are unhappy. Why do some go wrong while others are so successful? This is an interesting discussion that may get you thinking about your own future!

Franchising your business can be a great way to grow your brand, and for entrepreneurs looking for their next business opportunity, owning a franchise has a number of important advantages. If you currently own your own privately held business, or if you are someone who is exploring the possibility of franchise ownership, this edition of “Deal Talk” is for you. Patrick Le Feuvre is a Houston-based franchise area representative for Cartridge World — a highly successful global franchise serving both business clients and general consumers. Mr. Le Feuvre talks about how the franchisor makes their money and how the franchisee benefits (and succeeds) from their interdependence on other franchisees in the company.

Never before in history has the world of business been so connected by technology. The surge in mobility from smart phones and tablets to cloud-based systems and SAAS has created unparalleled opportunities to grow our businesses beyond borders.  It also creates new challenges to deal with issues involving in-house information technology that can end up costing small businesses a fortune each year to resolve.  Our guest on this edition of Deal Talk discusses how small businesses today can cut these costs substantially by outsourcing their IT to highly advanced firms that specialize in handling it.  Join us for an interesting conversation with the CEO of Ronas IT, Mr. Roman Surikov.

The hiring of a CPA may be one of the most important partnerships you can have as a business owner, especially if you are preparing to sell your company over the next few years.  In fact, the CPA has multiple functions that go beyond helping you find ways to minimize taxes and cut costs.  Are you looking to raise the value of your business? Do you understand your key metrics and what lies beneath the numbers?  When should you contact a CPA and how much of a role will they play in the process of selling your business?  You'll be interested to know just how crucial a CPA can be in the years leading up to the sale of your company.  Matt Turpin, CPA and Certified Valuation Analyst at Carr, Riggs & Ingram joins us for this enlightening discussion on Deal Talk.

When business owners are looking for ways to grow our companies, they’re usually concerned about the cost associated in doing so, and for those entrepreneurs who are just starting out this is especially important.  Fortunately, today, there are a number of free and low-cost resources available to new business owners who want to grow their businesses but don’t have a lot of spare capital.  On this edition of Deal Talk, we welcome Mr. Frank Aguirre, Business Development Specialist at the Office of the Mayor of the City of Los Angeles.  Frank will discuss the types of organizations and agencies that exist to help business owners in LA and that may also be available in similar forms throughout the country.  

Today we're going to talk about the necessary steps you need to take when preparing to sell your company, or the things that you need to think about and start putting plans in motion. To do that I'm joined by Mike Bankus, the principal at Goriano Experts and Advisors, a business valuation consulting firm serving businesses, attorneys, and CPA's, and he's also a business broker partner with Stony Hill Business Brokers.

Whether you're a start-up entrepreneur or an experienced small business owner, you will get a lot out of this edition of Deal Talk, because no one wants to subject themselves to corporate litigation that can devastate both you and your business.   Is your business a formally recognized legal entity? Is it the best structure for your type of business?  Beyond that, have you protected yourself and your business partner—if you have one—with a founder's agreement?  Do you conduct any transactions over the Internet?  Participate in interstate or overseas commerce?  If so, you need to consider the legal issues. We're pleased to welcome Annal Vyas, attorney and visiting Professor of Clinical Law at the University of Akron to help us understand the top legal challenges and—importantly—how to avoid them.

Many attorneys possess a tremendous depth of knowledge of business law that is relevant to both privately and publicly held businesses, but when it comes to franchise law, most attorneys fall short. While there are some similarities to general business operation, the world of franchising is in a different universe. According to this edition’s “Deal Talk” guest, Julie Lusthaus, partner at the firm of Einbinder Dunn & Goniea, if you are a franchisee or a franchisor, your interests will be best represented by an attorney specializing in franchise law. Whether your needs are transactional, regulatory or involve other legal interests, Ms. Lusthaus will explain why working with a franchise attorney is vital to your business.

Choosing the right contractor for improvements, expansion or installation projects requires careful consideration. Unfortunately, many small business owners tend to give priority to the lowest bids, often putting quality and — most importantly — health and safety at risk, the consequences of which can be costly indeed in terms of time, money and legal penalties. Our guest on this edition of “Deal Talk” is Marina Manoukian, senior counsel at ADLI Law Group. Ms. Manoukian will share her experience of working with business owners to properly vet contractors for experience, licensing, safety protocols, quality assurance as well as their relationships with subcontractors, who often perform most of the work.

Most small business owners are familiar with SBA loans and conventional loans as a means for funding their businesses. However, did you know there is a wide range of SBA loan types to meet specific needs? Interestingly, in addition to SBA, conventional bank loans and investor funding, there is also a way for you to use your retirement funds to fund your business. While this may not be for everyone, this method does have its advantages, and our guest has all the information. He is Dallas Kerley, chief development officer at Benetrends Inc. He'll cover the many traditional funding options and expand on the retirement rollover funding alternative in detail.

You may have an exit strategy, but it's your succession plan that will spell out the details of how your company will be led in the future and who will take control of the reins to lead the charge when you're gone. So why do so many business owners wait so long to form their succession plans? The answer may surprise you. On this edition of “Deal Talk,” host Jeff Allen welcomes Peter Brehm, business and tax attorney and owner of the Business Law Center in Bloomington, Minnesota, to discuss the advantages of a clearly laid-out succession plan, what the planning process involves and who benefits. This is a program your family and your company will thank you for tuning into!

Question:  What could be more rewarding than owning your own work-at-home franchise business?  Answer:  Helping other business owners succeed through the cutting edge services you provide.  Money Mailer is a business that understands that if its clients succeed, everyone succeeds, not the least of whom are its franchise owner-operators.  What does it mean to work for this company, which has been rated a top-ranked advertising service by Entrepreneur Magazine?  We find out from Mr. Dennis Jenkins, Money Mailer’s Vice President of Franchise Licensing.  He talks about the importance of working with an established, stable franchise company which offers everything its franchisees need to succeed.

A brand that has been around for 45 years may has an advantage over a competitor that is new in the industry. That advantage is robustness. Brands that have endured economic downturns, employee churn, changes in technology, supply chain evolution and increased competition are successful largely because of an iron-clad business model and methodology that keeps these companies moving forward. Jeff Spires, Regional Director of Franchise Development at AlphaGraphics joins us to discuss what has made his company one of the most popular franchise businesses in the United States and one of the top 300 in the world. 

Some businesses excel by offering just a few exclusive products or services.  Mr. Rooter Plumbing, however, learned long ago that the key to success is high volume sales revenue that results from its “whole service” business strategy, rather than the drain cleaning model used by other plumbing franchises in the past.  On this edition of “Franchise Talk,” we learn that it takes more than just plumbing knowledge to operate a successful Mr. Rooter franchise.  Sam Thurman, Vice President of Franchise Development for Mr. Rooter joins Emery Orosz to discuss how his company helps bring out the entrepreneur in its franchise plumbers in order to use the whole service approach for business growth.

If you are a senior business owner, this edition of “Deal Talk” is especially for you. You may have a pretty good idea of what your business is worth, but if you haven’t spoken with a certified valuation consultant, you could be setting yourself up for disappointment, and that’s not all.  As our guest shares today, the individual you sell your company to when you’re ready to retire might very well be a long-time employee, manager or vendor, so it’s important to know how to start preparing for your exit, which might include a responsible succession plan. Michael Meagher, founder and president of MWM Associates in Edina, Minnesota, joins us to share his expertise from years of working with baby-boomer owners.

Crowdfunding has been around for several years; however, its use by small businesses as a source of growth capital is becoming increasingly popular. Changes in securities laws since the passage of the JOBS Act have created a spike in interest among not only entrepreneurs, but also individual investors who seek to broaden their portfolios. What does this mean for you and other business owners who may be leaning toward nontraditional funding sources to grow their companies? We get the low-down from attorney Jennifer Post, partner at the LA-based law firm of Raines Feldman LLP, where she specializes in M&A and venture capital financing.