Transaction Talk Jennifer Fox and Eric Sigman

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.”

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.”

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.”

Join Andy Cagnetta, CEO of Transworld, as he shares his extensive experience in commercial real estate and business sales. In this episode, Andy reflects on the market changes from 2019 to 2023 and provides his predictions for 2024, including the challenges posed by interest rates and the unprecedented buying power of private equity firms. He discusses the importance of timing in selling a business, the value of preparing for the sale of a business, and the upcoming wealth transfer from Baby Boomers to younger generations.
 
Key Points
[0:50] A little bit about Andy and what he does at Transworld.
[2:30] In 2023, everyone felt a little bit beat up by interest rates, slow business, and more.
[5:00] Private equity firms have the most buying power than they’ve ever had in history right now.
[6:40] Let’s do a high-level recap on what was happening in the market from 2019-2023.
[7:40] The good news is that good businesses are still selling!
[8:15] Andy has seen sellers wait too long to sell, but what are some of the negatives if you decide to wait?
[12:10] On the flip side, there is nothing wrong with having the right broker in your pocket when you’re ready to sell.
[13:10] It does take time to prepare and accurately sell the business at a price point that makes sense.
[18:00] Baby boomers will be transferring their wealth to Gen X and Millennials. In the future, we will see a surge in new opportunities.
[22:50] Instead of getting jobs, the younger generation might just invest their new wealth instead.
[25:45] What happens if a younger person buys a business? Andy believes you can’t lose if you’ve got the work ethic.
[28:15] What are Andy’s thoughts about AI?
 
Mentioned in this Episode
Tworld.com/locations/boston
Riw.com
Transactiontalk.com
 
Andy Cagnetta
LinkedIn
Andy’s bio
Email Andy: ac@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:
“Dry powder of private equity firms reached 3.4 trillion dollars and it’s up almost double.”
“When is a good time to sell? You don’t want to wait because you never know what’s going to happen.”
“If you want to sell your business at a good price, you have to have raising revenues, raising profits, and good management in place.”

Dana Hall is a seasoned franchise consultant with 20 years of experience in the industry. With a background that includes diverse roles at Panera Bread and Wendy’s Company, Dana offers valuable insights for both first-time buyers and seasoned entrepreneurs. In this episode, he delves into what makes a successful franchise owner, and the role of a franchise consultant, and discusses the benefits of networking with other franchisees. This is a must-listen for anyone considering a venture into franchising.
 
Key Points
[1:00] Why are franchises good for first-time buyers?
[3:15] What are new or beginner franchise owners looking to be?
[4:50] What makes a good franchise owner?
[8:00] What does a franchise consultant do?
[9:15] Not everybody gets into a franchise to make a ton of money. Sometimes, they want to find an elevated way to give back to their community.
[11:05] There’s a lot of value when it comes to being able to talk to other franchise owners and having access to that knowledge base.
[12:10] What is a discovery day?
[14:50] Company fit plays a big role in what franchise to invest in. You have to pick carefully.
[17:45] Should you invest in a franchise with a large brand following/recognition?
[23:10] Remember, investing in a franchise is a two-way street. It’s important that the franchisor is also picky.
[28:40] What franchise would Dana buy if given the chance?
[32:55] Dana offers his tip for business owners.
 
Tip of the Day:
Be realistic as a potential owner in your expectations all throughout your due diligence process.
 
Mentioned in this Episode
Tworld.com/locations/boston
Riw.com
Transactiontalk.com
 
Dana Hall
Website
LinkedIn
Dana’s bio
 
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
 
“It’s a business. It’s hard. Just because you got a good franchisor and a good blueprint, you still have to execute.”
 
“There are a lot of franchise companies that don’t have brand recognition. There’s hundreds of franchise businesses where you don’t necessarily know the name but they have a great system in what they do.”
 
“Franchisors are looking for partners. They’re not just letting anybody in and taking your money. It's important that they’re truly looking for the right person.”

Robert (Bob) Gorton is a CPA and Founder of Gorton & Company. He has over 30 years of experience providing accounting and tax services to a diverse client base. In today’s episode, he shares what business owners need to be aware of when it comes to end-of-the-year tax planning to make sure their tax returns and claims go as smoothly as possible. He also explains why it’s important to find a specialized person with tax knowledge to handle your books because the wrong or inexperienced professional can really set your business back. 
 
Key Points
[2:05] What should business owners be thinking about when it comes to their year-end tax planning? 
[3:30] Ideally, Bob wants to have communication with his clients at least quarterly to understand what’s happening within the business.. 
[3:40] Who should be doing the books? And how can business owners make sure they’re correct? 
[6:20] Bob recommends not to pre-pay for things that extend to the new year. However, he explains what to think about from a tax perspective if you do need to pre-pay. 
[7:20] Regular check-ins with your CPA/Tax accountant can save you a lot of time and hassle. 
[8:35] It’s a good time to do or think about year-end planning during the months of Oct-Dec.
[12:55] Jennifer shares a tax horror story. 
[14:00] It’s so important to hire the right tax professional. Regular CPAs are not going to have in-depth knowledge on tax codes. 
[18:00] What is the ‘quality of earnings’ and why is it important? 
[24:30] What should business owners look for in a CPA?
[25:15] What makes Bob different?
[26:15] Bob shares his number one business tip. 
 
Tip of the Day:
Have an exit plan and work with your advisory team towards that plan. 
 
Mentioned in this Episode
Tworld.com/locations/boston
Riw.com
Transactiontalk.com
 
Robert (Bob) Gorton
Website
Email: bobg@gortoncpa.com
Phone: 978.705.4400
 
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
 
“Unfortunately, folks want to get this done as cheaply as possible, and that gets people into trouble.”
 
“There’s a lot of competent CPAs out there that don’t do this kind of work. They’re not as focused on what kind of impact is going to have on the business owner down the road.”
 
“The numbers aren’t going to lie. When you go through due diligence to sell your business. The people on the other side are smart. They’re going to look.”