When companies are merged or acquired, the integration of employee benefits can be just as significant as the consolidation of business operations. In this episode, we delve into the critical role of employee benefits in mergers and acquisitions, highlighting the importance for both buyers and sellers. Joining us for this discussion is Scott Bostley, Founder and Managing Partner of Benefit Strategy Partners (BSP), a leading provider of fully integrated, flexible, and creative employee benefits solutions for small and medium-sized businesses. Scott underscores the significance of employee benefits in the M&A context, not only from a liability perspective but also for maintaining continuity in what is often a company's most valuable asset: its workforce. He also stresses the importance of involving the right advisors throughout the process, doing the proper due diligence, being as transparent as possible, and much more. Tune in today for expert insights on ensuring a smooth transition and safeguarding your workforce during M&A!

Key Points From This Episode:

• Four common mistakes that businesses make with employee benefits during M&A.
• Why both buyers and sellers must acknowledge the importance of employee benefits.
• Tips for communicating benefit changes to your combined workforce.
• Valuable lessons from successful (and not-so-successful) integrations.
• Reasons to blend benefits plans as early as possible in the process.
• What sellers can do to prepare themselves and their employees for an eventual sale.
• Risks to employees during M&A that result from inadequate due diligence.
• Whether it's necessary to disclose serious health conditions among your employees.
• Why operating in a silo will create more issues than involving all the relevant experts.
• A quick recap of the key takeaways from today’s conversation.

Tip of the Day: When buying or selling a business, make sure to include all relevant experts from the start!

Links Mentioned in Today’s Episode:

Scott Bostley on LinkedIn

Scott Bostley Email

Scott Bostley Phone Number — 617-686-9566

Benefit Strategy Partners

Transaction Talk

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.

We've already discussed franchises here on Transaction Talk, but there's just so much information to cover that we've decided to revisit franchising today (and honestly, we just love talking about it!) So today, we'll be defining what a franchise is, the various franchise options that are available in today's market, and so much more. We are joined by the illustrious Greg Mohr, a franchise consultant who combines his experience as a business owner to help his clients find their best franchise options. First, Greg defines "franchise" and explains why franchising may be a better option for you than starting a business. Then, we unpack the questions that prospective franchise buyers should be asking, how to find information on other franchisees, the characteristics of a good franchisor and their role in the success of their franchisees, and the importance of conducting comprehensive research before signing on the dotted line. To end, we explore common franchising mistakes and how to avoid them, the ins and outs of an area development agreement, why franchise attorneys are an essential part of the process, and a reminder to be thorough in your due diligence.

Key Points From This Episode:

• Greg Mohr defines "franchise" and explains why franchising could be better than starting a business.
• Questions that prospective franchise buyers should be asking.
• The information you'd need to know about other franchisees, and where to find it.
• Exploring the role of a franchisor in ensuring the success of their franchisees.
• Why research matters, and how there aren't any shortcuts to being fully prepared.
• Common mistakes and pitfalls in the franchising process, and how to avoid them.
• Understanding that creativity is encouraged, but it's dangerous to reinvent the wheel.
• What an area development agreement is, and how it differs from a regular franchise agreement.
• Why franchise attorneys are an integral part of the franchising process.
• The characteristics of a good franchisor, and the elements that make a franchise successful.
• A reminder of the importance of doing your due diligence.

Tip of the day: Visit the SCORE chapter in your area!

Links Mentioned in Today’s Episode:

Greg Mohr

Greg Mohr on LinkedIn

Greg Mohr on X

Greg Mohr on Instagram

Greg Mohr on Facebook

Greg Mohr Email

Greg Mohr Phone Number: 361-772-6401

Real Freedom

SCORE
Transaction Talk

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.

In the world of cybersecurity, breaches are not a matter of if but when. In this episode of Transaction Talk, we discuss the important topic of cybersecurity with a focus on how the risks can impact small and medium-sized businesses. Joining us to unpack this topic is Sean Kline, the CEO of Turbotec, an IT services provider that offers consulting, IT infrastructure and planning, network and cybersecurity, disaster recovery, business continuity, and more. We discuss the importance of these issues for business owners and outline some of the best practices and standards. We also explore the value of understanding where you are in the process and why you should never stick your head in the sand as this topic and these risks change constantly. Tune in for this insightful conversation as Sean highlights plenty of important things that are easily overlooked by small business owners!

Key Points From This Episode:

• Some of the most common cybersecurity threats that individuals and businesses face today.
• Reasons we are vulnerable to anything connected to our network.
• Why having a process to evaluate where you stand and what your weaknesses are is key.
• What to focus on when setting up cybersecurity.
• The process of understanding where the gaps are in order to resolve them.
• How investments in cybersecurity can yield financial benefits.
• Evaluating security from a business and technical risk perspective.
• Best practices for password protection.
• The organized nature of cybercrime.
• Common misconceptions about cybersecurity.
• Establishing and testing a recovery plan in preparation for inevitable breaches.
• Invaluable insights about why cybersecurity is an executive issue.

Tip of the Day: Be open-minded about your cybersecurity strategy!

Links Mentioned in Today’s Episode:

Sean Kline on LinkedIn

Sean Kline Email

Sean Kline Phone: 603-296-4845

Turbotek
Transaction Talk

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.

Bob Furlong is a seasoned wealth management professional from The Bulfinch Group. With years of experience managing his own family business + his clients’ family businesses, Bob offers a unique perspective on wealth maximization and legacy building. In this episode, Bob reflects on his personal journey through multiple company exits, including one that left him completely in the red, and discusses the common misconceptions about the timing and strategy of selling a business. He also shares how he uses his expertise to guide family-owned businesses on financial strategies and vision planning, with the importance of aligning family legacy with business goals.

Key Points

[3:00] A little bit about Bob and his background in wealth management + selling the family business.

[5:15] Knowing what Bob knows now, what would he have done differently?

[7:25] On Bob’s third company exit, he did horrible. He really struggled through that process and had a negative balance sheet by the end of it.

[9:15] What do most people get wrong about exiting a company?

[13:05] When your company finances are looking better than they’ve ever been, that actually might be an indicator to sell.

[15:00] Bob now works with a lot of family-owned businesses, how does he use his experience + his expertise to advise and guide them?

[18:25] Although Bob does focus on the financials of the business, he also believes it’s important to talk with the owners about their visions for the future and what their legacy will look like.

[19:55] It is a delicate balance to sell the family business because employees might also leave the moment the owner leaves.

[24:25] How far in advance does Bob start working with a family-owned business? What is a good timeline to plan an exit?

[28:25] In Bob’s experience, the founder is usually the obstacle in how they want to realistically exit.

[32:55] Bob sees himself as a bit of a choreographer when it comes to helping everyone within the company and the family have tough conversations, be on the same page, and understand their risks.

Tip of the Day:

It’s never too early to plan!

Mentioned in this Episode

Tworld.com/locations/boston

Riw.com

Transactiontalk.com

Bob Furlong

LinkedIn

Bob’s bio

Bulfinchgroup.com

Email: bobfurlong@bulfinchgroup.com

Phone: 781-292-3265

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

“Business owners, more often than not, sacrifice the ‘self’ for the business and the business doesn’t always take care of them.”

“There are about 80%+ family-owned businesses where the owners want their kids to own their business. However, it’s less than 20% of the kids who want the business.”

“Selling a business is such a big decision, it’s a life decision, and you want to make sure, whether it’s a family member or another buyer, they’re going to live on your legacy.”

Shiva Karimi is an Immigration lawyer and Managing Director for McLane Middleton’s Boston Office. She is experienced in navigating complex U.S. Immigration issues and advises businesses on hiring key personnel and helps foreign investors and buyers navigate the purchasing process of a business on U.S. soil. In this episode, Shiva breaks down what it takes to qualify for an E2 investment visa, what business owners should be aware of when working with a foreign buyer, and how to best handle an international transaction like this.

Key Points

[3:20] What do business owners need to be aware of when working with foreign investors/buyers?

[5:00] What type of businesses qualify under the E2 visa?

[6:00] What’s the minimum amount a buyer has to invest under the E2 visa?

[7:20] Shiva breaks down the process of how to qualify for an E2 visa.

[11:00] This is not a visa you can do on your own. It is complex and you will need professional and legal help.

[13:10] Why would a business owner sell to a foreign buyer?

[16:00] What do business owners need to be aware of when hiring a foreign national?

[18:00] What happens if you have illegal immigrants working in your company and you’re trying to sell your business?

[20:00] What is an i-99 audit? What should employers be aware of?

[27:50] What is an H1 visa?

[29:30] Shiva also breaks down what an L1 visa is and how to qualify for it.

Tip of the Day:

Complete your I-99 audit and understand who is working within your company and who exactly wants to buy your company.

Mentioned in this Episode

Tworld.com/locations/boston

Riw.com

Transactiontalk.com

Shiva Karimi

LinkedIn

Shiva’s bio

Mclane.com

Email: shiva.karimi@mclane.com

Phone: 617-523-7937

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

“You do have to show sources of funds; where did that money come from? And you need a five-year business plan.”

“If half of the workforce is not authorized to work in the United States, if buyers want to take on that liability, fine, but oftentimes, they are not willing to proceed with the sale.”

“You never want to take on someone else’s liability. You don’t know what they’ve done or how they've done it.”

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.”