Ep. 249 - Why Use An M&A Advisor When Selling
#podcast #insurance #business
EP. 249 - AVAILABLE DECEMBER 28
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Michael Mensch is the President of Agency Brokerage Consultants, an experienced consulting firm that provides service to those looking to acquire or sell insurance agencies across the United States. Their services include agency market valuations, M&A consulting, and agency sale brokerage. Michael has aided in over 200 M&A transactions and over 1,200 valuations of insurance agencies and brokerages across the United States. He is an active member of the IBBA and M&A Source, a Certified Business Intermediary, and a Certified Merger & Acquisition Master Intermediary.
Brenda Sali is the Senior M&A Advisor at Agency Brokerage Consultants. She has worked full-time with the company since 2018. Before joining Agency Brokerage, Brenda owned and operated the vacation rental property management company, BLSali Enterprises, Inc. and has served in executive leadership roles at a variety of companies. Brenda holds a Bachelor’s degree in Finance and Marketing from the University of Regina and holds a certificate for Business Intermediary from Central Florida Business Brokers.
Michael and Brenda join us today to discuss how hiring a Mergers & Acquisitions advisor can facilitate a smoother transaction when selling your company or entertaining buyers. They share the pros and cons of doing it independently versus hiring an advisor. They explain the processes involved when you put your company on the market and what happens when you receive multiple offers. They also discuss seller confidentiality, how to properly let the staff know the company will be changing owners, and the emotional side of each transaction.
"Confidentiality is imperative when someone is selling their business." - Brenda Sali
Today on Spot On Insurance:
What drew Michael to the mergers and acquisitions sector in insurance
Brenda's experience in Canada and why she wanted to be a pharmacist
The pros and cons of selling a business on your own versus working with a Mergers & Acquisitions expert
The purpose of the pre-due diligence process in a transaction
Why Michael's team conducts due diligence of sellers
The importance of the seller to list the names of potential buyers
Maintaining seller confidentiality until it's time to sell
How to tell the employees the company is being sold without ushering panic
What transactions were like pre-COVID, during COVID, and post-COVID
Why Brenda is adamant about controlling everything that goes on in a transaction
Deal fatigue, buyer frustrations, and the pitfalls of keeping the process too long
Managing the emotional part of selling a company or choosing a buyer
Why you don't want to negotiate with various buyers throughout the process
Key Takeaways:
It's better to put your company on the market before you sell it.
Hiring an M&A expert can fast track the selling of your company while taking the stress away from you.