So before we're going to market, make sure you have clean financials. The other thing that I see is like the business being too owner dependent. So before going to market, making sure you're, you know, putting the right people in the right seats, delegating, making sure the founder is as much as possible out of the weeds. So typically, I mean, a lot of these founder led businesses. Yeah, they're lifestyle businesses. They've been working really hard at it. You know, for 10 or 20 years. And yeah, just hit a ceiling. And those are businesses that we can come in and to take it to the next level. Welcome to M&A Talk, the number one podcast on selling a business brought to by Morgan & Westfield, a boutique M&A firm specializing in the sale of small to midsize companies. I'm your host and president of Morgan & Westfield, Jacob Oros. If you're considering selling your business, and you'd like to work with me throughout the process, you can schedule a free consultation at Morgan & Westfield.com. Or if you'd like my team and I to perform a valuation of your company for one time fee of $1,500, visit Morgan & Westfield.com or see the link in the show notes. Today, we're going to talk with Josh Davis. Josh is a entrepreneur that's founded a few companies had a very successful exit. Now he has his own family office and he's acquires companies. I believe he's acquired 15 companies at this point. And we're going to talk with Josh about some of the advice that he would give sellers and some of the things that he's learned along the way that would apply to you as the potential seller of a business. And Josh, welcome to the show. Thanks, Jacob. Appreciate you having me. So you have an interesting background when it comes to M&A. Tell us what is your background when it comes to buying and selling companies. Oh, yeah, that's a long story. I'll try to give you the background. So yeah, I've always kind of been an entrepreneur. I was very intrigued about acquisitions. My grandfather was in the mining space. And so he-- He was in the mining, you said? Mining industry. Yeah, interesting. Being a kid, I was exposed to that watching him. He was pretty successful pioneer in the exploration mining business. And so yeah, I just kind of around that, seeing him making deals. And I mean, he traveled all over the world. So I was able to kind of see that as a kid. And then, yeah, I mean, fortunately, I was exposed to that. But on my parents side, anyways, they weren't business people. I mean, got a great relationship with my parents. But they ended up getting divorced. You know, we went through some financial struggles. And so ever since kind of seeing my parents go through that and then watching my grandfather, both my grandfather's being successful entrepreneurs, I kind of always wanted to be like them. So that led me to do a number of different things. I followed in his footsteps in the mining industry. So got exposed to mining companies acquiring distressed assets, pulling them together in larger resources. And so that really kind of got me seeing what that can do and consolidations and stuff like that. And then, yeah, a week after our honeymoon, my wife and I started a business together. We had another partner and his brother as well. And basically, we did acquisitions in the transportation logistics space. Requiring small transportation businesses. We built our own technology and we scaled that. So from startup to sale was three years. We sold to one of the largest transportation companies in North America. They were owned by a US private equity firm. And so that was our jump into real doing our acquisitions and turning around distressed businesses, putting them together different spheres and cross-selling services. And that really kind of ramped up our business. How many companies have you acquired or purchased? So over the 10 years, my wife and I were about 15. And then how many have you sold? So we sold a small group of companies. We did some acquisitions in logistics. So we sold it to the same private equity back group. So those were kind of pulled together. And then outside of that, I've sold to others. Got it. Let's talk about on the buy side and what sellers can learn. What types of companies have you bought, by the way? Yeah, so in transportation, we were buying trucking companies, like warehousing, companies, things like that. So that was in the transportation logistics. And then in our family office, we focus on service based businesses, professional services. We're doing a bit of a acquisition strategy and the human capital consulting space. We've got a technology company. And yeah, so mainly service-based businesses, business to business is our focus. What size companies? We're acquiring businesses anywhere from $1 million to $5 million in revenue. What's the biggest mistake sellers make? What does the laugh mean? Yeah, I think, you mean like when you're going to sell your business? Right, you deal with sellers all day long. And you encounter them all day long. So what mistakes do you see them commonly make? Oh man, I think the biggest mistake sellers, is a couple of things. They don't, especially in the small business side, like making sure you get all your financials clean, your metrics, you want to get that all cleaned out, make sure you know like you're normalized EBITDA and have a good understanding of that because when you go through due diligence, it can be quite messy if things aren't clear. And you know, doing due diligence, trying to figure out what should be included, what's not. So before we go into market, make sure you have clean financials. So before going to market, making sure you're, you know, putting the right people in the right seats, delegating, making sure that the founder is as much as possible out of the weeds because that, you know, going through due diligence if you're in all the firefighting meetings, the sales meetings, you know, the top relationships with all the customer that obviously becomes a risk for the purchaser. So and then yeah, that's it. So yeah, three things always today is financials. Make sure you get clean financials, know your normalized EBITDA to get the founder out of the weeds, making sure you have the right team set up. So that's a smooth transition. And then I'd say the other thing would be system. So anything you can do to automate systems, making sure you have, you know, all your SOPs clear, everything running on a system, that'll just make due diligence and the chances of you selling like a higher probability. - How many companies do you think you've looked at in your lifetime? - For acquisition, who? - Thousands. - Like overall over my career, 'cause I was doing acquisitions in other spaces before for other people's deals. But I'd say my own deals, I'd look at hundreds. - How many deals do you have to look at an average to buy one? - Since we set up our family office, I've gotten better, not just looking at everything. So really dialed in what we're looking for. And then I have my team kind of run a screen check before I get to it. But I'd say I'd look at about 20 before I kind of pull the trigger on an LOI and move forward to try to acquire. - How would you define look at? Is that just take a look at the SIM or how would you define that? - Yes, ideally a SIM. So yeah, I'd wanna look at it about 20 SIMs. Or I mean, it gets a little bit more complicated if they're not working with an MA advisor and they package something together. But yeah, ideally I'd like to look at SIMs. - Do you prefer a business that's being sold by the owner or one that's professionally represented? - Yeah, I'd say originally when I first were doing my own deals, I'd like dealing with the owners directly. But as I started to do more deals and this was like a key part of our strategy, it's way easier dealing with an MA advisor to be that middle person between yourself and the owner to be able to like give the news from them, like evaluation and going through all that process. - Is that an efficiency thing or what's the reason? - Yeah, I would say an efficiency thing and then also allowing myself to build relationship with the owner, it's nice for us to not be kind of caught in the weeds of all the questioning of what's going on on the due diligence process. I find that is very helpful having an MA advisor in between that. - You can have somebody else be the bad guy. - Yeah, I think so. - Or you can beat up somebody else instead of the owner. - Yeah. - How inevitable is that by the way? Difficult conversations. Oh, there's always difficult conversations. So it's nice to have it with the MA advisor, they kind of break the news to the founder, but ultimately I still wanna have that conversation with them, but it's nice to kind of, especially if you find something in due diligence, like to show the MA advisor kind of what's going on with something that, you know, something in the finances or something, it's nice for the MA advisor to deal with the founder, kind of break the news, go through it, and then I'm able to have a conversation with them once they've kind of looked at everything. - Are most of the companies you have purchased founded by first-time entrepreneurs or most of them serial entrepreneurs? - So the deals we've been doing through our family office in the past 10 years, all of them have been founder-led businesses. - First time? - Yes, so I mean, yeah, long-term, we always look at businesses that have, you know, been a business for at least 10 years, good customer base, things like that. So I think all of them have been founder-led. - What's your criteria first, and then I'll follow up with what's your ideal business, but what's your criteria? - Yeah, I mean, one to $5 million in revenue, we do like to acquire, you know, that smaller business that's been founder-led and typically-- - More opportunity or what do you like that? - Yeah, I mean, because I own a human capital business, I own a technology company that streamlines tech stacks, we can build software, implement AI and things like that. So a business that is, you know, founder-led has, you know, good reputation, strong customer base, but maybe, you know, isn't strong on, you know, delegating, putting the right people in the right seats, building sales teams, putting in the right technology and systems, that's something that is really our expertise. So typically, I mean, a lot of these founder-led businesses, yeah, they're lifestyle businesses, they've been working really hard at it, you know, for 10 or 20 years, and yeah, just hit a ceiling and those are businesses that we can come in and take it to the next level. - So be on revenue, what are some of your other criteria? - Gotta have a strong reputation. So, you know, high integrity business, I mean, that's very important to my wife and I. - Personal reasons or financial? - Both, I mean, both my wife and I, I mean, we're kind of faith driven the way that we look at things and we're, we also like to, I mean, we've got a family fund that we, you know, partner with different kids at risk projects around the world and, you know, we're very focused on helping the next generation, especially since our last exit, you know, we're in a position now where we don't need to be doing business, if we don't want to anymore, we could just, you know, we've been very blessed. And, but yeah, we choose to do it because we like to it, we like to develop leaders and scale businesses and create jobs and then also give back. So, definitely want to make sure anything where, you know, our name is getting attached to is a high integrity business, good reputation, that's important. And then, yeah, strong, diversified customer base, we like to have businesses that have long history and good customer base that we can kind of implement our systems or processes, our sales or account management to scale them. So, those are two big things that we look at. So, revenue first, strong reputation. Second, what else do you look at? - Customer base. - Diversified customer base. - Yeah, diversified customer base. And then, yeah, I mean, we're a little bit different and we're small, right? Like, we're small family office. We're not big private equity. So, yeah, we, it doesn't scare us when the business is too led by the founder or they don't have the right technology or the right systems like those type of businesses, as long as it's got good, strong revenue, good reputation, good customer base. Other stuff, you know, people and systems and technology. I mean, that's really our expertise. We fix people problems and implement the right systems to scale. - What is your process after you look at the SIM? What are the next steps for you? - Yeah, so looking at the SIM, we usually, if we like it, it looks good. I mean, have meetings with the M&A advisors or the founder and kind of have a high level discussion about the business, making sure that it kind of fits those things we just talked about. You know, good, as much as we can understand from doing some preliminary due diligence and talking to the founder, like, you know, have high integrity, good customer base, et cetera. Then we go into L-O-I, so positioning and L-O-I. And we try to make our L-O-I very detailed so that, yeah, if we actually go through to closing, that we've kind of hit as much as we can through the L-O-I to make sure that process goes smooth. So, yeah, go to L-O-I, sign L-O-I, get it due diligence, and I get my team in there, my tech, my operations team, my CFO, and I'm very actively involved in as well. And then we just run through the due diligence, we'll do some modeling. - You said detailed L-O-I, what do you mean by that? How do you define that? - Yeah, making sure the terms, and it depends on what industry you're doing in, the terms in the L-O-I are kind of as clear, I mean, things change within the deal as clear as possible so that when you go to the purchase agreement, - Setting expectations. - Setting expectations ahead of time, you know. - Three, four or five pages. - Yeah, not too long, yeah, I'd say three to five pages. Yeah. - What's the biggest mistake that sellers make when it comes to L-O-I? - I think if they don't have an M&A advisor, - Sign it and move on. - Yeah, they just like sign it and move forward, I think. And then later regret. - Totally. - Whoops, miss that one. - Yeah, so I think getting some advice, and I mean, this might be a little bit controversial, but not just getting advice from your accountant and lawyer, like having an M&A advisor, a deal maker, be part of that as well, because I mean, especially in small deals, you know, nothing's perfect, you're gonna have to give a little, to get a little and things like that. So yeah, I think the founder trying to sell the business, making sure you're getting the proper advice when going to an L-O-I. Yeah, you can't over protect everything, but yeah, getting that advice and then making sure that, you know, you put together something that is gonna be as much of a win-win as possible to the buyer and yourself, 'cause otherwise it's hard to get a deal done unless you're looking at it from that lens. - Let's take a break, but before we do it, I missed the question I promised I would ask you, what's the ideal business? We talked about your criteria. Does your ideal or perfect business differ much from your criteria? - You know what, especially the way that we do acquisitions, we're not buying companies that are like running extremely well and scaling and, you know, have the, you know, all the right people, the right systems, the right processes, right strategy. So yeah, like I said, there's really no perfect business that we look for, except for the fact that it's gotta be, like I said, good customer base, bidding business for, you know, at least 10 years, high integrity business, as far as like, you know, the people, the systems, the strategy, I mean, that's really our expertise. So yeah, we like business with a little bit of, yeah, a little bit of hair and challenges on it, so that we can fix and scale it and get that return on investment. - It sounds to me like what you're saying is the perfect business is an imperfect business with fixable problems. - Yes. - And no problems that can't be fixed like customer concentration, other concentrations of risk and employees and so forth. - Well, on that note, let's take a quick break in, we'll be right back. - This is Jacob, your host, and thanks for listening to the show. If you'd like a free copy of one of my books on selling a business, you can send an email to podcasts at workandowesfield.com and we're giving away two books. The first is the art of the exit, the complete guide to selling your business. It's written for businesses with one to 10 million per year in revenue, and the second book is acquired, the art of selling a business with 10 to 100 million in revenue. And again, if you'd like a free copy of either of those books, you can send an email to
[email protected] and now back to the day show. - Welcome back to M&A Talk with Josh Davis. So Josh, do diligence. What's your due diligence process like and how long does it typically take? - Okay, so due diligence process. Yeah, like I said, starting with getting the LOI sign, once the LOI sign, you get into all the due diligence that's important. So understanding the financials, making sure that that all checks out and you have a clear understanding of what the normalize EBITDA is. Then you want to understand operationally, from quote to cash, how that works, making sure you understand the business, understanding the team as best as you can, like who are the key people, what seats are they in? And then really it's getting to know the founder or the CEO of the business and making sure that you understand what their role is. And if he's exiting the business over a certain part of time, what things is he carrying that you need to either take over yourself or to your team? So yeah, I'd say typically deals running through due diligence process. I mean, yeah, you never know. I'd say anywhere between four months to sometimes a year before closing, typically we'd like to get deals done within four to six months. - Is that from Sim or LOI? - From LOI, yeah. - And he said four months? Was that her four to six? - Yeah, ideally it'd be four, but I mean, typically either things can pop up and, yeah, I'd say four ideally and up to six. And I mean, if you run into other hiccups, it can take up to a year. But yeah, hopefully four to six months, ideally. - Well, I know most donors listening to this that haven't sold the business before, just thinking how on earth can it take that long? - How could a deal take four to six plus months to close from LOI? - Well, I mean, I'd say that's on average of the deals that I'm looking at. Ones that are, like we talked about earlier in the show here, if the founder has clean numbers, clean, you know, like being able to describe the systems and job descriptions and understanding all that, has everything kind of prepared in a strong package, it can be done sooner. Like you can get deals done within, you know, I'd say 90 days. I guess it depends on if the buyer needs to get financing and things like that, but if they've already got, you know, financing in order and it's a strong, you know, capitalized owner buying. Yeah, I think three months is realistic. Where you get into the four to the six and worst case getting into a year is if things are messy through the due diligence process, you know. It's not clear. - Progress and lack of preparation. - Yeah, lack of preparation, problems, not being able to explain things clearly. You got to redig into things. Yeah, so having that all tightened up and clear before you go to market has way better success of closing quicker. And ideally as a founder, you want to sell it as quick as you can. You don't want to kind of drag things out. Because it's time consuming mentally and at the same time you're trying to operate and run the business as well. So getting all that stuff together before you go to market is key. - What kind of professionals are you employing in the diligence process? - My managing partner of accounting firm I worked with with 10 years, my law firm, they do M&A deals with me. So those are outside and then inside. Yeah, I've got my VP Technology. He runs my tech company, my CFO who handles all my group of companies. - So you're doing tech diligence as well? - Yes, tech and then finance. And then myself and one of my operators is part of the operational due diligence. So yeah, it's definitely a team effort. - I would assume the most common problems are financial related. - Yes, I would say that's a big one in the small business. So like, especially if the business is being positioned as like a decent multiple for sale. Yeah, you better make sure that the numbers back that multiple because when a buyer comes in and start seeing things, maybe you're not doing a cruise properly or different things in there that erodes the gross profit or things like that. Yeah, you definitely want to make sure if you're going to market, make sure your numbers are clean and make sure it's the right multiple of EBITDA because a buyer comes in there and starts finding things and yeah, he's gonna change the price on you and that's not fun for anyone. - What are your thoughts in a sell side QOV? How much benefit do you think that provides? And how often do you run into that? And if you do see a seller that's done a QOV before going to market, how much value do you see in that? And do you typically find those sellers to be more prepared in the process to be quicker? - It is helpful, it's funny. I've only seen that on a couple deals, but the ones that have done it, it is very helpful. I mean, if you can actually do that, that will help expedite the process. I mean-- - Cost and lack of knowledge. - Yeah. - And thinking, you know, if the buyer sees problems, they'll just point it out and I can fix it. - Totally. (laughing) - Totally or totally not? (laughing) - Or totally not, yeah, totally not. I can fix it or not, I don't know. I like it when I get a chuckle out of you. Why did you laugh at that one? 'Cause so what types of problems are you running into? Financial problems that just can't be fixing. You just walk away from the deal. And how common is that? - I chuckle because when I go into a deal, if I'm gonna sign an ROI, I'm very serious about it. I'm not a tire kicker, like we sign something. As long as everything checks out, we will close and at the evaluation that we agreed to. Where things go sideways and deals that I do is if the seller, or the seller's team starts trying to finesse things and they're not being, you know, I wouldn't say not being fully honest, but they're trying to like sugar coat things. I personally don't like that. Like if I started feeling in my gut that, you know, I'd rather just the blunt truth, right? Like, and I can work with that. As long as I get the honest answer from the M&A advisor or the founder, I'll do everything I can to still close the deal. And maybe we got to adjust a few things to make sure we protect some downside risks. But I think it's just really important to be, especially if you're in an ROI stage, and it's a serious buyer. Be honest, work through it. Things come up, guys like me, entrepreneurial have done, you know, lots of deals over the years. We've had ups and downs. One little thing that pops up isn't gonna scare us. What scares us if it's not, you know, things aren't coming to the surface and being transparent. - Like a trust, right, and transparency. - Yeah, I'd say trust is the biggest one reasons why I walk away from deals. - Why is that so important to you? - I'm just, I get a little bit paranoid, right? Like I'm a true operator, the way that I look at things. Yeah, if one thing pops up, like is there other things and then also just like, because my wife and I don't need to do, I mean, sometimes-- - Is your risk averse? - Yeah, she jokes to me like, why do we keep buying, I mean, I enjoy it. I enjoy turning things around and scaling, creating more jobs, helping existing employees, advance their careers. I personally get a lot of joy out of that. So yeah, I just want a trusting relationship with the person to get a deal done. And, you know, it's a lot of capital that, you know, especially us, we come from nothing, right? Like my wife and I, we built everything up. We put all of our money into our first business together. And so if we're gonna, you know, put our heart and money into a business, we want the seller to be honest with us and let us know what are we walking into. And if they do that, even if things come up, that doesn't mean we're gonna walk away. We typically do work through things to close deals. - How much are you typically spending to get a deal done? Not in the acquisition cost, but your professional advisor fees and so forth? - Just to give people an idea of just how costly this is and how committed you are. - Yeah, like 50 to 100 grand for outside advisors. - And a lot of that work I would assume is done by you as well, right? - Yeah, I'd say outside advisors, depending on the deal size, 50 to 100. If it gets complicated and then that's not including my time or my team's time, which I like to say is worth a lot. - What are some of the most common deal killers that you encounter? - Messy finances, things popping up. And not being honest about it. So if my team finds it and it was something that should have been brought up, it's pretty hard to overcome that. So for me, clean financials and then let us know the realities of the business and what we're walking into. And if you're transparent about that, like I said, I mean, we like moving forward and getting deals done. So those are two things that are important to me. Let's talk about the closing process and the transition process. What is the closing process like for you and the seller? - Yeah, I mean, a personal story for me, in my one business that we sold to, one of the largest transportation companies in private equity, this is about six years ago, that was very hard. Like, you know, even though going through due diligence and getting into the final, like even the announcing of the deal to the team, for me, I mean, that was a very difficult thing. Like, I mean, I remember being in the parking lot, shedding a few tears and phoning, a mentor of mine and being, you know, nervous about, you know, selling a business. And then on top of that, you know, another thing, you know, when you sell a business and if you stay on with the new purchaser, I mean, I joke about this a little bit, but it can be true is like, it can be like, you know, especially if you're, you've found in the business, you've all the blood, sweat and tears and long hours and everything you put into that, the sacrifices. If you sell your business and you're still working in the business with a new owner, I mean, it can be a little bit like given a kid up for adoption and living in the same house. So yeah, it can be a very emotional process for the founder and ultimately if you sell a business, you gotta understand, you know, that then you gotta respect the new buyer. The new buyer is putting in their money, their capital, their resources so they need to be respected as the new owners of the business as well. So it can be quite an emotional process and that's why it's really important for the seller to get emotionally prepped. What is going to happen post sale? How long am I going to stay for? Is there going to be an earn out structure and just being totally prepared for that? And ultimately, if you are going to have a full exit, whether it's an earn out over a year or two, what are you gonna do after that? Because having a plan, even myself, I know I'm giving you a long-winded answer here, but I think it's important for people. I sold pretty substantial business in my 30s. I had my wife, young kids, we just had a baby and then exiting, having hundreds of employees and people reaching out to you all the time and being part of scaling a fast growing business and then selling and once you step down as CEO, once I exited that one particular business, yeah, I went through this process of, who am I? What do I do next? And I spent six months with my family being the best dad I could be, taking family members to Italy and different trips and just buying back that time that I missed with building and scaling a business. But after about six months, I realized I'm not, as much as I love my kids and my family is the most important thing to me, I'm not meant to be a stay-at-home dad. I'm meant to build and create and support my family. So yeah, just thinking about that, it can be way more emotional than you think. So I've been on both sides of that. And so yeah, as I do deals, I think about that a lot. And one other thing is, and this I'll wrap this part up with this part is having those conversations. Since I know that, I've been on both sides of it. Having those conversations with the seller, ahead of time, hey, we're gonna do this deal. What are you gonna do next? This is some things that could come up for you. And just understanding that and having empathy and having those conversations ahead of time, because if you don't, you can get into a situation where like, yeah, there can be conflict with a seller because it is such an emotional process. Especially you put all those blood, sweat, and tears into business for 10 or 20 years. It can be very emotional. And you might not even realize it. And what's the transition? Like for you. So I went into day of closing and I've taken over that business. What's that process like for you? - Well, I guess it depends on the seller, how you structure it. Like is there an urn out structure? Is there a transition period? It really depends on a deal to deal. But yeah, typically there'll be a transition period where they're handing over the business to you and your team. I'd say the initial transition is usually about six months to get everything handed off their plate. The system's process is everything. But if the seller is on an urn out structure, that can look totally different. Because if they're on an urn out, you don't want to change too much for the founder and potentially affect their urn out. So those can be a little bit sensitive. You got to be careful. - Now Josh, as we wrap up the show here, if you had to give founders or sellers one piece of advice, what would it be? - I'd say the biggest thing for anyone building a business is, and this is something we help founders with. So we've got our family office. We do our own acquisitions of estimates. We've got six operating companies, but we also have a consulting division that helps founders. And so basically, I always say this to anyone running a business. You always want to build it to sell. So even if you're not planning to sell, always build it to sell. Because you never know what could happen in life. And ultimately, if you're building it to sell, you may set up the business that you actually never want to sell. Or you can set it up right that maybe your kids will actually one day take over the business. And so what I see with a lot of founders is like, if the parents are working 12 hours a day, they're stressed out, they've been running this for so many years, kids look at that. And maybe they don't want to take it over. They don't want to be like mom and dad. But business owners that we help inside our consulting arm, where it's like you're planning to sell for the future by making sure you get the right people in the right seats, making sure you have the right systems, the right performance, the right metrics, the right comm structures, and the right strategy. If you start implementing that earlier in the process, things get a lot lighter. The founder can get out of the weeds, can stop focusing on working so much in the business and they step back and start working on the business. And typically when we help founders do that, they typically like to, I mean, they start to have more fun. They start to do things that light them up inside the business. And then ultimately it is set up so that if they didn't need to sell or they wanted to sell, you've already kind of put the right people and systems and processes in place. So that's a big thing that I always kind of stressed to people is build the business like you're gonna sell it soon. But if you do it right, you may never want to sell it at all and you can actually, you know, there's a chance you could pass it on to your kids. - And let's plug your family office. How can people find you? Do you have a website? If someone has a company to sell, how can they reach out to you? - I'm very active on LinkedIn. So you can find me at Scaling with Josh Davis on LinkedIn. You can also go to our website, which is jaldavisenterprises.com. And that's our family office. And we've got a bunch of resources on there as well for people looking to put the right people, systems and processes in place. So yeah, always happy to connect and help a founder. I mean, I'm very passionate about supporting entrepreneurs. I've been very fortunate in my life to have good mentors and people further along the me. So anything I can do to help business owners. Yeah, it's part of my mission in life. - Well, congratulations. And thanks for joining us in the show. And that's Josh Davis. Josh will definitely have to have you back on in the future. - I'd love to. Thanks, Jacob. - M&A Talk is brought to you by Morgan and Westfield, a nationwide leader in mergers and acquisitions for small to mid-market companies. If you've enjoyed this show, don't forget to subscribe and leave a review. Learn more at morganandwestfield.com. While we take reasonable care to select recognized experts for our podcast, please note that each podcast presents the independent opinions of such experts only and not of Morgan and Westfield. We make no warrant to guarantee your representation as to the accuracy or sufficiency of the information provided. Any reliance on the podcast information is at your own risk. The podcast is for general information only and cannot be considered legal or professional advice.
PodcastTranscript AI