How Acquisitions Accelerate Growth: Strategies from an Automotive Industry Insider

How Acquisitions Accelerate Growth: Strategies from an Automotive Industry Insider

How Acquisitions Accelerate Growth: Strategies from an Automotive Industry Insider

December 10, 2024 | by Seth Getz with insights from Ron Hesse

As the automotive industry undergoes rapid transformation, acquisitions are proving to be a key strategy for companies looking to grow. Seth Getz from NuVescor spoke with Ron Hesse, Chairman and CEO of GlobalAutoIndustry.com, to discuss the benefits, challenges, and opportunities of mergers and acquisitions (M&A) in today’s market.

Hesse, a recognized expert in the global automotive sector, shares valuable insights on why acquisitions serve as a powerful growth tool, especially in uncertain times.

Acquisitions vs. Organic Growth: Why Speed Matters

Hesse highlights the fundamental difference between organic growth and growth through acquisition.

“You can grow your company yourself, setting up a greenfield operation, which takes time and allows you to design everything to meet your exact needs,” Hesse explains. “But acquisitions can get you there much quicker. You’re stepping into an existing operation with an established customer base and infrastructure.”

Seth reinforces this by referencing Tesla’s acquisition of Maxwell Technologies. “Instead of starting from scratch, Tesla acquires Maxwell for its expertise in supercapacitors, allowing them to leapfrog competitors,” Seth notes.

 

Key Benefits of Acquisitions

Hesse outlines several compelling reasons why companies pursue acquisitions, emphasizing their ability to offer more than just speed to market:

1. Access to New Markets
“For U.S. companies, entering markets like Mexico offers significant advantages,” Hesse says. “It’s not just about lower costs—Mexico’s extensive free trade agreements make it a gateway to global markets.”

2. Expanding Manufacturing Capacity
Acquiring existing facilities proves more efficient than building from scratch. “A manufacturing plant is an asset that saves time and offers immediate capacity,” Hesse points out.

3. Gaining New Customers
“Sometimes acquiring a company is faster and cheaper than developing new customer relationships,” Hesse explains, emphasizing the immediate access acquisitions provide to a built-in customer base.

4. Talent Acquisition
Hesse introduces the concept of “aqua-hiring,” where companies acquire businesses to gain skilled teams. “In Silicon Valley, and increasingly in automotive, talent is often the most valuable asset you can acquire,” he notes.

5. Acquiring New Technology
“When the industry begins transitioning from internal combustion engines to EVs, many suppliers opt to acquire startups with EV expertise rather than develop the technology in-house,” Hesse explains.

6. Supply Chain Access
Acquisitions provide critical access to raw materials or specialized suppliers amidst supply chain disruptions. “Battery technology is a prime example, where companies seek acquisitions to secure resources dominated by other regions,” he adds.

 

Domestic vs. International Acquisitions

When it comes to acquisitions, the decision between domestic and international opportunities is crucial. Hesse emphasizes the importance of preparation for international ventures.

“If you’re a domestic company considering an international acquisition, you need experience exporting to those markets first,” he advises. “Understanding the legal, cultural, and operational environment is essential.”

He recounts a cautionary tale of an Indian company attempting to acquire a European firm without proper preparation, resulting in a failed deal. “They didn’t understand the cultural and legal landscape, and their lowball offer insulted the seller,” Hesse recalls.

 

The Role of Nearshoring in M&A Strategy

Getz and Hesse dive into nearshoring, a trend gaining traction in North America and Europe.

“Nearshoring is about bringing your supply chain closer to home,” he explains. “Instead of relying on components from Asia, companies source from the U.S., Mexico, or Canada, reducing lead times and increasing control.”

 

Chaos as Opportunity

One of Hesse’s most compelling insights is his mantra: “Chaos is opportunity.” He explains how turbulent times create unique openings for strategic acquisitions.

“The transition from internal combustion engines to EVs creates chaos in the industry,” Hesse notes. “This is when bold companies acquire distressed but valuable businesses at a discount.”

Seth echoes this sentiment: “Good times make doing business easy, but it’s during challenging times that the best opportunities for acquisitions arise.”

 

Preparing Your Company for Acquisition

The conversation touches on the seller’s perspective, with Hesse highlighting what buyers look for in potential acquisitions:

  • Strong Financials: Cash flow remains a critical factor.
  • Market Access: Companies with established customer and supplier relationships are highly attractive.
  • Skilled Teams: The right talent can be a deciding factor.
  • Strategic Fit: Buyers often seek complementary product lines or technologies.

“If you’re thinking of selling, consider what makes your business attractive,” Seth advises. “It’s not just about financials—it’s your team, your market reach, and your access to resources.”

 

The automotive industry continues its transformation, and acquisitions offer a fast track to growth and innovation. Successful acquisitions require preparation, whether domestic or international, but they unlock tremendous value in new markets, technology, and talent.

“Chaos equals opportunity,” Hesse reminds. For businesses ready to embrace the challenges, the rewards can be game-changing.

To learn more about Ron Hesse, visit GlobalAutoIndustry.com for additional resources and insights.

Seth Getz

Seth Getz

Business Exit Strategist, NuVescor

Ron Hesse

Ron Hesse

Chairman and CEO of GlobalAutoIndustry.com

From Hidden Strengths to Market Leaders: A Blueprint for Manufacturers

From Hidden Strengths to Market Leaders: A Blueprint for Manufacturers

From Hidden Strengths to Market Leaders: A Blueprint for Manufacturers

November 15, 2024 | by Seth Getz with insights from Barry LaBov

Differentiation in the manufacturing sector often takes a backseat to the focus on quality and delivery. However, Barry LaBov, founder and president of LaBov Marketing, argues that it’s a game-changer for companies looking to thrive in competitive markets. In a recent conversation with Seth Getz of NuVescor, Barry shared his unique approach to helping manufacturers uncover and leverage their differentiators.

Why Differentiation Matters

Differentiation isn’t always top of mind for manufacturers. Many manufacturers believe their work speaks for itself, assuming that producing a quality product on time is enough. Barry challenges this mindset:

“So many of our manufacturing friends are engineers, and they want things done right. But they often assume people will just understand their brilliance,” Barry explains. “You’ve got to explain it—and celebrate it.”

Differentiation not only helps businesses stand out but also adds tangible value, especially during key transitions like preparing for sale or post-acquisition integration.

 

 

The Five-Step Differentiation Blueprint

Barry shared his proven five-step process, which helps manufacturers identify and amplify their unique strengths.

 

  1. Brand Assessment

The process starts with listening to stakeholders—customers, employees, suppliers, and even former clients. It’s important to ask questions like, ‘What should we never change?’” Barry explains that it’s often those consistent strengths that define a company’s true differentiators.

“We learn what you’re doing well, what needs change, and most importantly, what must never change. Often, those core strengths are your true differentiators.”

 

2. Technical Immersion

The next step involves a deep dive into the company operations, exploring the plant floor to uncover unique processes and technologies. It’s important to talk to engineers and leaders, looking for what makes their work exceptional. Sometimes the engineers don’t even realize their work or skills are unique until an objective 3rd party observes it.

 

3. Recommendations and Jam Sessions

After identifying potential differentiators, next comes the manufacturing company needs to refine and prioritize them. Barry shares, “We have these jam sessions where we say, ‘Here’s what we found—what do you think?’ It’s about collaboration, not dictation.”

 

4. Execution

With clear differentiators in place, companies can craft targeted marketing strategies, from new websites to social media campaigns. Barry notes that execution becomes laser-focused once a company knows exactly what makes them unique.

 

5. Internal Launch and Celebration

The final step is the internal launch and involves engaging and aligning employees around the brand’s unique value. Barry stresses that the team needs to know they’re making a difference. That leadership celebrates their contributions and helps them see the impact of their work.

 

 

 

Differentiation During Key Business Transitions

Seth and Barry discussed two critical moments when differentiation is especially important:

Preparing for Sale: “If you don’t identify your differentiators, you’ll be sold based on financials alone,” Barry warns. “But with clear value drivers, potential buyers will see opportunities for growth, boosting your company’s marketability.”

Post-Acquisition Integration: Barry often works with private equity firms to identify and preserve value-adding features in newly acquired companies. “We guide the new team to engage employees, showing them they’re part of the future. It’s crucial to highlight what must stay the same and where untapped potential lies.”

 

Engaging Employees: The Secret Sauce

Throughout the conversation, Barry emphasized the role of employees in differentiation. He believes their engagement is critical to a company’s success:

“If employees feel their work is insignificant, why should they care about quality or customer service?” Barry asks. “You need to show them their work matters and is valued.”

By celebrating employee contributions, companies can foster a culture of pride and ownership, which, in turn, strengthens the brand.

 

Breaking Free from the “Best Kept Secret” Mentality

Some manufacturers pride themselves on being a “best-kept secret.” Barry sees this as a missed opportunity:

“If you’re still calling yourself a best kept secret after working with us for a year, fire us,” he jokes. “It’s not bragging if it’s the truth. Sharing your unique value helps customers and employees alike.”

 

 

Conclusion

Differentiation is more than a marketing buzzword—it’s a strategic tool that can transform manufacturing businesses. Whether preparing for a sale or navigating a post-acquisition landscape, uncovering and celebrating what makes your company unique can drive growth and success.

To learn more about Barry’s approach and access his free book, visit barrylabov.com. For personalized advice on maximizing your company’s value, connect with NuVescor today.

Seth Getz

Seth Getz

Business Exit Strategist, NuVescor

Barry LaBov

Barry LaBov

President, LaBov & Beyond Marketing Communications; Author of The Power of Differentiation

Avoid These Common Pitfalls When Selling Your Business

Avoid These Common Pitfalls When Selling Your Business

Avoid These Common Pitfalls When Selling Your Business

Insights from Financial Advisor Thomas Braun

October 31, 2024 | by Seth Getz and contributor Thomas Braun

For any business owner, selling a business is one of the most significant transitions they’ll face. This journey is not just about closing a financial chapter; it’s a massive personal and professional shift. Seth Getz from NuVescor and Tom Braun from StreamSong Advisors recently sat down for an eye-opening conversation about the ins and outs of this transition. Their chat was packed with genuine insights, a few laughs, and some real talk on what it takes to make a smooth exit.

Here’s what every business owner should know before selling their “baby.”

Pitfall #1: Underestimating the Emotional Impact

A business is often more than just a source of income for an owner—it’s a part of their identity. This connection can make the process of selling an emotional rollercoaster. As Seth put it, “It’s not just a number thing; it’s an emotional thing for them.” This isn’t surprising, especially considering many business owners have poured years, even decades, into building something from scratch.

Tom shared how he approaches these high-stakes conversations with clients, balancing empathy with clarity: “You can never tell a parent that their baby is ugly; it never works.”

It’s crucial to acknowledge the owner’s deep connection to their business while helping them come to terms with what the market may dictate in terms of value.

 

Pitfall #2: Inflated Expectations on Valuation

One of the most common challenges in the selling process is the valuation. Owners often see their business as worth more than the market does, which can create friction when setting a price. Tom explained, “It’s like the valuation of your home. You think it’s worth a lot more than it is.” For many owners, the valuation feels like a judgment of their success, but it’s really just a number.

To navigate this, Tom emphasizes the importance of building a trusting relationship and being “the voice of reason.”

Setting realistic expectations isn’t about undercutting the owner’s efforts; it’s about giving them the best shot at a successful sale.

 

Pitfall #3: Not Planning Your Stakeholder Communication Strategy

For business owners, one misstep in communicating their intentions can lead to a ripple effect. Sharing news of a sale with the wrong person too early—or without a plan—can lead to unnecessary stress and even lost revenue. “You have competitors that are there, and I call it blood in the water,” Tom warned, explaining that when news of a transition leaks, it can impact valuations and client confidence.

Seth agreed, highlighting the need for strategy and caution: “Working in these things, we have, of course, learned how to be extremely careful about any word getting out because of just how many things can go wrong in that process.”

Their advice is clear: have a concrete communication plan for stakeholders, including employees, family members, and even clients, and be ready to handle reactions strategically.

 

Pitfall #4: Trying to Go It Alone (Instead Build a Strong Advisory Team)

Selling a business is not a one-person job. According to both Seth and Tom, it’s essential to have the right team in place. Tom’s approach focuses on selecting advisors who genuinely understand the journey of a business owner. “You have to trust them, or it doesn’t work,” Seth said, stressing that this trust isn’t just a “nice-to-have”—it’s crucial to a successful exit.

Having the right people on board, from financial advisors to legal experts, allows the owner to focus on maintaining their business performance while the sale progresses. Tom adds, “Sometimes it’s not having the conversations with your management team until you’re ready to have those conversations.”

Bringing on a trusted team and timing communications wisely are two sides of the same coin, ensuring smoother transitions and minimal disruption to business operations.

 

Pitfall #5: Thinking Life Will the Same After the Sale

One of the hardest parts of selling a business, as Tom describes, is preparing for what comes next. For many owners, this sale is a once-in-a-lifetime transition, often as momentous as “getting married or having a kid,” as Seth put it. The business isn’t just an asset; it’s been a lifestyle.“Business owners are used to being able to ‘physically manipulate’ the business,” Tom explains, referring to the level of control owners are accustomed to.

After a sale, the owner’s involvement is no longer hands-on, which can feel both freeing and disorienting. Tom shares a strategy that his team uses to help owners stay grounded post-sale:

“Sometimes we’ll automate the investment so that it kicks off the cash flow back to the business owner so that it feels more like what they’re used to.”

This tactic offers some financial stability and helps former owners ease into their new reality, especially if they’re used to a steady income flow from the business.

 

Pitfall #6: Taking Your Eyes Off the Ball

Once a decision to sell has been made, there’s a tendency for owners to mentally “check out” of the day-to-day. However, both Seth and Tom emphasize the importance of staying fully engaged until the deal is done. “The deals are not done until the money’s in the bank,” Tom advised, underscoring that a sale can fall through at the last minute.

Seth likened it to playing the childhood game of Chutes and Ladders, where even when you’re close to the finish line, a wrong move can set you back. Yes, the finish line is in sight but don’t take your eye off the ball.

Until the ink is dry, owners need to keep their focus on business performance, ensuring they’re still running at full capacity and delivering the value buyers expect.

 

Final Thoughts: A Sale is a New Beginning, Not the End

Selling a business isn’t just about an exit; it’s a transformation. Seth and Tom’s conversation offers invaluable insights for business owners contemplating this move. The process can be emotional, complex, and sometimes daunting, but with the right team, clear expectations, and careful communication, owners can ensure a successful and satisfying transition.

As Tom wisely put it, “The team that you can trust because it becomes bigger than you.” For those considering a sale, his advice resonates deeply: find a team that understands your vision, your journey, and your goals, and lean on them as you prepare to step into a new chapter.

Article Contributors:

Thomas Braun

Thomas Braun

Owner and President at StreamSong Advisors, LLC

Seth Getz

Seth Getz

Business Exit Strategist, NuVescor

Innovate to Thrive: Your Roadmap to Manufacturing Success with Paul Neblock

Innovate to Thrive: Your Roadmap to Manufacturing Success with Paul Neblock

Innovate to Thrive: Paul Neblock on the Roadmap to Manufacturing Success

October 3, 2024 | by Seth Getz and contributor Paul Neblock

Manufacturing is a cornerstone of our economy, and as technology evolves, so do the strategies and practices that drive success in this vital sector. In a recent conversation, Seth Getz from NuVescor had the opportunity to speak with Paul Neblock, President of Breakthrough Manufacturing Technologies, about the challenges and opportunities facing manufacturers today. Their discussion provided valuable insights into how companies can thrive amidst change.

The Importance of Innovation in Manufacturing

A central theme in Neblock’s insights is the critical need for innovation. He argues that in today’s fast-paced environment, manufacturing companies must prioritize adopting new technologies to remain competitive.

“Innovation is at the core of everything we do,” Neblock explains. “It’s not just about making things faster or cheaper; it’s about rethinking how we approach manufacturing from the ground up.”

 

This emphasis on innovation highlights a shift in the industry—manufacturers are increasingly required to leverage automation, robotics, and artificial intelligence to enhance productivity and quality. Neblock’s perspective is clear: those who resist change risk being outpaced by more agile competitors.

 

Sustainability as a Business Imperative

Neblock also addressed the growing demand for sustainable practices within the manufacturing sector. As consumers become more conscious of environmental impact, manufacturers must adapt to these expectations.

“Sustainability isn’t just a buzzword; it’s becoming a core requirement in our industry,” he stated. This shift not only fulfills consumer demand but can also lead to significant cost savings. By focusing on reducing waste and optimizing resource use, manufacturers can improve both their bottom line and their environmental footprint.

 

 

Developing Talent for Tomorrow’s Challenges

As the manufacturing landscape evolves, so does the need for a skilled workforce. Neblock emphasized that the shortage of skilled workers is a pressing issue, particularly in specialized fields like engineering and data analytics.

“There’s a real gap in the workforce right now,” he noted. “We need people who are not just technically skilled but who also understand the new technologies that are reshaping our industry.”

 

To address this challenge, Neblock’s company invests in training programs designed to upskill their workforce and prepare them for future roles. He advocates for creating a culture of continuous learning, ensuring employees are equipped to adapt to new technologies and processes.

 

 

The Power of Collaboration

Neblock highlighted the significance of collaboration in driving innovation within the manufacturing sector. He believes that working together with other businesses, suppliers, and even competitors can lead to creative solutions and improved efficiencies.

“We don’t operate in a vacuum. Some of our best innovations have come from partnerships and collaborations with other companies,” he shared.

This collaborative approach not only helps companies tackle industry challenges but also fosters a culture of innovation that benefits everyone involved. As their conversation wrapped up, Neblock expressed optimism about the future of manufacturing. Despite the challenges the industry faces, he sees tremendous opportunities for growth and innovation.

“Manufacturing is at a tipping point,” Neblock concluded. “The companies that will succeed are the ones that are willing to embrace change, invest in new technologies, and focus on sustainability and collaboration.”

 

A Roadmap for Manufacturers

Paul Neblock’s insights present a clear roadmap for manufacturers looking to navigate the complexities of today’s landscape:

  1. Prioritize Innovation: Embracing new technologies is essential for staying competitive.
  2. Focus on Sustainability: Sustainable practices can lead to cost savings and meet consumer expectations.
  3. Invest in Talent: Addressing the skills gap through training and development is crucial for future success.
  4. Encourage Collaboration: Partnerships can drive innovation and help tackle industry challenges.
  5. Stay Optimistic: A proactive approach can unlock significant growth opportunities in the manufacturing sector.

 

 

As the manufacturing industry continues to evolve, leaders like Paul Neblock are paving the way for a future defined by innovation, sustainability, and collaboration. For more personalized advice on navigating these changes, feel free to reach out to NuVescor. We are committed to supporting businesses as they adapt to the changing landscape, ensuring their growth and success for years to come.

Paul Neblock

Paul Neblock

President, Breakthrough Manufacturing Technologies

Seth Getz

Seth Getz

Business Exit Strategist, NuVescor

Passing the Torch Insights from Gordon Bell on Exiting Your Manufacturing Business with Purpose

Passing the Torch Insights from Gordon Bell on Exiting Your Manufacturing Business with Purpose

Passing the Torch

Insights from Gordon Bell on Exiting Your Manufacturing Business with Purpose

September 17, 2024

As a manufacturing business owner, you’ve poured years—perhaps decades—of hard work into building your company. The thought of stepping away can be both daunting and emotionally charged. How do you ensure that your legacy continues and that your employees and customers are taken care of?

In a recent conversation, NuVescor’s Seth Getz sat down with industry veteran Gordon Bell, founder of the Midland Group, to discuss the nuances of exiting a manufacturing business with intention and care. With a career spanning steel mills, food services, and multiple successful ventures, Gordon offers a wealth of experience in mergers and acquisitions (M&A), business stewardship, and leadership.

Embracing Stewardship Over Ownership

Gordon Bell’s philosophy centers around the concept of stewardship rather than mere ownership. He believes that as a business owner, you’re entrusted with an asset for a period of time, and it’s your responsibility to nurture and grow it. 

“You’re a steward of an asset for a moment in time,” he explains. “It’s about improving value over time and preparing your company to be attractive for transfer.” 

This mindset shifts the focus from short-term gains to long-term value creation. In the manufacturing sector, where businesses often serve as community cornerstones and represent family legacies, adopting a stewardship approach can lead to more sustainable and meaningful outcomes. It encourages owners to think beyond immediate profits and consider how their decisions impact employees, customers, and the broader community. 

 

The Importance of Self-Reflection

Before exploring exit strategies, Gordon emphasizes the need for deep personal reflection. He suggests that business owners ask themselves three pivotal questions:

  1. What is your vision for your life and business?

Understanding your ultimate goals helps align your exit strategy with your personal aspirations. Are you looking to retire comfortably, pursue new ventures, or focus on philanthropy? Clarifying your vision ensures that your next steps contribute to your overall life plan. This self-awareness is crucial because it influences every aspect of the exit process, from timing to the choice of successor. 

  1. Where are you on the journey to accomplish your goals?

Assessing your current position allows you to identify gaps between where you are and where you want to be. This could involve financial readiness, business valuation, or personal readiness to let go. Recognizing these gaps early gives you time to address them before initiating the exit process. It also helps in setting realistic expectations and creating a roadmap to achieve your objectives. 

  1. Do you still have the passion—the “fire in the belly”—to drive the business forward?

Your enthusiasm for the business is a critical factor. If the passion that once fueled your efforts is waning, it might be a sign that it’s time to consider passing the torch. On the other hand, if you’re still energized by daily challenges, you might opt to delay your exit or explore ways to rekindle your drive. Understanding your motivation levels can prevent burnout and ensure that you make decisions that are best for both you and the company. 

By engaging in this introspection, you set the foundation for an exit strategy that aligns with both your personal and professional objectives. It ensures that the transition is not just a business maneuver but a step that complements your life goals. 

 

Exploring Exit Strategies: More Than One Path

Gordon and Seth discuss several exit strategies that manufacturing business owners can consider: 

  1. Management Buyouts (MBOs)

An MBO involves your existing management team purchasing the company. This option ensures continuity and rewards the team that’s helped build your business. 

  1. Employee Stock Ownership Plans (ESOPs)

An ESOP allows employees to acquire ownership interest, often boosting morale and fostering a sense of shared purpose. 

  1. Selling to Private Equity or Strategic Buyers

This route can infuse the company with new resources and expertise, potentially accelerating growth and innovation. 

  1. Initial Public Offerings (IPOs)

While less common for smaller manufacturers, going public is an option that can significantly increase capital but comes with increased regulatory scrutiny. 

“Each method has its benefits and challenges,” Gordon notes. “The key is to choose the one that aligns with your personal and business goals.” 

 

Building Value and Reducing Risk

To make your manufacturing business attractive to potential buyers, there are two essential components to consider: 

Building Value 

  • Develop a Strong Leadership Team: Empower your managers and employees to take ownership of their roles. 
  • Implement a Solid Business Plan: Outline clear, achievable goals and strategies. 
  • Ensure Repeatable and Sustainable Financials: Demonstrate consistent profitability and growth potential. 

Reducing Risk 

  • Diversify Your Customer Base: Avoid over-reliance on a single client or market. 
  • Update Technology and Processes: Invest in modern equipment and methodologies to stay competitive. 
  • Strengthen Supply Chains: Establish relationships with multiple suppliers to mitigate disruptions. 

 

 

Timing Is Everything: Start Planning Early

Gordon and Seth discuss the importance of beginning the exit planning process years before you intend to leave. 

“You don’t wait until you’re ready to sell to start preparing,” he cautions. “Begin with the end in mind.” 

Early planning allows you to: 

  • Maximize Business Valuation: Implement changes that increase profitability and reduce liabilities. 
  • Prepare Successors: Train and mentor the next generation of leaders within your company. 
  • Align with Market Conditions: Take advantage of favorable economic climates or industry trends. 

 

Caring for Your People: The Heart of the Matter

A recurring theme in Gordon’s approach is the importance of taking care of the people who have contributed to your company’s success. 

He shares a compelling story about a manufacturing company where, upon sale, the owners provided significant financial rewards to employees based on their tenure and contribution. This gesture not only recognized the employees’ hard work but also fostered goodwill and preserved the company’s culture. 

“It’s about honoring the various constituencies in the company,” he says. “From the factory floor to the executive suite, everyone has played a part.” 

In the manufacturing industry, where skilled labor is essential and employee retention can be challenging, such considerations are vital. Ensuring that your exit strategy includes provisions for your employees can enhance morale, productivity, and the overall health of the business during the transition. 

This might involve: 

  • Implementing Retention Bonuses: Offering financial incentives to key employees to stay with the company during and after the transition. 
  • Providing Clear Communication: Keeping employees informed about the company’s future can alleviate anxiety and rumors, maintaining productivity and trust. 
  • Offering Continued Benefits: Negotiating terms that allow employees to retain their benefits, such as healthcare and retirement plans, can demonstrate your commitment to their well-being. 

 

Legacy Beyond the Balance Sheet

Exiting your business doesn’t signify an end but rather a transition to a new chapter—for both you and the company. 

This should be viewed as an opportunity: 

  • For Personal Growth: Pursue new ventures, hobbies, or philanthropic endeavors. 
  • For Company Expansion: New ownership can bring fresh perspectives and resources. 
  • For Community Impact: Continue contributing positively to your community in new ways. 

 

Practical Steps to Begin Your Exit Journey

  1. Conduct a Business Valuation: Understand your company’s worth in today’s market. This includes assessing tangible assets, intellectual property, and goodwill. 
  1. Perform a SWOT Analysis: Identify Strengths, Weaknesses, Opportunities, and Threats. This strategic planning technique helps you focus on areas that need improvement. 
  1. Engage Professional Advisors: Work with M&A advisors, like NuVescor, who specialize in the manufacturing industry to guide you through the process. 
  1. Develop a Succession Plan: Whether selling internally or externally, have a clear plan for who will take over leadership roles. 
  1. Communicate with Stakeholders: Keep lines of communication open with employees, customers, and suppliers to ensure a smooth transition. 

 

For more insights and personalized advice, Seth Getz can be reached through NuVescor, where they continue to support business owners in navigating the complexities of mergers, acquisitions, and succession planning. Gordon Bell can be reached through the Midland Group.

Gordon Bell

Gordon Bell

Founder, Midland Group

Contact Gordon Bell

Certified Exit Planning Advisor (CEPA) 

Seth Getz

Seth Getz

Business Exit Strategist, NuVescor