Scott Bushkie & his daughter This month, we chatted with Scott Bushkie, CBI, M&AMI, M&A Source Conference Committee Chair, and Founder of Cornerstone Business Services in Green Bay, WI. With more than 20 years in the M&A industry, Scott is a recognized leader in the field, providing exit strategies, sell- and buy-side transitions, along with valuation services in the lower middle market. Over the years, Scott has successfully executed hundreds of transactions, domestically and internationally, working with private equity firms, family offices, and strategic buyers, both public and private. Scott has the trust and respect of CPA and [...]
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Monty Walker Monty W. Walker, CPA, CGMA, CBI, of Walker Business Advisory Services, is a member of the M&A Source Leadership Committee and is the go-to guy for tax, exit, and transition strategies for our members. Monty is a member of the American Institute of Certified Public Accountants, the Texas Association of Certified Public Accountants, the International Business Brokers Association, and the Texas Association of Business Brokers. He has been recognized by his peer group in the business transfer industry as one of the foremost innovative advisors to small business owners in the areas of business transactions, business structuring & design, business tax planning, and business exit planning. He works with business [...]
There are three different types of procrastination that we see today. First is classic procrastination which is the act of consciously delaying what we know we should be doing: I come home from the office at night and I have a stack of bills on the kitchen counter that need to be paid. I’m tired and exhausted. Rather than paying the bills, I’m going to sit on the couch and zone out and watch Sports Center. That’s the classic form of procrastination we are familiar with. There is also another type of procrastination which I’ve coined a phrase for, instead of [...]
Resolving business failures cheaply and rapidly has never been more important, with Covid-19 and the recession about to push record numbers of companies under. But consider what a small-business owner faces: Your company is on the brink, you can’t pay your employees or suppliers, and now you’re expected to master the complex vocabulary of federal bankruptcy law. There’s Chapter 11, Chapter 7, Chapter 13, Subchapter V, Section 363, and on and on. The process looks expensive and time-consuming, and the chance of emerging with a going concern seems slim. The Uniform Commercial Code, which traces its origins to 1892, just might be the answer. It’s [...]
When preparing to sell a business, a mistake you will want to avoid is failing to pay enough attention to the variety of legal issues involved in a business sale transaction. The wrong legal mistake can stop a sale in its tracks. Worse, it could cost a small fortune to unravel. Thus, it is critically important to carefully analyze all relevant legal angles to the sale of your business. This post will look at some of the key legal points sellers should consider long before putting their business on the market. Mistake #1: Neglecting to Have a Non-Disclosure Agreement A critically important step [...]
A key point regarding a PPP Loan is that it is a loan. When the Borrower receives the loan, the proceeds should be recorded on the Balance Sheet as a Note Payable which is a liability. The loan proceeds should not be posted on the Income Statement as income. If the loan ends up being forgiven, it should be handled for income reporting as follows: Financial Statements (specifically the Income Statement) – The forgiven loan amount is an elimination of an obligation to pay a debt. An appropriate reporting of this elimination is for it to be presented as [...]
Lisa Riley Lisa Riley is the founder and president of Delta Business Advisors. Lisa has worked in the industry since 2011 and is the incoming chair of the International Business Brokers Association (IBBA). She is also the past chair of the Arizona Business Brokers Association (AZBBA) and spearheads the quarterly IBBA/M&A Source Market Pulse Survey. Lisa holds several certifications, including IBBA’s Certified Business Intermediary and Coles College of Business‘ Certified Mergers & Acquisitions Professional. She also has been awarded the prestigious Tom West Award and several awards for outstanding producer from IBBA and AZBBA. Lisa’s educational achievements include [...]
“Financial Due Diligence” (FDD) and “Quality of Earnings” (QoE) are often bandied around during a transaction —sometimes used interchangeably— but what’s the difference? In this post, I explore the key differences between typical FDD and QoE, including when each term applies and what they tell us. Being Diligent FDD and QoE are both exercises in diligence, but they serve different purposes – and sometimes at the same time. On the buy- and sell-side of a transaction, owner-operators, lenders, investors, and, at times, regulators will request that FDD or QoE is performed so that relevant stakeholders can gain assurance and mitigate their risk. From an owner’s perspective, [...]
Many small businesses have closed, severely reduced output, or are slowly reopening during the COVID-19 pandemic. So why would a business buyer consider moving forward with a transaction in such a dismal environment? This is why: Business Owners are Motivated to Sell A large percentage of small business owners are Baby Boomers that have survived 9/11 and the Great Recession. These owners are near retirement, yet they have been on the fence about selling and have had a difficult time walking away from the steady profits they have received from the recent strong economy. Now, COVID-19 is changing their outlook and many are ready [...]
Alex Mazer is a Vice President with Big Shoulders Capital and its affiliate, PPL Group, a private firm that provides liquidity solutions for commercial and industrial companies in turnaround/transition. Primary services include industrial asset disposition/liquidations, quick and creative asset-based debt refinancing, and equity investments in small and middle-market operating companies. Prior to joining them, Alex founded and managed The BirdDog Group, a national liquidation firm specializing in asset disposition of consumer goods and retail inventories for lenders, manufacturers, and importers. Outside of the U.S., Alex has lived and worked in Hong Kong and Beijing. He completed his MBA at Northwestern’s [...]