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10 Minutes with Anthony J. Citrolo

headshot of anthony citroloAnthony J. Citrolo is a Managing Partner and Founder of The NYBB Group, LLC. and NYBB Commercial Real Estate. Anthony and his team represent privately held companies with annual revenues of $5 million to $50 million. Anthony represents clients in all industries, with specialties in business services and HVAC including contractors across the entire spectrum and construction. Anthony is a CPA (Certified Public Accountant), a CEPA (Certified Exit Planning Advisor) and a CM&AA (Certified Merger & Acquisition Advisor) having founded NYBB over 18 years ago. Anthony began his career with Deloitte and has been entrepreneurial having owned and operated several successful businesses in addition to his own tax practice. In addition, Anthony is a New York State Real Estate Broker as well as holding the designations in the past of Certified Valuation Analyst (CVA) and Certified Business Intermediary (CBI). Anthony is a certified member of The John Maxwell team coaching individuals and teams on Leadership. He is also a JMT certified speaker.

Tell us about your pre-M&A career and how it led you to doing this work?

I started my career with Deloitte and was involved in some acquisitions that clients were making. However, I had entrepreneurial ambitions and have owned several businesses throughout my life.

When I had the need to sell several of them, I used an advisor and thought that my next career would be in the M&A Advisory space….having a CPA as a background and being a business owner.

What personal characteristics and strengths have supported your success in this industry?

Interpersonal skills with training as both a coach, speaker, and trainer. In addition, I have a strong background in tax and understanding the financials of a business.

What is your greatest M&A accomplishment?

Training others to succeed and building a firm that now is dedicated to Lower Middle Market, with two other partners and eight other brokers, advisors, affiliates with the firm. I have sold many and varied businesses from franchises to manufacturing and distribution.

Regarding most of your engagements, do you work as a team, or do you handle things on your own?

All engagements are team driven with either two partners or a partner and an associate to work with clients. This gives greater support and is in addition to our qualified administrative staff who are trained in the M&A Process.

Do you just do M&A, or do you provide other services – valuations, consulting, etc.?

We provide Exit Planning, Valuation and Real Estate services in addition to our M&A services. In addition, we offer franchising and franchise sale services.

What is the biggest mistake you have made when working on a deal?

No real mistakes, but my passion for helping the business owners sometimes results in engagements that should have been avoided.

What are the three most important qualities that you think a good M&A advisor needs to have?

Quality #1: Be passionate about helping the client;

#2: Be qualified, understand the business objective, the owners’ objective

#3: Understand the financials, balance sheet, p&l, ramification of working capital, receivables, cap ex, etc.

What is your most interesting deal that you are working on today?

Working on an engineering and testing company in the construction space

How long have you been an M&A Source member and what do you get out of your membership?

IBBA originally in 2006 and M&A source in the past 4 years. Benefits are the community of advisors, the benefits that are offered by the organization and the ability to be included with a top organization.

As a seasoned M&A advisor, what changes and trends do you see on the horizon that will impact on M&A?

Clearly the economic and tax environment will impact the M&A marketplace, the exit of the family owner who has no next generation coming into the business will affect both value and price.

What advice would you give to new people entering the profession?

Be prepared by becoming educated, work with someone who is a professional and successful in the profession and realize that financially, it will take time to get a pipeline and realize income.

Please tell us something about yourself that has nothing to do with your M&A career?

I am a fan of live music and love concerts, grew up playing many sports in Brooklyn, NY, have been married for 44 years(to the same person) and am a grandfather.

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