As is the case with many guests of the DealQuest Podcast, this week’s guest, Richard Parker, never envisioned himself as a dealmaker. Parker's journey into the world of dealmaking, however, began early at the age of 12 when he launched his first business endeavor, delivering newspapers and selling subscriptions in his local community. This early venture instilled in him the fundamentals of sales and marketing, laying the groundwork for his future endeavors. Throughout his career, Parker has been actively involved in numerous transactions, assuming roles as both buyer and seller. Each deal has provided invaluable insights, shaping his approach to deal making and bolstering his expertise in the field. Today, Parker is committed to assisting others in realizing their entrepreneurial aspirations. Through his programs and consultations, he shares his wealth of knowledge and experience, empowering individuals to achieve their dreams of business ownership – and he’s here to share this the keys of knowledge base with us today. 5 GOLDEN RULES OF DEALMAKINGIn his years as a dealmaker, Richard has created his own formula for a set of guiding principles that he adheres to when assessing potential business opportunities. These principles have played a pivotal role in his success, and as such, he encourages others to develop their own criteria for evaluating deals. Parker's five golden rules are outlined as follows: Sales and Marketing Driven: Richard prioritizes businesses that are driven by robust sales and marketing strategies, recognizing that revenue generation is fundamental to business success.High Margins: He seeks out businesses with high profit margins, understanding that such margins facilitate increased profitability and long-term sustainability, providing resilience against challenges and fostering opportunities for strategic growth.Element of Exclusivity: Richard looks for businesses offering an element of exclusivity in their products or services, whether through unique offerings or territorial advantages. This exclusivity confers a competitive edge and enhances the business's overall value.Demand in Place: He gives preference to businesses with established demand in the market, recognizing the costliness and difficulty of creating demand from scratch. Investing in businesses with proven market demand mitigates risk and enhances potential returns.Not Competing on Price: Richard steers clear of businesses that compete solely on price, recognizing the inherent pitfalls of such a strategy in the long term. Instead, he focuses on businesses that offer value and differentiation in the marketplace. THE IMPORTANCE OF SPECIFICITY IN DEAL CRITERIAWhen crafting deal criteria, Richard states that it is imperative to be precise and deliberate about the factors that hold the most significance. Richard believes that generic criteria can result in vague and unproductive assessments of potential deals, and he advises dealmakers to look deeply and pinpoint the specific quality and attributes crucial for success in a business venture. For instance, rather than simply expressing a general preference for enjoying one’s work, it hold more weight to identify the underlying motivation behind the desire. Perhaps it stems from a passion for working with children, which can then be translated into a specific criterion pertaining to businesses specializing in children’s products or services. By adopting a specific and intentional approach to defining deal criteria, dealmakers can effectively evaluate potential opportunities and align them with their unique strengths and interests. HOW TO BUY A GOOD BUSINESS AT A GREAT PRICEAre you looking into making serious business purchases? Need a good place to start on how to go about it? Luckily enough, Richard offers a course for just this. The How To Buy a Good Business at a Great Price course featured on Richard’s website is a course designed to help individuals who are thinking about buying a business or franchise. he course provides a comprehensive 548-page guide, along with ancillary resources and interactive tools. It also includes a proprietary valuation software program developed using data from successful and unsuccessful business transactions. Be sure to check out the How to Buy a Good Business at a Great Price course: https://richardparker.com/course/ • • • For my full discussion with Richard Parker, and more on this topic and topics not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here• • • FOR MORE ON RICHARD PARKER:https://www.linkedin.com/in/richparker1/https://richardparker.comhttps://diomo/com Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.  Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

Mergers and acquisitions, one of the best ways to grow your business, but sometimes it feels like trying to assemble a puzzle in a hurricane - exhilarating, chaotic, and you might end up missing a few pieces. That’s why I’m excited to have Scott Bushkie on this episode of the DealQuest Podcast. Scott is a managing partner and Founder of Cornerstone Business Services, a firm that specializes in offering exit strategies, managing sell- and buy-side transitions, and providing valuations within the lower middle market. With a primary focus on businesses with revenue ranging from $5 to 150 million and an EBITDA between $1 to 15 million, Cornerstone Business Services have collaborated with private equity firms, family offices, and strategic buyers. Scott himself dons over 25 years of experience in providing exit strategies, sell- and buy-side transitions, and valuations. Scott is a go to man to help you turn your hurricane puzzle into a carefully crafted masterpiece, ensuring that all the pieces fit together seamlessly for a successful outcome. STRATEGIC SELLINGStrategy is something we discuss often on the DealQuest Podcast, and in the context of selling, strategy in identifying and targeting specific buyers or investors who can bring the most value to a company is no less important. Business owners need to shift their mindset from just building a successful business organically to thinking like a dealmaker. Successful entrepreneurs and business owners need to focus on creating a valuable and transferable company, rather than just taking cash out of it. This involves planning early, building a team of advisors, and understanding the various options available for exiting the business. For Scott, one of the biggest moves when it comes to strategy is having “the conversation” about exiting the business early on. Business owners should feel encouraged to explore their options and start making well-informed decisions about their future exit strategy – there are more options available than just simply giving their business to children or selling to a local buyer. THE COST OF DOING IT WRONGHolding out too long could cost 40% of a company's value and make it unsaleable. Many businesses sell at a low rate due to mistakes, but educating business owners can increase their chances of success. The issue is that owners often keep their intentions confidential and try to figure things out alone, leading to overspending and poor results. Working with trusted advisers and partners can help increase odds of success. Unsolicited offers may seem perfect for tired entrepreneurs, but they should be cautious and consider consulting trusted advisers before making a decision. ENSURING A FAIR DEALEntrepreneurs might initially feel a sense of relief when they receive interest from a potential buyer for their business. It's crucial, however, to recognize that this doesn't always translate into the most favorable deal. Buyers may capitalize on the seller's emotional connection to the business by telling them what they want to hear. That's why it's so important to collaborate with a professional who can help navigate the complexities of selling a business and secure a fair deal. To maximize the value of their business and prevent leaving money on the table, sellers should consider creating a sense of urgency and scarcity. Scott also emphasizes the significance of professional buyers who are adept at securing advantageous deals for themselves. It's essential for sellers to have a clear understanding of the true market value of their business. To learn more about ensuring a fair deal and navigating the M&A landscape, check out the book Finish Strong: Sell Your Business on Your Terms by Scott Bushkie: https://www.cornerstone-business.com/finishstrong/ • • • For my full discussion with Scott Bushkie, and more on this topic and topics not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here• • • FOR MORE ON SCOTT BUSHKIE:https://www.cornerstone-business.com/https://www.linkedin.com/in/scottbushkie/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.  Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

On this episode of the DealQuest Podcast, I have guest Stephen Speer, the founder and CEO of eCommerce Lending Inc., a firm specializing in financing acquisitions, advisory, and search services in the online space. With a lending career spanning decades, Stephen and his team have utilized their expertise in assisting hundreds of entrepreneurs in achieving business acquisition success. As an e-commerce lender, guest speaker, and M&A instructor, he and his firm have funded over 500 transactions totaling over $1 million – making eCommerce Lending Inc. the top lender in the country in this very specialized niche. NAVIGATING THE COMPLEXITIES OF E-COMMERCE DEALSOne of the key takeaways of this episode is the importance of patience and strategic planning when navigating the complexities of e-commerce deals. There are various components in e-commerce deals that vary from brick-and-mortar businesses, but there are many similarities including the use of earn-outs, seller equity roles, and seller notes, especially in context of larger deals. Stephen emphasized the need for thorough due diligence and a deep understanding of the client's business goals and objectives. It’s about finding the right opportunity, and the need for buyers to be prepared to act quickly when they find it. Finding the right advisory services is also a crucial key when making the right deal, as they can guide clients through the deal process – from structuring the offer, to securing the right financing. By leveraging their expertise and industry knowledge, Stephen and his team empower clients to make informed decisions and capitalize on the opportunities within the e-commerce space. AI IN BUSINESS ACQUISITIONIn the last 2 years, artificial intelligence (AI) has grown rapidly in its use across all fields. The state of AI in the business world is still in its infancy, and currently focused primarily on seeking startup capital and venture capital. When discussing AI in business, some existing companies are buying startup AI companies, while others express fear and uncertainty of the technology. The potential impact of AI on society is both beneficial and potentially negative, and it requires much more exploration and understanding. One this is for certain for Stephen, AI cannot have the intricate expertise of M&A advisory and buyer representation when it comes to business acquisitions. Acquisitions are never straightforward, and AI lacks the human capability to work on deal structuring, negotiations, or deal financing. That said, educational technology is a growing segment with high multiples due to recurring revenue, while e-commerce is experiencing some softening, particularly in comparison to the software as a service (SaaS) segment. THE POWER OF ENTREPRENEURIAL MINDSETAs an entrepreneur himself, Stephen understands the power of an entrepreneurial mindset in driving deal-driven growth. His keys to the entrepreneurial mindset are patience, resilience, and adaptability, especially in the face of market uncertainties and evolving market landscapes. Stephen’s history from a young owner of a car detailing business to founding eCommerce Lending Inc. reflects the transformative power of entrepreneurship and the ability to seize opportunities in uncharted territories, Which is, arguably, a hallmark staple of an entrepreneur. • • • For my full discussion with Stephen Speer, and more on this topic and topics not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here• • • FOR MORE ON STEPHEN SPEER:https://www.linkedin.com/in/stephenspeer/www.ecommercelending.com Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.  Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

Negotiation: Not just a pivotal element in dealmaking, but a crucial skill to possess. Mastering the skill of negotiation can lead to deal-driven growth and success. The repercussions of failed negotiations, however, can be dire, often resulting in strained relationships, missed opportunities, and financial losses. On this episode of the DealQuest Podcast, I want to focus on the top six reasons negotiations fail. Understanding these reasons can help business owners, executives, and leaders navigate negotiations more effectively and achieve their objectives. By delving into the fundamental skill of negotiation, and how negotiations fail, I hope to equip individuals with the knowledge and strategies necessary to navigate complex business dealings effectively, all while fostering mutually beneficial outcomes and fortifying relationships for long-term success in the competitive nature of business. THE TOP SIX REASONS FOR FAILED NEGOTIATIONSBecoming a great negotiator isn’t just learning how to negotiate successfully, it also requires a deep understanding of the factors that can lead to negotiation failure. I’ve narrowed down the top six reasons that cause negotiations to fail: Lack of preparationEgoFearRigidityBecoming too emotionalLack of integrity To be fair, each of these reasons could easily take an episode each to unpack, however, learning to address these issues allows negotiators to enhance their negotiation skills and achieve deal-driven growth. BALANCING LIKABILITY AND OBJECTIVES FOR SUCCESSFUL DEALSBeyond the top 6 reasons for negotiation breakdown, there are other elements at play. For instance, the desire to be liked can lead to conceding on points one doesn't want to, especially if they haven't prepared or done their due diligence. This can be a pitfall for those who need approval from others, as it may cause individuals to make concessions that they shouldn't, especially if they have not clearly defined their objectives. The need for approval can cloud judgment and lead to decisions that are not aligned with one's goals. Focusing on achieving objectives rather than winning is key. Be careful not to fall in love with deals before they're completed. Listening more than talking allows negotiators to better understand the other party's needs, and setting up deals in a way that lets the other party feel like they've won can be a successful strategy. Simply put, to succeed in negotiations, as dealmaker you must prioritize achieving your objectives, listen more than you talk, and use the other party's need to feel like they've won against them. Ultimately, the key to successful negotiations lies in thorough preparation, understanding the other party's perspective, and maintaining a focus on achieving objectives rather than seeking approval or ego-driven victories. By addressing these pitfalls and approaching negotiations with clarity, detachment, and equilibrium, dealmakers can navigate the complexities of negotiations more effectively and achieve mutually beneficial outcomes. • • • For my full discussion, and more on this topic and topics not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.  Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

Hey there, it's Corey Kupfer, your host at DealQuest, and I'm bringing yet another enlightening conversation your way. In this episode, I had the pleasure of engaging in a lively dialogue with none other than entrepreneur and best-selling author Mike Michalowicz. Together, we covered some pivotal aspects of entrepreneurship, business growth, and personal fulfillment.Welcome back to DealQuest, where we dive into the minds of successful entrepreneurs and business leaders. Today, I was beyond excited to have Mike Michalowicz join me—a prolific author and a significant figure in the entrepreneurial space. Mike Michalowicz's Fascinating Journey Mike Michalowicz, the brains behind bestsellers like Profit First, Clockwork, The Pumpkin Plan, and his latest masterpiece, Fix This Next, brings a wealth of experience to the table. By the time he hit his 35th birthday, Mike had already established and sold two companies, one to private equity and the other to a Fortune 500 giant. Currently, he's at the helm of his third multimillion-dollar venture, Profit First Professionals, a testament to his unwavering dedication and expertise in the entrepreneurial realm. Unveiling Entrepreneurial Insights Throughout our conversation on DealQuest, I guided Mike to delve into his past, exploring the unconventional origins of his entrepreneurial ambitions. From childhood dreams of being a garbage man to crafting a path as a successful entrepreneur and acclaimed author, Mike's journey is a testament to innovation, resilience, and a commitment to learning from every experience. The Hierarchy of Business Needs: Shifting Perspectives on Business Growth A pivotal moment in our discussion revolved around Mike's groundbreaking concept: the hierarchy of business needs. Inspired by Maslow's hierarchy of needs, Mike introduced a paradigm shift in understanding the fundamental pillars that drive business success. He elaborated on how sales, profit, order, impact, and legacy form the bedrock, each playing a crucial role in shaping a thriving business ecosystem. Navigating Challenges and Embracing Opportunities Mike also emphasized the challenge of pinpointing the most critical issues in business—a struggle faced by many entrepreneurs. He stressed the importance of thoughtful contemplation and strategic focus when tackling challenges, echoing my own perspective on dealing with business obstacles. Freedom as a Catalyst for Entrepreneurial Expression Our conversation culminated in a poignant reflection on freedom—an intrinsic value that propels Mike's entrepreneurial endeavors. For Mike, freedom goes beyond traditional definitions; it signifies the ability to positively influence and genuinely serve others, empowering him to express his unique talents in the entrepreneurial landscape.This dynamic dialogue between Mike Michalowicz and myself sheds light on the multifaceted world of entrepreneurship. From the foundational principles of business success to the nuances of personal fulfillment, our discussion aims to inspire entrepreneurs to navigate their journey with purpose, authenticity, and a profound understanding of the intricate relationship between business acumen and personal growth. • • • For my full discussion with Mike, and more on this topic and topics not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here• • • FOR MORE ON MIKE MICHALOWICZ:https://mikemichalowicz.com/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.  Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

This week on the DealQuest podcast, we have impressive guest, Jon Ostenson on. Jon is the CEO of FranBridge Consulting, a top 1% franchise consultant, and the best-selling author of Non-Food Franchising: The Better Path to Ownership. With over 35 years of experience as a successful entrepreneur, professional negotiator, and attorney, Jon draws on his background as a former Inc 500 franchise president and multi-brand franchisee to help his clients select their franchise investments. He is a frequent contributor on franchising to publications such as Forbes and Bloomberg, and his goal is to help businesses achieve deal-driven growth.FRANCHISING AS A BUSINESS MODELFranchising is not something we’ve commonly discussed on the DealQuest Podcast, but Jon’s insights and experience in franchising offers us substantial information on franchising. Franchising is a business model that allows individuals to own and operate their own business under the established brand and system of a larger parent company, known as the franchisor. Jon recognizes the appeal in franchising as a business model with many benefits for aspiring entrepreneurs. Jon views franchising as “starting on 3rd base”, which is effectively leveraging an established system and framework provided by franchisors. It works, however, and allows entrepreneurs to bypass the challenges of building a business from scratch, providing them with a head start in their entrepreneurial journey. Offering new and different freedom and control than building an entirely new business from the ground up. FOOD AND NON-FOOD FRANCHISINGWhen we think of a franchise, we commonly think of food, such as fast-food restaurants like McDonald’s or Subway – which can be a lucrative choice for those looking to go into franchising. Jon argues, however, that non-food franchising can require less capital upfront, fewer employees, less operating hours, and be less susceptible to consumer whims, leading to lighter investment and higher margins. By looking outside of the food industry, potential franchisees are provided a diverse array of investment options. Non-food franchises encompass a wide range of industries, including: RetailServiceHealthcare...and more!  THE BENEFITS AND CHALLENGES OF FRANCHISINGJon's passion for helping individuals achieve freedom through business ownership shines, but he also recognizes that like any deal, it has both benefits and challenges. The benefits of franchising include the ability to build an asset with potential exit value, tax benefits, and the opportunity to leverage a proven business model with support from the franchisor. Franchising also allows for diversification of a business portfolio and can provide a head start on starting a business with support, advertising, and a proven model. There are also challenges, however, associated with franchising. These include the potential for individual failure within the system, the need for a significant upfront investment, and the requirement to follow the franchisor's system and guidelines. Additionally, there may be challenges in securing financing for the franchise, and there is always a risk of business failure, as with any entrepreneurial endeavor. To learn more about franchising, sign up for FranBride’s newsletter, and receive a complimentary copy of the book Non-Food Franchising: The Better Path to Ownership by Jon Ostenson: https://franbridgeconsulting.com/• • •For my full discussion with Jon Ostenson, and more on this topic and topics not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here• • • FOR MORE ON JON OSTENSON:https://www.linkedin.com/in/jonostenson/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.  Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

DealQuest community, this week I’m happy to have guest John Prothro on the DealQuest Podcast. John is an experienced executive with a background in M&A, operations, and multinational business leadership. As the CEO of Foot Solutions Inc, a foot wellness franchisor, John shares his insights on entrepreneurship – from valuable perspectives on growing a business, navigating deal opportunities, to finding fulfillment in both professional and personal endeavors. DEAL-DRIVEN GROWTH AND THE POWER OF COLLABORATION From large complex mergers and acquisitions to smaller deals that require less capital, john emphasizes the importance of deal-driven growth. He highlights the value of strategic alliances, joint ventures, and other collaborative opportunities. The power of collaboration in deal-driven growth lies in the ability to tap into the expertise, resources, and networks of other businesses or individuals. By working together, companies can combine their strengths, mitigate their weaknesses, and create mutually beneficial opportunities that drive growth and success. Deal-driven growth and collaboration go hand in hand, as businesses can achieve significant growth and success by leveraging the power of collaboration through strategic deals and partnerships. THE CRUCIAL ROLE OF INVESTORS IN FRANCHISE DEVELOPMENTInvestors play a crucial role in franchise development as they provide the necessary capital and resources for franchisors to expand their business. John mentions that his company sells mainly to investor groups, who are interested in purchasing multi-unit territories. These investors are essential for funding the growth and development of the franchise system. They are willing to invest a significant amount of money into the business, and their patience and understanding are highlighted as important factors in the success of the franchise model. John’s key tip when approaching investors is overestimating the capital needed for integration and being transparent with investors about the financial needs of the business. Their willingness to invest and their understanding of the long-term nature of the business are essential for the sustainability and success of the franchise model. NAVIGATING THE CHALLENGES OF INTEGRATION AND CAPITALIZATION IN M&A DEALSOne of the most critical aspects of M&A deals is the integration of the acquired business into the existing operations. This process often requires significant capital to ensure a smooth transition and maximize the value of the acquisition. Many businesses, however, underestimate the financial resources needed for integration, leading to challenges and setbacks that can impact the success of the deal. In the case of Foot Solutions Inc, John highlights the importance of overestimating the capital needed for integration. He emphasizes the need to triple the estimated amount and ensure that investors are fully aware of the financial requirements for a successful integration process. This proactive approach to capitalization can help mitigate the risks of being underfunded during the critical post-acquisition phase and enable the business to address any unforeseen challenges that may arise. To learn more about franchising with Foot Solutions, or to find your local store visit: www.footsolutions.com • • •For my full discussion with John Prothro, and more on this topic and topics not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here• • • FOR MORE ON JOHN PROTHRO:www.footsolutions.comhttps://www.linkedin.com/in/johnprothro/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.  Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

To continue with our DealQuest Podcast project of remastering key episodes in the DealQuest Podcast library, I am bringing you a remaster of another early episode, a solocast that discusses the importance of patience, pacing, asking questions, and maintaining relationships in negotiations. This remaster couldn’t come at a more perfect time, either, as many of the recent episodes have heard from our amazing guests on these exact topics. This remastered episode serves as a timeless reminder of the fundamental principles that underpin successful negotiations. PATIENCE AND PACINGPatience is not just a virtue; it's a strategic imperative. When faced with a client in distress, it's tempting to rush into action. The prudent approach, however, is to take a step back, gather information systematically, pose pertinent questions, and attentively listen to the opposing viewpoint. This method lays the groundwork for a robust negotiation strategy. Equally crucial is pacing. Each negotiation possesses its unique rhythm, and it's essential to respect this cadence. Understanding the pace in a negotiation is key to maintaining momentum and avoiding potential issues. Artificially pushing or slowing the pace can put you at a disadvantage and reduce the chances of a good deal. As a negotiator, experience helps in recognizing the conversation flow and using it to your advantage. Questions are a powerful tool in negotiations, but they are often underutilized. THE ART OF ASKING QUESTIONSTo achieve successful negotiations, one must understand the importance of asking questions, listening to answers, and being patient. This approach helps in understanding the other party's concerns, allows for useful information exchange, and enables fulfilling their needs. Imagine this: you're in the midst of a negotiation, and tensions are high. This is where asking questions becomes your superpower. It's not just about gathering information; it's about truly understanding where the other party is coming from. By asking the right questions and really listening to their responses, even when you disagree, you're showing that you value their perspective and are genuinely interested in finding common ground. BUILDING AND MAINTAINING RELATIONSHIPSBuilding and maintaining relationships means establishing trust and rapport. It's about respecting the other party's viewpoint, actively listening to what they have to say, and showing a genuine willingness to collaborate towards a win-win outcome. Why does this matter? Well, for starters, it keeps the conversation flowing, even when things get tough. By fostering a respectful and professional relationship, you create an environment where disagreements can be addressed head-on and solutions can be found. Building relationships also opens doors to valuable insights. By asking the right questions and really tuning in to the other party's needs, you gain a deeper understanding of what makes them tick. This knowledge becomes your secret weapon in finding creative solutions and identifying areas where compromise is possible. After all, building and nurturing relationships isn't just about shaking hands—it's about laying the groundwork for trust and respect. • • • For my full discussion, and more on this topic and topics not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.  Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

Fellow entrepreneur, dealmaker and podcast host, Noah Graff, joins us this week for a discussion on treasure-hunting, brokering M&A deals, and roles of relationships in business. Noah is multi-faceted and experienced dealmaker, having traversed around the globe, procuring and distributing used machinery. Beyond his jet-setting global deals, Noah’s prowess extends into the realm of M&A, with his company, Graff-Pinkert, orchestrating numerous successful acquisitions and mergers in the precision machining industry. Not content with his already bustling schedule, Noah also channels his passion for the industry through his work as a blogger and editor for Today’s Machining World, a premiere B2B platform serving the precision machining community. Rounding out his distinguished list of feathers in his proverbial hard hat, Noah also boasts the title of podcast host for Today’s Machining World’s podcast, Swarfcast, a podcast with a goal of being “a bold, creative, and unorthodox attempt [at] bringing the drama and magic of the machining and manufacturing world to readers who appreciate something informative and fun.” Noah is most certainly a visionary leader, and relentless advocate for professional excellence through the Swarfcast podcast. THE POWER OF SERENDIPITY IN BUSINESS DEALS We’ve discussed more than once on the DealQuest Podcast the importance of building relationships and making connections in the business world. Noah takes it a step further in his personal business ethos by placing emphasis on the value of personal connections and how they can lead to the best deals. Noah’s background leads him to look for deals with a treasure-hunter mindset; the treasure being a successful, serendipitous deal. Paired with his focus on relationships within business, his approach to deals has fostered two concepts: “serendipity bombs” and “serendipity hooks”. “Serendipity bombs” is where one makes their own luck by reaching out to multiple potential partners or buyers to increase the chance of finding the right – and arguably best – fit for a deal. By widening the scope of potential buyers simultaneously instead of one at a time, Noah believes, that you can effectively generate your own luck and be more efficient at finding the most successful deal. “Serendipity hooks” are merely certain things one can do in a conversation to make important information be revealed. It’s not just about being a good listener in conversations, because if you’re letting a person do all the talking, Noah believes, you’re going to learn important things, of course, but sometimes you need to say certain things for important details to come out For example: Asking very specific questions or sharing more personal information can lead to important connections and opportunities. Ones that may not have presented themselves had not you not been proactive in cultivating your relationships, which can greatly impact one’s ability to create successful deals. EMBRACING MINDFULNESS AND SERENDIPITY FOR SUCCESSEmbracing mindfulness and serendipity for success involves being open to the opportunities that present themselves and being mindful of the connections and coincidences that occur in everyday life. It's about being present, aware, and ready to seize opportunities when they arise. For Noah, that means becoming a “serendipity magnet”, which involves actively seeking, seeing, and seizing new opportunities at every chance. It’s about creating a mindset that attract serendipitous moments and being open to the unexpected connections and opportunities that come your way. As mentioned before, being a “serendipity magnet” also involves making effort to creating your own luck – and this can be achieved by placing “serendipity bombs” and “serendipity hooks” out into the universe. By remaining proactive and practicing these important serendipity-focused concepts, Noah is capable of building remarkable opportunities in both personal and professional endeavors – the power of which can be greater than the traditional conquest of deals. Noah's wisdom serves as a guiding light in navigating the complexities and opportunities of deal-driven growth for entrepreneur and business leaders alike. • • • For my full discussion with Noah Graff, and more on this topic and topics not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here• • • FOR MORE ON NOAH GRAFF:https://graffpinkert.com https://www.linkedin.com/in/noah-graff-b7169a1/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.  Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

This week’s guest, Gina Cocking, is a highly accomplished CEO with a wealth of experience in investment banking, finance, and executive leadership. With a career that spans prestigious firms, such as Kidder Peabody, Madison Dearborn Partners, J.P. Morgan & Co., and Colonnade Advisors, Gina has honed her expertise in financial services and business operations. Her extensive background includes serving as the Chief Financial Officer of Cobalt Finance and Healthcare Laundry Systems, where she successfully oversaw the sale to a strategic acquirer. Gina's board membership at CIB Marine Bancshares, Inc. showcases her commitment to driving growth and value in the banking industry. With a strong educational foundation from the University of Chicago and multiple securities licenses, Gina brings a unique blend of strategic insight and financial acumen to her role as CEO. For her remarkable accomplishments and background, it’s pleasure to pick her brain on the secrets of deals, and deal-driven growth. THE IMPORTANCE OF PREPARATION IN DEAL-MAKINGPreparation in deal-making is crucial for ensuring a successful outcome. With her extensive experience in banking and as a CFO of various companies, Gina understand the importance of being well-prepared before entering into any transaction. Companies must be organized and ready for the due diligence process, as it can make a significant difference in the success of a deal – or its failure. Being well-prepared not only increases the chances of a successful outcome, but also helps in avoiding potential issues and conflicts during the deal-making process. For this reason, Gina focuses heavily on coaching clients and potential clients on how to ready for the transactions. Preparation begins far before even engaging with an investment bank. Gina’s proactive approach includes: Organizing filesDigitizing documentsEnsure all licenses are in order THE MINDSET OF A DEAL-MAKERWhile many may think that every businessperson thinks with the mindset of a deal-maker, you’d be surprised to learn that there are a fair few who are more focused on thinking of organic business growth. A deal-maker's mindset encompasses the ability to identify and pursue opportunities for growth through deals. Possessing a deal-maker’s mindset and focusing heavily on creating deal-driven growth includes strategic approach to identifying and capitalizing on opportunities for growth through mergers, acquisitions, and strategic alliances. This mindset requires a deep understanding of the deal-making process, and the ability to navigate the complexities of negotiations and due diligence. A deal-maker’s mindset also includes the ability to handle the pressures and responsibilities that come with deal-driven growth. A deal-maker must be able to handle the financial and operational implications of the deals they pursue, as well as the potential risks and uncertainties that come with them. A deal-maker should strive to be: ResilientAdaptableIn it for the long-termCapable of focusing on the ultimate goal of driving business growth and value creation through successful deals THE IMPACT OF FREEDOM ON BUSINESS AND DEAL MAKINGThere are both personal and professional implications of freedom in the context of deal-driven growth and entrepreneurial endeavors, When individuals have the freedom to make their own choices, it can lead to a sense of empowerment and drive within the business. This can result in a more dynamic and innovative approach to deal-making, as individuals are able to take ownership of their decisions and drive the business forward. With freedom, however, also comes responsibility and pressure. The freedom to make decisions means that individuals are accountable for the outcomes, and this can create a sense of urgency and drive to ensure successful deal-making. To acquire Gina Cocking’s team through Colonnade Advisors, be sure to check out their website, and sign up for their distribution list: https://coladv.com/ • • •For my full discussion with Gina Cocking, and more on this topic and topics not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here• • • FOR MORE ON GINA COCKING:https://www.linkedin.com/in/ginacocking/http://www.site2.com Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.  Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

Matt Putra is a seasoned Chief Financial Officer with a proven track record of scaling, transforming, and financing small and medium-sized businesses. As an accomplished Fractional CFO specializing in eCommerce companies and agencies, Matt brings invaluable financial expertise to the table. His impressive portfolio includes successful collaborations with Eightx, Tru Earth, The Turmeric, and Lusomé, where he played a crucial role in ensuring their financial prosperity. Beyond his role as a Fractional CFO, Matt also serves as a Co-Owner, CFO, and COO at Keep Nature Wild, showcasing his multifaceted capabilities. With a keen ability to approach deals from various angles and a knack for creative problem-solving, Matt ensures that businesses not only survive but thrive by exploring unconventional ways to structure deals, offering unique perspectives on collateral, and crafting deal terms that benefit all parties involved. OPTIMIZING RELATIONSHIPS WITH BOARD INVESTORS In the world of business, it's crucial to ensure that board investors are knowledgeable about the company's financial status without getting too deep into the details. This delicate balance can be achieved through effective financial reporting and communication. By providing board investors with accurate and relevant information, companies can build trust and confidence, ultimately optimizing the relationship for successful business deals. There is great significance of showing acquirers that the company knows how to budget and stick to a budget, as well as demonstrating the ability to meet projections and expectations. Transparency is necessary here, as well as financial discipline and strategic goal setting to optimize relationships with board investors. IMPACT OF FINANCIAL PREPARATION ON COMPANY VALUATIONThere are several key factors that impact a company’s valuation: Proper financial preparation (including budgeting, system analysis, and EBITDA evaluation)Having clean and accurate bookkeepingUnderstanding tax exposureOptimizing financial and operational systems By demonstrating a strong understanding of financial metrics and implementing best practices, businesses can increase their profitability and overall value. Additionally, addressing governance and cleanup issues through meticulous financial preparation can mitigate concerns during due diligence processes, positively impacting potential deals and investments. On the contrary, there are deal-killing consequences of not having proper financial records. This is where having a strong CFO comes in. They will provide financial analysis, strategic planning, and have governance to optimize margins, streamline operations, and prepare the company for growth and potential sale. LEVERAGING FINANCIAL SERVICES FOR GROWTH AND FREEDOMEngaging financial services, such as CFO support, bookkeeping, and financial analysis, can empower entrepreneurs to make informed decisions and drive business growth. These services not only ensure compliance with government regulations but also provide strategic insights for optimizing business operations, identifying growth opportunities, and achieving financial freedom. By leveraging financial expertise, entrepreneurs can navigate deals, acquisitions, and capital raises with confidence and efficiency. The meticulous preparation and reporting of financial information are critical components of successful business deals, valuations, and overall business growth. By prioritizing financial transparency, leveraging professional financial services, and maintaining a strategic focus, companies can optimize relationships with investors, enhance their valuation, and ultimately achieve greater freedom and success in the business world. • • • For my full discussion with Matt Putra, and more on this topic and topics not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here• • • FOR MORE ON MATT PUTRA:https://www.linkedin.com/in/mattputra/https://eightx.co Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.  Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

In my journey as the host of the DealQuest Podcast, I've delved into a myriad of deals, engaging with diverse personalities. Every episode is put together with the intent to share strategies for business growth, aiming to enrich and empower entrepreneurs, business owners, and leaders like you. My mission is to explore untapped avenues and innovative approaches to business growth, ensuring every listener is equipped with insights and tools to expand their horizons and elevate their enterprises to new heights.Often, the discourse is saturated with talks of mergers, acquisitions, and raising capital. While these are fundamental, my objective with the DealQuest Podcast and community extends to opening alternative pathways to business growth, transforming the quintessential entrepreneurial mindset to embody the dealmaker spirit. THE STRATEGY OF RELATIONSHIPSAs I sift through my countless interactions over the years, a recurring theme emerges – the struggle to reconcile the entrepreneurial essence with the dealmaker’s pragmatism. It is a meticulous balance of identity preservation and strategic evolution.Geographic expansion, market penetration, or demographic diversification – the goals are as varied as the entrepreneurs navigating these waters. Beneath the diversity, however, lies a universal truth – the need for strategic collaborations and partnerships not out of necessity, but strategic foresight.Navigating this landscape, the question is not ‘how’, but ‘what’. What is the business conundrum you’re grappling with? For example: The opportunity knocking at your doorstep? Or, the untapped market echoing with the sounds of potential? In the heart of these questions lies the core of strategic alliances and joint ventures waiting to be brought to fruition. LICENSING AND DIVERSIFYING YOUR BUSINESS GROWTH STRATEGYLicensing is not just an avenue for brand exposure; it’s a strategic tool that unlocks passive income streams and fosters exponential growth. It’s more than affixing a renowned brand name to a product — it’s about creating and leveraging brand equity, ensuring that each collaboration enhances and protects the brand’s value.As a business owner, your perspective on licensing can shape your growth trajectory. A technology that takes months, if not years, to develop can be seamlessly integrated into your product or service offering through a strategic licensing agreement, significantly reducing time-to-market and operational costs. EXPANDING YOUR GROWTH STRATEGIES FOR MORE OPPORTUNITIESEvery entrepreneur and business leader must ask themselves: Is your growth strategy diverse enough? If deals are on your radar, are they varied or limited to one or two types? There’s a spectrum of possibilities waiting to be explored, each tailored to unique business objectives and landscapes.For instance, if a full acquisition seems out of reach or misaligned with your current goals, consider joint ventures or early investments. There's an art to utilizing these “steppingstones” to build relationships and potentially pave the way for future mergers or acquisitions.Whether you're looking to harness an untapped opportunity or address a persistent pain point, consider the plethora of deal structures that can propel your business towards its objectives. In the world of deals, variety isn’t just the spice of life; it’s the catalyst for innovation, expansion, and unprecedented growth. • • • For my full discussion, and more on this topic and others discussed not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast. If you want to start getting yourself deal-ready, check out the DealQuest Podcast with Corey Kupfer each week. Featuring industry leaders and newcomers as guests alike, the DealQuest podcast has something for everyone.

Note: I want to share a brief content warning to my readers and listeners regarding this episode with guest Elliot Kallen. While Elliot’s story is powerful and important, there is discussion of teenage mental health and self-harm. If you or someone you know is struggling, please see below for resources. Elliot Kallen stands as an exemplar of leadership, leveraging a profound wealth of expertise amassed over three decades in entrepreneurial endeavors and financial advisory services. With a commitment to excellence, Elliot is the driving force behind Prosperity Financial Group, Inc., drawing from his experience as a CEO of two other companies and an international business builder. Beyond his prowess in the financial realm, Elliot is a sought-after keynote speaker, gracing platforms for charities, podcasts, and radio shows to share insights on motivation, leadership, charitable initiatives, marketing strategies, and diverse financial topics. Notably, he serves as the President of A Brighter Day Charity, a 501c(3) organization born from personal tragedy—the loss of his youngest son, Jake, in 2015. A Brighter Day Charity's outreach has profoundly impacted numerous families, solidifying its role as a beacon of hope in the lives of teens and parents alike. THE POWER OF EMPATHY IN ENTREPRENEURSHIPA word you don’t hear frequently when discussing business and dealmaking is “empathy”. Elliot, however, has made it a goal of his to implement this emotion into his business and dealmaking. In fact, he believes it is a crucial trait for entrepreneurs, as it allows them to truly understand and connect with their clients' needs and aspirations. By utilizing empathy within his business and dealmaking, Elliot is enabled to build some of the strongest relationships with his clients. By genuinely caring about his clients’ well-being and success – going so far as to treat them as family – he creates a unique and approachable experience that is unmatched in the financial advisory industry. THE IMPORTANCE OF PERSEVERANCE IN ENTREPRENEURSHIPElliot is no stranger to challenges, not just in his professional life, but also in his personal life. These challenges have highlighted the importance of perseverance for Elliot – and it should be something that all entrepreneurs learn. Perseverance is a crucial trait for entrepreneurs to possess and cultivate. The path of entrepreneurship is often filled with challenges, setbacks, and failures. It requires the ability to keep going despite these obstacles and maintain a relentless pursuit of success. Without perseverance, many entrepreneurs would give up at the first sign of difficulty, missing out on the opportunities and growth that come from pushing through adversity. Frankly put, perseverance is sometimes what separates successful entrepreneurs from those who fall short. A BRIGHTER DAY – RESOURCES TO HELP TEENAGERS IN NEEDMost of us are no stranger to the unbearable weight of mental health and stress. Each year, teenagers face depression and other mental health issues alone, but we need to step up for our youth and let them know they’re not alone. That’s why Elliot started his charity, A Brighter Day. A Brighter Day is a mental health resource that focuses on providing resources and support for teens and their families who are dealing with stress and depression. The aim of A Brighter Day is to prevent teen suicide, and as such, they have been able to reach thousands of families each month with their resources. To learn more about A Brighter Day, please visit their website: https://abrighterday.info  If you or someone you know is struggling, please reach out for help: National Suicide Prevention Hotline: Dial 988Mental Health Community Services: Dial 211Immediate Emergency Services: Dial 911  • • •For my full discussion with Elliot Kallen, and more on this topic and topics not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here• • •FOR MORE ON ELLIOT KALLEN:https://www.linkedin.com/in/elliotkallen/Get Elliot Kallen’s new, best-selling book: Driven: How to Elevate Your Success and Entrepreneur Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.  Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

Ryan Tansom's remarkable journey from reviving his family's $21 million business to its 8-figure sale in 2014 exemplifies his entrepreneurial prowess. As the founder of Arkona and creator of the Intentional Growth™ Framework, he has redefined how entrepreneurs manage their businesses as financial assets, combining educational training with fractional CFO services. A mentor to over 400 entrepreneurs and a sought-after speaker at prestigious forums like Vistage Worldwide and Entrepreneurs Organization, Ryan also hosts the popular Intentional Growth™ podcast, featuring notable guests and amassing over 520k downloads. His story is a beacon of inspiration and strategic insight in the entrepreneurial landscape. Intentional GrowthIn 2019, Ryan created the Intentional Growth Academy. The academy was born out of Ryan's personal experience of reviving his father's business and facilitating its sale. He realized the importance of understanding the value of a business and making intentional decisions to grow and create wealth. The Intentional Growth™ Academy is designed to help middle market entrepreneurs understand and implement the principles of intentional growth in their businesses. The program covers topics such as: Vision planning.Financial targets.Exit options.Value growth.Team building. The goal of the academy is to empower entrepreneurs to make informed decisions and build businesses that create wealth and make an impact.The Five Principles of Intentional GrowthRyan's Intentional Growth™ Academy is built on five key principles that guide entrepreneurs in their pursuit of enterprise value: Vision: Clearly define what you want from your business and understand the why behind your goals. This clarity enables you to make strategic decisions aligned with your long-term vision.Financial Targets: Determine your target equity valuation and desired distributions. By setting specific financial goals, you can create a roadmap for growth and measure progress along the way.   Exit Options: Explore various exit strategies, such as internal transfers, ESOPs, private equity, and strategic acquisitions. Understanding the different deal structures and their impact on your legacy and role allows you to choose the best option for your business.Grow Value: Invest in areas of your business that de-risk cash flow and increase its value. By focusing on factors like sustainable profitability, customer diversification, and operational efficiency, you can enhance the attractiveness of your business to potential buyers.Hire the Right Team: Surround yourself with advisors who understand your goals and can help you navigate the complexities of deals, taxes, estate planning, and more. Building a team of experts ensures that you have the right guidance and expertise to make informed decisions. By adopting the five principles outlined in the Intentional Growth™ Academy, entrepreneurs can create enterprise value, make strategic decisions, and ultimately achieve their long-term goals. Whether you're a seasoned business owner or just starting out, embracing intentional growth can transform your business and unlock its full potential. Get started with The Intentional Growth™ Starter Kit today!The Intentional Growth™ Starter Kit • • •For my full discussion with Ryan Tansom, and more on this topic and topics not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here• • • FOR MORE ON RYAN TANSOM:https://arkona.io/ https://www.linkedin.com/in/ryan-tansom-4a440710/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.  Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

As the leader of Dynasty Financial Partners' Investment Banking division, Harris brings over 15 years of financial services experience to the table. His career journey is marked by significant achievements, including a successful stint at UBS Investment Bank, where he played a pivotal role as an Executive Director in the Financial Institutions Group. During his time at UBS, he was instrumental in originating, leading, and executing strategic M&A and capital market transactions exceeding $10 billion, specifically focusing on the asset and wealth management industry. I’m excited to share Harris’ expertise with you, while discussing the evolving landscape of RIA M&A, as well as discussing equity, industry skepticisms, and what the future looks to have in store for the space. THE SHIFT TO INORGANIC GROWTH STRATEGIESThere is an important mindset shift necessary for advisors moving from organic to inorganic growth strategies. This shift often happens internally, for example, when an advisor excels and seeks equity in the firm, leading CEOs to seek valuation guidance. Other times, it’s about friendly deals between neighboring RIAs or advisors seeking to join a former colleague’s firm. Organic growth, characterized by internally driven expansion such as acquiring new clients or increasing assets under management, is a familiar terrain for most advisors. The shift to inorganic growth, however, such as mergers and acquisitions (M&A), requires a different strategic approach and mindset. Inorganic growth often involves complex negotiations, valuations, and integration processes that aren't typically encountered in organic expansion. THE VALUE OF EQUITY IN M&A TRANSACTIONSHarris also touched on the critical role of equity in M&A transactions. In a high interest rate market, cash is king, but equity can be an even more valuable currency. This is especially true when smaller firms merge with larger ones, allowing for a 'second transaction' opportunity as the larger entity grows and scales. The successful realization of value from equity stakes in M&A transactions relies not only on the timing and execution of the initial deal, but determining whether these equity stakes can be monetized profitable also relies on: The ongoing performance and strategic direction of the merged entityThe overall health of the industryMarket conditionsThe strategic decisions made post-merger INDUSTRY SKEPTICISMWhile optimistic about the future, Harris also acknowledged the skepticism surrounding the industry, citing examples like Focus Financial and United Capital. The success or failure of equity models in the RIA space will largely depend on how these transactions are structured and the strategic decisions of the firms involved. He suggests that a careful approach, focusing on long-term value rather than short-term gains, will be crucial for the success of these equity plays. Harris’ insights into the RIA market highlight the importance of strategic thinking and adaptability in a rapidly evolving industry. His emphasis on the psychological aspects of deal-making, the strategic use of equity, and the need for disciplined underwriting underscores the complexity of modern investment banking in the RIA space. As the industry moves forward into 2024 and beyond, the lessons shared by Harris will undoubtedly play a critical role in shaping the future of RIA mergers and acquisitions. • • • For my full discussion with Harris, and more on this topic and topics not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here• • • FOR MORE ON HARRIS BALTCH:https://dynastyinvestmentbank.com/team/harris-b/https://www.linkedin.com/in/harrisbaltch/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.  Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

With a distinguished career spanning over 25 years, Brian Meegan has been a formidable presence in corporate law, representing U.S. and multinational clients with finesse in a multitude of business transactions. His expertise encompasses M&A, business structuring, contract negotiation, and a suite of other corporate matters including real estate, financing, and governance. Brian's acumen has not only been recognized by his peers but also by prestigious rankings, with his former firm, Evergent Law, earning a spot among America's top law firms for corporate law in Colorado. What makes Brian's journey particularly compelling to me is his recent strategic decision to merge Evergent Law into Kupfer & Associates as of January 1, 2024 – a move that signifies a new chapter both for him and the firm. This merger marks an evolution of Kupfer & Associates including its rebranding to Kupfer., and solidifies Brian's role as my partner, joining forces to scale new heights. It is with immense pleasure and anticipation for the future that I introduce Brian Meegan as my partner at Kupfer. — as well as a guest on the first DealQuest podcast episode of 2024. The Human Element in Deal-MakingWhile contracts and legal framework are essential in deal-making, they are not sufficient to ensure successful partnerships and deals. Enter the human element of deal-making. Building trust, effective communication, and aligning expectations are crucial for establishing strong relationships between parties. Brian sees himself as a “freedom facilitator” for his clients. This means that he aims to help his clients achieve freedom through his legal counsel. He wants to assist them in navigating legal issues and finding solutions that allow them to have more freedom in their personal and professional lives. This makes Brian more than just an advisor who identifies risks and provides explanations. He engages in more personal conversations with his clients, understands their unique situations, and offers guidance based on his own experiences and perspectives. By doing so, he hopes to empower his clients to make informed decisions and take actions that align with their goals and values. Deal Structures and Risk MitigationDeal structures can change based on various factors, such as financing options and market conditions. Deal structuring includes a lot of technical aspects, but Brian believes it’s important to get creative with deal structuring. After the COVID-19 pandemic began, we began to see more and more flexibility in deal-making. As the market conditions changed, both buyers and sellers had to be open to new ideas and approaches. This meant being willing to negotiate on price, structure, and terms to find mutually beneficial solutions. It required a high level of adaptability and a focus on building trust and strong relationships.The goal of risk mitigation is to protect the parties involved and increase the likelihood of a successful outcome. There is a need, however, to balance risk mitigation with the upside opportunity of the deal. Taking risks is often necessary for business success and, in fact, a business cannot thrive without some level of risk-taking. Staying creative in deal structures, as well as being confident and balanced in the risks you take is the epitome of the entrepreneurial mindset. These beliefs and practices of Brian’s is just one of many reasons why I’m honored to be a partner with him in business. • • • For my full discussion with Brian Meegan, and more on this topic and topics not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here• • • FOR MORE ON BRIAN MEEGAN:https://www.linkedin.com/in/briandmeegan/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.  Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

DealQuest Community, as the holiday season approaches, I find myself contemplating the concept of an ideal life. It's a question that often lingers in our minds, especially during this time of year when we reflect on the past and look towards the future. The truth is, tomorrow is not promised, and we have witnessed countless examples of this in our own lives and in the world around us. It serves as a stark reminder that we must strive to live our ideal lives now, rather than waiting for some distant future. In the context of the DealQuest podcast, I ponder how deals can help us achieve our ideal lives. Deals, in all their forms, have the potential to drive growth and create opportunities for us to live the lives we truly desire. Whether it's a merger, capital raising, joint venture, or even a small-scale agreement, deals can be transformative if approached with intention and purpose. As someone who has been involved in deal-driven growth for over three decades, I have witnessed firsthand the power of strategic deals in propelling businesses forward. But deals are not just about financial gain or expansion; they are about aligning our actions with our deepest desires and values. It is crucial to ask ourselves why we are pursuing certain deals and whether they truly contribute to our ideal lives. The holiday season provides an opportunity for introspection. It is a time to evaluate the choices we have made and to envision a brighter future. We must question our motivations and ensure that our deals are not driven solely by external forces or societal expectations. Instead, they should be in harmony with our authentic selves and the lives we genuinely want to create. Building a business or making investments should not be solely for the sake of growth or validation. It should be a means to craft the life we desire. I recall a theme from my EO forum years ago that focused on the "ideal life now." It's a powerful concept that reminds us to seize the present moment and make the most of it. Tomorrow is uncertain, and we owe it to ourselves to live our ideal lives today. As we reflect on the past year and prepare for the new one, let us consider how we can have more of our ideal lives now. Deals can play a significant role in this pursuit. They can be the catalysts for growth, fulfillment, and alignment with our vision and values. By embracing deals that resonate with our deepest desires, we can create a life that is truly meaningful and purposeful. Happy holidays and may the new year bring you closer to the freedom and prosperity that your deal quest holds. • • • For my full discussion, and more on this topic and topics not featured on this blog post: Listen to the Full DealQuest Podcast Episode Here Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast. Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

DealQuest Community, several episodes ago, I introduced a project we’ve been working on – remastering early episodes of the DealQuest podcast into new life. I’m excited to bring you yet again another remastered episode from the start of this podcast. This episode is with a good friend of mine, David Bach, owner of FinishRich Media, and 10x New York Times Bestselling Author.David has authored 13 books, including bestsellers like Smart Women Finish Rich, Smart Couples Finish Rich, and The Automatic Millionaire. At the date of original airing, David’s most recent book was The Latte Factor: Why You Don’t Have to Be Rich to Live Rich. Unlike his previous works, The Latte Factor is a parable that can be read in about an hour. Its primary aim is to inspire millennials, Generation Z, and generations to come to take control of their financial futures, even in the face of student loans and credit card debt. TAKING CONTROLDavid has made a name for himself by helping individuals take control of their financial futures. In this engaging conversation, they delve into David's journey, his principles of financial literacy, and his approach to making successful deals.To start, there is importance of having a clear mission in the world of personal finance. David’s journey began with the mission to educate and empower women to be smarter with their money. Through books like Smart Women Finish Rich, he started a lifelong commitment to financial education.Bach's core principles include automating savings, paying oneself first, and making small changes in spending habits to achieve significant results. He practices what he preaches: Ensuring that he aligns his actions with his mission. LEVERAGING LICENSING DEALS FOR RESIDUAL INCOMEOne of David's distinctive approaches is his focus on licensing deals. Instead of offering one-time consulting or training services, he creates valuable intellectual property (IP) that can be licensed repeatedly. This strategy allows him to amplify the impact of his mission while generating ongoing licensing fees, resulting in residual income. David’s key lessons from licensing deals include: Protect Your IP: Trademark and protect your intellectual property to safeguard your unique content.Seek Mission-Aligned Partnerships: Partner with organizations that share your mission and goals for a win-win collaboration.Think Long-Term: Focus on licensing arrangements that offer ongoing revenue rather than one-time project fees. CHARACTERISTICS OF A GREAT DEALMAKERWe often discuss on this podcast what truly makes a dealmaker. According to David, a dealmaker should possess certain characteristics: Optimism: dealmakers are optimists who believe in creating win-win situations for all parties involved.Flexibility: They can adapt to the needs and wants of others while pursuing their objectives.Due Diligence: It's crucial to research the people and companies you're dealing with to ensure alignment and integrity.Authenticity: dealmakers should be authentic negotiators, transparent about their goals and expectations. Incorporating these characteristics into their approach, dealmakers like David can navigate complex negotiations, build lasting partnerships, and achieve their missions while benefiting all parties involved.David's journey from financial literacy advocate to successful dealmaker is a testament to his authenticity, mission-driven approach, and commitment to empowering others – all of the things that not just David, but many other leaders in the space, believe is what makes a great dealmaker. His story serves as an inspiration to all those looking to create wealth, live authentically, and make a positive impact on the world of finance. • • •For my full discussion with David Bach, and more on this topic and topics not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here• • • FOR MORE ON DAVID BACH:https://www.linkedin.com/in/david-bach/https://davidbach.com/ Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast. Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

This week on the DealQuest Podcast, I had the pleasure to host guest Brett Martin, co-founder of Kumospace, a virtual office software for teams and events. Kumospace takes the unique experience of in-office work – where there is culture and community – and brings it to a post-COVID world, where working from home is commonplace. Furthermore, he is the Co-Founder & Managing Partner of Charge Ventures, a pre-seed-focused venture fund. When it comes to business in the technology age, success often depends on a combination of entrepreneurial vision and technological innovation – and Brett embodies this dynamic spirit of entrepreneurship and technology. Brett truly is at the forefront of reshaping the way we work and invest in the digital age. WORK IN THE TECHNOLOGY AGEIn a post-pandemic world, the concept of work has undergone a profound transformation. Remote work, once seen as a novelty, has become a mainstream way of conducting business. This opens the way for innovative solutions to emerge, and bridge the gap between virtual teams. One such solution is Kumospace, the brainchild of Brett himself. The pandemic forced many companies to reevaluate their traditional office setups. Even those not traditionally seen as tech-savvy, like law firms, found themselves having to adapt to the virtual workspace. Brett’s own journey into the world of remote work began in 2012, where he realized that most meetings could be conducted virtually. The shift towards remote work has highlighted the need for technology that not only enables remote collaboration but also fosters a sense of connection and engagement among team members. Companies as well are looking for unified solutions that can bring together various remote work tools and create a seamless experience for distributed teams. This new paradigm demands more than just a collection of disparate tools; it calls for integrated platforms like Kumospace. YOUR OFFICE… IN YOUR COMPUTER?Certainly, we’ve all heard the joke “This could have been an email,” instead of making a commute to work for a quick meeting. Kumospace solves that sentiment, requiring a person to merely open their computer to get the memo. Kumospace is not just another video conferencing platform – it's a virtual office, literally. Imagine a digital workspace where your team can gather, collaborate, and communicate seamlessly, as if they were physically present in the same room. Kumospace offers a unified video chat platform that transcends the limitations of traditional virtual meetings.  MORE ABOUT BRETT’S WORKSPeople have grown to appreciate the flexibility of remote work, with benefits like no commutes and more time with family. There are, however, still elements of the office environment that people miss, such as spontaneous interactions and quick questions. Kumospace aims to bridge this gap by offering a virtual office experience that combines the best of both worlds. Be sure to check out Kumospace now to see if it might be right for your team: www.kumospace.comIn addition to Kumospace, Brett serves as the head of Charge Ventures, a pre-seed venture capital fund. With a focus on the New York City startup ecosystem, Charge Ventures has invested in nearly 70 portfolio companies. Brett emphasizes the importance of founder-market fit. Whether it's a first-time founder with a unique insight or a seasoned entrepreneur, their main criteria revolve around the founder's deep connection to the problem they aim to solve. To learn more about Charge Ventures, check them out today: www.charge.vc • • • For my full discussion with Brett Martin, and more on this topic and topics not featured on this blog post:Listen to the Full DealQuest Podcast Episode Here• • •FOR MORE ON BRETT MARTIN:https://www.linkedin.com/in/brettlucasmartin/www.kumospace.comwww.charge.vc Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.  Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

Opening Your Dealmaker’s Mindset for Better Deals On this podcast we discuss the dealmaker’s mindset often. It’s important to know there is no one singular way to achieving an efficient and successful mindset, however, there are plenty of core principles that help to grow your dealmaking skills. In turn, you can fix yourself to become a better dealmaker. In this episode, I want to discuss both the pitfalls many fall into, and ways to help you avoid those pitfalls - we’ll delve deep to equip you with tools that empower you to forge deals that are not only lucrative but also sustainable. JUMP, BUT NOT TO CONCLUSIONS As we navigate the intricate world of business and deals, the lesson is clear: Jumping to conclusions is a surefire way to miss out on untapped opportunities, limit innovation, and stifle potential growth. A balanced, open, and informed mindset not only fosters a deeper understanding but unveils paths to creativity, collaboration, and unprecedented success. In this ever-growing landscape, adaptability, continuous learning, and a nuanced perspective are our most valued companions, steering us towards not just profitability, but also sustainable and impactful business success. Every interaction, deal, and business venture is an opportunity to learn, grow, and redefine the boundaries of what’s possible, if only we approach it with an open heart and a discerning mind. NUANCES AND YOUR MINDSET In a world inundated with information and narratives, the ability to sift through the noise, to pause and reflect, and to embrace a more nuanced, informed perspective is not just a virtue but a necessity. Every story deserves its examination, every deal its scrutiny, and every partnership its unique appraisal. By engaging with the complexities, acknowledging the dual narratives, and venturing beyond surface-level perspectives, we arm ourselves with the informed viewpoint critical for success in the intricate, multifaceted world of business and deals. In this realm, the nuanced perspective is not just a competitive advantage - it is the cornerstone of informed decision-making, strategic foresight, and sustainable success. WHAT MAKES A GREAT DEALMAKER? In the world of deals, an open mindset serves as a compass, guiding entrepreneurs through the intricate terrains of opportunities and challenges. It fosters a culture of learning, adaptability, and informed decision-making. This doesn't advocate for indiscriminate acceptance but calls for a balanced evaluation process, where opportunities are not dismissed prematurely, and decisions are informed, strategic, and objective. Great dealmakers exhibit characteristics of: * Openness * Flexibility * A learning orientation They approach opportunities with a mindset devoid of rigidity, fully aware that each deal, like every story, has multiple facets. In the complex landscape of private equity, franchising, and business partnerships, a balanced and informed approach is not just beneficial, but necessary. As we each continue our journeys in the deal-making space, let us commit to cultivating an open, informed, and balanced mindset. By avoiding the pitfall of jumping to conclusions and embracing a learning and evaluative approach, we position ourselves, our businesses, and our deals for success.  Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast. Get deal-ready with the DealQuest Podcast with Corey Kupfer, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!