selling a business Archives - Business RadioX ®

Will Lee on What Drives Business Value at Exit

April 8, 2026 by John Ray

Will Lee, Applied Economics, on Valuation Myths, ESOPs, and Why Exit Planning Can't Wait (The Exit Exchange, Episode 26) with host John Ray

North Fulton Studio

Will Lee on What Drives Business Value at Exit

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Will Lee, Applied Economics, on Valuation Myths, ESOPs, and Why Exit Planning Can’t Wait (The Exit Exchange, Episode 26)

In this episode of The Exit Exchange, host John Ray welcomes Will Lee, Managing Director at Applied Economics, for a wide-ranging conversation on business valuation, ESOPs, and the cost of waiting too long to plan a business exit.

Will explains why valuation is both an art and a science and why the “country club valuation,” where an owner benchmarks against what a friend received for his trucking company in 2022, can lead to painful surprises. He walks through the three things that actually drive value: cash flows, growth, and risk. He also discusses the increasing importance of AI tools in valuation and their limitations, particularly in identifying concentrations and risks that an owner may not disclose.

The conversation also covers ESOPs in depth: how they work, what kinds of companies are suitable candidates, and why they have become an increasingly attractive option for owners who want to protect employees and preserve their legacy rather than hand the keys to an outside buyer with promises that nothing will change. Will draws on a standout success story involving a small Winder, Georgia, manufacturer facing a French multinational, where his team helped turn a $7.5 million LOI into a $14 million closing.

The host of The Exit Exchange is John Ray, and the show is produced by John Ray and North Fulton Business Radio, LLC, the North Fulton affiliate of Business RadioX®.

Key Takeaways from This Episode

Business owners often rely on outdated rules of thumb or “country club valuations” to estimate what their company is worth, both of which can be seriously misleading depending on market conditions and the specifics of the business.
The three factors that consistently drive valuation are cash flows, growth, and risk. Owners who work on all three well in advance of a sale give themselves the best chance of a strong outcome, regardless of market timing.
ESOPs serve as a viable and often overlooked exit strategy for owners seeking continuity, employee retention, and legacy preservation, especially in industries such as architecture, engineering, and construction, where traditional sales often result in talent loss.
AI tools and valuation software can be useful starting points, but they cannot replicate the judgment required to assess customer concentration, key-person risk, or the nuanced risk factors that drive defensible, professional valuations.
Exit planning that starts too late forces owners to focus on the sale process at exactly the wrong time, when their attention should be on keeping the business healthy and the numbers moving in the right direction.

Topics Discussed in this Episode

00:25 Introduction and welcome to Will Lee
02:13 Will’s background and how he joined Applied Economics
04:00 Working for free in the break room and earning a full-time offer
05:49 Why business valuation offers more variety than most finance careers
06:48 What business valuation actually is and how fair market value is defined
08:06 Reconciling fair market value with “something is worth what someone will pay for it”
09:40 The difference between a business valuator and an investment banker
12:18 Why business owners should get a valuation beyond the legally required moments
15:58 Common misconceptions owners have about what their business is worth
18:23 When AI tools and software are useful and when they fall short in valuation
19:33 When to hire a professional valuator and what the IRS requires
20:21 What distinguishes Applied Economics from other valuation firms
26:30 ESOPs defined and why they are becoming more popular
30:07 What kinds of companies are good ESOP candidates
33:03 When business owners should start exit planning and what happens when they wait
35:41 Why Will joined XPX Atlanta and what it offers lower middle market business owners
39:06 The importance of specialized advisors, including a discussion of sales tax nexus
40:56 Symptoms that tell a business owner it is time to call Applied Economics
42:30 Success stories: the Winder, Georgia manufacturer and other deals
45:30 How to reach Will Lee and Applied Economics

Will Lee, Applied Economics

Will Lee is a Managing Director with Applied Economics, where he has worked since 2006. He provides business valuation, investment banking, and ESOP advisory services, with experience across gift and estate tax planning appraisals, purchase price allocations, lost profits and economic damages analyses, fairness and solvency opinions, litigation support, and valuations of intangible assets. He became a partner at Applied Economics in 2012 and, in 2020, joined two colleagues in buying out the firm’s founder. He holds the ASA credential and a BBA from the Terry College of Business at the University of Georgia.

Website | LinkedIn

Applied Economics

Applied Economics is an Atlanta-based financial advisory firm founded in 1998, specializing in business valuation, investment banking, and ESOP advisory services. The firm serves a broad range of clients, from growth-stage technology companies to Fortune 100 multinationals, including privately held middle market businesses, private equity portfolio companies, healthcare systems, and nonprofit organizations. Applied Economics performs more than 200 advisory engagements annually for purposes that include financial reporting, gift and estate tax planning, mergers and acquisitions, ESOP administration, and litigation support.

Website

The Exit Planning Exchange Atlanta

The Exit Planning Exchange Atlanta (XPX) is a diverse group of professionals with a common goal: working collaboratively to assist business owners with a sale or business transition. XPX Atlanta is an association of advisors who provide professionalism, principles, and education to the heart of the middle market.

Their members work with business owners through all stages of the private company life cycle: business value growth, business value transfer, and owner life and legacy. Their vision: to fundamentally change the trajectory of exit planning services in the Southeast United States. XPX Atlanta delivers a collaboration-based networking exchange with broad representation of exit planning competencies. Learn more about XPX Atlanta and why you should consider joining our community by following this link.

The host of The Exit Exchange is John Ray, and the show is produced by North Fulton Business Radio, LLC, the North Fulton affiliate of Business RadioX®, in Alpharetta. The show archive can be found by following this link.

John Ray Co. is a Gold Sponsor of XPX Atlanta.

Diana Murphy on Navigating Deep Impact Experiences as a Leader

January 28, 2026 by John Ray

How High-Capacity Leaders Can Navigate Deep Impact Experiences Without Their Business Falling Apart: Diana Murphy on Moving Beyond the "Push Through" Culture (The Price and Value Journey, Episode 158), with host John Ray

North Fulton Studio

Diana Murphy on Navigating Deep Impact Experiences as a Leader

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How High-Capacity Leaders Can Navigate Deep Impact Experiences Without Their Business Falling Apart: Diana Murphy on Moving Beyond the “Push Through” Culture (The Price and Value Journey, Episode 158)

Diana Murphy, a certified life coach who works with high-capacity leaders, joins host John Ray on The Price and Value Journey to discuss navigating deep impact experiences. These are the moments that shake your sense of who you are—divorce, illness, losing someone you love, but also changes that are supposed to be good news like retiring, selling your business, or leaving corporate to start your practice.

Diana explains why these experiences create disorientation rather than just stress, what happens when high-capacity people hit their tipping point, and why the “push through” culture most leaders have been rewarded for is exactly the wrong approach. The first steps involve honoring the gravity of your experiences, recognizing when you need outside support, and understanding why investing time in emotional work yields significant clarity and groundedness.

Diana also explains why service professionals whose expertise is mental need this work most, how disruption affects your ability to serve clients, and why the advisors who take the best care of themselves grow the best businesses. This episode will help you recognize when you or someone on your team needs support and see why slowing down to process emotions actually leads to better business decisions.

The Price and Value Journey is presented by John Ray and produced by North Fulton Business Radio, LLC, an affiliate of the Business RadioX® podcast network.

Key Takeaways You Can Use from This Episode

Deep impact experiences create disorientation, not just stress. When high-capacity leaders hit their tipping point, they wake up every day and things aren’t like they’ve been.
The “push through” culture fails during deep impact experiences. Grief, despair, and deep sadness can’t be pushed through without consequences like burnout or shutdown.
Even good changes create identity shifts. Even though you choose to retire, sell your business, or leave corporate, these changes often bring unexpected grief and disorientation.
Honor the gravity of your situation instead of rushing to feel better. You don’t need positive emotions to make good decisions.
Get resources when you’re overwhelmed. High-capacity people often wait too long because they think they should handle it themselves.
The investment of time in emotional work multiplies your clarity. When you process and stay grounded in your values, every decision you make has a longer-range impact.
Service professionals, whose expertise lives in their heads, need this work most. When you’re disrupted emotionally, your ability to serve clients suffers.

Topics Discussed in this Episode

00:00 Introduction
01:02 Meet Diana Murphy: Life Coach for High-Capacity Professionals
01:59 Understanding Deep Impact Experiences
04:34 Disorientation vs. Stress
06:09 Patterns in Deep Impact Situations
10:01 Identity Shifts in Positive Changes
17:19 Cultural Challenges in Honoring Grief
20:26 Supporting Others Through Deep Impact Experiences
22:04 The Power of Presence in Supportive Relationships
24:03 Personal Growth Through Coaching and Self-Care
24:50 Understanding the ‘Both-And’ Experience
28:44 Processing Emotions for Personal and Professional Growth
31:38 Honoring the Gravity of Life’s Challenges
34:34 Balancing Excitement and Grief in New Ventures
37:43 Practical Steps for Business Owners in Crisis
42:01 The Importance of Self-Care for Service Professionals
44:53 Conclusion and Contact Information

Diana Murphy, Diana Murphy Coaching

Diana Murphy is a life and mindset coach for CEOs and high-impact leaders who want to lead with integrity and heart while reclaiming their well-being and relationships. Through her firm, Diana Murphy Coaching, she helps clients move from overwhelm and constant firefighting into grounded, intentional, and strategic leadership, with a focus on honoring their own needs rather than self-sacrifice.

Drawing on her certified training with The Life Coach School and equity-centered coaching foundations, Diana guides leaders through major personal and professional transitions, helping them build emotionally resilient, values-driven lives and businesses. Her work centers on developing self-awareness without self-judgment, navigating emotions, making intentional decisions, and creating sustainable rhythms between work and life.

Based in the Atlanta area, Diana supports clients through private coaching, live events, and The Leader’s Table podcast, where she hosts powerful conversations for leaders who are learning that success does not have to come at the cost of their health or closest relationships.

Website | LinkedIn

John Ray, Host of The Price and Value Journey

John Ray, Author of The Generosity Mindset and Host of The Price and Value Journey — John Ray, Author of *The Generosity Mindset* and Host of *The Price and Value Journey*

John Ray is the host of The Price and Value Journey.

John owns Ray Business Advisors, a business advisory practice. John’s services include business coaching and advisory work, as well as advising solopreneurs and small professional services firms on their pricing. John is passionate about the power of pricing for business owners, as changing pricing is the fastest way to change the profitability of a business. His clients are professionals who are selling their expertise, such as attorneys, CPAs, accountants and bookkeepers, consultants, coaches, marketing professionals, and other professional services practitioners.

John is a podcast show host and the owner of North Fulton Business Radio, LLC, an affiliate of Business RadioX®. John and his team work with B2B professionals to create and conduct their podcast using The Generosity Mindset® Method: building and deepening relationships in a non-salesy way that translates into revenue for their business.

John is also the host of North Fulton Business Radio. With over 900 shows and having featured over 1,300 guests, North Fulton Business Radio is the longest-running podcast in the North Fulton area, covering business in its region like no one else.

John’s book, The Generosity Mindset: A Journey to Business Success by Raising Your Confidence, Value, and Prices

John Ray is the author of the five-star rated book The Generosity Mindset: A Journey to Business Success by Raising Your Confidence, Value, and Prices, praised by readers for its practical insights on raising confidence, value, and prices.

If you are a professional services provider, your goal is to do transformative work for clients you love working with and get paid commensurate with the value you deliver to them. While negative mindsets can inhibit your growth, adopting a different mindset, The Generosity Mindset®, can replace those self-limiting beliefs. The Generosity Mindset enables you to diagnose and communicate the value you provide to clients, which allows you to price your services more effectively in order to receive a portion of that value.

Whether you’re a consultant, coach, marketing or branding professional, business advisor, attorney, CPA, or work in virtually any other professional services discipline, your content and technical expertise are not proprietary. What’s unique, though, is your experience and how you synthesize and deliver your knowledge. What’s special is your demeanor or the way you deal with your best-fit clients. What’s invaluable is how you deliver outstanding value by guiding people through massive changes in their personal lives and in their businesses that bring them to a place they never thought possible.

Your combination of these elements is unique in your industry. There lies your value, but it’s not the value you see. It’s the value your best-fit customers see in you.

If pricing your value feels uncomfortable or unfamiliar to you, this book will teach you why putting a price on the value your clients perceive and identify serves both them and you, and you’ll learn the factors involved in getting your price right.

The book is available at all major physical and online book retailers worldwide. Follow this link for further details.

Connect with John Ray:

Website | LinkedIn | Email

Business RadioX®: LinkedIn | Twitter | Facebook | Instagram

Succession Planning with Steve Fisher and Bryan Preston

November 13, 2025 by John Ray

Family Business Radio

Succession Planning with Steve Fisher and Bryan Preston

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Succession Planning with Steve Fisher and Bryan Preston (Family Business Radio, Episode 70)

In this episode of Family Business Radio, host Anthony Chen is joined by Steve Fisher from Strategy Partners Group and Bryan Preston from Gaelic Business Solutions for a candid conversation about the real challenges that prevent family businesses from growing and transitioning successfully.

Steve shares how his journey from being an engineer to becoming a longtime CFO, which included navigating a stressful acquisition and downsizing, ultimately led him to advise business owners on strategic, operational, and financial issues. He explains why most businesses plateau because the owner becomes the bottleneck, how weak financial reporting and “shoebox” accounting quietly destroy valuation, and why a buyer is purchasing the company’s future potential, not the owner’s heroic history.

Bryan draws on his corporate background and his experience growing up in a declining mill town to explain why healthy small businesses are vital to the communities they serve. He discusses the danger of running a family business like a family instead of a business, how to free up owner time by building repeatable processes and delegating effectively, and why owners should be spending a significant portion of their week working on the business instead of just in it.

Together, Steve and Bryan present practical low-hanging fruit that family business owners can address immediately, including establishing clean books and standard operating procedures, as well as tackling difficult questions about succession, legacy, and the true requirements for successfully passing the torch.

Family Business Radio is underwritten and brought to you by Anthony Chen with Lighthouse Financial Network. The show is produced by John Ray and the North Fulton affiliate of Business RadioX®.

Key Takeaways from This Episode

Start with the end in mind. Steve says owners should think about their exit when starting a business, as every owner will leave eventually, and the only question is how much control they will have over that transition.
Owner dependency kills value. Both guests note that the greater the business’s reliance on the owner’s daily involvement and crisis management, the less attractive and valuable it becomes to potential buyers or future successors.
Clean financials are nonnegotiable. Many family businesses rely on checkbook accounting or neglect their balance sheets and cash flow, making it difficult to run the company and even harder to sell it. Establishing solid, understandable financial statements is a foundational step.
Documented processes are an asset. Written, current, and consistently followed standard operating procedures make a business more turnkey, easier to scale, and significantly more appealing to successors or acquirers who need to understand how operations function without the owner’s presence.
Delegation is about trust and monitoring. When owners refuse to delegate responsibilities to capable team members, it often indicates a trust issue, either regarding the employee or the owner’s ability to supervise effectively. Learning to delegate tasks and then monitor the results is essential for growth.
Family must act like a business at work. Bryan highlights that family dynamics, charitable payroll decisions, and unresolved personal issues can undermine performance and value. Buyers will not pay to support family dynamics, so these issues must be addressed well before any transition.

Topics Discussed in this Episode

00:00 Introduction to Family Business Radio

00:41 Meet Steve Fisher: From Engineer to CFO

02:03 The Rise of Fractional CFO Services

03:16 Challenges in Family Businesses

05:10 Succession Planning Insights

08:09 Personal Experience and Lessons Learned

10:01 Common Mistakes in Family Businesses

12:30 The Importance of Delegation

19:28 Unique Client Stories

21:53 Future Aspirations and Goals

24:52 Introduction to Bryan Preston

25:02 Bryan’s Corporate Journey

25:46 Helping Small Businesses

29:07 Challenges in Delegation

30:51 Vision and Growth

33:13 Succession Planning

36:15 Family Business Dynamics

38:15 Final Thoughts and Contact Information

43:51 Closing Remarks and Financial Advice

Steve Fisher, Founding Partner, Strategy Partners Group

Steve Fisher, Strategy Partners Group, on Family Business Radio with host Anthony Chen — **Steve Fisher, Strategy Partners Group**

Steve Fisher is the founder of Strategy Partners Group and brings more than 30 years of leadership experience as a CFO, management consultant, and advisor to growing companies. With a background in industrial engineering from Virginia Tech and a long tenure as CFO of a national financial services firm, he helps business owners and executive teams improve financial performance, manage risk, and build companies that are prepared for growth or exit. His expertise includes financial analysis and modeling, regulatory compliance, process improvement, and building monitoring and accountability systems that support better decision-making.

Known for making complex financial topics understandable to non-financial leaders, Steve has co-developed and delivered “Finance for Everyone,” contributed as a subject matter expert to executive training programs, and spoken to groups ranging from Emory University’s continuing education programs to private business networks. Through Strategy Partners Group, he works with C-suite leaders to design and support strategic, value-enhancing initiatives across their organizations, including succession and exit strategy planning.

Website | LinkedIn

Bryan Preston, Owner, Gaelic Business Solutions, LLC

Bryan Preston is the owner of Gaelic Business Solutions, LLC, a consulting firm focused on small and mid-sized businesses. He brings more than 30 years of executive experience from large organizations, where he served in roles such as Vice President of People and Culture, Senior Vice President of Talent Management and Community Relations, Interim CIO, Senior Vice President of Marketing and Product Management, Managing Director of New Product Development, Vice President and Business Unit Leader, and Vice President of Operations. Bryan holds a bachelor’s degree in quantitative economics from Framingham State University. Bryan has been married to his wife, Lori, for 39 years, and together they have three grown children and five grandchildren.

Gaelic Business Solutions partners with mid-market leaders who have outgrown basic business tactics but do not fit the mold for enterprise playbooks. Using its Mid-Market Optimization Method™, the firm provides strategic advice grounded in Bryan’s cross-industry executive experience. The focus is on practical, executive-level insight tailored for operators who want results and clarity, not theoretical frameworks or unnecessary complexity that slows execution.

Website | LinkedIn

Anthony Chen, Host of Family Business Radio

Family Business Radio is sponsored and brought to you by Anthony Chen with Lighthouse Financial Network. Securities and advisory services are offered through OSAIC, member FINRA/SIPC. RAA is separately owned, and other entities and/or marketing names, products, or services referenced here are independent of OSAIC. The main office address is 575 Broadhollow Rd., Melville, NY 11747. You can reach Anthony at 631-465-9090, ext. 5075, or by email at anthonychen@lfnllc.com.

Anthony Chen started his career in financial services with MetLife in Buffalo, NY, in 2008. Born and raised in Elmhurst, Queens, he considers himself a full-blooded New Yorker while now enjoying his Atlanta, GA, home. Specializing in family businesses and their owners, Anthony works to protect what is most important to them. From preserving to creating wealth, Anthony partners with CPAs and attorneys to help address all of the concerns and help clients achieve their goals. By using a combination of financial products ranging from life, disability, and long-term care insurance to many investment options through Royal Alliance, Anthony looks to be the eyes and ears for his client’s financial foundation. In his spare time, Anthony is an avid long-distance runner.

Follow this link to access the complete show archive of Family Business Radio.

Navigating Family Business Succession and Sale: Insights from Rick Calabrese and Joe Bergin, Commonwealth M&A, and Lyle Newkirk, SeatonHill Partners

May 21, 2025 by John Ray

Navigating Family Business Succession and Sale: Insights from Rick Calabrese and Joe Bergen, Commonwealth M&A, and Lyle Newkirk, SeatonHill Partners, on Family Business Radio podcast with host Anthony Chen, Lighthouse Financial

Family Business Radio

Navigating Family Business Succession and Sale: Insights from Rick Calabrese and Joe Bergin, Commonwealth M&A, and Lyle Newkirk, SeatonHill Partners

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Navigating Family Business Succession and Sale: Insights from Rick Calabrese and Joe Bergin, Commonwealth M&A, and Lyle Newkirk, SeatonHill Partners (Family Business Radio, Episode 64)

In this episode of Family Business Radio, host Anthony Chen welcomes three experienced advisors to discuss the intricacies of planning for family business succession and sale. Rick Calabrese and Joe Bergin from Commonwealth M&A share their personal journeys and expertise in assisting small businesses with transitions, covering topics such as business valuation, the emotional aspects of selling, and the importance of having a professional advisor. Lyle Newkirk from Seton Hill Partners brings a different perspective, discussing his experience in corporate M&A and the importance of preparation and strategic advisory for small and mid-sized businesses. The discussion includes practical advice on preparing for an exit, the role of private equity, and addressing common misconceptions and pitfalls. The episode aims to provide family business owners with valuable insights to ensure a seamless transition and maximize their business’s value.

Anthony concludes the show by underlining the need for thoughtful retirement planning.

Family Business Radio is underwritten and brought to you by Anthony Chen with Lighthouse Financial Network. The show is produced by John Ray and the North Fulton affiliate of Business RadioX®.

Key Takeaways from This Episode:

Rick Calabrese, Commonwealth M&A

“There’s no perfect time to sell—only the right time, when your goals and your business are aligned.”
Rolling equity (a partial sale with continued involvement) allows owners to take chips off the table now and participate in a second payday later.
Emotional readiness is just as important as financial readiness in family business succession.

Joe Bergin, Commonwealth M&A

“Your business is worth what someone is willing to pay. That’s why process and positioning matter.”
Valuation isn’t just math. It’s about risk, recurring revenue, and how the buyer sees your future cash flow.
M&A advisors aren’t just negotiators. They’re emotional buffers and translators between the parties.

Lyle Newkirk, SeatonHill Partners

“Don’t wait to clean up your books. Due diligence is like a 90-day colonoscopy.”
Many deals fall apart not on price, but on poor preparation, such as missing contracts, inadequate reporting, or emotional resistance.
Fractional executives can professionalize operations, prepare for exit, and give owners a trusted outside perspective.

Anthony Chen, Lighthouse Financial

Retirement planning isn’t just about the numbers; it’s about the lifestyle. Financial success is meaningless without a clear vision of what fulfillment looks like post-exit.
Think beyond the golf course. True retirement satisfaction requires more than vague hobbies. Entrepreneurs must get specific about how they want to spend their time and structure their lives once the business chapter closes.
Plan for retirement well in advance of the proposed deal. Planning for retirement should begin long before a business is sold. Knowing what comes next adds clarity and confidence to the decision to exit.

Topics Discussed in this Episode

00:00 Introduction to Family Business Radio
00:48 Meet the Guests: Rick Calabrese and Joe Bergin
01:01 Background Stories: Rick and Joe’s Family Business Roots
05:31 Understanding Business Valuation
07:41 Timing the Sale of Your Family Business and Family Business Succession
10:17 Options for Partial Liquidity Events
13:45 Misconceptions About Private Equity
17:16 The Importance of M&A Advisors
19:02 Emotional Aspects of Selling a Family Business
23:25 Recognizing When to Step Aside
24:19 Resources for Business Owners
24:37 The Importance of Early Planning
25:46 Introducing Lyle Newkirk
28:01 Common Mistakes in Business Transactions
30:22 Preparing for a Successful Exit
35:05 The Role of Fractional Executives
38:29 Final Thoughts and Key Takeaways

Rick Calabrese, Esq., CPA, LL.M., Co-Founder, Commonwealth M&A

Rick Calabrese is a licensed attorney and certified public accountant in the Commonwealth of Pennsylvania and also has a Masters of Law in Taxation from Villanova University School of Law. Prior to attending law school, Rick obtained a Bachelor of Science in Business Administration (accounting) from the University of Pittsburgh. After law school, Rick worked at “Big 4” accounting firm PricewaterhouseCoopers LLP in Center City, Philadelphia, prior to engaging in the active practice of law primarily in the fields of tax, corporate business, M&A and commercial real estate at suburban Philadelphia-based law firms.

During his time practicing law (which he still does part-time), Rick handled multi-million-dollar transactions for small to medium-sized businesses. While many other clients may have to use multiple advisors on a given transaction, Rick used his unique and specialized tax, business, M&A, and CPA background to assist clients through the entire process of family business succession, from initial planning and structuring to drafting purchase agreements and closing.

Rick now lives with his wife, Lindsey; their son, Luca; and their dog, Maverick, in Chester County, PA. In his free time, you can find Rick out on the links or passionately cheering on the Big 4 Philadelphia sports teams, Villanova basketball, and Pitt Panthers football.

LinkedIn | Firm Website

Joe Bergin, Co-Founder, Commonwealth M&A

Joe Bergin graduated from Penn State University (University Park) with Bachelor’s Degrees in Finance and Economics. Joe is also a Certified Management Accountant and worked at Johnson & Johnson for over a decade spanning multiple roles & responsibilities culminating in a series of roles spent analyzing, structuring, and executing M&A and venture capital transactions.

During his time in Corporate Finance, Joe developed experience and skills ranging from strategic planning to complex financial modeling and business valuation. Joe passionately believes that Commonwealth M&A clients deserve to be represented with the same level of sophistication that Fortune 100 companies receive, regardless of deal size.

Born and raised in West Chester, PA, Joe is a passionate fan of all Philadelphia and Penn State sports. In his free time you can find him spending time with his wife and daughter or attending Penn State football games in the Fall.

LinkedIn | Firm Website

Lyle Newkirk, CFO Partner, SeatonHill Partners

Lyle Newkirk is a CFO partner with SeatonHill Partners. He has over 35 years of experience in CFO and executive finance roles. He has worked with public and private companies based both in the US and internationally, where he developed the strategies to achieve significant top-line revenue growth and helped to facilitate various successful acquisitions and strategic exits, including three exits to Fortune 500 companies. Lyle has extensive experience in technology companies in general and SaaS companies specifically. Lyle’s expertise also includes FP&A, growth planning and tactics, cash management, HR, sales operations, and regulatory compliance

SeatonHill provides organizations financial leadership with a strategic and operational focus by placing elite CFO talent to challenge the business and contribute to operational decisions to achieve results. With their curated talent, their financial leaders guide small and medium-sized businesses through complex financial problems to mitigate risk and achieve organizational goals.

SeatonHill is the fastest-growing CFO services firm in the nation, offering the power of combined thought leadership and the support of the country’s top financial talent to the benefit of all our clients. SeatonHill has offices in Boston, Dallas, Fort Worth, Los Angeles, Austin, Houston, New York, Atlanta, Chicago, Philadelphia, Phoenix, San Diego, and Washington, D.C.

LinkedIn | Firm Website

Anthony Chen, Host of Family Business Radio

The complete show archive of Family Business Radio can be found by following this link.

Secrets to a Successful Business Sale, with Bob Tankesley, Exit Teams

January 16, 2025 by John Ray

Family Business Radio

Secrets to a Successful Business Sale, with Bob Tankesley, Exit Teams

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Secrets to a Successful Business Sale, with Bob Tankesley, Exit Teams (Family Business Radio, Episode 61)

In this episode, Family Business Radio kicks off 2025 with Anthony Chen hosting m&a advisor and author Bob Tankesley. They discuss the intricacies of exit planning for family businesses, including common misconceptions, the importance of thinking like a buyer, and the value of building a strong advisory team. Bob shares insights from his book Exit Teams and highlights the critical factors that can either discount or drive a premium for a business during a sale. They explore the necessity of early strategic planning, the impact of family dynamics, and the rising relevance of human capital in business valuation.

Anthony concludes the show with thoughts on how to find the best advisor.

This episode is essential for any business owner contemplating an exit strategy or seeking to maximize their business value.

Family Business Radio is underwritten and brought to you by Anthony Chen with Lighthouse Financial Network. The show is produced by John Ray and the North Fulton affiliate of Business RadioX®.

Bob Tankesley, Exit Teams

Bob Tankesley is a fourth-generation entrepreneur, an MBA, and a CPA with a keen insight into and understanding of the business owner mindset. As an M&A advisor, he uses his 27 years of experience to sell companies grossing up to $75,000,000 in revenue throughout the southeast U.S., as well as the commercial real estate associated with such holdings. When a company is not ready to sell, Bob regularly partners with advisors of all types to optimize it throughout the ownership lifecycle and is a frequent speaker/educator to owners and their various advisors.

‍Bob’s experience ranges from a division of a Fortune 500 corporation to a Big Four accounting firm to multiple micro-cap and lower mid-market closely held businesses. He also ran his own tax and financial advisory firm for over a decade. For the past 22 years, he has advised over 150 business owners and executives on valuation, market readiness, and proven methods to engage in proper financial management.

Bob’s formal education includes both a BS degree in Accounting (cum laude) from UNC Asheville and an MBA in Finance from Appalachian State University, as well as multiple industry certifications. He is also a co-founder and board member of the Exit Planning Exchange (XPX) Atlanta Chapter.

Exit Teams: Build a Team of Advisors for Your Business Sale to Get a Higher Price

You’ve got one shot to sell your business right!

The American Dream fulfilled! You are a business owner, and it’s time to cash in on the sale of your business. Except the buyers on the other side of the table are prepared with a team of experts ready to lower your price.

Enter Exit Teams. This book won’t give you tactics that don’t pertain to your situation, and it won’t promise you beach chairs and Caribbean sunsets. This book will tell you the truth, letting you know the psychological dangers that play into a business sale, and how buyers can use that psychology to acquire your business for far less than you, the owner, could have made.

Follow along with Dave, the owner of FineLine Manufacturing, who received notice of a health scare, forcing him to think about selling before he’s ready. Dave makes many of the typical business seller moves, getting advice from seemingly logical but misaligned resources. Pressures mount from his employees, his customers, his friends, and his family as he juggles a business sale while maintaining secrecy.

When Dave finally gets an offer, it’s for far less than he had hoped. This sends Dave on a whirlwind of choices that pull him in many directions. Will Dave learn the lessons required to give him the best chance at business sale success before he loses his largest customer?

Exit Teams will:

Alert you to the emotional roller coaster that arises during a business sale.
Educate you to the common pitfalls business owners fall into, often of their own making.
Explain what an Exit Team is, and why they are necessary for the ultimate business sale success.
Warn you of some of the strategies buyers employ to pressure business sellers to lower their price.
Caution you about lifting expectations according to a colleague’s experience (hint: it may not be all he says it is).
Counsel you on how to handle family dynamics during a business sale.
Present you with common decisions made by inexperienced business sellers so you won’t make the same choices.
Display the challenge of secrecy among employees and customers.
Address health challenges and how they often impact the business owner while trying to sell.
Stress the need to understand your company’s value on an ongoing basis.
Provide you with a business selling experience without your having to learn the hard way from real life at the cost of millions of dollars

To order the book, follow this link.

Anthony Chen, Host of Family Business Radio

The complete show archive of Family Business Radio can be found by following this link.

Preparing Your Business For Sale, with Bob Tankesley, Author of Exit Teams

December 4, 2024 by John Ray

North Fulton Business Radio

Preparing Your Business For Sale, with Bob Tankesley, Author of Exit Teams

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Preparing Your Business For Sale, with Bob Tankesley, Author of Exit Teams: Build a Team of Advisors for Your Business Sale to Get a Higher Price (North Fulton Business Radio, Episode 824)

In this edition of North Fulton Business Radio, host John Ray interviews Bob Tankesley, author of the newly released book Exit Teams. Bob discusses his extensive experience in M&A advisory and the motivations behind writing his book. He emphasizes that his book caters specifically to business owners, tackling the emotional and logistical obstacles associated with preparing a business for sale. Bob underscores the importance of having both internal and external teams to optimize the business and make it attractive to buyers. The discussion includes real-life anecdotes and practical advice aimed at helping business owners maximize their exit strategies.

John Ray is the host of North Fulton Business Radio. The show is recorded and produced by the North Fulton affiliate of Business RadioX® inside Renasant Bank in Alpharetta.

Exit Teams: Build a Team of Advisors for Your Business Sale to Get a Higher Price

You’ve got one shot to sell your business right!

Exit Teams will:

Alert you to the emotional roller coaster that arises during a business sale.
Educate you to the common pitfalls business owners fall into, often of their own making.
Explain what an Exit Team is, and why they are necessary for the ultimate business sale success.
Warn you of some of the strategies buyers employ to pressure business sellers to lower their price.
Caution you about lifting expectations according to a colleague’s experience (hint: it may not be all he says it is).
Counsel you on how to handle family dynamics during a business sale.
Present you with common decisions made by inexperienced business sellers so you won’t make the same choices.
Display the challenge of secrecy among employees and customers.
Address health challenges and how they often impact the business owner while trying to sell.
Stress the need to understand your company’s value on an ongoing basis.
Provide you with a business selling experience without your having to learn the hard way from real life at the cost of millions of dollars

To order the book, follow this link.

Bob Tankesley

Topics Discussed in this Episode

00:00 Introduction and Welcome
01:34 Guest Introduction: Bob Tankesley
01:48 The Journey of Writing Exit Teams
02:54 Understanding the Market and Audience
04:42 The Emotional Side of Selling a Business
06:34 Importance of a Strong Team
08:53 Fictional Approach to Business Advice
18:21 Challenges and Realities of Business Sales
19:25 Optimism and Realism in Business Exits
24:10 Final Thoughts and Book Information
25:29 Closing Remarks

Renasant Bank supports North Fulton Business Radio

Renasant Bank has humble roots, starting in 1904 as a $100,000 bank in a Lee County, Mississippi, bakery. Since then, Renasant has become one of the Southeast’s strongest financial institutions, with over $17 billion in assets and more than 180 banking, lending, wealth management, and financial services offices throughout the region. All of Renasant’s success stems from each banker’s commitment to investing in their communities as a way to better understand the people they serve. At Renasant Bank, they understand you because they work and live alongside you every day.

About North Fulton Business Radio and host John Ray

With over 800 shows and having featured over 1,200 guests, North Fulton Business Radio is the longest-running podcast in the North Fulton area, covering business in our community like no one else. We are the undisputed “Voice of Business” in North Fulton!

The show welcomes a wide variety of business, non-profit, and community leaders to get the word out about the important work they’re doing to serve their market, their community, and their profession. There’s no discrimination based on company size, and there’s never any “pay to play.” North Fulton Business Radio supports and celebrates business by sharing positive business stories that traditional media ignore. Some media leans left. Some media leans right. We lean business.

John Ray, Business RadioX - North Fulton, and Owner, Ray Business Advisors — **John Ray, Business RadioX – North Fulton, and Owner, Ray Business Advisors**

John Ray is the host of North Fulton Business Radio. The show is recorded and produced from the North Fulton studio of Business RadioX® inside Renasant Bank in Alpharetta. You can find the full archive of shows by following this link. The show is available on all the major podcast apps, including Apple Podcasts, Spotify, Google, Amazon, iHeart Radio, and many others.

The studio address is 275 South Main Street, Alpharetta, GA 30009.

John Ray also operates his own business advisory practice. John’s services include advising solopreneurs and small professional services firms on their value, their positioning and business development, and their pricing. His clients are professionals who are selling their expertise, such as consultants, coaches, attorneys, CPAs, accountants and bookkeepers, marketing professionals, and other professional services practitioners.

John is the national bestselling author of The Generosity Mindset: A Journey to Business Success by Raising Your Confidence, Value, and Prices.

What is Exit Planning?, with Bill McDermott, Host of ProfitSense

September 24, 2024 by John Ray

North Fulton Studio

What is Exit Planning?, with Bill McDermott, Host of ProfitSense

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What is Exit Planning?, with Bill McDermott, Host of ProfitSense

In this commentary from a recent episode of ProfitSense, Bill McDermott, The Profitability Coach, explains why exit planning is much more than simply selling a business.

Bill’s commentary was taken from this episode of ProfitSense.

ProfitSense with Bill McDermott is produced by John Ray and the North Fulton Studio of Business RadioX® in Alpharetta.

Transcript

I want to talk a minute about “what is exit planning anyway?” Business owners may hear the phrase exit planning thrown around fairly often. But what is exit planning anyway? Every business owner dreams of that sunny retirement, sipping drinks on a beach, free from the daily grind. Yet many of us are so caught up in the hustle that we forget to plan for the big.

What’s next? Exiting our business. Is exit planning just another buzzword, or is there something more to it? At its core, exit planning is about ensuring you can leave your business on your terms. It’s about making sure you just don’t walk away with a nice goodbye card and a piece of cake, but with the financial freedom you’ve worked so hard to achieve.

On one hand, exit planning is a meticulous process. It involves numbers, valuations, legal documents, and sometimes a few uncomfortable conversations. On the other hand, it’s deeply personal. It’s about your legacy, your future, and yes, your dreams. The challenge? Balancing these practicalities with your personal aspirations.

Let’s be honest, this can be overwhelming, but here’s the good news: you don’t have to go it alone. With the right exit planning coaching, you can navigate each step confidently, ensuring your business thrives even after you step away. It’s like having a copilot on that road trip—someone to remind you to check the oil and suggest the best scenic routes.

So whether you’re just starting to think about your exit or are knee deep in the process, remember this. Exit planning. Isn’t just about leaving. It’s about leaving well, and that’s something we can all get behind.

About ProfitSense and Your Host, Bill McDermott

ProfitSense with Bill McDermott dives into the stories behind some of Atlanta’s successful businesses and business owners and the professionals that advise them. This show helps local business leaders get the word out about the important work they’re doing to serve their market, their community, and their profession.

Follow this link to find the show archive.

The show is presented by The Profitability Coach. The Profitability Coach helps business owners improve cash flow and profitability, find financing, break through barriers to expansion, and financially prepare to exit their business.

Bill McDermott is the Founder and CEO of The Profitability Coach. When business owners want to increase their profitability, they don’t have the expertise to know where to start or what to do. Bill leverages his knowledge and relationships from 32 years as a banker to identify the hurdles getting in the way and create a plan to deliver profitability they never thought possible.

Bill currently serves as Treasurer for the Atlanta Executive Forum and has held previous positions as a board member for the Kennesaw State University Entrepreneurship Center, Gwinnett Habitat for Humanity, and Treasurer for CEO NetWeavers. Bill is a graduate of Wake Forest University, and he and his wife, Martha, have called Atlanta home for over 40 years. Outside of work, Bill enjoys golf, traveling, and gardening.

Connect with Bill on LinkedIn and Instagram and follow The Profitability Coach on LinkedIn.

Maximizing Value in Your Business Exit, with Joe Farach, Revenue Igniter Group and Neri Capital Partners

December 18, 2023 by John Ray

North Fulton Business Radio

Maximizing Value in Your Business Exit, with Joe Farach, Revenue Igniter Group and Neri Capital Partners

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Maximizing Value in Your Business Exit, with Joe Farach, Revenue Igniter Group and Neri Capital Partners (North Fulton Business Radio, Episode 734)

On this North Fulton Business Radio episode, host John Ray welcomed Joe Farach, a seasoned expert in business growth and exit planning. Joe’s remarks centered on preparing businesses for sale, process optimization, handling due diligence, and building a robust management team. He further highlighted the need to start considering exit planning as early in the business’s inception as possible to anticipate challenges and ensure a more seamless transition. Other key topics Joe addressed include business valuation, leadership development, overcoming challenges in the selling process, the role of strategic thinking in business growth, and success stories from his work.

North Fulton Business Radio is broadcast from the North Fulton studio of Business RadioX® inside Renasant Bank in Alpharetta.

Joe Farach, Revenue Igniter Group and Neri Capital Partners

Joe Farach brings over 35 years of experience in strategy formulation, business development, market expansion, operations improvement, leadership development, and M&A. He has diverse experience working for global Fortune 500 companies, private family-owned companies, ESOPs, and starting his own business.

His career highlights include starting a manufacturing and service company in Brazil, acquiring and integrating a $200 million multi-plant business in the U.S., turning around a Mexican subsidiary, developing international capital investment projects, and formulating and implementing a global M&A strategy. He also led and grew P&L in companies and divisions ranging from $1 million to $300 million. Joe started his career as a nuclear submarine officer in the U.S. Navy.

Joe is a Certified Exit Planning Advisor and a Certified Mergers and Acquisition Advisor. He holds a B.S. Mechanical Engineering degree from California Polytechnic University, Pomona, and an M.B.A. from Villanova University. In addition to English, he has native fluency in Spanish and Portuguese.

Joe’s LinkedIn Profile | Revenue Igniter Group LinkedIn | Neri Capital Partners website

Questions and Topics in this Interview

00:04 Introduction and Welcome

01:15 Introduction of Guest: Joe Farach

01:27 Discussion on Business Exit Planning

02:58 Joe’s Personal and Professional Journey

08:04 Insights on Business Valuation and Exit Planning

10:47 Challenges in Business Selling and Exit Planning

24:24 Success Stories and Client Experiences

28:02 Contact Information and Closing Remarks

North Fulton Business Radio is hosted by John Ray and broadcast and produced from the North Fulton studio of Business RadioX® inside Renasant Bank in Alpharetta. You can find the full archive of shows by following this link. The show is available on all the major podcast apps, including Apple Podcasts, Spotify, Google, Amazon, iHeart Radio, and many others.

RenasantBank

Renasant Bank has humble roots, starting in 1904 as a $100,000 bank in a Lee County, Mississippi, bakery. Since then, Renasant has become one of the Southeast’s strongest financial institutions, with over $13 billion in assets and more than 190 banking, lending, wealth management, and financial services offices in Mississippi, Alabama, Tennessee, Georgia, and Florida. All of Renasant’s success stems from each of their banker’s commitment to investing in their communities as a way of better understanding the people they serve. At Renasant Bank, they understand you because they work and live alongside you every day.

When Selling Your Business, Think Like a Buyer, with Bill McDermott, Host of ProfitSense

October 3, 2023 by John Ray

North Fulton Studio

When Selling Your Business, Think Like a Buyer, with Bill McDermott, Host of ProfitSense

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When Selling Your Business, Think Like a Buyer, with Bill McDermott, Host of ProfitSense

In this commentary from a recent episode of ProfitSense, Bill McDermott discussed how to think like a buyer when preparing to sell your business.

Bill’s commentary was taken from this episode of ProfitSense.

ProfitSense with Bill McDermott is produced and broadcast by the North Fulton Studio of Business RadioX® in Alpharetta.

TRANSCRIPT

[00:00:00] Bill McDermott: So I want to take a moment and talk to my business owner audience on if you’re selling your business or transitioning ownership whether it be to coworkers or a potential strategic or financial buyer,
[00:00:16] Bill McDermott: we have to think like buyers. Every business owner has a big dream to sell their business, achieve financial freedom, and live life on their terms. But recent studies show that business owners have a concept of the value of their business, but less than half of those have obtained an independent valuation.
[00:00:35] Bill McDermott: How do we know our value corresponds with the market value to a buyer? Selling our business is a lot like selling a home, except the business values are usually much higher. Everyone knows that kitchens and bathrooms sell houses. Location is also critical. Typically to maximize the value, we don’t sell our house ourselves,
[00:00:57] Bill McDermott: we hire a professional agent. They come up with a listing price based on comparable sales and run a process. In the same way, when selling our business, it’s important to think like a buyer. This means understanding what buyers are looking for in a business and how we can position our business to be attractive to potential buyers.
[00:01:18] Bill McDermott: Number one, identify your ideal borrower. Who is our ideal borrower and what are their goals or pain points? Knowing who we’re selling to, we can tailor our marketing materials to appeal to them. Second, Prepare a business for sale. This means cleaning up our financials, updating our marketing materials, and getting our business in top shape.
[00:01:40] Bill McDermott: Many business owners don’t know where to start or what to do in these areas, so hiring a professional to help you is critical. Third, hire a business broker or an M& A advisor. Best to have an independent advisor to handle the marketing of our business, finding potential buyers, and negotiating deal points.
[00:02:03] Bill McDermott: By following these steps, you can increase the chances of selling your business for a fair price and to a buyer who is a good fit for the company.

About ProfitSense and Your Host, Bill McDermott

ProfitSense with Bill McDermott dives into the stories behind some of Atlanta’s successful businesses and owners and the professionals that advise them. This show helps local business leaders get the word out about the important work they’re doing to serve their market, their community, and their profession. The show is presented by McDermott Financial Solutions. McDermott Financial helps business owners improve cash flow and profitability, find financing, break through barriers to expansion, and financially prepare to exit their business. The show archive can be found at profitsenseradio.com.

Bill McDermott is the Founder and CEO of McDermott Financial Solutions. When business owners want to increase their profitability, they don’t have the expertise to know where to start or what to do. Bill leverages his knowledge and relationships from 32 years as a banker to identify the hurdles getting in the way and create a plan to deliver profitability they never thought possible.

Bill currently serves as Treasurer for the Atlanta Executive Forum and has held previous positions as a board member for the Kennesaw State University Entrepreneurship Center and Gwinnett Habitat for Humanity and Treasurer for CEO NetWeavers. Bill is a graduate of Wake Forest University and he and his wife, Martha have called Atlanta home for over 40 years. Outside of work, Bill enjoys golf, traveling, and gardening.

Connect with Bill on LinkedIn and Twitter and follow McDermott Financial Solutions on LinkedIn.

Will Lee, Applied Economics, on Valuation Myths, ESOPs, and Why Exit Planning Can’t Wait (The Exit Exchange, Episode 26)

Key Takeaways from This Episode

Topics Discussed in this Episode

Will Lee, Applied Economics

Applied Economics

The Exit Planning Exchange Atlanta

How High-Capacity Leaders Can Navigate Deep Impact Experiences Without Their Business Falling Apart: Diana Murphy on Moving Beyond the “Push Through” Culture (The Price and Value Journey, Episode 158)

Key Takeaways You Can Use from This Episode

Topics Discussed in this Episode

Diana Murphy, Diana Murphy Coaching

John Ray, Host of The Price and Value Journey

John’s book, The Generosity Mindset: A Journey to Business Success by Raising Your Confidence, Value, and Prices

Connect with John Ray:

Succession Planning with Steve Fisher and Bryan Preston (Family Business Radio, Episode 70)

Key Takeaways from This Episode

Topics Discussed in this Episode

Steve Fisher, Founding Partner, Strategy Partners Group

Bryan Preston, Owner, Gaelic Business Solutions, LLC

Anthony Chen, Host of Family Business Radio

Key Takeaways from This Episode:

Rick Calabrese, Commonwealth M&A

Joe Bergin, Commonwealth M&A

Lyle Newkirk, SeatonHill Partners

Anthony Chen, Lighthouse Financial

Topics Discussed in this Episode

Rick Calabrese, Esq., CPA, LL.M., Co-Founder, Commonwealth M&A

Joe Bergin, Co-Founder, Commonwealth M&A

Lyle Newkirk, CFO Partner, SeatonHill Partners

Anthony Chen, Host of Family Business Radio

Secrets to a Successful Business Sale, with Bob Tankesley, Exit Teams (Family Business Radio, Episode 61)

Bob Tankesley, Exit Teams

Exit Teams: Build a Team of Advisors for Your Business Sale to Get a Higher Price

Anthony Chen, Host of Family Business Radio

Preparing Your Business For Sale, with Bob Tankesley, Author of Exit Teams: Build a Team of Advisors for Your Business Sale to Get a Higher Price (North Fulton Business Radio, Episode 824)

Exit Teams: Build a Team of Advisors for Your Business Sale to Get a Higher Price

Bob Tankesley

Topics Discussed in this Episode

Renasant Bank supports North Fulton Business Radio

About North Fulton Business Radio and host John Ray

What is Exit Planning?, with Bill McDermott, Host of ProfitSense

Transcript

About ProfitSense and Your Host, Bill McDermott

Maximizing Value in Your Business Exit, with Joe Farach, Revenue Igniter Group and Neri Capital Partners (North Fulton Business Radio, Episode 734)

Joe Farach, Revenue Igniter Group and Neri Capital Partners

Questions and Topics in this Interview

When Selling Your Business, Think Like a Buyer, with Bill McDermott, Host of ProfitSense

About ProfitSense and Your Host, Bill McDermott

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