Ben Benson, Apexion Advisors, on M&A Advisory, Transaction Pitfalls, and Preparing Business Owners for Successful Exits (North Fulton Business Radio, Episode 918)
In this episode of North Fulton Business Radio, host John Ray welcomes Ben Benson, Co-Founder and Managing Partner of Apexion Advisors, to discuss the flaws in the traditional M&A advisory model and how these issues can cost business owners millions of dollars. BBen explains the information asymmetry trap, which gives sophisticated buyers, who regularly execute transactions, a significant advantage over business owners who may only sell once in their lifetime.
Ben shares specific examples of how buyers use working capital adjustments to claw back value after closing, sometimes recapturing a million dollars or more through accounting mechanisms that sellers don’t fully understand. He discusses how legal structures like reps and warranties shift risk back to sellers and reveals the hidden costs of deal fatigue, where buyers strategically extend timelines to wear down sellers and create leverage for price reductions.
Ben explains how Apexion takes a different approach by building relationships with business owners years before a transaction, helping them prepare in advance, and creating flexible pricing models that align incentives properly. He covers when business owners should start thinking about M&A preparation, the benefits of alternative structures, like the European lockbox method, and why starting early can help retain significantly more value in a transaction.
John Ray is the host of North Fulton Business Radio. The show is produced by John Ray and North Fulton Business Radio, LLC, an affiliate of Business RadioX®, and is recorded inside Renasant Bank in Alpharetta.
Key Takeaways from This Episode
- The traditional M&A advisory model creates misaligned incentives where bankers are motivated to close deals regardless of whether they serve the seller’s best interests, and sellers subsidize failed transactions through higher fees
- Information asymmetry heavily favors institutional buyers who execute transactions professionally while most business owners go through the process once in a lifetime, allowing buyers to use mechanisms like working capital adjustments to recapture millions in value post-closing
- Hidden costs include deal fatigue from extended timelines and data requests, which buyers use strategically to wear down sellers and create leverage for price reductions
- Starting M&A preparation early, using alternative structures like European lockbox methods, and understanding reps and warranties in advance can help business owners retain significantly more value in transactions
Topics Discussed in this Episode
00:20 John Ray introduces the show and guest Ben Benson
02:13 Ben Benson introduces Apexion Advisors and their M&A advisory services
03:18 Ben’s career journey from CPA to private equity to M&A advisory
05:57 Why the traditional M&A investment banking model is broken
08:36 Misaligned incentives in traditional M&A advisory
09:17 How Apexion builds relationships early to create better outcomes
12:30 The information asymmetry trap in M&A transactions
16:02 How working capital adjustments are used to shift value to buyers
21:21 Legal structures, reps and warranties, and risk allocation
23:26 Hidden costs, including deal fatigue and advisory sprawl
26:18 How Apexion does M&A advisory differently
29:49 When business owners should engage with M&A advisors
31:02 Success stories, including partnership buyouts and debt refinancing
33:16 Contact information and closing
Ben Benson, Co-Founder / Managing Partner
Ben Benson combines extensive experience in finance, strategy, and M&A, shaped by hands-on experience in private equity, investment banking, and corporate strategy & development. After launching his career at PwC, he later managed financial operations and led investment analysis at a $250 million private equity fund. Afterwards, he executed M&A mandates at KeyBanc Capital Markets and Harris Williams. Most recently, he spearheaded strategic initiatives at Corpay and Agilysys, including the $150 million acquisition of Book4Time, Inc. Ben holds a BS in Accounting and an MBA from the Marriott School of Business at BYU and is a licensed CPA in California.
Apexion Advisors
Apexion Advisors is a boutique M&A advisory firm with a clear mission: to guide businesses through pivotal moments and drive strategic transformation.
Renasant Bank supports North Fulton Business Radio
Renasant Bank has humble roots, having started in 1904 as a $100,000 bank located in a Lee County, Mississippi, bakery. Since then, Renasant has grown into one of the Southeast’s strongest financial institutions, boasting over $26 billion in assets and more than 280 offices offering banking, lending, wealth management, and financial services throughout the region. All of Renasant’s success stems from the commitment of each banker to invest in the communities they serve, which in turn helps them better understand the people they serve. At Renasant Bank, their banking professionals understand you because they work and live alongside you every day.
Website | LinkedIn | Facebook | Instagram | X (Twitter) | YouTube
Beyond Computer Solutions supports North Fulton Business Radio
Whether you’re a law firm, medical practice, or manufacturer, there’s one headline you don’t want to make: “Local Business Pays Thousands in Ransom After Cyberattack.” That’s where Beyond Computer Solutions comes in. They help organizations like yours stay out of the news and in business with managed IT and cybersecurity services designed for industries where compliance and reputation matter most.
Whether they serve as your complete IT department or simply support your internal team, they are well-versed in HIPAA, secure document access, written security policies, and other essential aspects that ensure your safety and well-being. Best of all, it starts with a complimentary security assessment.
Website | LinkedIn | Facebook | YouTube
About North Fulton Business Radio and host John Ray
With over 900 episodes and having featured over 1,400 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 invites a diverse range of business, non-profit, and community leaders to share their significant contributions to their respective markets, communities, and professions. There is no discrimination based on company size, and there is never any “pay to play.” North Fulton Business Radio supports and celebrates businesses by sharing positive stories that traditional media ignore. Some media lean left. Some media lean right. We lean business.
John Ray is the host of North Fulton Business Radio. John and the team at North Fulton Business Radio, LLC, an affiliate of Business RadioX®, produce the show, which is recorded inside Renasant Bank in Alpharetta.
The studio is located at 275 South Main Street, Alpharetta, GA 30009.
You can find the entire archive of shows by following this link. The show is accessible on all major podcast apps, such as Apple Podcasts, Spotify, Google, Amazon, iHeart Radio, and many others.
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, bookkeepers, marketing professionals, and other professional services practitioners.
John 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.
