Intentional Growth

Mike Rynchek is the founder of Spyder Trap, a digital marketing consulting agency. He sold it to Bright Health in 2017. He walks me through the history of Spyder Trap and how he transitioned the company for Bright Health’s use. He had to settle client relationships that didn’t fit into Bright’s new direction. Relationship is a big word for Mike. He spent most of his energy focusing on his company’s reputation. As well as building good working relationships with his clients. We discuss how Mike scaled his business and how he prepared it for sale. He also stresses the importance of integrating your work into life, rather than trying to find a “balance.” It is a point that many people don’t consider when they examine their family/work life relationship. You will learn about: Mike’s entrepreneurial background. How Mike got involved in consulting. The services Spyder Trap offered their clients. The milestones that marked Spyder Trap’s growth. Why Mike chose hustle over strategy. The benefits of using a service model. The benefits of maintaining good client relationships. How Mike created recurring revenue in his business. The 3 Rs Mike follows in his businesses. Mike’s goals for the business. The opportunities that lead to Spyder Trap’s sale. Why Mike chose to sell to Bright Health. The emotional side of letting go of clients. The questions you need ask before you consider selling. Finding integration in your work and family life. Mike’s advice to the audience. Takeaway: Mike raises an interesting point about finding integration in your work and family life. There is a difference between integration and balance. Integration is ideal because balance is very unrealistic. Ask yourself what is important to you? How will those things change when you sell? Is that what you want? Ask all these questions and really self-examine yourself before you even consider selling your business. Links and Resources GEXP Collaborative Mike on LinkedIn Mike on Twitter About Mike: Mike Rynchek considers himself a natural born entrepreneur. He began his company Spyder Trap in college at St. Cloud State University. In 2017, he sold the company to Bright Health, a former client. After staying on for a year with Bright Health, he moved onto other endeavors. Mike now works as a consultant for numerous technology companies and Fortune 500 companies.

Everybody thinks about the big payout when they sell their business. However, very few people are prepared for the emotional toll the sale takes on them. My guest today is Laura Rich a successful former journalist who founded a publication called Street Fight. She took her experience of selling that business and built a community for other entrepreneurs who find themselves lost after the post-exit. The Exit Club is a podcast and an online community that helps post-exited entrepreneurs find a new focus and passion. Laura and I discuss the depression that sets in after the business sale. It is real and it is hard to talk about with other people. She tells me about her sale of Street Fight and why she chose to sell. She also offers some insight on what The Exit Club has taught her about the entrepreneur experience. You will learn about: Laura’s background in journalism. The pressures Laura dealt with after her business sold. Laura’s new focus on post-exit transition. Why Laura found her exit from the company isolating. The trouble entrepreneurs have discussing their emotional reactions to their sales. Experiences Laura has heard while doing The Exit Club podcast. How to find your new passion. Why Laura sold Street Fight. The 4 stages of the post-exit transition. Why entrepreneurial post-exit is similar to how athletes, veterans, and retirees experiences. How to avoid getting stuck in your business. The difference of post-exiting with millennials and gen-xers versus baby boomers. The early days of Street Fighter. The questions to ask yourself before you sell your business. How planning can ease post-exiting stress. The due diligence process and the surprises that come up. Why you need to avoid “rebound” businesses. Laura’s main points from today’s conversation. Takeaway: Exiting a business is a complicated and wild emotional ride. It is important that we know as entrepreneurs that we all go through a post-exit lost feeling. You are not alone in the “what now?” feeling. Links and Resources The Exit Club Laura Rich on LinkedIn About Laura: Laura Rich is a former journalist who wrote for Condé Nast, Adweek, Fast Company, The Industry Standard, and others. After moving to Colorado, she founded Street Fight. She sold the company in February of 2017 and found a need for entrepreneurs during the process. Today, she hosts The Exit Club podcast, a show that helps entrepreneurs who have exited their companies cope with the emotional aspect of an exit.

Mike O’Neill is the director at Stone Arch Capital. Stone Arch is a mid-market, mid-western based private equity firm. I met Mike on a panel, during which he gave a very clear and articulate explanation of how the “second bite of the apple” works for companies who work with private equity firms. Today, Mike and I discuss why business owners choose to work with a private equity firm. He also gives us some insight into how it works from the firm’s side of the deal. Mike covers who Stone Arch serves, what they offer to their clients. He also touches on how the firm gets their money and what Stone Arch considers before they enter into a deal. You will learn about: Mike’s background in family business. How he got involved in private equity. Who Stone Arch serves and what they offer them. Private equity customers are the investors. How Stone Arch calculates the value of your business. The importance of maintaining a positive relationship. The 3 reasons people seek out private equity firms. Establishing expectations on both sides of the partnership. Why Stone Arch consults market experts before moving forward. The process of “getting the second bite.” The 3 levers that every business needs to pull to make their private equity deal work. The importance of working with the right people. Being in the business of creating goodwill. Mike’s final advice for my listeners. Takeaways: Planning an exit involves so many decisions. It is important that you research and are aware of all of your options. There is so much to think about that it is okay to seek out advice and counsel. Private equity is an option and it is a lucrative option, but consider everything before you are completely committed. Links and Resources Mike on LinkedIn Stone Arch Capital GEXP Collaborative About Mike: Michael O’Neill joined Stone Arch Capital in 2008. His primary responsibilities include sourcing, reviewing and structuring new investment opportunities for the firm. He also has experience in add-on acquisitions, debt and equity financing and supporting investment management activities from the board level. Prior to joining Stone Arch Capital in 2008, Michael was an investment banker at Lazard Middle Market. While at Lazard Middle Market, Michael focused on mergers and acquisitions transactions within a variety of industries, including industrial products, oil and gas services, business services, food and agriculture, and technology. Mike lives in Edina with his wife, son, daughter and dog. In his spare time, he enjoys running, drinking local beer, and letting the Iowa Hawkeyes get his hopes up. Michael is a graduate of the University of St. Thomas (B.A. in Finance and History) and the Samuel Curtis Johnson Graduate School of Management at Cornell University (M.B.A.).

The co-founder of HAAWK, Inc. Ryan Born joins me for today’s episode. Before HAAWK, Ryan was the founder and CEO of AudioMicro, Inc. AudioMicro was a media rights management company. Its most successful venture was AdRev. Ryan explains what that service was and why he felt it worked. We take the journey with Ryan through AudioMicro’s beginnings, the pivots, the changes in the media rights industry, and what life was like after AudioMicro changed owners. This episode is a great example of the struggle and the hustle many entrepreneurs face on a daily basis. What you will learn about: Ryan’s early career as a CPA. His time with WireImage and what it taught him. The only two things that generate wealth. The changes in the media rights industry. The problems Ryan saw with the system. How AudioMicro and microstock changed the system. How Ryan raised the capital for AudioMicro. The mistakes he made early on in the business. Ryan’s advice for building an effective pitch. Why EBITA is important and not important at the same time. Other factors that buyers look at during a sale. Why you need to break even as soon as possible. The struggles AudioMicro had in the beginning. The list of avenues AudioMicro tried that didn’t work. Why you need to choose your investors wisely. How AdRev worked. Why Ryan didn’t hire an investment banker for his sale of AudioMicro. The indicators that it was time to sell. The dance Ryan and his investors did to get offers. How getting the best offer is like playing poker. The benefit of having a knowledgeable team around you. What happened after AudioMicro sold. The beginnings of HAAWK. The thing Ryan is doing differently with HAAWK. Ryan’s parting words for the audience. Takeaways: Ryan had a great point in today’s interview. If you want to own a business, try. All you can do is try and see what happens. Know what you want in your business and take steps to achieve it. Links and Resources: Ryan Born’s Website Ryan on Twitter About Ryan: Ryan Born started his career in the Atlanta office of Price Waterhouse Coopers’ (PwC) Assurance and Business Advisory Services Practice where he gained experience in an array of industries. He later transferred to New York City to broaden his experience in the firm’s Tax and Legal Services division. After PwC, he served as VP of Finance and Financial Controller at WireImage.com during which time the Company was acquired by Getty Images for $208 million. After WireImage, Ryan angel invested in Internet Marketing Inc. (a 2012 Inc 500 company) and NewCondosOnline.com, the largest one-stop resource for finding and comparing new condo developments, where he also served as CFO. Most recently, he relocated to Los Angeles and founded AdRev / AudioMicro, Inc, which ranked as the #5 fastest growing media company in the USA as part of the 2015 Inc 500, the #1 fastest growing company in the San Fernando Valley (by the SF Valley Business Journal in 2014), the #6 fastest growing company in LA (by the Los Angeles Business Journal in 2014), and the #40 fastest growing company in North America (by the 2015 Deloitte Technology Fast 500). In 2014, Zealot Networks acquired a majority the company for $20 Million and later increased its ownership position in mid-2015.  AudioMicro, Inc. operates 4 brands – AdRev (a YouTube asset administration service & multi-channel network), DashGo (a music distribution platform that distributes music to retailer such as iTunes, Spotify, Pandora, YouTube Music Key, Sound Exchange, Shazam and many more), AudioMicro (a micro stock music & sound effects licensing platform) and ImageCollect (a subscription-based celebrity photo library). The Company is backed by DFJ Frontier, part of the largest VC network in the world with over $7B under management, and Fotolia LLC, a leading stock photo marketplace with over 30 million images that Adobe acquired in December ’14 for $800 million. Ryan graduated Beta Gamma Sigma with an undergraduate degree in Accounting/Marketing & Art history and a Studio Art minor from Emory University.  He possesses a Masters of Accounting Science degree from the University of Illinois at Urbana-Champaign and holds an active CPA license with the State Board of Accountancy of his home state, Tennessee.

My guest today is Jeff Smith. Jeff is a serial entrepreneur who has owned a variety of businesses ranging from a literal brick and mortar business to his current endeavor Jet Dental. He has gained a lot of experience from each of his companies. However, the one constant he has built his business model on is bringing value to the customers and the industry as a whole. We discuss what Jeff considers valuable in a business and how he keeps the balance between planning for a sale and passionately growing his business. Business should be fun and Jeff has some practical tips on how to keep it fun and still make smart business decisions. You will learn about: Jeff’s entrepreneurial beginnings in the high tech industry. The goals he had for his first business. His time in the internet filtering industry. Why he invested in his company and why it was a good decision. The value of strategic planning. Why you need to stick to what you know. How Jeff tries to disrupt any industry he enters. Jeff’s goals for Jet Dental. What Jeff means when he says, “filling a hole in the market.” How Jet Dental has disrupted the industry. When to know to leave the company. The importance of keeping your emotions in check. Why you should try to keep the same advisors from deal to deal. Why you need to know your priorities and stick to them. Takeaways: If you take anything away from this episode, it should be to plan for your exit. If you do all the work of structuring an exit plan beforehand, it is done and you don’t have to worry about anymore. Knowing your business is always ready for sale takes a lot of pressure off you and allows you to enjoy the present day-to-day fun of running a business. Also, set your priorities early on so that exit planning is easier for everyone. Links and Resources Jet Dental GEXP Collaborative Jeff’s email About Jeff: As CEO of Jet Dental, Smith leads a growing company dedicated to improved Oral Health for employees in business’ and organizations nationwide. We take a World Class Dental Team to the workplace making dental care more convenient and accessible to everyone in the workplace. As CEO of Alliance Health, Jeff Smith led a growing company dedicated to helping people with chronic conditions better manage their health through VIP customer care and technology-driven solutions. Under his direction, Alliance Health has: Smith started his career working for industry giants including Proctor and Gamble, and Toshiba. Since striking out on his own, he’s spent more than two decades starting or acquiring six companies, including Cerberian, ClearPlex and Beehive Brick and Stone, bringing them to successful exits. Other professional highlights include several award recognitions including: 2013 Ernst & Young Entrepreneur of the Year (West Region) 2013 Ernst & Young Entrepreneur of the Year National Finalist 2014 Utah Business Magazine’s CEO of the Year Alliance Health has also received several company award recognitions including: Inc 500 Fastest Growing Companies Utah Business Best Companies to Work For Utah Business Fast 50 Smith is committed to giving back. As Chairman of the Board for ShelterKids, he supports the nonprofit’s services for children who have experienced abuse, neglect and foster-home transition. The company also donates 1% of its Revenue to non-profits. Current donations include the Huntsman Cancer Institute, Operation Underground Railroad, and ShelterKids. Smith lives in Draper, Utah with his wife Sandee and 4 children. An avid outdoorsman and weekend warrior, he loves to surf, ski, hunt, fly-fish, boat and golf.

Roger Sippl is the founder and former CEO of Informix Software. Roger began his career in computer science during the early days of the computer age. He was diagnosed with Hodgkin’s Lymphoma during college, Roger explains how this life and death situation changed how he approaches business. After the health scare, Roger switched his major to computer science and found a need for cleaner and more efficient database management software. We discuss what the software business was like in the early days and how it has changed over time. Roger has a lot of experience with running public companies and building companies to sell. He shares what he liked about his time in the software business and why he decided to focus more on investing and business mentoring. Roger also has some useful advice for new entrepreneurs who want to build a lasting company. You will learn about: Roger’s business background. The cancer diagnosis and how it changed his life. Why Roger switched to the software business. His goals for the company in the early days. Why Informix became a public company. What it was like running a public company. Why Roger left Informix. How the software industry has changed over the years. What Roger considers when looking to invest in a company. The common red flags Roger sees when he evaluates a business. Roger’s parting advice for the audience. Takeaways: Today’s biggest takeaway is to be aware that every business has a relevance window. Your company’s value will change with the market. Make sure you are prepared to sell your company when it is the most valuable. Links and Resources Roger Sippl Creative Writing About Roger Sippl Roger Sippl is a Silicon Valley software pioneer, entrepreneur, and innovator. His 30 years of contributions have helped shape the enterprise software technology landscape of today. In 1980 he founded Informix Software, and was CEO for 10 years, taking it public in 1986. Under his leadership, Informix pioneered SQL relational databases, report generators, screen data entry packages, 4GL application development tools, and scalable OLTP database technology. It is now a part of IBM, after peaking at a $4B market cap as a public company. Sippl was also co-founder and Chairman of The Vantive Corporation. Vantive became a leader in CRM, became a public company, peaked at a $1B market cap, and is now a part of PeopleSoft/Oracle. In 1993, he founded and was CEO of Visigenic Software, helping pioneer distributed object computing and the concept of the application server (based on CORBA, prior to the J2EE standard) in enterprises. Visigenic was acquired by Borland, after becoming a public company. After the Visigenic IPO Mr. Sippl earned the “Golden Hat Trick Award” from Cristina Morgan at JP Morgan/Hambrecht and Quist for three Silicon Valley IPOs. In the mid-nineties, Sippl became a founding partner of Sippl Macdonald Ventures. He invested in several successful software companies, including Illustra (acquired by Informix), Broadvision (IPO), SupportSoft (IPO) and Red Pepper (acquired by PeopleSoft). In 2002, Sippl founded Above All Software, a composite application platform that used web services and service-oriented architecture (SOA). Mr. Sippl has been on over a dozen boards of directors of for=profit corporations, public and private, and has also served on several non-profit boards. Public board service has included Informix, Vantive, SupportSoft, and Interwoven. He was the representative of the software industry on the X/OPEN board of directors and was a founding board member of /usr/group and the Uniform Unix trade association in the 1980’s. Mr. Sippl has also been the Chairman of the Stanford Cancer Council for over 10 years, as well as serving three school boards over the years. He currently serves on the boards of WaveMaker (private), Demand Reports (private), Filtini (private), and Sensitini (private), as well as Fountain Valley School of Colorado Springs. Mr. Sippl studied Biochemistry, Immunology and Computer Science at the University of California at Berkeley, earning a BS degree in Computer Science in 1977.

Mark Jordan is an investment banker who joins me for today’s episode. Unfortunately, many business owners don’t know why it is crucial to hire an advisor before and during a sale process. Mark gives the audience an overview of the investment banking sphere and the scope of the services offered by most firms. He works with a “middle market” firm and explains what the middle market is and what the other tiers are for context. We discuss Mark’s company’s process during a sale and you get a real appreciation for the legal side of a company sale. So, if you’ve ever wondered why you need an advisor to help with your company’s merger or sale, today’s episode will answer all those questions. You will learn about: Mark’s decision to work in the “middle market.” The broad scope of investment banking services. The 3 tiers of the investment banking market. A breakdown of Mark’s team’s process during a sale. Why value drivers are important to the process. When to hire an investment banker to sell your business. The standard costs you can expect from the banking tiers. How Mark manages seller expectations. The bait and switch problem in the market. Why hire an investment banker. The importance of shopping around. More about Mark’s sale process. The biggest mistakes business owners do during their sales process. Why LOIs (Letters of Intent) mean nothing. The importance of being prepared for due diligence. Why M&A attorneys are essential to the process. Takeaway: This episode takeaway is simple, be prepared for a sale, know what you want from a sale, run the business like you always plan to sell it, and understand the role of an investment banker in the process. That way you know why you need to hire one and avoid unnecessary headaches. Links and Resources Vercor M&A Advisory Mark’s email 770-851-9952 (Mark’s direct line.) GEXP Collaborative About Mark: Mark Jordan, VERCOR Managing Principal, brings a unique, multi-disciplined approach to VERCOR by drawing on his advanced tax strategies, estate and financial markets knowledge. He holds an MBA from Baylor University and BS in Business Administration from the University of Arkansas as well as numerous designations. Mark began his career providing business succession and estate planning. Through this experience, he observed a void in services available to middle market business owners who wanted to exit their businesses. Mark created unique processes and systems to enhance the probability of a profitable sale for these owners. The company grew into VERCOR, a middle market mergers and acquisitions firm with 5 offices in the US. Mark has also started, acquired and sold a number of businesses including a real estate acquisition and management company focused on office buildings in Atlanta and investment properties in Florida. Mark is the author of Selling your Business the Easy Way, Driving Business Value in an Uncertain Economy and co-author of Selling Your Business: A Practical Guide to Getting it Done Right. Mark is active in his church and has also served on numerous boards. He enjoys traveling with his wife and two daughters.

Arlin Sorensen is the founder and CEO of HTG Peer Groups, a consulting, coaching, and legacy planning company. Arlin began his life on his family farm in rural Iowa. After learning how to maintain computers and accounting software, in the early days of the technology, Arlin founded Sorensen’s Computer Connection in 1985. After a rocky early 2000s, Arlin pivoted the company through M&A creating Heartland Technology Solutions. HTG or Heartland Tech Groups began around the same time. In December 2012, Arlin sold his IT company to West Iowa Telephone and in January 2018 sold  HTG Peer Groups to ConnectWise. Arlin’s journey to a sale was a long and complicated one. Arlin tells me how he filled talent gaps in his team on the road to company growth. He explains how his mindset changed as the team changed. HTG has completed ten successful mergers and acquisitions over the years. He walks me through the process of an acquisition and shares why planning is a key part of any successful business. You will learn about: Arlin’s background in farming and IT management. How Y2K changed Arlin’s business. The mindset change that caused Arlin to try M&A. The first company acquisition and the awesome team that developed after it. The second company acquisition and the shift into peer group consulting. How the new team helped get Arlin and his business become more financially disciplined. What is a platform and how to use it effectively? The factors Arlin and his team consider during an acquisition. The changes Arlin made to the company with every acquisition. Why HTS was sold. Arlin’s non-negotiable conditions to a sale and why they were important. Arlin’s advice to the listeners. Planning is key. Takeaways: It takes a lot of hard work to plan a company exit. Know what you want from a business sale before you even start looking for a buyer. Have some non-negotiables to vet the right candidate. Have a legacy goal, a life after business plan, leadership plan, and business plan, when you plan the path is straight and decision making is a lot easier. Links and Resources: Arlin Sorensen LinkedIn Arlin on Twitter Arlin’s email GEXP Collaborative About Arlin: Arlin Sorensen serves as the CEO and Founder of the Heartland Companies which includes HTG Peer Groups. When he is not traveling to speak and consult, Arlin is home on his farm in Iowa with his wife Nancy. He is a proud “Pop” to four precocious grandchildren who serve as daily reminders of why he is intentionally living to leave a strong legacy of faith and integrity. He loves making a difference in the lives and companies of small to mid-market business owners.

Ryan Moran is the founder of Capitalism.com and the host of the Freedom Fast Lane podcast. Ryan is a natural born entrepreneur who has recently made an eight-figure business sale! He tells me how he was able to achieve such a massive payday and what he has learned from the long road to it. We explore what it means to be an entrepreneur. We also tackle the pitfalls of not doing due diligence during a sales negotiation and the pros and cons of working with a private equity firm. You will learn about: Ryan’s background in business. What working for Dunkin’ Donuts taught him. The skills he picked up along the way. How to create value for your customers. The importance of optimizing your channels for your business. The businesses before the big sale. How the sale of Shear Strength began. Understanding your leverage in a business negotiation. What Ryan would have done differently in hindsight. Why entrepreneurs are attracted to e-commerce. How Ryan built a relationship with his private equity firm. The benefits the PE firm brought to the business. How they structured their deal. Life after the sale. The lessons Ryan learned from the process. The “who” is more impactful than the “how” in business. Successful entrepreneurs play the long game. Takeaways: You hold the prize. You are the one they want. If you built your company properly, your cash flow is valuable to everyone involved. Don’t give away your company for a check. Set your own terms! Know what you want from a sale and a potential buyer. Links and Resources Ryan’s Instagram Freedom Fast Lane Capitalism.com About Ryan Moran: Ryan Daniel Moran is one of the most sought after and well-respected leaders on Entrepreneurship in today’s market. As a serial entrepreneur, author, and investor, Ryan’s main focus is on creating lifestyle freedom — helping people create lasting businesses and investing the profits wisely while enjoying a higher quality of life, and working less.

Linda Nottingham joins me today to talk about her experience selling her healthcare insurance agency. SIN began as a joint venture with a like-minded business partner. After a successful growth in their business, and personal events, Linda’s partner left the company. She recounts what it was like to make that transition. Eventually, Linda decided to sell her company to a larger insurance company. She had high hopes for the merger in the beginning, but she soon learned what is said around the negotiation table isn’t always honored after the fact. Linda tells me how she bounced back from her disappointing experience and found a new path as a business mentor. You will learn about: Linda’s background in education. How she stumbled into healthcare. The small insurance agency Linda founded with her business partner. How they build the largest private company in Chicago for the time. Why Linda and her partner decided to go into insurance. How their partnership was structured. Why Linda’s partner left the company and how they handled her departure. How Linda found the best people in her industry. The process of the company’s sale. The issues that surfaced after the fact. The importance of finding a capable attorney. Why Linda sued her buyer. How she coped with the aftermath. Linda’s time in retail. What is SCORE? The power of admitting mistakes. How to be a good CEO. Of all the things you wished you’d known to do, today’s guest has covered a couple of the super important ones in business. Linda Nottingham had the spectacular experience of being on bad terms with her acquirer — both in the sense of poorly worded terms in her sale agreement and being on bad terms with the individuals themselves (and going as far as lawsuits on both sides). If that doesn’t catch your interest as an entrepreneur, I don’t know what will. Linda’s situation is all-too-common and can happen to anybody, but here are some key points to take away from her experiences. Document, Document, Document Everything you do with your partners or potential buyers that pertains to the sale of the business should be documented. Despite wanting to see the best in everybody, you really have to protect yourself. And, honestly, if your buyer is upfront and honest with you, what issue could he or she have with committing verbally agreed-upon terms to paper? So you want to ensure those clauses and stipulations get in there in ink, not just a handshake or verbal agreement. The one huge boon Linda had working for her was having a buy-sell agreement in place from day one. Before her company earned any revenue or had to make any big decisions, she and her partner sought a professional to write up a buy-sell agreement for them which covered what would happen should one of them need to leave the company. This saved them so much hassle when Joan’s husband got sick and she had to leave the company sooner than anticipated. By following the document they created before a time of stress and need was upon them, Linda and her partner were able to complete their buy-out discussions in 30-40 minutes. Can you think of how many man hours they saved by doing this early? How much money? And also, how many personal relationships stayed intact by having this document agreed upon in times of cooler heads? Conversely, Linda lacked the right wording in her purchase agreement and that caused her tons of stress and hardship. Not only did she eventually have to take legal action, ultimately suing the people who bought her company, she also had to leave her company sooner than she wanted to because of the damaged relationships. When Linda drafted the document, she had her attorney write up the terms. Unfortunately, M&A was not his expertise, and he left out some critical information and stipulations—including those which would have secured her compensation. This leads to our next point… You Don’t Know What You Don’t Know Admit it, you don’t know everything. We all have our specializations and there’s nothing wrong with that. In fact, it allows us to excel at what we’re doing. However, to do that, we sometimes need to seek outside counsel. In Linda’s case, she should have picked out an M&A lawyer to help her draft the purchase and sale agreement to ensure her compensation structure (which was, naturally, based off of profits) wouldn’t be impacted by purchases or other slippery factors that can cause your hard-earned buyout to diminish. While she followed her passion and went to court over the issue, the litigation lawyer she used there was also unsatisfactory—and was, in fact, a recommendation from her business attorney (who, again, is not in the M&A field). While you can’t know what your lawyer knows, necessarily, you can vet them through previous clients, reputation, education and relevant experience to see if he or she is a good fit for you. This goes for anyone you are getting into a business relationship with. At the end of the day, you are going to rely on this person for something which will impact the business’ finances, and yours. Your job is to make sure that you’ve got the right person for the right job, so don’t be afraid to ask those hard questions. Step Up, Don’t Back Down If you’ve risen to the challenge of becoming an entrepreneur, you can rise to any challenge thrown at you. When you aren’t getting what you deserve out of your business, you need to step up. Backing down isn’t what grew your business; you stepped up into the market and carved a niche out for yourself by fulfilling a need better than your competitor does. Never forget that as you enter negotiations, whether it’s with a customer or a buyer. If there is breach of contract or other legally sensitive issues, don’t be afraid of taking the next step. Your business will be stronger for the mandates you enforce, and your financial, emotional and mental well-being are worth fighting for. Not every case is a winner, so you do need to be prepared for the financial cost of bringing cases to court; however, if you’ve done your research and sought the appropriate counsel, you will have a better idea of whether or not the issue is worth pursuing. Considering the legal implications your documents have on yourself and your business, do you feel your operating agreements etc. are up to snuff? Takeaways: Linda’s story is pretty common. The main lessons I think I take away from it is you don’t know how the deal is going to work out until it is done. It’s okay to be cautious in any business agreement. Make sure, you ask all the right questions and have the right professionals on your side of the table. Know what you want to achieve and structure the deal to meet those goals. Links and Resources SCORE Linda Nottingham on LinkedIn About Linda: Linda Nottingham currently serves as the President of JAX Realty Advisors, Inc., a real estate valuation and consulting company. She also serves as a Facilitator for CEO roundtables in the GrowFL Economic Gardening Institute. In 2010 she accepted an appointment to the board of directors of the Jacksonville Urban League. She also served for seven years as a facilitator for the Business Advisory Council program on behalf of the Jacksonville Women’s Business Center. She is the past-chair of the Jacksonville chapter of SCORE, Counselors to America’s Small Business. In that capacity, she was responsible for the local management of a national volunteer organization serving the greater Jacksonville area in developing and supporting small business. Ms. Nottingham has advanced degrees in education and management. She facilitated the development of a nine-volume instructional design series for educators, which received the Golden Apple award for the state of California. She has taught graduate-level courses in management development and educational psychology. In 1987 she co-founded Syer & Nottingham, Inc., a healthcare consulting and insurance agency in Chicago. As the company diversified, she founded SNI Management Associates, Inc. in 1992. SNI managed multi-million dollar managed care contracts for physician and hospital groups. When she sold the company in 1996, the organization employed over 100 healthcare professionals. Ms. Nottingham has served in senior management positions in the healthcare and insurance industries. She has lectured extensively on leadership, management training and organizational development. She was selected as the Alumna of the Year at her alma mater in 2000 and has been inducted as an honorary member of Delta Kappa Gamma, an international women’s educational society for her contributions to women in education. She also serves on the Women’s Resource Center Advisory Board at La Sierra University.