In this episode of the M&A Mastermind podcast, host Nick Olsen speaks with Mike Lambrix, a seasoned expert in mergers and acquisitions, about the importance of maintaining a mindset of 'always being sellable.' They discuss proactive strategies for business owners to prepare for a potential sale, the significance of due diligence, and the emotional aspects of transitioning ownership. Mike emphasizes the need for clear operational practices, succession planning, and the involvement of key employees and family members in the planning process to ensure a smooth transition and maximize business value.

Key Takeaways

• Always maintain a mindset of being sellable.


• Proactive preparation can ease the selling process.


• Due diligence should start early in the business lifecycle.


• Insurance audits are critical to avoid pitfalls during a sale.


• Separate personal and business finances for clarity.


• Consider the emotional impact of selling on founders.


• Involve key employees in the transition process.


• Set realistic expectations with clients regarding valuations.


• Regularly review operational practices to enhance sellability.


• Engage family members in business planning discussions.

About the Show

The M&A Mastermind Podcast delivers actionable insights and proven strategies for lower middle market dealmakers. Join host Nick Olsen and top industry experts as they discuss industry intelligence, deal management, shared successes, specialized expertise, and much more. If you serve the small to medium-sized business owner, this show will offer you tactics and insights you can use and implement, now, to become a master in M&A.

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Find all our episodes at https://cornerstoneia.com/podcast/

Keywords

Mergers & Acquisitions (M&A), sellability, business exit, succession planning, due diligence, operational efficiency, client preparation, emotional mindset, business valuation, founder dependency