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The 4D’d & 3 What’s of Business Succession Planning With James Aussem (EP.47)

The 4D’d & 3 What’s of Business Succession Planning With James Aussem (EP.47)

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Why do some family businesses thrive for generations while others struggle with succession and longevity? In this episode of the Finish Big Podcast, Mark Dorman sits down with James Aussem, a distinguished attorney specialising in succession planning, mergers, and acquisitions. Together, they explore the challenges of planning for “The Four D’s”—Death, Disability, Departure, and Discord—and share actionable strategies for family businesses to navigate transitions successfully.

James discusses his journey from a tax attorney at Ernst & Ernst to a career dedicated to helping entrepreneurs and family business owners. He provides insights into why closely held family businesses require unique planning approaches, touching on key considerations like ownership requirements, business sustainability, and equity among family members.

Mark and James discuss:

  • Death, Disability, Departure, and Discord – The essential planning considerations for business owners.
  • The Three W’s for Family Businesses:
  • What do current owners need?
  • What can the business afford?
  • What is fair for all stakeholders?
  • Mistakes to Avoid in Succession Planning – How miscommunication and lack of planning can lead to failure.
  • Baby Boomer Business Transitions – Advice for the wave of retiring entrepreneurs

 

Connect with Mark Dorman:

Connect with James Aussem:

About Our Guest:

James Aussem is a seasoned attorney and shareholder at Cavitch, Farmelo, and Durkin Co., L.P., specialising in succession planning, mergers and acquisitions, and estate management. With over 40 years of experience, he’s a trusted advisor to family businesses, simplifying complex legal issues to deliver practical solutions.

A Hall of Fame inductee by the National Association of Estate Planners & Councils, Jim is also recognised annually as one of The Best Lawyers in America. Known for his entrepreneurial mindset, Jim is dedicated to helping business owners plan for success and longevity.

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The Value of University-based Private & Family Business Centers With Carol Butler (Ep.46)

The Value of University-based Private & Family Business Centers With Carol Butler (Ep.46)

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Why do some family businesses thrive for generations while others struggle with succession and longevity?

In this episode of the Finish Big Podcast, Mark Dorman hosts Carol Butler, President of the Garing Center for Family and Private Business at the University of Cincinnati, North America’s largest university-based family business center. Together, they discuss how the Garing Center supports family-owned businesses with resources that drive growth, resilience, and community.

Carol shares her journey from a Fortune 500 executive to a key player in family business support, emphasizing the center’s mission to foster the success and sustainability of private and family-owned businesses through real-world insights, leadership programs, and roundtable discussions.

Mark and Carol discuss:

  • The Importance of Community for Family Businesses
  • Roundtable Groups and Their Impact
  • Educational Programs and Institutes
  • Challenges in Family Business Transitions
  • Affordable Resources for Small Businesses

Connect with Mark Dorman:

Connect with Carol Butler

LinkedIn: Carol Butler

About Our Guest:

Carol Butler brings 30 years of corporate leadership experience and a passion for helping family businesses succeed. As President of the Garing Center, Carol is dedicated to providing educational support and resources that ensure the longevity and impact of family-owned businesses in the Cincinnati region and beyond.

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How Employee Stock Ownership Plans (ESOPs) Benefit Business Owners (Ep.45)

How Employee Stock Ownership Plans (ESOPs) Benefit Business Owners (Ep.45)

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Are you a business owner considering an Employee Stock Ownership Plan (ESOP) or exploring succession strategies?

In this episode of the Finish Big Podcast, Mark Dorman delves into ESOP financing, discussing how bank and seller financing typically work together, and the potential advantages of mezzanine loans. Gain insights into tax implications, the role of ESOP trustees, and how these plans can benefit both the business and the community.

This week’s guest, Kelly Finnell, President of Executive Financial Services Inc., offers his expertise on ESOPs. He covers essential topics such as the process, timeline, and personal satisfaction involved in executing a successful business transition.

Tune into this episode for a comprehensive guide to ESOPs and succession planning. Discover how to navigate these complex transactions and ensure your business’s legacy thrives. Don’t miss out—listen now!

Mark and John discuss:

  • Combining bank and seller financing, and the use of mezzanine loans.
  • Differences in taxation for current pay interest and warrants in seller debt.
  • Ensuring fair market value and commercially reasonable terms in ESOP transactions.
  • The typical changes in the business owner’s role, salary, and benefits.
  • The steps and time required for feasibility analysis and transaction implementation.

Connect with Mark Dorman:

Succession Plus US

LinkedIn: Mark Dorman

LinkedIn: Succession Plus

Facebook: Succession Plus

(330)-416-9271

mdorman@succession.plus

Connect with Kelly Finnell:

LinkedIn: Kelly Finnell

About our guest:

Kelly Finnell is a leading ESOP consultant and president of Executive Financial Services Inc. Based in Memphis, Tennessee, Kelly specializes in ownership succession planning and has authored “The ESOP Coach.” With extensive expertise in ESOP transactions, Kelly guides businesses through financing, taxation, and trustee responsibilities.

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Maximizing Business Value and LinkedIn Connections With John D. Hanson. (EP. 44)

Maximizing Business Value and LinkedIn Connections With John D. Hanson. (EP. 44)

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Are you a business owner looking to maximize the value of your enterprise and grow your client base? This episode of the Finish Big podcast offers actionable insights and practical advice to help you achieve your business goals.
This week’s guest, John D. Hanson, an award-winning author and expert in customer service, shares his journey from zero LinkedIn contacts to over 30,000. John discusses optimizing client relationships, leveraging LinkedIn for networking, and the power of video content. Learn about his strategies for maintaining client engagement and his approach to customer discovery, providing a roadmap to enhance your business success.
Tune into the Finish Big podcast to hear John D. Hanson’s expert tips on growing your business, engaging your customers, and maximizing your company’s value. Don’t miss this opportunity to gain valuable insights from a seasoned professional.
Mark and John discuss:
The importance of clients knowing all the services and solutions a business offers.
Strategies to leverage existing clients and their networks for easier sales.
The impact of optimizing LinkedIn profiles and consistent engagement for business growth.
The effectiveness of video content in building trust and engaging potential clients.
The five dimensions of customer experience from John’s book, Fifth Dimensional Customer Experience.

Connect with Mark Dorman:

Succession Plus US
LinkedIn: Mark Dorman
LinkedIn: Succession Plus
Facebook: Succession Plus
(330)-416-9271
mdorman@succession.plus

Connect with John D Hanson:

About our guest:

John D. Hanson is an award-winning author and customer experience expert. With three acclaimed books, including Wow Your Customers and Fifth Dimensional Customer Experience, he helps businesses enhance their customer engagement. A dynamic speaker and LinkedIn strategist, John shares actionable insights for business growth and client retention.

 

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Pivoting as a Business Owner With Craig Sturgill (Ep. 43)

Pivoting as a Business Owner With Craig Sturgill (Ep. 43)

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In the realm of exit plans, things don’t always go as planned. Sometimes they happen smoothly the first time, other times they face delays. But that’s the thing: there’s no one right way. Each exit is its own journey, with its own ups and downs.

Join Mark Doman as he sits down with Craig Sturgill, COO, and Co-founder of Excel™, a company at the forefront of the InsureTech space. Craig, a U.S. Army veteran and successful entrepreneur, shares his journey from starting an insurance agency at 18 to co-founding Excel™. Follow along to learn about the challenges and strategic pivots he made, including an unsuccessful exit attempt, recalibration for growth, and the importance of surrounding yourself with the right people in order to execute a successful exit.

Mark and Craig discuss: 

  • Craig’s journey from door-knocking insurance sales to co-founding an InsureTech company
  • How his business model shifted toward digital customer acquisition
  • Insights into the InsureTech space and Excel’s innovative lead-generation strategies
  • Valuable lessons learned from an attempted business exit and how diversification and a strong leadership team can make all the difference 
  • And more

Resources:

Connect with Mark Dorman: 

Connect with Craig Sturgill:

About Our Guest: 

At the age of 18, Craig Sturgill founded his first business. He built his Medicare-focused insurance agency, however, he was unable to find lead-generating vendors that met his standards for quality and high performance so in 2013 he partnered with 2 like-minded individuals to found Excel™ which he now acts as COO. He has since started multiple other businesses such as TruRidge, LLC and ​​Stealth Ventures, LLC.

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Exploring Opportunities Through SBA Lending With Tara Murphy (Ep. 42)

Exploring Opportunities Through SBA Lending With Tara Murphy (Ep. 42)

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Many believe that SBA loans are only for startups or fraught with bureaucratic red tape.

However, this week’s guest, Tara Murphy debunks these myths, demonstrating the power of SBA lending in aiding successful business exits and transitions.

Join Mark Doman and Tara Murphy, SBA Business Development Officer and Vice President of Huntington National Bank as they delve into SBA lending. They unveil how they work, changes that have happened to the process, and how they can be a powerful tool in your exit planning strategy. Whether you’re contemplating selling your business or simply curious about the options available for a future transition, this episode is packed with insights and practical guidance to help you lead your business down the right path even after you leave.

Mark and Tara discuss: 

  • What SBA lending is and how it works
  • How business owners can leverage SBA loans for exit planning
  • The impact of careful succession planning on the value and saleability of a business
  • Common myths about SBA lending and how to utilize it effectively 
  • And more

Resources:

Connect with Mark Dorman: 

Connect with Tara Murphy:

About Our Guest: 

Tara Murphy is the SBA Business Development Officer and VP at Huntington National Bank with over 20 years in the finance industry. She possesses a strong focus on M&A financing and small business succession planning. Additionally, Tara brings years of experience in business expansion, commercial real estate, and debt consolidation to her role. She boasts a proven track record of success and harbors a deep passion for small businesses.

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Packing the Parachute: Navigating Exit and Succession Planning with Jim Erben (Ep. 41)

Packing the Parachute: Navigating Exit and Succession Planning with Jim Erben (Ep. 41)

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Are you ready to secure your legacy and ensure your business thrives beyond your exit?

In this enlightening episode, Mark Dorman is joined by Jim Erben, president of Erben Associates and a sought-after exit and succession planning specialist. Together, they delve into the crucial, yet often daunting, process of planning for business exit and succession. Tune in for invaluable strategies and actionable insights on how to prepare for a smooth transition.

Jim discusses: 

  • Why business valuation is a crucial starting point in planning your exit
  • The importance of aligning your business exit strategy with your personal wealth and estate planning
  • Keys to a successful executive retention plan
  • Contingency planning in case something unexpected happens to the business owner
  • What makes Erben Associates different from other firms
  • And more

Resources:

Connect with Mark Dorman: 

Connect with Jim Erben:

About Our Guest: 

Jim Erben is a highly sought-after exit and succession specialist, keynote speaker, and President at Erben Associates. Under his leadership, Erben Associates earned a spot multiple years running on the INC. 5000 list for one of the fastest-growing companies in the country and is a highly sought-after exit and succession planning firm. As an international speaker, Jim shares his 30+ years of experience with thousands of business leaders annually. He is well-known for his straightforward approach to succession or exit planning, business continuity, and executive retention.

A distinguished advisor to clients and organizations, Jim is one of 500 senior American business leaders representing the private sector in Business Executives for National Security, an invitation-only think tank to help our national security become more efficient and effective. Jim’s proprietary process helps business owners navigate the complexities of succession and exit planning to help create an everlasting legacy.

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De-Risking Your Business: Jim Doyle on Partial Sales and Full Exits (Ep. 40)

De-Risking Your Business: Jim Doyle on Partial Sales and Full Exits (Ep. 40)

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Many entrepreneurs start their exit journey with a partial sale to de-risk from a substantial portion of their wealth being tied up in the business. Doing so sets them up for an eventual full exit.

In this episode, Mark Dorman speaks with Jim Doyle, who founded and sold Jim Doyle and Associates (now JDA.Media). Jim shares his experience of navigating ESOPs (employee stock ownership plans) and eventually selling his business to a strategic buyer.

Jim discusses: 

  • The process of making his business “sellable”
  • How the ESOP helped his employees develop an ownership mindset, enhancing the company culture
  • Leveraging consultants, mastermind groups, and new executive leadership in the firm
  • The emotional side of exiting a business (and how he dealt with it)
  • Why you should always be thinking about “What’s next?”
  • And more

Resources:

Connect with Mark Dorman: 

Connect with Jim Doyle:

About Our Guest: 

Jim Doyle loves sales, and he loves salespeople. He’s been selling and leading salespeople for almost fifty years. In 1991, he founded Jim Doyle and Associates, which is now the leading training and revenue development company in the Television and digital advertising business. During his 30 years with JDA, Jim presented workshops on sales and marketing to audiences all over the United States. Jim stepped away from the day-to-day leadership of what is now called JDA.media in 2020. But he’s quick to say he is a long way from being retired. He is still frequently speaking to salespeople and leaders about the principles in his new book, Selling with a Servant Heart.

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Professional Management and Business Legacy with Joni Fedders (Ep. 39)

Professional Management and Business Legacy with Joni Fedders (Ep. 39)

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Are you ready to transform the way you run your business?

Today on the Finish Big Podcast,  Mark Doman introduces Joni Fedders, President of Aileron, and explores the unique nonprofit organization based in Dayton, Ohio. Together they explore how Aileron helps business owners and their teams embrace professional management to elevate their lives and organizations. Follow along to hear Joni’s passion for professional management, and how it empowers businesses and their owners to articulate a vision, align their organization towards it, and successfully navigate ownership transitions.

Joni discusses: 

  • The importance of having an exit plan and how it affects the future success of your business
  • Aileron’s DOC System of professional management and its impact on business success
  • The challenges of creating a thriving business and navigating transitions
  • How Aileron supports business owners in different ways to achieve long-term success
  • Aileron’s mission and involvement in the community
  • And more

Resources:

Connect with Mark Dorman: 

Connect with Joni Fedders:

About Our Guest: 

Joni Fedders is the President of Aileron, a nonprofit organization that helps business owners and their teams embrace professional management to elevate their people and organization. Joni directs strategic vision, culture, and operations, inspiring both the team and the community to elevate private businesses.

Recipient of the “Forty Under Forty” award, Joni holds a business bachelor’s from Miami University and an MBA from Xavier University. With her husband Jim, she values family time, her dogs, and enjoys skiing, tubing, running, fishing, sports, and vacations with their three children.

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From Growing Pains to Profit With Ron Nagy (Ep. 38)

From Growing Pains to Profit With Ron Nagy (Ep. 38)

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Have you ever wondered what it takes to scale a family business into a multi-location, multi-million dollar empire?

In the latest installment of the Finish Big Podcast, Mark Dorman talks with Ron Nagy, a successful second-generation business owner, about his journey of transforming a single-location body shop into a multi-location thriving enterprise, the challenges faced along the way, and the strategic decisions that led to their successful growth and eventual sale.

Ron discusses: 

  • How Nagy’s Auto Collision came to be and how it evolved over time
  • The challenges faced during the business’s expansion phase 
  • Market shifts and exit planning
  • Post-exit ventures
  • And more!

Resources:

Connect with Mark Dorman: 

Connect with Ron Nagy:

About Our Guest: 

Ron Nagy is a second-generation business owner. Ron served as the President of Nagy’s Collision Center before selling the business to Caliber Collision in 2019. Ron grew up in Doylestown, Ohio. He graduated from Chippewa High School in the Automotive Management Institute and has since won numerous chamber awards and industry awards. He has sat on many nonprofit boards and an industry advisory board. Ron is an active member in his church and in his spare time, helps his wife at their horse farm.

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