What factors make lower middle-market businesses challenging to buy and sell? Join deal-making maverick David Mahmood as he shares the entrepreneurial mind-set that has helped him to build an investment banking firm dedicated to lower middle-market deal-making.
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3 Factors Contributing to M&A’s New Normal
“When it comes to diversifying their wealth, business owners are no longer buying in on the idea. They know their industry well. They know their company well and they feel their money is as secure there as it is anywhere else, and the return they make in their own business is a lot better than they can make in the marketplace today.
“Even though people are turning 65 every 11 seconds in this country, 60 is the new 40 and life expectancy is extended and there are a lot of people who do not feel the pressure to sell.”
“We live in an electronic age and no one is really disconnected today. So business owners can leave their business from a geographic standpoint, but never really leave it time wise because they are constantly connected.”
Raising the Due Diligence Bar
“The bar has been raised considerably when it comes to due diligence. … No buyer wants to make a mistake, and the net result is that their due diligence is stretched out by a considerable degree. I can remember selling a company one time in 6 weeks. Today, I’m darn lucky to get a deal done in 6 to 9 months.”
Interview Links
- David’s Site
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