Our goal at Morgan & Westfield is to provide you, our readers, with high quality information and valuable resources to help you navigate through the process of buying or selling your business. In this section, we provide interviews from various professionals somehow involved in the process of buying or selling a business.

As you read through the interviews, you will see several of the questions are repeated in different interviews. While we think it is important to ask each professional a wide range of questions, it is equally important to ask professionals some of the same questions we find particularly important. This way, you can get various perspectives and different opinions on the most important issues you will face as you go through the process of buying or selling a business.

We encourage you to read through multiple interviews and we hope that as you progress through the interviews you will not only become more informed about the issues and trials you will face, but that you will feel confident as you embark on the journey of buying or selling a business.     

Accountant & CPA Interviews

 

brian 2_5.jpgBrian D. Bornino, CPA/ABV, CFA, CVA – Columbus, Ohio

In this interview, we discuss a wide variety of topics with Brian Bornino, the Director of Valuation Services at GBQ Consulting LLC. Mr. Bornino has led, managed, or completed nearly 2,500 valuation engagements during his career and is here to share his wealth of knowledge on the subject. He also discusses exit planning, business appraisals, and how working with various professionals can help you successfully sell your business! Go to his Interview

Profile pic 1.jpgElliott G. Chester, CFA, CFE, CVA, CGMA - Little Rock, Arkansas

Today we interview Business Appraiser and Certified Public Accountant Elliott Chester, who specializes in Business Valuation, Litigation Support and Forensic Accounting. In this interview, he discusses the different factors that come in to play when buying or selling a business, and how those factors can impact a sale. Mr. Chester explains how and why book value, equity value and enterprise value can affect the sale or purchase of a business. Mr. Chester also shares with us some valuable advice about getting to know the buyer of your business. Go to his Interview

Matt E. Turpin 4.jpgMatt E. Turpin, CPA, CVA, CMAP, CGMA - Destin, Florida

A Certified Public Accountant is able to play a multitude of roles when it comes to the purchase or sale of a business. In today’s interview, we speak with Matt E. Turpin, a Certified Public Accountant and Certified Valuation Analyst at Carr, Riggs & Ingram, LLC. Mr. Turpin is just the professional to answer our most complex questions as they relate to both the CPA’s and CVA’s role in various business transactions. Above and beyond the topic of how a CPA is able to assist in tasks such as due diligence, Mr. Turpin also introduces us to some key concepts, such as how Working Capital Adjustments relate to a business purchase or sale. Go to his Interview

Sam Bachstein 4.jpgSam Bachstein, CPA - Westlake Village, California

As is common with any medium or large-scale business transaction, the Certified Public Accountant (CPA) plays many roles in the buying and selling process. In today’s interview, we interview Sam Bachstein, an audit partner and CPA at Holthouse Carlin & Van Trigt, LLP. With 15 years’ experience as a CPA, Mr. Bachstein is the ideal professional to answer our most complex questions as they relate to the CPA’s role in various business transactions. Above and beyond the topic of how CPA’s can assist in business valuations, purchases and sales, Mr. Bachstein also introduces us to some important accounting principles as they relate to a successful business transaction. Go to his Interview

rick2_8.jpg

Rick Adamy, CPA/ABV, ASA, CBA - Grand Rapids, Michigan

Today we have the opportunity to interview Rick Adamy, a CPA and the founder of Adamy Valuation Advisors. In this interview, Mr. Adamy gives us an overview of several very important topics, including: valuations, equity value, working capital adjustments, earnouts, enterprise value, private equity groups and a venture capital groups. Go to his Interview

 

Scott Miegel 3.jpgScott Miegel, CPA, CBA, CrFA – Jupiter, Florida

In this interview, we talk with Scott Miegel about the reasons why a business owner would hire a CPA, the role a CPA should play in buying or selling a business, and more. Mr. Miegel is a Certified Public Accountant licensed in the State of Florida, a Certified Business Appraiser with the Institute of Business Appraisers, and a Certified Forensic Accountant with the American College of Forensic Examiners. Go to his Interview

Picture approved2_4.jpgRussell T. Glazer, CPA/ABV, MCBA, ABAR, ASA, CVA, MBA - Woodbury, New York

In this interview, Mr. Russell Glazer discusses buy-sell agreements, buying out an owner, working with a CPA and hiring an attorney. Mr. Glazer is a Partner with Gettry Marcus CPA, P.C. and is a member of the firm’s Business Valuation & Litigation Services Group. Mr. Glazer is a Certified Public Accountant, Certified Valuation Analyst, Master Certified Business Appraiser, is accredited in Business Valuation and is an Accredited Senior Appraiser. Go to his Interview

 

Attorney Interviews

 

blen gee2_1.JPG

M. Blen Gee Jr. - Raleigh, North Carolina

Today we have the pleasure of interviewing Mr. Blen Gee, a partner at Johnson, Hearn, Vinegar & Gee, PLLC. Today we discuss valuation, taxation, financing, franchises, and what business owners can do to protect themselves from being sued and what to do if they are sued. Go to his Interview

 

logo_2.JPG

In this very special interview, we have three attorneys from the firm Rohrbachers Cron, located in Ohio. These three attorneys, Nicholas J. Cron, Russell R. Miller, and Mathew R. Persinger, have a combined total of over 60 years of legal experience. We are honored to have this unique opportunity. Today, the attorneys will discuss the role attorneys play in helping you sell your business. They also address questions you may have about your selling your business, including what happens with your employees and whether you need to disclose your sale to your landlord. Go to his Interview

Andrew Silverman 1.jpgAndrew R. Silverman, Esq. - Delaware/Pennsylvania

In this interview, we discuss an array of topics with corporate law and business litigation attorney Andrew Silverman. As associate attorney of the MacElree Harvey Law Firm, Mr. Silverman has helped numerous corporate and business clients litigate and negotiate a variety of claims and issues, including shareholder oppression, LLC member disputes, advancement and indemnification rights and fiduciary duties of officers and directors. He also discusses the steps you can take in order to negotiate a business separation agreement on favorable terms. Go to his Interview

Harry 3.jpgHarry J. DiDonato, Esq., LL.M. - Delaware/Pennsylvania

In this interview, Harry DiDonato,  transactional attorney and business advisor at MacElree and Harvey Law Firm, utilizes his 25 years of legal experience to discuss topics, such as: business aquisition and sales, corporate matters, real estate transactions and tax planning. Mr. DiDonato also explains the unique advantage that you will gain with the assistance of a seasoned mergers and acquisitions attorney during the purchase or sale of your business. Go to his Interview

Hanwei Lo 3.jpgHanwei Cheng, Esq. – Atlanta, Georgia

In this interview, we discuss a variety of topics with Hanewei Cheng, Senior Counsel at Adli Law Group, P.C. As a practicing attorney specializing in business litigation, transactions and real estate law, Mr. Hanewei was named “Top Attorney” for Civil Litigation by Pasadena Magazine in 2012 and 2013. Here he discusses a broad range of topics such as business purchases and sales, business appraisals and intellectual property law. Mr. Hanewei also emphasizes and explains the importance of due diligence when buying or selling a business. Go to his Interview

Peter Brehm 3_0.jpgPeter C. Brehm, Esq., CVA - Bloomington, Minnesot

In this interview, we discuss the importance of having a business appraised with Peter Brehm, an attorney and certified valuation analyst. Mr. Brehm is a partner at Business Law Center, PLC, where he advises small business owners on tax issues, buying and selling businesses, estate planning, succession planning and shareholder issues. Today, Mr. Brehm answers a variety of questions regarding business appraisals and valuations, and shows us how this complex process is much more than just extracting a number. He also offers advice on how to choose the best appraiser, as well as the best time to sell, merge or recapitalize a company. Go to his Interview

Julie headshot 3.pngJulie Lusthaus, Esq. – Westchester, New York

In this interview, we discuss an array of topics with attorney Julie Lusthaus, partner at Einbinder & Dunn. Ms. Lusthaus has been practicing law since 1996 and has substantial experience representing franchise and private business clients. If you have any questions regarding the legal aspects of buying, selling or appraising a franchise or private business, then this interview is a must read. Not only does Ms. Lusthaus cover the basics of buying and selling a franchise business, she also offers insight into the problems that could arise during the sales process, as well as important information such as a non-compete agreement. Go to her Interview

chris cali 2_0.JPGChris Cali - Chicago, Illinois

In this interview, we have the opportunity to discuss with attorney Chris Cali the legal aspects buyers and sellers should consider when buying and selling a business. Mr. Cali offers excellent insight on an array of topics, including: third-party contracts, due diligence, working with an attorney and attorney’s fees. Go to his Interview

 

richard2_4.JPGRichard P. Leissner, Jr. - New Bern, North Carolina

Today, we have the pleasure of interviewing Attorney Richard Leissner, a Partner at Howard, Stallings, From, Hutson, Atkins, Angell & Davis, P.A.’s New Bern office.  Mr. Leissner has extensive experience in all aspects of both residential and commercial real estate sales and acquisitions, leases and various other real property transactions. In this interview, we Mr. Leissner discusses how selling a business can affect your lease, the necessity of an earnest money deposit, how to benefit from working with an attorney, and so much more. Go to his Interview

large_robert 2_1.JPGRobert A. Shipley - Chicago, Illinois

Robert Shipley is problem-solving trial attorney with experience arguing cases on the Illinois Appellate Court. He is a considered a trusted advisor by many business owners, and is here to share his knowledge with us today. In this interview, he discusses some of the legal issues that may arise when you are selling a business, such as what happens when you have disputes with the buyer during the sale. He also address issues you may have with your landlord when selling, as well as touching on what happens when selling a franchise. Go to his Interview

Mouratova Pic 5.jpg

Ekaterina Mouratova, Esq. - New York, New York

Business law attorney Ekaterina Mouratova, founder of Ekaterina Mouratova Law Firm, PLLC, represents both individuals and companies in a broad range of business industries, including manufacturing, e-commerce, entertainment and others. In this interview, Mrs. Mouratova offers professional insight into the complex world of entrepreneurial business law. She also discusses business transactions, non-disclosure agreements and the Uniform Commercial Code (UCC). Go to her Interview

Royce Lanning 4.jpg

Royce S. Lanning, Esq. - Atlanta, Georgia

In this interview, Royce Lanning gives you pointers on how to stretch your money and decrease fees when working with an attorney when buying or selling a business. Mr. Lanning, an associate attorney with the Strong Firm, has experience working on both sides of a business sale. Here, Mr. Lanning discusses the most successful tactics he has seen work to the advantage of clients. According to Mr. Lanning, the three most important things to keep in mind when working with an attorney include preparing questions ahead of time, finding an attorney you trust, and doing some of the work on your own. Go to his Interview

jamieSasson photo2_2.jpgJamie Sasson - Deerfield Beach, Florida

Jamie Sasson is a managing partner at The Ticktin Law Group. Mr. Sasson’s concentration is in the area of business law, real estate law, and commercial litigation. In this interview, he discusses attorneys’ fees, disclosure obligations, how an attorney can help with the sale of a business, and much more. Go to his Interview

 

Image 3.jpgHae Kyung (Ella) Lim - Jacksonville, Florida

Today we have the opportunity to interview Ms. Ella Lim, the managing-member of Lim & Company, P.L., which services all of Florida! In this interview, she shares insight on how a sale can affect a lease and whether, legally, a business owner must inform a landlord about the sale of a business. Ms. Lim also explains escrow, customer contracts, and how an attorney can help business owners. Go to her Interview

adam gana2_1.JPGAdam Gana - New York, New York

In this interview, we discuss business law with attorney Adam Gana. Mr Gana is the managing partner of Gana LLP in New York, NY. His practice focuses on all aspects of securities arbitration, complex commercial and business litigation, insurance litigation, employment law, class actions and appeals. In this interview, he discusses financing a business, the precautions a business owner should take when selling a business, getting the most out of working with an attorney, and more! Go to his Interview

boyer 2_2.JPGFrancis M. Boyer – Jacksonville/Orlando/Miami, Florida

Francis M. Boyer, Esq., is a member of the Bars of Florida and the District of Columbia. Mr. Boyer is also one of the few attorneys in Florida to be Board Certified by the Florida Bar as an Expert in International Law. In this interview, Mr. Boyer explains when a business owner should hire an attorney, how to avoid a lawsuit, buying and selling businesses in different countries, minimizing post-closing problems, and more. Go to his Interview

 

Business Appraiser Interviews

 

johnson2_6.JPGJoshua R. Johnson, ASA - Minneapolis, Minnesota

In this interview with Mr. Joshua Johnson, a senior valuation analyst at Shenehon Company, we have the pleasure of discussing some very important topics that all business owners should familiarize themselves with before selling their business. Mr. Johnson has valued hundreds of holding companies, start-up companies, and family-owned businesses. Today, Mr. Johnson explains the difference between an appraisal and a valuation and discusses how an appraisal works, including what types of property can be appraised and who can appraise your business. He also gives great insight on what to look for when hiring a business appraiser and some great advice for all business owners. Go to his Interview

Jerry Horton 2_2.JPG

Jerry S. Horton, MS, MBA, CBA, Ph.D. - Sarasota, Florida

In this interview, we discuss exit planning, stock vs. asset sales, business appraisals, valuations, normalized salary, working with a CPA, Business appraiser, and Attorney, and more. Dr. Horton has owned, operated and started several high tech businesses in the past twenty-five years. Dr. Horton also has many years of experience performing forensic accounting on seller’s financials, analysis of financials during due diligence phase of acquisition and business valuations. Dr. Horton is also a highly decorated veteran. Go to his Interview

large_michael2_1.JPGMichael A. Gould, CPA, ABV, ASA, CFE, CVA, CFF - Saddle Brook, New Jersey

Michael A. Gould is the Director of Rotenberg Meril Solomon Bertiger & Guttilla, P.C. Mr. Gould is a CPA, ABV, ASA, CFE, CVA, CFF and an expert in fair value accounting for financial reporting, mergers and acquisitions, sales of a business, split-ups/spin-offs, succession planning, liquidation/reorganization, mediation/arbitration, buy/sell agreements, and more. Today, Mr. Gould shares with us his wealth of knowledge and answers questions about valuations, seasonality and cyclicality, cash vs. accrual accounting, and more. Go to his Interview

kwiakowtski1.jpg

Jason Kwiatkowski, CPA, CA, CBV, ASA, CEPA - Ontario, Canada

In this interview, we cover topics covering valuing and appraising businesses with Jason Kwiatkowski, co-founder and the President at Valuation Support Partners Ltd. Mr. Kwiatkowski has completed numerous valuation and expert reports for various purposes, including but not limited to share transactions, tax and general corporate planning, corporate reorganizations, succession/exit planning, commercial and shareholder disputes, tort disputes and insurance claims. He was more than willing to sit with us and answer a few questions in regards to business evaluations, differences in appraised values, and how location can affect the value of a business. Go to his Interview

Angela Sadang_1.jpgAngela Sadang, CFA, ASA - New York, New York

In this interview, we hear from Angela Sadang, CFA, ASA, and a Director in the Litigation and Corporate Financial Advisory Services Group at Marks Paneth LLP in Manhattan. Today, Ms. Sandag discusses how to determine what your business is worth, how to get a premium value for your business, using online software to value a business, getting paid for the potential your business has, and so much more! Go to her interview

large_michael 2_1.JPGMichael S. Blake, CFA, ASA, ABAR, BCA - Atlanta, Georgia

In this interview with Michael Blake, the Director of Valuation Services at Habif, Arogeti & Wynne, LLP, we take a look at what you need to know about appraising your business before you sell. We discuss different methods of appraisal and why you need an appraisal, as well as how you can keep your costs low when you do need to appraise your business. We will also take a moment to look at buy-sell agreements and what you need to know when creating one. Go to his Interview

Steven Siefert 3_0.jpgSteven J. Siefert, CFA, ASA-BV/IA - Milwaukee, Wisconsin

In this interview, we speak with Steven Siefert, Accredited Senior Appraiser and Business Valuator at Baker Tilly Virchow Krause, LLP, located in Milwaukee, Wisconsin. Anyone who is thinking of selling a business will want to pay close attention to this interview. Here, you will learn about the most important things you can do in order to build business value before a sale. Mr. Siefert point out which types of buyers are likely to pay more for a business, he shares with us his expertise regarding topics such as the different types of business appraisals, the ins and outs of structuring a business sale, and how timing plays a critical role in the sale of a business. Go to his Interview

Capture_6.JPG

Garrett M. Wilson, CFA, CVA – Denver, Colorado

Today it is our pleasure to interview Mr. Garrett Wilson, a Senior Manager in the Denver office of RGL Forensics.  Mr. Wilson specializes in the field of business and security valuation and his work includes financial, economic and valuation analyses for financial reporting purposes, mergers & acquisitions, asset and securities valuations, manager selection, corporate strategy and litigation. Mr. Wilson explains earnouts, working capital adjustments and normalized salary. He goes on to give factors that can improve the value of your business and discusses how long it can take to sell your business. Those are just a few of the topics discussed in today’s interview! Go to his Interview

John Mack 3.jpgJohn G. Mack, ASA, MCBA, ABAR – Peoria, Arizona

John G. Mack, the managing member of Mack Business Appraisals, LLC, is here today to talk with us about how to sell a business and how business appraisals play a role in that transaction. He launches into a discussion about when and why it is a good idea to have your business appraised, and he moves on to talk about what goes into a business appraisal, the different types of business appraisals, and why different appraisals may offer different information. Go to his Interview

Michael Meagher 4_0.jpgMichael W. Meagher, CBA - Edina, Minnesota

In this interview with Michael Meagher, an experienced Business Appraiser with MWM Associates in Edina, Minnesota, we discuss some of the critical questions that should be addressed by anyone who is considering a business appraisal. Michael specializes in business valuation, business succession planning, and bank financing presentations, and is the Past President of the Minnesota Association of Business Valuation Professionals. Go to his Interview

large_Bradley_optimized 2_3.jpgBrad Van Horn, ASA, CBA, CVA, CPA, MBA – Naperville, Illinois

Today we were given the opportunity to interview Mr. Brad Von Horn, the president and founder of Business Appraisal Services, LLC. Mr. Horn has over 23 years of business valuation experience and has been involved with over 3,000 valuation engagements. In this interview, Mr. Horn discusses various aspects of appraisals, such as real estate appraisals, appraising a minority interest, when to get an appraisal done, and the benefits of having a business appraised. Mr. Horn also discusses buy-sell agreements, succession and exit planning, and more. Go to his Interview

Front Page pic_0.jpgTrisch Garthhoeffner, CVA, MAFF, EA - Naples, Florida

In this interview, we discuss the topic of business valuation and appraisal with Trisch Garthoeffner, Founder and President of Anchor Business Valuations & Financial Services, LLC. Mrs. Garthoeffner has over fifteen years of valuation and financial advisory experience and is here to share her extensive knowledge on the subject. She also discusses the valuation of business entities and the appraisal of businesses for tax purposes. Go to her Interview

Michael Bankus 4_0.jpg

Michael Bankus, CVA, AFSB - West Chester, Pennsylvania

In today’s interview, we speak with Michael Bankus, Principal at Goriano Experts & Advisors, a business valuation consulting firm. Mr. Bankus knows that when it comes to buying or selling a business, a stretegic plan must be created and executed. According to Mr. Bankus, business appraisal and valuation should be at the top of every business owner’s list. Not only does he discuss what is needed to prepare a business for sale, Mr. Bankus also breaks down the anatomy of buy-sell agreements, minority interest appraisals and exit plans. Go to his Interview

Marcus Sullivan 3.pngMarcus Sullivan, CVA - Guaynabo, Puerto Rico

In this interview, we discuss business valuation and appraisal with Marcus Sullivan, CVA. Mr. Sullivan is a certified valuation analyst, as well as the Founder and Managing Partner of Sullivan Consulting, a boutique consulting firm based in Puerto Rico. Today, Mr. Sullivan tackles topics such as the importance of due diligence and how you can get a premium value for your business. Not only does Mr. Sullivan explain the why and how of business valuation, he also shares with us the three most critical factors that improve the value of a business. Go to his  Interview

Walter Blijleven 3.jpgWalter Blijleven, RA, CVA – Willemstad, Curaçao

In this interview, Walter Blijleven discusses how you can avoid a faulty sale through due diligence, how you can protect yourself from paying too much for a business, whether you need to have your business and real estate appraised separately, how to secure funding for a purchase, the proper ways to exit your business, and the importance of a buy-sell agreement. Mr. Blijleven is a highly experienced finance professional, a Dutch CPA and a US business valuator. Go to his Interview

Dan Doran 2.jpgDan Doran, CVA - Alexandria, Virginia

In this interview, Dan Doran, explains to business owners that planning ahead is a must and will generate more value and return on investment in the end if planning for a sale is included in the startup of the business. While many owners are pouring money into starting the business, they do not realize an extra few thousand dollars now can lead to tens of thousands of dollars in value at the time the business sells. Mr. Doran is the Founder and Principal of Quantive Business Valuations and a seasoned valuation professional. Go to his Interview

Philip 4.jpgPhilip M. Reynolds, CPA, ASA - Wilmington, Delaware

Today we are interviewing Mr. Philip Reynolds, the owner of First State Valuation Services. Mr. Reynolds has valued companies in various states, including California, Delaware, Georgia, Maryland, Mississippi, Missouri, New York, North Carolina, Pennsylvania, Virginia, and the District of Columbia. In this interview, Mr. Reynolds explains working capital adjustments, equity and enterprise value, buy-sell agreements, how business owners can get a premium value for their business, when a business owner should receive a valuation and when one should seek guidance from a business appraiser, choosing a qualified business appraiser, and more. Go to his Interview

large_czupta 2_1.JPGThomas J. Czupta, ASA - Chicago, Illinois

Thomas J. Czupta is a Manager with the Business Valuation Group, Inc. In this interview, Mr. Czupta draws on his over 6 years of experience in the valuation of business enterprises and closely-held securities to discuss seller financing, the top mistakes business owners make when looking to establish a value for their company, normalized salary, enterprise value, equity value, different valuation approaches (such as the market, income and cost approach) and some methods of each approach (including the Capital Market Method and the Transactional Market Method). Go to his Interview

large_zweifler 2_3.JPGWalter L. Zweifler, ASA, CFA – New York, New York

In this interview, we talk with Walter L. Zweifler, the Senior Financial Appraiser and Chief Executive Officer of Zweifler Financial Research. Mr. Zweifler has been active in the appraisal profession since 1976 and has a wealth of knowledge on the topic. Today, we discuss a range of topics from valuing a business to appraisals. Go to his Interview

 

large_gabrielle2_2.JPGGabrielle Luoma, CPA, CGMA – Tucson, Arizona

Today we have the pleasure of interviewing Gabrielle Luoma, a Certified Public Accountant and the founder of GMLCPA, PLLC. In this interview, Ms. Luoma discusses the importance of exit planning, recapitalization, financing, confidentiality, and more! Go to her Interview

 

 

Rand M. Curtiss 3.jpgRand M. Curtiss, MCBA - Cleveland, Ohio

In this interview, we discuss valuations with Mr. Curtiss from Western Reserve Valuation Services, LLC. Mr. Curtiss has over 30 years of experience valuing private companies and has valued over 3,500 private businesses in manufacturing, distribution, retail, service, investment and financial industries in a wide spectrum of business and financial environments. Go to his Interview

Financing Sources Interviews

What is the rollover plan and how does it work?

Is there an amount that is recommended when using a rollover plan?

Do the buyer’s attorneys and accountants need to be involved in the process?   If so, in what role?