IN THIS ISSUE:
www.masource.org
ISSUE
SPRING 2025
© M&A Source. All Rights Reserved. | The insights and opinions expressed herein are those of the authors and do not represent professional counsel nor an endorsement by M&A Source.
The Bridge
U P D AT E S & I N S I G H T S
F O R T H E L O W E R M I D D L E M A R K E T
A QUARTERLY PUBLICATION
OF THE M&A SOURCE
Chair’s Letter
An Interview with
M&A Source Member,
Jaclyn Ring
The Human Element -
How Personality Insights
Shape M&A Success
Marketing Mastery for the
M&A Professional
BIEF Update
»
»
»
»
»
NO.09
2 | T h e B r i d g e S p r i n g 2 0 2 5
Updates + Insights
for the Lower Middle Market
T h e B r i d g e | S p r i n g 2 0 2 5 | 3
Content.
NO.09
ISSUE
SPRING 2025
The Bridge
A QUARTERLY PUBLICATION
OF THE M&A SOURCE
Kathy Thiel, the 2025 Chair of M&A Source,
shares an exciting vision for the year ahead,
highlighting new initiatives, expanded
member benefits, and continued support for
the evolving M&A community.
LETTER FROM THE 2025 CHAIR
04
Read personal insights into a career in
M&A with our latest member interview.
AN INTERVIEW WITH M&A
SOURCE MEMBER,
JACLYN RING
06
Learn why you should prioritize the
adoption of NASAA’s amended M&A
Broker Rule.
BIEF UPDATE
16
Uncover how personality can impact
M&A discussions.
THE HUMAN ELEMENT- HOW
PERSONALITY INSIGHTS SHAPE
M&A SUCCESS
10
Get an overview of Course 455 and how it
can help you refine your marketing approach.
MARKETING MASTERY FOR THE
M&A PROFESSIONAL
12
4 | T h e B r i d g e S p r i n g 2 0 2 5
Chair’s Letter
Dear Members,
It is with immense honor and enthusiasm
that I address you as the 2025 Chair of the
M&A Source. The M&A Source has played
an instrumental role in shaping my career as
I joined the organization ten years ago and
transitioned from business brokerage to M&A.
The organization began this year with almost
700 members, a 230% increase in membership
over the past 20 years.
As I take on this new role, I would like to extend
my heartfelt gratitude to Lamar Stanley for
his exceptional leadership over the past year.
Under his stewardship, we made noteworthy
progress in advancing our strategic mission,
updated in 2023, to be the source of professional
development, best practices, networking, and
deal sourcing for the deal-making community
engaged in business transactions with annual
EBITDA ranging from $500,000 to $10 million.
Notable achievements under Lamar’s guidance
include the launch of new online and virtual
educational programs, Foundations and Core 1 &
2, along with the implementation of a proprietary
M&A Source learning platform. Additionally, we
introduced updated criteria for the prestigious
M&AMI credential, which underscores the
expertise and qualifications of our members to
support lower middle-market business exits.
We also introduced more member benefits,
bringing members’ potential annual savings
to nearly $10,000. Lamar accomplished all this
while simultaneously founding a private equity
business and tending to his beekeeping as an
apiarist—a truly impressive feat!
Looking ahead, I am thrilled about the initiatives
M&A Source has planned for the coming year,
including:
• Marketing campaigns to attract additional
investors and LMM advisors to our
membership.
• The launch of a members-only deal platform,
providing a year-round way for investors
and advisors to connect on opportunities,
complementing our two annual in-person
Deal Markets at the spring and fall
conferences.
• More advanced content for our
communication channels, including The
Bridge, podcasts, and webinars.
• Unparalleled networking and learning
opportunities at our spring and fall
conferences. Registration is open for
the Spring Conference & Deal Market
in Orlando and mark your calendars for
Phoenix in November!
• Continued sourcing of industry-leading
member benefits that will save you money
on tools to get and close more deals.
In an era marked by uncertainty surrounding
technological advancements, tariffs, and
workforce challenges, our priority is to ensure
that M&A Source remains a beacon of support,
knowledge, and resources. Together, we are
navigating one of the most significant transfers
of wealth in economic history as baby boomers
and the silent generation transition their
businesses. And we are in the front row!
I urge each of you to actively engage with the
M&A Source community. Your ideas, voices,
and dedication are what make this organization
truly exceptional. Whether you are a seasoned
expert or an emerging M&A professional, your
contributions are the lifeblood of our collective
success. Please do not hesitate to reach out to
me or any member of the Board or Leadership
Team if you have suggestions for innovative
programs or areas of interest to explore.
Kathy Thiel
2025 Chair, M&A Source
T h e B r i d g e | S p r i n g 2 0 2 5 | 5
Thank you for your trust and support. I am excited to
collaborate with all of you and witness the extraordinary
accomplishments we will achieve together.
Warmest regards,
Kathy Thiel
2025 Chair, M&A Source
I urge each of you to
actively engage with the
M&A Source community.
Your ideas, voices, and
dedication are what make
this organization truly
exceptional. Whether
you are a seasoned
expert or an emerging
M&A professional, your
contributions are the
lifeblood of our collective
success.
6 | T h e B r i d g e S p r i n g 2 0 2 5
Member Interview
Tell us about your pre-M&A career and how it
led you to doing this work?
Before my career in M&A, I worked in the
sports industry, first with the Pittsburgh
Steelers and then with the Pittsburgh Pirates.
In both roles, I worked closely with business
owners, understanding how they interact,
build relationships, and develop trust. Sports
is a business built on loyalty and emotional
investment, and I saw firsthand how critical
relationships are to success. That experience
gave me a deep understanding of what drives
business owners—not just financially, but
personally. In M&A, those same principles apply.
Selling a business isn’t just a financial decision;
it’s often an emotional one. As I transitioned
out of the sports world, I saw M&A as an
opportunity to showcase my ability to build trust
and understand the human side of business
while continuously being challenged in other
aspects.
What personal characteristics and strengths
have supported your success in this industry?
Being a woman in M&A, I believe I bring a
different viewpoint to my team. I have a
strong ability to pick up on small details that
others might overlook, which can be critical
in negotiations and deal-making. One of my
biggest strengths is creating an environment
where people feel comfortable opening up. I’m
able to get people talking, build trust, and pull
out key information that might not otherwise
surface. Additionally, my attention to detail
plays a crucial role throughout the entire M&A
process, helping to ensure that nothing gets
missed and that each deal is structured for
success.
What is your greatest M&A accomplishment?
While I’ve had many accomplishments in my
M&A career, I am most proud of being an
integral part of creating and implementing
REAG’s proprietary buy-side process. This
process has become a significant part of
our business, allowing us to better serve our
clients through proprietary deal sourcing and
enhancing the way we identify and approach
acquisition targets. Seeing something I helped
develop become such a core component of our
firm’s success has been incredibly rewarding.
With regard to the majority of your
engagements, do you work as a team or do you
handle things on your own?
We work as a team, allowing each of us to
focus on our strengths and support the deal
in the most effective way. M&A is a complex
process that requires a range of expertise,
and by leveraging the skills of each team
member, we’re able to provide the best
possible outcomes for our clients. We believe
collaboration is key to ensuring a seamless and
successful transaction.
Do you just do M&A or do you provide other
services – valuations, consulting, etc.?
REAG only provides buy-side and sell-side
advisory.
What is the biggest mistake you have made
when working on a deal?
A hard lesson I learned early on is the
importance of over-communicating, especially
An Interview with
M&A Source Member,
Jaclyn Ring
Jaclyn Ring
Vice President - REAG, 2025 Conference
Planning Chair - M&A Source
T h e B r i d g e | S p r i n g 2 0 2 5 | 7
during due diligence. If you’re not consistently keeping
all parties informed and aligned, emotions can quickly
take over and jeopardize the deal. M&A is an inherently
emotional process, and uncertainty or miscommunication
can create unnecessary tension. I’ve learned that clear,
proactive communication is essential to keeping deals
on track and ensuring a smooth process for everyone
involved.
What are the three most important qualities that you
think a good M&A advisor needs to have?
I’d say the three key qualities an M&A advisor should have
are integrity, trust-building skills, and problem-solving
ability. First, integrity is crucial. You have to be honest
and transparent with clients and always act in their best
interest. Second, building and maintaining trust is essential
both with the client and the folks on the other side of
the table. Lastly, problem-solving is a must. No deal
goes perfectly, and the ability to think on your feet and
find solutions when things don’t go as planned is vital to
success.
What is your most interesting deal that you are working
on today?
All deals are interesting in their own way, and that’s one
of the things I love most about the M&A profession. As
advisors, we have the opportunity to dive into and learn
about so many different industries. Each deal presents its
own unique challenges, opportunities, and insights, which
keeps things exciting and constantly evolving. There’s
always something new to learn and explore, which makes
every deal fascinating in its own right.
How long have you been an M&A Source member and
what do you get out of your membership?
I’ve been a member for close to 10 years now. What I
get out of the membership has definitely evolved as my
M&A career has progressed. When I first joined, I was
really focused on the educational resources that M&A
Source offers. It was a great way to learn and build my
foundational knowledge. Now, the value for me is much
more about networking with other intermediaries and
investors. The relationships I’ve built through those
connections have become one of the most valuable
aspects of my membership.
As a seasoned M&A advisor, what changes and trends
do you see on the horizon that will impact on M&A?
One of the most imminent trends I see in M&A is an
increase in international companies making acquisitions
within the United States, especially in manufacturing.
As the global market evolves, there’s a growing need for
international companies to establish a presence in the
United States.
What advice would you give to new people entering the
profession?
I would offer two key pieces of advice. First, find a team
that continuously supports you while pushing you to
be your best. Having the right people around you can
make all the difference, especially in a field as dynamic
as M&A. Second, always stay curious. The drive to do
research, ask questions, and really understand every
detail of a deal will take you a long way. The more you
learn and the deeper your understanding, the better
equipped you’ll be to handle the complexities of the
deals you work on.
Please tell us something about yourself that has
nothing to do with your M&A career.
My husband and I have three kids, a boy and two twin
girls. All of our kids are very active, and I genuinely enjoy
cheering them on in everything they do. As a family, we
enjoy “off the beaten path” travel. We love exploring
unique places and stepping away from the usual tourist
spots to find adventure.
Jaclyn Ring
Vice President- REAG
2025 Conference Planning Chair- M&A Source
reag.com
8 | T h e B r i d g e S p r i n g 2 0 2 5
THE PREMIER LOWER
MIDDLE MARKET EVENT
MAY 20-21
THE RENAISSANCE ORLANDO
AT SEAWORLD® |ORLANDO, FLORIDA
2025
SPRING CONFERENCE
& DEAL MARKET
T h e B r i d g e | S p r i n g 2 0 2 5 | 9
T h e B r i d g e | W i n t e r 2 0 2 5 | 9
GET STARTED
The Q1 2025 Market Pulse Survey is open
through April 15
Learn more and participate to gain access
to exclusive participant benefits.
1 0 | T h e B r i d g e S p r i n g 2 0 2 5
The Human Element
How Personality Insights Shape M&A Success
WHEN IT COMES TO MERGERS AND ACQUISITIONS (M&A), MOST PROFESSIONALS FOCUS ON THE
TANGIBLE ASPECTS: FINANCIALS, LEGAL CONTRACTS, MARKET POSITIONING, AND OPERATIONAL
LOGISTICS. BUT BEHIND EVERY TRANSACTION ARE HUMAN BEINGS, AND UNDERSTANDING THEIR
PERSONALITIES CAN BE THE DIFFERENCE BETWEEN A SUCCESSFUL DEAL AND ONE THAT FALLS
APART. PERSONALITY INSIGHTS AREN'T OFTEN THE HEADLINE OF M&A DISCUSSIONS, BUT THEY
CAN SHAPE NEGOTIATIONS, INFLUENCE OUTCOMES, AND DETERMINE HOW SMOOTHLY POST-
MERGER INTEGRATION UNFOLDS.
Consider a scenario where a seller is identified as having
a strong SFP (Sensing, Feeling, Perceiving) personality
type. This type is known for valuing personal relationships,
flexibility, and ensuring that people feel good about
decisions. If negotiations are structured heavily around
data, analytics, and rigid processes, this seller may become
disengaged or resistant. Instead, shaping discussions around
the people involved, emphasizing harmony, and allowing
for a more flexible approach will resonate better, creating
an environment where the seller feels heard and valued.
Recognizing personality types like this allows advisors to
tailor their strategies, ensuring smoother conversations and
stronger rapport.
This is where personality insights come into play.
Understanding whether a person is risk-averse or embraces
bold decisions can influence how proposals are framed.
Knowing if an investor is data-driven or intuitive can
determine whether presentations lean heavily on numbers
or focus more on vision and potential. Recognizing a seller’s
personality type can inform how discussions are structured
and how objections are addressed.
There are various tools and techniques to uncover these
insights. Personality assessments like MBTI, CliftonStrengths
(arguably not a personality assessment), or DiSC profiles
can offer structured insights into the people we’re working
with. Behavioral interviews – explicit or subtle - can reveal
much about how someone thinks and makes decisions.
Sometimes, it’s about reading the room—observing reactions
during meetings, noting how challenges are approached, and
understanding communication styles.
For example, an analytical buyer might scrutinize every detail
of the financials. Sellers and brokers who recognize this
trait can come prepared with exhaustive data, anticipating
questions and demonstrating a depth of understanding
that builds confidence. Conversely, a seller with a feeling
and perceiving personality type will be more responsive to
discussions about relationships, harmony, and the human
element of the deal.
Integrating personality insights into the M&A process isn't
about replacing the traditional due diligence; it's about
enhancing it. Before negotiations even begin, it's wise
By David Dejewski
Transworld Business Advisors of Frederick,
Owings Mills, and Columbia