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What is the biggest mistake you have made when
working on a deal?
I would say early on in my M&A Advising career I had
taken on a client that brought in the buyer. Because of
the previous relationship that the buyer and seller had
they were communicating at times without me. The seller
ended up agreeing to some aspects of the deal with the
buyer that they regretted. I quickly learned, no matter
what the situation, that I need to be in on all meetings and
calls with the buyer and seller.
What are the three most important qualities that you
think a good M&A advisor needs to have?
I would say patience is so important. I’m still learning
this. In my previous career once a client said let’s go to
contract, the meeting or conference usually happened
and our services were used. In M&A it never is a done deal
until all closing documents are signed and the money is in
the bank. Second would be to continue to learn the skill of
negotiating. Success in this industry comes to those that
can negotiate well. Third would be honesty. I’ve found if
you are truthful in everything you do people will trust you
and they will want to do business with you (as quoted by
Zig Ziglar).
What is your most interesting deal that you are working
on today?
I’m working on a manufacturing business with four
partners, three of which are not active and are doing
nothing for the business except costing the company
money. The active owner (my main client) has single-
handedly done amazing things with this business to get
it where it is financially succeeding. He’s the most honest
guy you’d ever want to meet and he’s interested in staying
on with the business (he’s in his 50’s). This business is, as
you may expect, drawing a lot of attention from buyers.
It’s one of those feel good stories when you see what this
one owner has done through hard work and determination.
It feels good to know I can help someone like this be
successful in an M&A transaction.
How long have you been an M&A Source member and
what do you get out of your membership?
I joined IBBA in 2010 when I still owned my event business.
I eventually started doing larger transactions and made
the decision to have membership with both IBBA and M&A
Source in 2016. By far the education that is offered by
M&A Source has tremendous value. I also find the people
at the conference are quality people and i enjoy the
networking.
As a seasoned M&A advisor, what changes and trends
do you see on the horizon that will impact on M&A?
I do think we may eventually see the Boomer Tsunami.
Where baby boomers that own businesses will have a
maximum exodus. This was the talk when I first became
an M&A advisor and the tsunami is yet to hit. I think a
main reason is baby boomers just like to work. Knowing
the youngest boomer will be 65 in 2030 I do think the
next 5-7 years will be very active with boomers deciding
it’s time to exit.
What advice would you give to new people entering the
profession?
It’s an exciting industry and stay grounded. Continue
to get as much M&A education as possible as you can
never know too much in this industry. The key is to be
networking constantly. I’m always fascinated at how a
certain connection, that I didn’t think would go anywhere
was the reason for a lead.
Please tell us something about yourself that has
nothing to do with your M&A career?
I have a wonderful wife of 36 years and three beautiful
daughters and a son-in-law. We have one grandson
that is two years old. Our family LOVES to travel and we
started a tradition last January to visit a warm climate
for a month in January (remember, we live in Minnesota).
The first destination was Costa Rica which is where our
photo was taken. We’ve yet to decide where we’ll go in
January of 2025. We have many ideas!
Sam Thompson
President/Owner, Transitions In Business
sthompson@transitionsib.com