Creating a "Second Bite of the Apple" in M&A | Chris Meso
Today I have a special guest, friend, and forward-thinking entrepreneur, Chris Meso. In 1989 while still in his twenties, Chris founded Mobile Air, which after more than 30 years of growth has become the largest private, portable HVAC specialty services business in North America. What's special about Chris's story is that not only did he know the right time to sell the business, but Chris also helped the private equity firm who acquired his business envision a strategy to roll up his competitors.
Chris believed so much in this roll up strategy that he negotiated significant equity in the overall business platform, which created a substantial "second bite of the apple" for him when the private equity firm sold the platform just two years later. On today's episode, Chris and I talk about the importance of preparing to sell a business and choosing the right buyer with the right strategy to maximize your ultimate outcome.
I hope you enjoy my conversation with Chris.
E15: Today I have a special guest, friend, and forward-thinking entrepreneur, Chris Meso. In 1989 while still in his twenties, Chris founded Mobile Air, which after more than 30 years of growth has become the largest private, portable HVAC specialty services business in North America. What's special about Chris's story is that not only did he know the right time to sell the business, but Chris also helped the private equity firm who acquired his business envision a strategy to roll up his competitors.
Chris believed so much in this roll up strategy that he negotiated significant equity in the overall business platform, which created a substantial "second bite of the apple" for him when the private equity firm sold the platform just two years later. On today's episode, Chris and I talk about the importance of preparing to sell a business and choosing the right buyer with the right strategy to maximize your ultimate outcome.
Today, Chris runs T Rex Advisory helping business owners implement simple, proven organizational frameworks to tone down chaos, earn more and go back to falling in love with their business.
A few highlights:
(4:30) ... Working in an ultra-competitive industry and building the moat that changed his future
Chris believed so much in this roll up strategy that he negotiated significant equity in the overall business platform, which created a substantial "second bite of the apple" for him when the private equity firm sold the platform just two years later. On today's episode, Chris and I talk about the importance of preparing to sell a business and choosing the right buyer with the right strategy to maximize your ultimate outcome.
Today, Chris runs T Rex Advisory helping business owners implement simple, proven organizational frameworks to tone down chaos, earn more and go back to falling in love with their business.
A few highlights:
(4:30) ... Working in an ultra-competitive industry and building the moat that changed his future
(11:15) ... Trying to understand what Mobile Air was worth
(22:53) ... The Kumbaya Dinner, and negotiating the next bite of the apple
(29:44) ... As an entrepreneur, "I left nothing on the field... and got off the field at the right time to enjoy the fifth quarter of my life."
I hope you enjoy my conversation with Chris.
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This episode is brought to you by Exitwise: https://www.exitwise.com
Exitwise helps business owners create the exits they deserve by assembling the best teams of industry specific, M&A experts, who will help maximize the sale of each business.
How Does It Work:
1. Schedule A Call: Schedule a call with one of our M&A Advisors and we'll walk you through the entire process of selling your business, from market valuations to M&A expert fees and from due diligence to the signing of your purchase agreement. We're here to answer any questions you may have.
On this call, we'll want to learn about the history of the business, your financial performance, your management team and listen to your thoughts and requirements for selling the business so we can make sure to find the best M&A experts to help maximize your exit.
2. Review Top Experts: Once we've had a chance to process all your business information, we'll share with you, our top choices for investment bankers, M&A attorneys, and tax accountants to help maximize the sale of your business.
2. Review Top Experts: Once we've had a chance to process all your business information, we'll share with you, our top choices for investment bankers, M&A attorneys, and tax accountants to help maximize the sale of your business.
We’ll present each M&A expert’s transaction history, estimated valuation range for your business and their fee structures. Then we’ll talk through the pros and cons of each choice to help you prioritize and make the best decisions.
3. Negotiate & Hire: Finally, when we've narrowed it down to your top choices, we'll negotiate your engagement letter with each M&A expert to make sure fees and terms are fair for everyone. We know what to look for and we know how to keep everyone incentivized for your optimal outcome.
Once your M&A experts have been selected and you’re ready to move forward, we’ll collect signatures and get everyone to work.
