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    • Home
    • Get To Know Me
    • Discovery Call
    • Closed Deals
    • Contact Me
    • Ready to Sell?
    • Current Listings
    • Business Brokers
    • Blog
    • Podcast
    • Sunbelt
      • Shreveport
      • Bossier
      • Longview
      • Tyler
      • Texarkana
      • Alexandria
      • Monroe
      • Ruston
      • Natchitoches
  • Home
  • Get To Know Me
  • Discovery Call
  • Closed Deals
  • Contact Me
  • Ready to Sell?
  • Current Listings
  • Business Brokers
  • Blog
  • Podcast
  • Sunbelt
    • Shreveport
    • Bossier
    • Longview
    • Tyler
    • Texarkana
    • Alexandria
    • Monroe
    • Ruston
    • Natchitoches

Steps To Sold Podcast on YouTube

Negotiation Strategies That Close More Deals – How to Handle Tough Negotiations

 In this episode of the Steps to Sold podcast, Brandon Bourgeois and Chris Sater delve into the intricacies of negotiation strategies in business sales. 

What Good Buyers Do Differently with Special Guest George Wellmer

 In this episode of the Step to Sold podcast, Brandon Bourgeois and Chris Sater engage with George Welmer, founder and CEO of Tupelo, to explore the intricacies of buying businesses. 

Major SBA SOP Changes with Special Guest Huy Tran from Byline Bank

 In this episode of the Steps To Sold podcast, Brandon Bourgeois and Chris Sater discuss significant changes to the SBA Standard Operating Procedures (SOP) with guest Huy Tran from Byline Bank. 

How to Find the Right Business to Buy

In this episode of the Steps of Sold podcast, Brandon Bourgeois and Chris Sater discuss the essential steps and considerations for individuals looking to buy a business. 

Understanding Business Valuations: What Really Drives Value?

 In this episode of the Steps To Sold podcast, hosts Brandon Bourgeois and Chris Sater delve into the complexities of business valuations. 

The Role of Due Diligence: What to Expect & How to Prepare

 In this episode of the Steps to Sold podcast, Brandon Bourgeois and Chris Sater delve into the critical process of due diligence in buying and selling businesses.  

Common Pitfalls When Selling a Business (And How to Avoid Them)

 In this episode of the Steps to Sold podcast, hosts Brandon Bourgeois and Chris Sater discuss the common pitfalls when selling a business and how to avoid them. 

The Shortfalls of AI in Business Valuations

The conversation highlights the risks of relying solely on AI for accurate business valuations and stresses the need for professional guidance.

Financing for Business Sales

The conversation highlights real-world scenarios, the flexibility of deals, and the associated fees and costs of SBA loans, providing valuable insights for potential business buyers and sellers.

Steps to Sold Podcast on Buzzsprout (Audio Only)

Negotiation Strategies That Close More Deals – How to Handle

PODCAST NOTES

Summary

In this episode of the Steps to Sold podcast, Brandon Bourgeois and Chris Sater delve into the intricacies of negotiation strategies in business sales. They discuss the emotional dynamics involved, the common pitfalls that can derail deals, and the importance of building trust and relationships between buyers and sellers. The conversation emphasizes the need for preparation, understanding motivations, and knowing when to walk away from a deal. Through anecdotes and insights, they provide valuable guidance for navigating the complex world of business negotiations. In this conversation, Brandon Bourgeois and Chris Sater discuss effective negotiation strategies for business acquisitions. They emphasize the importance of listening to sellers, offering options instead of ultimatums, and the critical role of the Letter of Intent (LOI) in setting the tone for negotiations. The speakers also explore creative solutions for overcoming obstacles in negotiations, the necessity of having the right team in place, and the significance of timing in decision-making. They conclude with key takeaways for successful negotiations and the importance of being open and adaptable in the process.  


Takeaways 

Negotiation is an art that requires preparation and strategy. 

Emotions play a significant role in business negotiations. 

Understanding the seller's perspective is crucial for buyers. 

Small details can lead to major deal breakers. Building trust is essential for successful negotiations. 

Buyers and sellers should be open to flexible transition timelines. 

Preparation includes both financial and mental readiness. 

Negotiators should have multiple strategies to achieve their goals. 

Ego can hinder the negotiation process and lead to conflicts. 

Developing a relationship can enhance the likelihood of a successful deal. 

Listening to the seller is crucial for understanding their mindset. 

Offering options creates a sense of control for the seller. 

The LOI is a critical document that sets the tone for negotiations. 

Creative solutions can help overcome obstacles in negotiations. 

Having the right team is essential for successful negotiations. 

Timing is important; take time to consider responses. 

Be willing to walk away if terms are not favorable. 

Trust your broker's expertise in negotiations. 

Be open to different options to achieve the best deal. 

Building relationships is key to successful negotiations.   


Chapters 

00:00 The Art of Negotiation in Business Sales 

03:07 Understanding Emotional Dynamics in Negotiations 

06:01 Common Pitfalls and Conflict in Business Deals 

08:56 The Importance of Trust and Relationship Building 

12:04 Navigating Financing and Seller Expectations 

15:00 The Mindset of a Skilled Negotiator 

17:45 Knowing When to Walk Away from a Deal 

26:18 Practical Negotiation Strategies 

28:15 Offering Options, Not Ultimatums 

30:53 The Importance of the LOI 

36:04 Creative Solutions in Stuck Negotiations 

40:45 The Right Team for Negotiations 

43:50 The Importance of Timing in Negotiations 

48:57 Final Takeaways and Closing Thoughts  


Keywords 

negotiation strategies, business sales, emotional dynamics, trust, relationship building, common pitfalls, financing, seller expectations, skilled negotiator, walk away, negotiation strategies, LOI, deal making, buyer-seller relationship, business acquisition, negotiation tactics, seller financing, creative solutions, negotiation team, timing in negotiations 

What Good Buyers Do Differently with George Wellmer

PODCAST NOTES

 Summary

In this episode of the Step to Sold podcast, Brandon Bourgeois and Chris Sater engage with George Welmer, founder and CEO of Tupelo, to explore the intricacies of buying businesses. They discuss the challenges buyers face in a competitive market, the importance of understanding the market landscape, and the steps buyers should take to prepare for inquiries. The conversation highlights the significance of crafting effective inquiries, recognizing red flags in buyer behavior, and navigating the due diligence process. Additionally, they delve into the realities of business valuation and the necessity of financial preparedness for prospective buyers. In this conversation, Brandon Bourgeois, George Wellmer, and Chris Sater discuss the intricacies of business sales, focusing on the importance of data rooms for confidentiality, effective communication between buyers and sellers, and the common misconceptions surrounding business acquisitions. They emphasize the need for buyers to conduct thorough due diligence, build relationships, and understand the risks involved in purchasing a business. The discussion also touches on the significance of well-prepared business listings and the realities of financing a business acquisition.


Takeaways

Buyers must understand the market before making inquiries.

Crafting a personalized inquiry can set buyers apart.

Financial preparedness is crucial for serious buyers.

Generic inquiries often signal a lack of genuine interest.

Understanding business valuation is key to negotiations.

Buyers should avoid analysis paralysis during due diligence.

The quality of financial statements varies in small business transactions.

A buyer profile can streamline the inquiry process.

Pre-qualification for loans can enhance buyer credibility.

Buyers should focus on industries where they can add value. Data rooms are essential for maintaining confidentiality in sales.

Buyers should do their homework before engaging with sellers.

In-depth questions from buyers indicate serious interest.

Building relationships is crucial in buyer-seller interactions.

Buyers should avoid overwhelming sellers with questions.

Misleading narratives about no-money-down deals are common.

Understanding financial metrics is vital for buyers.

Buyers should be cautious of listings that seem too good to be true.

A well-prepared listing indicates a serious business opportunity.

Buyers need to be aware of the risks involved in business acquisitions.


Chapters

00:00 Understanding the Buyer Landscape

03:00 Preparing to Inquire: Key Steps for Buyers

06:04 Crafting Effective Inquiries: The Importance of Buyer Profiles

09:02 Red Flags in Buyer Behavior

12:10 Navigating Due Diligence: Common Pitfalls

15:06 Valuation Realities: Understanding Market Expectations

18:11 The Role of Financial Preparedness in Buying Businesses

24:47 The Importance of Data Rooms in Confidential Sales

32:18 Effective Buyer-Seller Interactions

40:42 Navigating Misleading Business Acquisition Narratives


Keywords

business buying, buyer profiles, due diligence, market understanding, business valuation, SBA loans, buyer behavior, business brokers, M&A transactions, financial preparedness, data rooms, business sales, buyer-seller interactions, business acquisition, financial due diligence, broker insights, search funds, business listings, buyer profiles, market conditions

How to Find the Right Business to Buy

PODCAST NOTES

Summary

In this episode of the Steps of Sold podcast, Brandon Bourgeois and Chris Sater discuss the essential steps and considerations for individuals looking to buy a business. They emphasize the importance of defining personal financial goals, understanding the key criteria for evaluating potential businesses, and avoiding common pitfalls in the acquisition process. The conversation also highlights the significance of operational fit and the role of a broker in facilitating successful transactions. Listeners are encouraged to create a buyer profile and approach the business buying process with clarity and preparation.


Takeaways

  • Define your financial goals before looking for a business.
  • Understand your risk tolerance and debt capacity.
  • Create a buyer profile to streamline your search.
  • Evaluate the financial health of potential businesses.
  • Look for operational fit and transferability of the business.
  • Avoid emotional attachment to businesses before evaluation.
  • Don't chase cash flow blindly; consider overall fit.
  • Ask the right questions during initial evaluations.
  • Be prepared for due diligence and understand its importance.
  • Work with a broker to navigate the buying process effectively.


Chapters

00:00 Introduction to Business Acquisition

01:34 Defining Your Goals and Financial Capacity

08:09 Key Criteria for Evaluating a Business

14:13 Understanding Operational Fit and Transferability

19:38 Common Mistakes to Avoid in Business Buying

28:05 The Role of a Broker in Business Acquisition


Keywords

business acquisition, buying a business, financial goals, evaluation criteria, operational fit, common mistakes, business broker, SBA loans, buyer profile, investment

Understanding Business Valuations: What Really Drives Value?

PODCAST NOTES

Summary

In this episode of the Steps To Sold podcast, hosts Brandon Bourgeois and Chris Sater delve into the complexities of business valuations. They discuss the various methods of valuation, the importance of financial preparation, and the impact of risk factors on a business's worth. Through real-life examples, they illustrate how different metrics like SDE and EBITDA are used in valuations and emphasize the need for accurate financial reporting to achieve a fair market price. The conversation highlights the significance of understanding one's business value before entering the market, as well as the nuances that can affect a sale's outcome. In this conversation, Brandon Bourgeois and Chris Sater delve into the complexities of business valuations, discussing the importance of historical trends, potential, and market factors. They explore the differences between asset and stock sales, the impact of interest rates on buyer purchasing power, and the significance of preparing a business for sale. The discussion emphasizes the need for clear documentation and a strategic exit plan to maximize business value.


Takeaways

Valuing a business involves understanding various metrics and methods.

Financial preparation is crucial for attracting the right buyers.

A strong valuation can significantly impact the sale outcome.

Different valuation methods apply to different business sizes and structures.

Risk factors, such as customer concentration, can drastically affect valuation.

SDE is commonly used for smaller businesses, while EBITDA is for larger ones.

Accurate financial reporting is essential for a fair valuation.

Market conditions and comps can mislead business owners about their value.

Preparation in advance can lead to better sale outcomes.

Understanding the nuances of valuation can help sellers maximize their returns. Location affects business valuation significantly.

Potential alone does not justify high valuations.

Historical revenue trends are crucial for buyers.

Asset value can sometimes outweigh cash flow.

Interest rates impact buyer purchasing power.

Market conditions can influence business valuations.

Proper documentation is essential for a successful sale.

Understanding deal structures is key for sellers.

Preparing for an exit should start early.

A business should be transferable to maximize value.


Chapters

00:00 Introduction to Business Valuations

03:24 Understanding Business Valuation Methods

09:02 The Importance of Financial Preparation

11:37 Common Valuation Metrics Explained

15:47 Risk Factors in Business Valuation

18:12 Understanding Business Valuations

20:02 The Role of Potential in Valuations

21:56 Asset Value vs. Cash Flow

25:56 Market Factors Influencing Valuations

29:49 Deal Structures: Asset vs. Stock Sales

34:13 Preparing for a Successful Exit


Keywords

business valuation, financial preparation, valuation methods, SDE, EBITDA, risk factors, business sale, market value, customer concentration, financial metrics, business valuation, potential, cash flow, asset value, market factors, deal structure, exit strategy, business sale, buyer pool, interest rates

The Role of Due Diligence: What to Expect & How to Prepare -

PODCAST NOTES

Summary

In this episode of the Steps to Sold podcast, Brandon Bourgeois and Chris Sater delve into the critical process of due diligence in buying and selling businesses. They discuss the importance of thorough preparation, the roles of external advisors, and the necessity of building trust between buyers and sellers. The conversation covers various phases of due diligence, including document review, operational assessments, and market analysis, while highlighting common pitfalls and the significance of transparency. The hosts emphasize the value of a Quality of Earnings analysis and the essential role brokers play in facilitating smooth transactions. Listeners are encouraged to approach due diligence as a vital step towards successful business transactions.


Takeaways

• Due diligence is essential for building trust in transactions.

• Both buyers and sellers must prepare thoroughly for due diligence.

• External advisors like CPAs and attorneys are crucial in the process.

• Transparency in financials can prevent misunderstandings later on.

• A Quality of Earnings analysis can protect buyers and clarify business value.

• Disorganized financials can stall or kill deals.

• Understanding market conditions is vital for buyers.

• Sellers should be upfront about any issues to maintain credibility.

• Operational reviews help assess the strength of a business.

• Preparation for due diligence can significantly enhance buyer confidence.


Chapters

00:00 Introduction to Due Diligence

01:28 Understanding Due Diligence

03:20 The Role of External Advisors

04:40 Building Trust in Transactions

06:12 Phases of Due Diligence

10:01 Operational Review and Employee Involvement

11:04 Market Review and External Factors

14:20 Common Issues in Due Diligence

16:35 Quality of Earnings Analysis

19:26 Preparing for Due Diligence

25:36 The Broker's Role in Due Diligence

29:19 Final Thoughts on Due Diligence


Keywords

due diligence, business transactions, buying a business, selling a business, financial preparation, operational review, market analysis, quality of earnings, trust in transactions, business brokers 

Common Pitfalls When Selling a Business (How to Avoid Them)

PODCAST NOTES

 Summary

In this episode of the Steps to Sold podcast, hosts Brandon Bourgeois and Chris Sater discuss the common pitfalls when selling a business and how to avoid them. They cover key topics such as overestimating business value, the importance of clean financial documentation, the risks of relying on a single buyer, the necessity of involving key employees in the sale process, and the impact of time on closing deals. The conversation emphasizes the need for proper preparation and realistic expectations to ensure a successful business sale.


Takeaways

  • One in three deals don't make it to close.
  • 75% to 90% of businesses listed never sell.
  • Overestimating business value is a common pitfall.
  • Clean financials are crucial for a successful sale.
  • Relying on one buyer can be risky.
  • Involving key employees can enhance the sale process.
  • Time management is critical in closing deals.
  • Don't rush the sale process; take your time.
  • Proper documentation is essential for buyer trust.
  • Understanding market data is key to pricing a business.


Chapters

00:00 Introduction to Business Selling Pitfalls

02:24 Overestimating Business Value

07:30 Importance of Financial Documentation

12:34 Relying on One Buyer

19:07 Involving Key Employees in the Sale

23:54 The Impact of Time on Deals


Keywords

business sale, pitfalls, overestimating value, financial documentation, buyer reliance, employee involvement, time management

The Shortfalls of AI in Business Valuations - Episode 3

PODCAST NOTES

Summary

In this episode of the Steps To Sold podcast, hosts Brandon Bourgeois and Chris Sater discuss the growing trend of using AI for business valuations. They explore the limitations of AI, emphasizing the importance of human insight in understanding the nuances of business value. Key topics include the significance of goodwill, financial adjustments, owner involvement, market dynamics, and the human element in valuation processes. The conversation highlights the risks of relying solely on AI for accurate business valuations and stresses the need for professional guidance.


Takeaways

  • AI can quickly analyze data but lacks depth.
  • Understanding buyer motivations is crucial for accurate valuations.
  • Goodwill and intangible assets are hard to quantify with AI.
  • Financial adjustments are often overlooked by AI.
  • Owner involvement significantly impacts business value.
  • Market dynamics and location can skew AI valuations.
  • AI cannot account for unique business circumstances.
  • Human insight is essential in the valuation process.
  • Crowdsourced opinions among brokers refine valuations.
  • Relying solely on AI can lead to financial losses.


Chapters

00:00 Introduction to AI in Business Valuation

00:54 The Limitations of AI in Valuation

03:57 Understanding Goodwill and Intangible Assets

06:59 Financial Adjustments and Owner Involvement

09:54 Market Dynamics and Location Factors

13:12 The Human Element in Valuation

15:59 Conclusion: Balancing AI and Human Insight


Keywords

AI, business valuation, limitations of AI, goodwill, financial adjustments, owner involvement, market dynamics, human element, business selling, valuation accuracy

Financing for Business Sales - Episode 2

PODCAST NOTES

 Summary

In this episode of the Steps to Sold podcast, Brandon Bourgeois and Chris Sater delve into the complexities of financing business sales. They discuss various financing options, including conventional bank loans, seller financing, and SBA loans, highlighting the challenges and benefits of each. The conversation emphasizes the importance of understanding collateral requirements, the role of seller financing in deal structures, and the transformative potential of SBA financing for small business owners. The hosts provide insights into how these financing methods can impact both buyers and sellers in the business acquisition process. In this conversation, Chris Sater and Brandon Bourgeois delve into the intricacies of SBA financing, emphasizing the advantages of working with preferred lenders over conventional banks. They discuss the importance of selecting the right lender, navigating the SBA loan process, and maximizing cash flow and investment returns. The conversation also highlights real-world scenarios, the flexibility of deals, and the associated fees and costs of SBA loans, providing valuable insights for potential business buyers and sellers.


Takeaways

  • Conventional bank financing is often challenging due to collateral requirements.
  • Seller financing is a common and viable option for business sales.
  • SBA loans can be a game changer for financing business acquisitions.
  • Trust and confidence are crucial for successful business deals.
  • Seller financing can help open up the buyer pool for sellers.
  • Banks prefer to see some seller financing to ensure buyer commitment.
  • Understanding the legal and underwriting processes is essential for financing.
  • SBA financing has specific caps that can limit deal sizes.
  • The dynamics of seller financing can benefit both buyers and sellers.
  • Navigating financing options requires careful consideration of all parties involved. SBA preferred lenders are screened and approved by the SBA.
  • Choosing the right lender can significantly impact the loan process.
  • SBA loans can provide better terms than conventional loans.
  • The SBA insures a large portion of the loan, reducing risk for banks.
  • Real estate involvement can lead to longer amortization periods.
  • Not all banks have the same risk tolerance or industry focus.
  • SBA loans require a signed offer before proceeding with financing.
  • Buyers can leverage seller financing to meet down payment requirements.
  • SBA loans can cover closing costs and working capital.
  • Understanding SBA fees is crucial for financial planning.


Chapters

00:00 Understanding Business Financing Basics

02:55 Navigating Conventional Bank Financing Challenges

06:11 Exploring Seller Financing as a Viable Option

09:09 The Role of Seller Financing in Deal Structure

12:00 The Importance of SBA Financing

14:58 Challenges and Opportunities with SBA Loans

18:48 Understanding SBA Financing with Preferred Lenders

22:07 The Importance of Choosing the Right Lender

25:16 Navigating the SBA Loan Process

26:37 Real-World Scenarios: Financing a $5 Million Deal

29:15 Maximizing Cash Flow and Investment Returns

32:04 Understanding SBA Fees and Costs


Keywords

business financing, seller financing, SBA loans, conventional bank loans, business sales, financing options, buyer seller dynamics, financing challenges, business acquisition, deal structure, SBA financing, preferred lenders, business loans, loan process, cash flow, investment returns, lender selection, SBA fees, business acquisition, financing options

The Valuation Multiples - Episode 1

PODCAST NOTES

Summary

In this conversation, Chris Sater and Brandon Bourgeois discuss the intricacies of business valuation, focusing on the concept of multiples. They explore how to set expectations for sellers, the importance of financial metrics like EBITDA and SDE, and the impact of industry standards and economic conditions on business valuations. The discussion also highlights common pitfalls in the valuation process and emphasizes the need for clean financial records and strong operational systems to enhance business value. Ultimately, they stress the importance of understanding market dynamics and preparing businesses for sale.


Takeaways

  • Setting clear expectations is crucial in business transactions.
  • Understanding multiples is key to valuing a business.
  • Financial metrics like EBITDA and SDE are essential for valuation.
  • Industry standards can vary significantly and affect multiples.
  • Economic conditions, such as interest rates, influence business valuations.
  • Clean financial records can enhance a business's perceived value.
  • Customer concentration can impact the risk and value of a business.
  • Sellers should avoid relying too heavily on anecdotal industry averages.
  • Buyers and sellers must navigate their expectations carefully.
  • Preparation and understanding of market conditions are vital for successful transactions.


Chapters

00:00 Setting Expectations in Business Transactions

05:49 The Importance of Financial Metrics

12:14 Impact of Economic Conditions on Multiples

17:55 Common Pitfalls in Valuation

23:49 Final Thoughts on Business Multiples 


 Keywords: business valuation, multiples, financial metrics, industry standards, economic conditions, business brokers, seller expectations, buyer considerations, financial practices, market variability

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