Bob Furlong is a seasoned wealth management professional from The Bulfinch Group. With years of experience managing his own family business + his clients’ family businesses, Bob offers a unique perspective on wealth maximization and legacy building. In this episode, Bob reflects on his personal journey through multiple company exits, including one that left him completely in the red, and discusses the common misconceptions about the timing and strategy of selling a business. He also shares how he uses his expertise to guide family-owned businesses on financial strategies and vision planning, with the importance of aligning family legacy with business goals.

Key Points

[3:00] A little bit about Bob and his background in wealth management + selling the family business.

[5:15] Knowing what Bob knows now, what would he have done differently?

[7:25] On Bob’s third company exit, he did horrible. He really struggled through that process and had a negative balance sheet by the end of it.

[9:15] What do most people get wrong about exiting a company?

[13:05] When your company finances are looking better than they’ve ever been, that actually might be an indicator to sell.

[15:00] Bob now works with a lot of family-owned businesses, how does he use his experience + his expertise to advise and guide them?

[18:25] Although Bob does focus on the financials of the business, he also believes it’s important to talk with the owners about their visions for the future and what their legacy will look like.

[19:55] It is a delicate balance to sell the family business because employees might also leave the moment the owner leaves.

[24:25] How far in advance does Bob start working with a family-owned business? What is a good timeline to plan an exit?

[28:25] In Bob’s experience, the founder is usually the obstacle in how they want to realistically exit.

[32:55] Bob sees himself as a bit of a choreographer when it comes to helping everyone within the company and the family have tough conversations, be on the same page, and understand their risks.

Tip of the Day:

It’s never too early to plan!

Mentioned in this Episode

Tworld.com/locations/boston

Riw.com

Transactiontalk.com

Bob Furlong

LinkedIn

Bob’s bio

Bulfinchgroup.com

Email: bobfurlong@bulfinchgroup.com

Phone: 781-292-3265

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Quotes

“Business owners, more often than not, sacrifice the ‘self’ for the business and the business doesn’t always take care of them.”

“There are about 80%+ family-owned businesses where the owners want their kids to own their business. However, it’s less than 20% of the kids who want the business.”

“Selling a business is such a big decision, it’s a life decision, and you want to make sure, whether it’s a family member or another buyer, they’re going to live on your legacy.”

Shiva Karimi is an Immigration lawyer and Managing Director for McLane Middleton’s Boston Office. She is experienced in navigating complex U.S. Immigration issues and advises businesses on hiring key personnel and helps foreign investors and buyers navigate the purchasing process of a business on U.S. soil. In this episode, Shiva breaks down what it takes to qualify for an E2 investment visa, what business owners should be aware of when working with a foreign buyer, and how to best handle an international transaction like this.

Key Points

[3:20] What do business owners need to be aware of when working with foreign investors/buyers?

[5:00] What type of businesses qualify under the E2 visa?

[6:00] What’s the minimum amount a buyer has to invest under the E2 visa?

[7:20] Shiva breaks down the process of how to qualify for an E2 visa.

[11:00] This is not a visa you can do on your own. It is complex and you will need professional and legal help.

[13:10] Why would a business owner sell to a foreign buyer?

[16:00] What do business owners need to be aware of when hiring a foreign national?

[18:00] What happens if you have illegal immigrants working in your company and you’re trying to sell your business?

[20:00] What is an i-99 audit? What should employers be aware of?

[27:50] What is an H1 visa?

[29:30] Shiva also breaks down what an L1 visa is and how to qualify for it.

Tip of the Day:

Complete your I-99 audit and understand who is working within your company and who exactly wants to buy your company.

Mentioned in this Episode

Tworld.com/locations/boston

Riw.com

Transactiontalk.com

Shiva Karimi

LinkedIn

Shiva’s bio

Mclane.com

Email: shiva.karimi@mclane.com

Phone: 617-523-7937

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Quotes

“You do have to show sources of funds; where did that money come from? And you need a five-year business plan.”

“If half of the workforce is not authorized to work in the United States, if buyers want to take on that liability, fine, but oftentimes, they are not willing to proceed with the sale.”

“You never want to take on someone else’s liability. You don’t know what they’ve done or how they've done it.”

Diane Hartz-Warsoff is the President of Exit Factor of the SLC & Utah County branch. She is focused on helping business owners maximize their company’s value and prepare it for an exit. With over 8 years of experience, Diane shares her wisdom on this week’s podcast and talks about her role as an exit advisor, a business owner’s value to a company, and letting go of control.

Key Points

[3:50] You should start/think of your exit plan when you start your business.

[4:45] You want to document each element or department of your business one at a time. It can feel overwhelming doing it all at once.

[7:20] What is your legacy? Is it financial? Community? You need to define this.

[12:15] What is the role of an exit advisor?

[14:10] What should business owners be thinking about/preparing for?

[17:35] Getting any business owner to let go of control and let others do it is a very difficult mental shift.

[23:45] A prospective buyer is going to pay you for the work you've done and the business you’ve built, not for what the business has potential for.

[27:00] If you can get other people to put out the fires, then you become a much more valuable business.

[29:20] Interested in working with Diane? Reach out!

Tip of the Day:

It’s never too early to plan your exit and it’s a holistic decision for yourself and where you are in life.

Mentioned in this Episode

Tworld.com/locations/boston

Riw.com

Transactiontalk.com

Diane Hartz-Warsoff

Exit Factor

LinkedIn

Diane’s bio

Diane’s info at Transworld

Email: dhartzwarsoff@tworld.com

Phone: (385) 342-3692

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Quotes

“Any business where they are the business or integral to the business, it really has the negative impact on their value.”

“We have tools to help you with growth, and at the same time, know the right people to put in front of you to ensure your personal, financial, and your business are taken care of..”

“As you grow your business, a buyer is going to buy your business because they think they can improve on it and grow it. They’re going to pay you based on what you’ve done.”