"The transition starts before the transaction and continues after the transaction."

bantam jack duval manhattan new york multi-family office UHNW Stacy Feiner, PsyD - Head Shot

Stacy Feiner, PsyD

This is the second interview in our Entrepreneur and Family-Owned Business Interview Series. These interviews are designed to help entrepreneurs and family businesses think through the benefits, implications, and consequences of taking outside investment. As part of the project, I am interviewing private equity fund managers, middle-market investment bankers, attorneys,

accountants, and consultants that advise privately held firms. This interview is with Stacy Feiner, PsyD, a business psychologist with over 20 years experience coaching middle-market business owners through complex dynamics. Stacy has designed a system that helps grow and transition companies. In this interview, Stacy brings forth a number of…

"Accounting is about telling the story of a business in quantitative terms."

I'm pleased to introduce our entrepreneur and family-owned business interview series. These interviews are designed to help entrepreneurs and family-owned businesses think through the benefits, implications, and consequences of taking outside investment. As part of this project, I am interviewing private equity fund managers, middle market investment bankers, attorneys, accountants,

and consultants that advise privately held firms. This first published interview is with Jim Elgart, CPA, who has over 20 years experience advising small and medium-sized businesses.  Over his career, he has served in many roles, including: CFO, founder, and investor in multiple entities.  Jim is a partner with MarthonCFO,…

Anyone buying the Miami Beach 3.25% bonds of 49 is taking massive uncompensated risk.

bantam inc jack duval mfo uhnw manhattan new york city - miami hurricane irma image

Miami could turn into Atlantis.

Generally speaking, most entrepreneurs should have a barbell approach to managing their total wealth.  This requires looking at the entire balance sheet when managing their assets, which I have discussed at length here. Total Wealth Approach In short, a Total Wealth approach considers the business assets and liabilities, as well as

personal real estate and expected cash flows, side by side with financial assets. As a heuristic, entrepreneurs can think of their business interest as a concentrated equity position.  This concentrated equity position typically overwhelms their financial assets in size.  Because of this, the liquid financial assets should be treated…

When contemplating the sale of a family business, it is critical to take one's time. By doing so, the family will not be the servant of the sale, the sale will be the servant of the family.

bantam inc jack duval multi-family office MFO New York selling a family business - plato imiage

Close up of Plato (on the left) and Aristotle from Raphael's "School of Athens".

This is the first of a series of blog posts on family businesses. Preparing for the Sale of a Family Business When contemplating the potential sale of a family business, there is often a rush to focus on valuation, transaction details, and deal structure.  While these elements are important, they 

are secondary, or even tertiary. What should come first is thinking through the "why and what" and the consequences of a potential sale.  I have discussed this in the estate planning context here. Starting with the “why” and taking the time to think through all the implications is absolutely critical…