When you’re making a big change to your life or your business, you don’t know what you don’t know, so having qualified and informed advisors in your corner is critical. This week on Success That Lasts, Jared Siegal talks to Matt Plooster about the journey of starting an investment bank with a purpose.

Matt is the CEO and co-founder of Bridgepoint Investment Banking, a boutique firm that focuses on middle market business owners, helping them sell their businesses as effectively and profitably as possible. Many business owners will spend 20, 30, 40 years or more building something — but they’re only going to sell it once. Business exits are a high-risk proposition, and companies like Matt’s are there to smooth the way.

Tune in here, at delapcpa.com/podcast, or wherever you listen to podcasts:

Here are a few highlights from their conversation about business exits:

  • Matt shares his story about getting into investment banking, an industry notorious for long hours and hard work. Starting his career right after the dot com bust, the firm was highly understaffed. Matt says this was a great experience, but he’s glad it’s behind him! When he started his own firm, doing important work where he could make a difference to people was a top priority.
  • Jared shares a story about a fishing trip that helped him really understand the value of an advisor. Given that Matt’s company works exclusively with private companies, knowing what to look out for and how to maximize the value is a critical issue. Being a fellow business owner and employer means that Bridgepoint has empathy and understanding as well.
  • Matt talks about what creates value and interest for a buyer during a business exit. This can include everything from the quality of your management team to the quality of the finances.
  • Jared and Matt discuss when a company should start thinking about and preparing to sell a business. Often, Matt says, people call a company like Bridgepoint too late in the process of a business exit. Preparation (and growing the key value drivers!) is everything.
  • Matt and Jared wrap up the conversation by talking about the importance of family, making time for it, and hopes for the next generation. Matt believes that if you can get up in the morning and help people, that is the most important thing.

Resources

Six Financial Best Practices for Year-End 2020