In this episode, Ashley Owens interviews Paul Visokey, an expert in building and leading sales and marketing organizations in startup environment as they discuss about buying and selling businesses, mergers and acquisitions.They’ll also be talking about different tips on how to build long-term relationships through networking.
Paul is the owner and President of Stony Hill Advisors with a tagline, “Right buyer at the right price”. It is a merger and acquisition advisory firm that specializes in providing intermediary services for lower middle market companies and small business entrepreneurs. It is uniquely qualified to provide expertise and guidance throughout the difficult process of finding the right buyer or investor and presenting the business in the most effective way to generate the best offer.
They call themselves "intermediaries" as they connect the dots between owners and buyers. The process can take months or years but everything will all be worth it, he said. Most of their clients are business owners who reached a point and realized that they want to move on with their lives and are looking towards retiring.
They follow a holistic approach in dealing with clients, in fact they have an organization of psychologists to help business owners figure out what they need to do for the rest of their lives. The best part of what they offer is they have this what he calls, “exit planning” where they build strategies for the business to have value so when they’re at the point to sell it, it’s already of absolute value. So what they do is train business owners to allow their businesses to be independent while training their replacements. This is so when the time comes for them to leave, the business can stand alone without them.
One of the struggles his staff and him are facing is the gap between what the business wants and needs for retirement versus what the business is worth. A lot of businesses don’t do the necessary prepping so what they do is help them build that value and reduce the gap.
Here are the top two networking practices that help build long-term relationships according to Paul.
Get referrals - do lots of networking to get to know the trust adviser community that business owners rely on. Advisers like accountants, attorneys, financial advisers or business advisers. It’s important to get a referral from these people because they know the business owners. And when they know what we do to the community, there will be referrals.
Join organizations - join organizations that allows you to meet people. Then you can start marketing your business while engaging in opportunities or services you can offer to business owners or whatever field you are into
Comfortability - get them to feel comfortable, have your business cards with you to make sure they remember you.
For him, the key is to talk to those seasoned senior level people, for example the company’s lawyer for 30 years. These types of people are most likely to give the best and trusted referrals because they already know the business and have a relationship with the owners.
Lastly, here are the 3 tips Jason can give us on how to make the most of a networking event.
Meet people - you have to make sure that you meet and talk to people. Get to know them first then they’ll get to know you more
Make yourself available and memorable.
If you need help with exit value coaching or know someone who needs it, feel free to visit their website at https://www.stonyhilladvisors.com/ or give them a call at 215-543-3508.
Also check him out on:
LinkedIn - https://www.linkedin.com/in/stonyhill/
For more information about this show and this episode, visit ashleyassists.com
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LinkedIn - https://www.linkedin.com/in/ashowens/