Selling Your Business, Part 2: Understand the Sale/Purchase Agreement
November 17, 2014
Hosted by Brendan Anderson and Jeffrey Kadlic
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Guest Information
Episode Description
You’ve worked hard to create a successful business and have made the life changing decision to sell. Don’t overlook the magnitude of not only the sale agreement, but the employment, shareholder and operating agreements as well. On today’s episode the hosts will again be joined by legal expert, Michael Marhofer, Partner at Calfee, Halter & Griswold LLP to continue the discussion around the importance of putting well-documented agreements in place, beginning with the purchase agreement. On the second of this three-part legal series, we will review transaction structures, asset versus stock sale, and the various sections of the purchase agreement, their significance and meaning. For both sides of the transaction it is crucial to understand the unique segments including: Definitions, Purchase Price, Representations and Warranties, Closing Conditions, Covenants and Indemnifications. Learn more by joining this legal series on preparing your business for sale.
The Second Stage
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The Second Stage serves as an entrepreneurial forum to exchange ideas and best practices amongst peers. While each business is unique, most companies face the same obstacles on their path to success. The topics and trends addressed within this community of like-minded individuals will include financials and reporting, valuation and value creation, succession planning, human resources, technology, insurance and benefits, as well as many others. The show will be delivered from the perspective of the hosts who view opportunities from both an entrepreneurial and institutional private investor perspective.
The Second Stage also shines a light on the significant impact that entrepreneurs and their growing companies have on creating a vibrant economic base.
Brendan Anderson and Jeffrey Kadlic
Brendan Anderson has spent the past 20 years as an investor and manager of businesses ranging from manufacturing to financial services. Fascinated by the capital gap within the small business growth sector, he rapidly came to the conclusion that providing best practices in addition to growth capital could consistently produce great results for the management, employees, communities, and investors. He is an active member and mentor within Entrepreneurs’ Organization, and is continuously entrenched in its culture of best practices.
Jeffrey Kadlic spent the first 10 years of his career making private investments in an institutional setting. Early success was achieved in large part to an entrepreneurial mindset within a corporate culture. While practicing as an institutional investor, working in and around dynamic small businesses, he recognized that growing small businesses needed more than just an influx of cash to scale operations. Leveraging corporate practices within an entrepreneurial setting, in addition to the capital, was the best way to achieve great performance.
Brendan and Jeffrey are both alumni of Crain’s Forty under 40 and E and Y Entrepreneur of the Year finalists.
Connected by their passion for growing small companies, in 2005, Anderson and Kadlic partnered to co-found Evolution Capital Partners, focused exclusively on advising and investing growth capital in Second Stage Companies. Evolution and its companies recognized on the Inc.500 5000.
