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VideoSelling a Business? Here’s Why an Investment Banker Can Make a Difference | Podcast
National Market Leader, Private Equity
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Private Equity in Motion
In this episode of Weaver: Beyond the Numbers, Private Equity in Motion, Sean sits down with Bill Cornelius of Crutchfield Capital to discuss why business owners hire investment bankers when selling a business. Bill explains how investment bankers help companies maximize value, attract qualified buyers and navigate the transaction process from initial interest through closing. The conversation also explores why relying on a single buyer may leave value on the table and how a structured sale process can help business owners achieve stronger outcomes.
Key Takeaways on Selling a Business:
- Investment bankers help business owners maximize company value by communicating growth opportunities and competitive strengths to potential buyers.
- Running a competitive sale process can attract multiple interested buyers, including family offices and strategic investors, helping owners avoid leaving value on the table.
- Experienced advisors help sellers navigate due diligence, buyer questions and negotiations, improving the likelihood of a successful transaction.
Subscribe and listen to future episodes of Weaver: Beyond the Numbers, Private Equity in Motion, on Apple Podcasts or Spotify.
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Detailed Description of Selling a Business? Here’s Why an Investment Banker Can Make a Difference
00:00:00
Sean: We’re continuing our sell-side series. I’m honored to have Bill Cornelius at Crutchfield Capital with us today. Thanks, Bill, for joining us.
00:00:08
Bill: Happy to be here.
00:00:09
Sean: You want to tell us a little bit about Crutchfield before we get into the meat of this?
00:00:12
Bill: Sure. Crutchfield Capital is a 35-year-old investment bank. We focus on representing business owners with revenues of $15 million to $500 million in value, and we’ve completed several hundred transactions.
00:00:28
Sean: Great. Really, the gist of this is: Why would I hire an investment banker to sell my business versus a broker or my friend down the street or anything like that? Or even if somebody knocks on my door and says, “Hey, I want to buy your business,” why hire you guys? Because there’s a fee for that.
00:00:42
Bill: That’s true. The two reasons are: to obtain a premium value for the company and to ensure a transaction closing.
00:00:53
Bill: How do we do that? Businesses, as we think about them, are custom designed by their owner. The entrepreneur has created something great, but articulating, what are the competitive strengths of the business? How can it grow in the future with more capital?
00:01:12
Bill: That’s our expertise. All of that with a goal of persuading and enticing the buyer to pay more.
00:01:21
Bill: Secondly, buyers have typically completed numerous transactions, while sellers often have completed few or none. We are guiding our seller clients through a process they’ve never been through. The terminology is different. The prying questions that the buyer is asking are different.
00:01:47
Bill: And so, we’re guiding them through something that is very personal, and it’s our expertise to counsel them through some emotional moments. Many deals die at some point, and we’re pressing through that.
00:02:02
Sean: So, you’re a licensed counselor as well as a banker?
00:02:06
Bill: I’m not a licensed counselor. I should be. That would have been a good thing.
00:02:10
Sean: You play one on TV.
00:02:12
Bill: I play one on TV.
00:02:13
Sean: There you go.
00:02:14
Bill: That’s right.
00:02:14
Sean: Well, is there anything else that, just generally, what someone should think about and when they should be hiring a banker and why?
00:02:20
Bill: Yes. I would say that the competition that we’re bringing in terms of the number of buyers who are seeking medium-sized businesses is incredible. Someone knocks on your door and says they want to buy your business. It’s likely there are dozens, 50 others, or 100 other groups that are also interested. They just haven’t knocked on your door yet.
00:02:47
Bill: That’s one of the key things we’re doing now: taking an offer that’s been presented to a client and taking that as table stakes to improve that offer. We’re finding that more than half of the time, a buyer that they have never thought of, a family office of a billionaire, is the ultimate buyer and can pay the premium.
00:03:13
Sean: Well, Bill, I appreciate the time. Thank you.
00:03:16
Bill: Thank you.
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