Selling a business is challenging on its own, but when paired with the emotional and legal complexities of a divorce, it can feel overwhelming! In this episode, we’re joined by family law attorney Cindy Runge, who draws on her extensive experience to unpack the critical legal and financial factors involved. From understanding how marital estates are valued to the impact of prenups and postnups, and the challenges of business valuation amid separation, Cindy shares essential strategies to help you protect your business interests, navigate financial and legal hurdles, maintain operational stability, and communicate effectively during this difficult time. We also discuss extreme scenarios like court-ordered sales and the protective role of operating agreements, offering practical tips to help business owners navigate this intersection with clarity and strategic planning. Tune in to gain invaluable insights and learn how proactive collaboration between legal and business experts can safeguard your interests when personal and professional worlds collide!

Key Points From This Episode:

• Why selling a business during divorce is uniquely challenging.
• How marital estates impact business valuation.
• The importance and role of prenups and postnups (and how they differ).
• Navigating business valuation during separation.
• Court-ordered sales and extreme divorce cases.
• How operating agreements can protect business interests.
• Balancing emotional and legal considerations in negotiations.
• Common mistakes people make when going through a divorce.
• The importance of collaborating with legal and business professionals.
• Key takeaways: how to protect both your business and yourself!

Tip of the Day: Getting divorced? Slow down and stay in control. Work with a mediator or collaborative attorney to help you protect your wallet, your business, and your sanity.

Links Mentioned in Today’s Episode:

Cynthia Runge

Peridot Family Law

Cynthia Runge on LinkedIn

Transaction Talk

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Estate planning is a vital component for all business owners, and today, we unpack everything you need to know about estate planning for your business. We are joined by Neil Cohen from RS Law LLP (previously Regnante Sterio LLP), an AV-rated firm bringing a collaborative approach to legal representation in order to provide comprehensive and efficient legal services. Neil is an estate planning attorney for business succession planning, probate administration, and complex and simple estates, and he begins our conversation by defining estate planning and explaining why it’s essential for all businesses. Then, we explore the differences between a will and a trust, what it means to avoid probate, why setting up a will or trust should be your top priority, and how estate planning informs succession planning. We also uncover the consequences of not having a will or trust when incapacitated during a sale as a business owner, why many procrastinate on their estate planning, why a healthcare proxy matters, and where spouses fit into the various components of estate planning. To end, Neil shares the Tip of the Day and we learn how to connect with him and his work.

Key Points From This Episode:

• Neil Cohen defines estate planning and explains its importance for businesses.
• Why Massachusetts leans heavily on irrevocable trusts.
• The difference between a will and a trust, and what it means to avoid probate.
• Why setting up a trust should be one of your non-negotiables.
• Protecting business owners: How estate planning informs succession planning.
• The consequences of an owner being incapacitated during a sale without a will or trust.
• When business owners should start their estate planning and tips for keeping it updated.
• Why procrastination reigns: Common obstacles that prevent estate planning.
• Understanding how often you should review your estate plan.
• The ins and outs of the healthcare proxy and its importance and where spouses fit in.
• How to connect with Neil Cohen.

Tip of the Day: Start Early! Estate planning can start even before you have kids or own a business. The only way to falter is by not starting at all, and because none of us can predict the next moment, the best time to start is now.

Links Mentioned in Today’s Episode:

Neil Cohen on LinkedIn

Neil Cohen Email

Neil Cohen Phone Number: 781-246-2525 ext. 241

RS Law LLP (Regnante Sterio LLP)

Jennifer Fox on LinkedIn

Eric Sigman on LinkedIn

Transaction Talk

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation, either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

On this episode of Transaction Talk, hosts Jennifer Fox and Eric Sigman sit down with Dave Killen, a commercial real estate broker at LandVest, a firm specializing in customized commercial real estate solutions. Dave shares his expertise on everything from complex property valuations to identifying the right buyers for unique properties. Tune in to learn about the challenges of valuing businesses alongside real estate, the implications of a business not paying rent, and why business owners should engage a broker sooner rather than later. Dave also breaks down the nuances of 1031 exchanges, the importance of due diligence in real estate and business deals, and how LandVest’s sophisticated marketing network helps connect sellers with the right buyers, even when the ideal buyer isn’t obvious. Don’t miss this insightful conversation packed with expert advice on navigating the complexities of commercial real estate!

Key Points From This Episode:

• The different types of valuations that Dave does for commercial real estate.
• How to determine the value of a business when it owns the property.
• Interesting properties that Dave has worked on with LandVest.
• The difference between real estate and commercial real estate brokers.
• How Dave finds buyers for unique properties and developments.
• The typical timeframe for commercial property valuation and sales.
• When business owners should contact a commercial real estate broker.
• How to do a 1031 exchange (and how to know if it’s right for you).
• Conducting due diligence for business and commercial real estate transactions.

Tip of the Day: Price your property realistically. In today’s market, deals that are priced appropriately will move, while overpriced listings are likely to stall. The period of aspirational pricing is behind us, so sellers should focus on setting a fair market value from the start!

Links Mentioned in Today’s Episode:

Dave Killen

Dave Killen on LinkedIn

Call Dave Killen on 508-451-0020

LandVest
Jennifer Fox on LinkedIn

Eric Sigman on LinkedIn

Transaction Talk

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Artificial intelligence is changing the way businesses operate, but do you know how to use it responsibly? Today on Transaction Talk, we’re joined by Adam G. Gutbezahl, an AI thought leader in the legal field, litigation attorney, and author of the CHATAdamG newsletter, a monthly digest of AI trends shaping the legal landscape. In our conversation, Adam breaks down how AI tools, especially large language models (LLMs), are being used in business and the legal risks they pose. From the dangers of AI-generated misinformation to increasingly convincing phishing scams, he shares examples of AI misuse and how companies can protect themselves. We also discuss why every business should have an AI policy in place and how leaders can ensure their employees use AI responsibly. Whether you’re excited by AI’s potential or wary of its risks, this episode will equip you with the knowledge you need to navigate AI with confidence!

Key Points From This Episode:

• An overview of how we use AI every day, from autocorrect to ChatGPT.
• Why AI's output depends on the quality of the data it is trained on.
• How to instruct Large Language Models (LLMs) like ChatGPT for optimal results.
• The risks of using AI without proper oversight.
• Suggestions on how to responsibly use AI as a tool for efficiency.
• What companies can do to safely navigate the AI landscape.
• Why businesses should seriously consider hiring a Chief Technology Officer (CTO).
• How a CTO and AI policy can help protect you against potential harm.
• Adam’s predictions for the future of AI and how to set your business up for success.

Tip of the Day: AI is a powerful tool, but like any tool, it works best when you understand how to use it. Don’t be afraid to ask questions and admit what you don’t know. Taking the time to learn first will save you from costly mistakes down the road!

Links Mentioned in Today’s Episode:

Adam G. Gutbezahl, Esq. on LinkedIn
Find Adam at 255 State Street, 7th Floor | Boston, MA 02109

Call Adam direct at 617-570-3502 or on his cell at 508-649-4216

Contact his office at 617-742-4200 or fax him at 617-742-2355

Email Adam at agg@riw.com

Ruberto Israel & Weiner
Sign up for the CHATAdamG Newsletter

Jennifer Fox on LinkedIn

Eric Sigman on LinkedIn

Transaction Talk

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

How would you run your business differently today if you knew exactly how you would leave it tomorrow? A business exit strategy is not something you plan when you are ready to sell. It is something you build from day one. Without the right preparation, you could leave money on the table or even struggle to sell your business. In this episode of Transaction Talk, we welcome Megan Kearney, entrepreneur, franchisee, and Partner at Exit Factor Lexington, to discuss why every business owner needs an exit plan. Exit Factor is a business coaching and consulting firm that helps entrepreneurs increase profits, free up their time, and unlock their business’s true value. In our conversation, we delve into Megan’s transition from corporate life to entrepreneurship, how she identified a major gap in exit planning, and why many business owners fail to prepare for their eventual exit. We also unpack how Megan helps make businesses more sellable, explore generational differences in approaches to entrepreneurship, learn about common exit planning mistakes, and more. Tune in to learn why starting a business with the end in mind is key to long-term success with Megan Kearney!

Key Points From This Episode:

• Megan's journey into entrepreneurship and why she chose exit planning as a specialty.
• What Exit Factor does and how Megan helps owners build sellable businesses.
• Common pitfalls and why many businesses are not set up for successful exits.
• Why an exit strategy does not always involve selling the business.
• The differences between millennial and baby boomer entrepreneurs.
• A real-world case study of a flower shop that struggled to sell due to poor exit planning.
• How owners can shift their mindset to focus on long-term value.
• Reasons that building a business with an exit strategy in mind is crucial.
• Insights into what buyers look for in a business and how to foster a long-term plan.
• Why you should think about your business as an investment.

Tip of the Day: Think about your business not just as a venture to run, but as an investment to grow. Start with the end in mind to build a scalable and valuable company!

Links Mentioned in Today’s Episode:

Megan Kearney on LinkedIn

Megan Kearney Email

Call Megan Kearney

Exit Factor

Good Sports

Big Brothers Big Sisters
Jennifer Fox on LinkedIn

Eric Sigman on LinkedIn

Transaction Talk

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Welcome back to Transaction Talk! Today, we’re joined by a very special guest, Brook Hartnett, one of our top brokers from the Transworld Boston office. A U.S. veteran and seasoned entrepreneur with a strong background in the fitness industry, Brook has seamlessly transitioned his expertise into the world of business brokerage. Now, he’s helping business owners confidently navigate the buying and selling process with insight and precision. Join the conversation as they delve into his story and journey to becoming a business broker, what he would have done differently with his first deal, and what it was like to work on that deal with his mom. We share on the importance of allowing the donning of different hats throughout different phases of a process, and Brook reflects on factors that have impacted his success as a broker and entrepreneur. To hear more from Brook, including his tip of the day, be sure to tune in now.

Key Points From This Episode:

• We introduce today’s special guest, Brooke Hartnett.
• Brook shares his story, from a US veteran to the fitness industry, to a business broker.
• What he would have done differently in his first transaction process.
• He unpacks his experience working on the deal with his mom.
• The importance of allowing the donning of different “hats” during the process.
• Thoughts on what has impacted his success as a broker and entrepreneur.
• How his personal understanding influences his approach to helping sellers position themselves for success.
• Setting appropriate expectations for the sales process: why it can be crucial to get right.
• One of the worst things they see during the selling and transition process.

Tip of the Day: It’s never too early to start planning your exit. Engaging in conversations with your trusted advisors—your attorney, your accountant—can make a huge difference. Even if you’re a few years away from selling, let them know your intentions. Chances are, one of them has valuable connections that can help you take the right steps now to prepare your business for a successful sale

Links Mentioned in Today’s Episode:

Brook Hartnett on LinkedIn

Brook Hartnett

Brook Hartnett Email

Brook Hartnett Phone Number — +1 631 965 9073

Coach Brook Inside Sales

Transaction Talk

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Entering into a business transaction requires full disclosure, and a Quality of Earnings Report provides the perfect opportunity to bring everything to light. Matthew Allison is a Partner at Citrin Cooperman’s Tax Practice, and he joins us to talk about the importance of a Quality of Earnings Report in due diligence during a business sale transaction. We kick off our conversation by defining what a Quality of Earnings Report is and how its directive differs on the buy- and sell-side. Diving into the details, we consider how a thorough consideration of information improves relationships and how sellers can embrace a realistic mindset during the research period. Next, we discuss the impact of Quality of Earnings on sales price and how pre-exposure can increase buyer comfort level when entering into a transaction. Lastly, we get into the importance of bringing everything to light during the reporting period and presenting it with transparency. Thanks for tuning in.

Key Points From This Episode:

• Matt Allison’s broad experience in business growth, transition planning, operational finance, and more.
• What a Quality of Earnings Report is.
• The two very different directives of a Quality of Earnings Report for buyers and sellers.
• Information sellers should ask their CPAs or Brokers to prioritize.
• Having a realistic mindset leading up to a sale.
• Embracing the opportunity to examine everything during the research period.
• Examples of how Quality of Earnings can impact the sales price.
• Taking advantage of the opportunity to expose everything on the sales side.

Tip of the Day: Bad news doesn’t get better with age. There is no sense in trying to hold anything back when there is going to be significant scrutiny on everything. Hand over everything — there’s no reason to keep anything hidden.

Links Mentioned in Today’s Episode:

Matt Allison on LinkedIn

Matt Allison Email

Citrin Cooperman

Transaction Talk

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Our guest today’s favorite pastime is making business insurance a bit more exciting, and this is a segment you don’t want to miss! Joining Jennifer Fox and Eric Sigman on the podcast today is Brett Beaurivage, Founder of The Bag Room, LLC. His company, The Bag Room, takes a strategic approach to risk, leveraging advanced mitigation and loss control techniques to prepare for any scenario that could impact you or your business, ensuring comprehensive protection. As an expert insurance advisor and consultant, Brett breaks down the critical role of business insurance in transactions. Join our insightful conversation with Brett as he unpacks why you need to have a strategy when it comes to insurance and shouldn’t just pick and choose policies. He underlines the importance of working closely with your advisor on constructing a mutually agreeable insurance plan and stresses that maintaining an ongoing conversation about your insurance portfolio is crucial! Packed with key insights, this episode is a must-listen, so tune in now!

Key Points From This Episode:

• An introduction to the topic and guest of today’s podcast episode.
• More details on Brett’s company, The Bag Room, LLC.
• He explains what business insurance is and why it is essential to have it.
• Brett takes us through different policies and the types of risks we would try to mitigate with each one.
• He unpacks one key principle of risk management insurance.
• How to evaluate the right amount of coverage: a robust insurance portfolio.
• Brett explains how he helps business owners get the right insurance coverage: collaboration with your agent.
• How business insurance fits into a transaction.
• Why you need to look at a claims history before you buy a business and the importance of tracking losses.
• He explains the difference between how general liability and professional liability work, as far as claims go.
• How the coverage works with professional liability.
• Why you shouldn’t be with any one insurance company for more than 3-5 years.
• The benefits of having a full, and effective team, with transactions.
• How to reach out to Brett.

Tip of the Day: Stay with an insurance company for no more than 3–5 years, reassess as your business grows, and work closely with your agent to develop a cost-effective strategy. Open communication and trust are essential for successfully managing your business insurance portfolio. If you are working on transactions, having a full and effective team is key!

Links Mentioned in Today’s Episode:

Brett Beaurivage on LinkedIn

Brett Beaurivage Phone Number — +1 603 413 6500

Brett Beaurivage Email

The Bag Room, LLC

Jennifer Fox on LinkedIn

Eric Sigman on LinkedIn

Transaction Talk

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.