Business owners who have identified the one party—or handful of likely parties—on the other side of the table often understand they need assistance beyond what their other advisors will provide, but wonder what an M&A advisor will do to add value We’re able to attune our offering to the one-off or targeted transaction because it is our primary focus, not one we default into. We are able to charge less than traditional investment banks because we are not required to utilize and pay for the platform required to execute on full-out auctions.
When Charlie Gifford and I are prepping guests for our Middle Market Musings podcast, we often ask if they have an “origin story”—a family connection or early experience that set them on a business path. Sometimes they do, sometimes they don’t.
The first story about business I ever heard—was ever aware of—involved my successful grandfather and even more successful uncle.
Joe Cherry and Al Levis were brothers-in-law and business partners. In the 1940s, the Cherry-Levis Food Company developed a dried meat stick product. My grandfather Joe and uncle Al had a fractious relationship. They parted ways about 1950. Joe did fine, continuing on his own in the food business. The dried meat product evolved into the well-known Slim Jim.
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M&A 2025: I Was Wrong—Time for a Do-Over
In the final months of last year, deal professionals and analysts arrived at a consensus forecast for 2025. After a year of gradually increasing volume, improved macro-conditions combined with pent-up seller demand would lead to a land rush of quality deals coming to market.
I was part of this consensus. The land rush isn’t happening—at least not yet.
Deal activity remains sluggish. One measure I cited back in the fall was the U.S. Conference Board’s Expectations Index, which by definition is more forward looking than the more widely cited confidence index.
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