Masters in Small Business M&A

My guest today is Lance Stier, CEO of NC Custom (a division of Nassau Candy) Nassau Candy is one of the largest US wholesale manufacturers of specialty and private label confections, supplying many national retailers and independent stores across the country. Headquartered in Hicksville, New York, they create millions of pounds of confections every year — including chocolate-covered raisins, Jordan almonds, fudge, fruit slices, chocolate pretzels, and hand-dipped cherries. Nassau Candy isn’t just candy. They are a parent company to NC Custom, the promotional products arm of the business, and home to industry-leading brands including Chocolate Inn/Taylor & Grant (edibles), Lanco (promotional hard goods), and SPD Shoreline (apparel and soft goods). You’ll hear how Lance is proud to work with his family at Nassau Candy including his dad, uncle, and four brothers. From his early start on Wall Street to deciding to join the family business in 2009, Lance brought his talent and interest in making deals and creating businesses to Nassau Candy, helping to build it into a multi-disciplinary distribution, customization, and manufacturing juggernaut. Lance is an experienced and entrepreneurial family business builder across food, confectionery, promotional products, travel + resort, and short-run manufacturing and customization (apparel, hard goods, health and beauty, edible and other categories). His skill set includes M&A, Management, Private Equity, Manufacturing, Specialty Printing, Food/Confectionery/OTC, and Product/ Business Development. This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test. If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and other useful information. To join Axial as an acquirer, an owner considering an exit, or a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas. Discussion points: Nassau’s origin story - all the way back to 1918 Lance’s journey from Wall Street to Nassau Candy in 2009 Taking a step back - it’s a family dynamic The decision to add a promotional products business Building the custom products business arm

My guests today are Jonathan Kasen and Gordon Scott, Co-Owners of Hilliards Chocolates. Hilliards is one of New England’s most beloved artisan brands. Founded in 1924 in south Boston, Hilliards is now in its fourth generation of family ownership. In this episode, you’ll hear Jonathan and Gordon talk about their journey from portfolio managers at Fidelity, to leaving those positions to start the second half of their careers as business investors/owners. With 15 years of experience in the public markets, Jonathan and Gordon felt comfortable analyzing a business and assessing a management team. They liked that Hilliards was almost 100 years old, which spoke to its resilience, and that the brand had a strong following and a family management team that was (and still is) impressive. The guys talk about the purchase of Hilliards, the acquisition of Hilliards' sister company Harbor Sweets, and the complementary strengths of both companies. Keeping the family in charge of day-to-day operations is an unusual approach, but it has worked very well for their partnership with Hilliards. This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test. If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas. Discussion points: Gordon and Johathan’s backgrounds on Wall Street Fidelity and how portfolio management was structured The origin story of Gordon and Jonathan’s partnership Hilliards and why it was so compelling The chocolate market - how can it sustain so many brands? Brick and mortar vs eCommerce pre and post covid Why and how they ‘won’ the purchase of Hilliards Buying a business and keeping the family and future generations involved Hi

My guest today is Troy Berg, CEO of Dane Manufacturing located in Wisconsin. Unlike most contract manufacturers in the upper Midwest, Dane Manufacturing has end-to-end capabilities to serve customer needs without reliance on third parties for service. The addition of packaging and shipping services ensures Dane provides high-quality, high-pay manufacturing jobs that have positive impacts on the community. Dane's customers count on them to self-perform everything associated with their production, including cutting, bending, welding, painting, assembly, packaging, and fulfillment of their products, minimizing the potential for supply-chain disruptions and layering of cost, all while increasing the accountability for quality. Dane’s customer base has evolved as well. The company went from making “hidden parts” to producing recognizable parts that have key applications in a wide range of consumer products: architectural metal for elevator cabs, joint plates and corner guards for airports, handrails for hotels and conventional centers, job boxes for construction sites, and more. I speak with Troy about how he and his family acquired this 85-year-old manufacturing company, their massive scaling, and growth since the early 2000s, details about their acquisitions and real estate expansion over the years, and Troy’s plan for the future of Dane. This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test. If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas. Discussion points: Dane Manufacturing origin story Solving customer’s problems and soaring sales - the housing boom and Home Depot store expansion Growth from $1M to $6M - 2001 to 2005 Troy discovered he was “doing too much” as a leader and limiting Dane’s sales potential Acquisitions - challenges and processes A 3X plan in 3 years - with help from Axial.net

My guest today is Ken Heuer, Principal at Kidd & Company, a principal investment firm with a unique approach to designing businesses that transform their industry segments. Combining intensive research and hands-on involvement, Kidd & Co creates highly successful businesses that generate world-class investment returns. Ken Heuer joined Kidd & Company in 2008 and participates in all facets of the firm’s activities, including sourcing new opportunities, investment strategy development, conducting technical, financial and market due diligence, maintaining relationships with debt and equity co-investors, and overseeing strategy execution for existing investments. Previously Ken was a Managing Director at Spencer Trask, an early-stage venture capital firm, where he worked with companies in the life sciences, healthcare, information technology, software and communications sectors. Prior to Spencer Trask, Ken was an investment banker at JPMorgan, where he worked on numerous capital-raising and M&A transactions. Ken received a BS in Civil Engineering from Lehigh University and an MBA from New York University, where he was a Stern Scholar. Ken currently serves on the Board of the New York Chapter of the Alliance of Merger & Acquisition Advisors (AM&AA). I speak with Ken about the many bubbles and crashes he seems to have been a part of and rode to success over the years (internet in the 90s, real estate in 2008, and the pandemic) and also how Kidd & Company functions as a “generalist” investment firm, with perhaps fewer dollars to invest, but bringing in much higher returns than some megalithic private equity organizations. Kidd focuses on outsourcing the less desirable functions in their businesses to allow the principals to focus on what they enjoy - which has provided very successful exit opportunities in a number of industries. This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test. If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas. Discussion points: How Ken got into banking and M&A - Business school in the late 90s, JP Morgan, early-stage venture capital in NY, then Kidd & Co. Ken knew it was time to leave the early-stage venture when it became just a long line of “sick patients” to triage

My guest today is Matt Johnson, Founder of TheFeed.com. The Feed is THE eCommerce marketplace for endurance athletes' nutrition needs before, during, and after their workout, big race, or event. Matt Johnson’s journey to founding The Feed started when he was President of the Tour de France Team at Slipstream Sports. He is also an avid ski racer, has won a dozen Master's World Cup races, and a few years ago was Master's SG World Champion. Matt saw how better nutrition was giving Tour de France riders a huge advantage in their training (getting more out of every workout) and in competition (performing stronger in the last 20% of the race or the last week of a 3-week stage race), and the concept of The Feed marketplace was born. The Feed was built for athletes, by athletes, to share how the right nutrition at the right time can instantly improve your performance, get you more out of each workout, and increase your enjoyment of training and racing. But one size doesn’t fit all. The Feed builds you a personal Feed (from over 150 top nutrition brands (like SwissRX, Maurten, and Clif) that will work for you and your sport, your diet, your flavor preferences, and your training goals. I speak with Matt about his personal journey - from selling college textbooks online in the mid-90s, to leading Tour de France teams, to founding The Feed and how it has evolved. Currently, The Feed is scaling up 60-70% every year, they are exploring different brand acquisitions, building robotics to increase speed and capacity in their Boulder, CO warehouse, and creating a successful business that eventually will be ready for a great exit strategy when the time is right. This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test. If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas. Discussion points: Matt’s early days - bike racing as a kid, selling college textbooks online. The Feed is a merging of Silicon Valley and sports, his dream scenario The need for The Feed – seeing a knowledge gap before/during/after training - fueling strategies are always evolving and volatile Reviewing the history of trends in sports nutr

In this episode, we tackle an industry that you don’t often hear about in entrepreneurial or investment circles - the commercial laundry business. Join me as I talk with Sang Cho, Chair & CEO of Cooperative Laundry - the most technologically advanced commercial laundry services company to hospitality markets (hotels and hospitals) in the United States. Sang talks about the early days in NYC where his family owned a laundry that he grew up in and worked in as a teen, his self-admitted lack of knowledge as far as operating a massive commercial business, and the many pitfalls that befell him and the company, and the lessons learned from that experience that are contributing to the success of Cooperative Laundry today. Sang started working in his family's dry cleaning business in 2005 and grew it from a 20-employee, $2MM company to a 600+ employee, $50MM revenue company. Sang exited that business through a private equity transaction in 2013 and has since embarked on investing in and operating Cooperative Laundry. Their custom-built, 60,000-square-foot facility is located in Kearny, New Jersey, delivering the best commercial laundry services in North America. Its fully automated workflow delivers an end-to-end level of precision that the laundry industry has never known. This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test. If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas. Discussion points: What is the commercial laundry business all about? There are no national players – regional and mom/pop are the main players A day in the life of the commercial laundry business Shorter contracts allow for easier price adjustments What happens if you lose a customer? Sang’s Korean/American family background owning a laundry in NYC Combat infantry and a philosophy degree

My guest today is Steve Cook, Executive Managing Director at LFM Capital. LFM is a Nashville-based private equity firm founded by operators and engineers. Their focus is on niche manufacturing and industrial services businesses. LFM was founded in 2014 to invest in private, lower-middle-market manufacturing companies. Steve co-founded LFM Capital and brings over 29 years of operating experience, having served in a variety of senior executive and functional roles in manufacturing, supply chain, engineering, technology, and sales. Prior to founding LFM, Steve was a Principal with TVV Capital, Chief Operating Officer of MFG.com, and prior to MFG, Steve spent 11 years as a Southeastern regional Senior Director with The Dell Corporation. We’ll hear from Steve about how he began his career at Dell straight out of MIT and was a self-described type of brash “Iceman” character (from the movie Top Gun) when he got out of flying combat missions in the Navy, and fortunately was coached on becoming a better leader, which propelled him to his current success. Steve talks about what he loves about manufacturing, how to identify great value and potential in companies he purchases, and what he hopes manufacturing may look like in the future. This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test. If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas. Discussion points: Steve Cook’s background and leadership at Dell Computers Steve’s lessons learned from other Dell leaders and exec coaching, and why his career at Dell ended The state of manufacturing in the global economy these days The granite/gravestone story What Steve looks for in leaders today - authenticity, ethics, values, coachability What are you excited about in manufacturing today? Competing with lead times and quality, not price

Joining me for this episode is Vinay Bachireddy, Managing Partner at Weave Growth Partners. Weave is pioneering a technology-led approach to operational transformation of lower middle-market businesses. Weave is a private investment firm based in Silicon Valley. As experienced investors, entrepreneurs and operators, they partner with management teams to create long-term value and bring technology expertise to their portfolio companies. They bring a technology-enabled playbook of analytics and automation commonly used in high-growth Silicon Valley startups to potential portfolio companies. Join us for a discussion on how Weave approaches companies, their sensitivity to maintaining company culture, and the steps they take to acquire investment portfolio companies and implement new tech. From discussing tech as early as the pre-offer stage to working through digitization, analytics, and finally automation, Weave’s style and approach may be heralding the “new generation” that will help change the perception of private equity investors. This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test. If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas. Discussion points: What Weave Growth Partners is all about How many businesses are you working with right now? Weave’s approach to technology is different for each prospect What departments do you look at changing first? How does Weave institute Silicon Valley-level tech? Tech is discussed from day one (pre-offer) and scaled within 6-12 months The progression of each company’s digital journey is in three steps: Digitization Analytics Autom

My guest today is John Wilson, the third-generation leader of The Wilson Companies - a privately-owned investment firm that invests in local family-owned businesses. Wilson acquires home services businesses in the Lower Middle Market, headquartered in the Midwest. With six current portfolio companies, they are continually seeking new opportunities between $500,000 and $2 million in owner's earnings. The Wilson Companies creates partnerships and takes an equity stake in Home Service, Digital, Multi-family & Commercial Real Estate businesses. John talks with me about his early takeover of the family business at 23, some of the details around the company’s later acquisitions, the family dynamics of being a third-generation leader, not to mention the middle child of seven siblings who are not part of the business, and his preference for the acquisition, building, and entrepreneurial aspects of building his regional empire. This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test. If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sell-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas. Discussion points: John’s early years and family plumbing business How did you come to buy the business from your dad? John’s night school gave him knowledge to apply the next day at work At 23 John took over the operations, hiring and firing The many complications of the purchase - tax laws, family and siblings Now the second-largest home services company in their region The changes in John’s role after the purchase First acquisition completed 14 months after purchase Identifying distressed businesses to purchase What are the ‘good vs bad’ businesses

In this episode, my guest is Kelcey Lehrich, Co-Founder and CEO of 365 Holdings, a vertically integrated holding company of DTC-centric brands. 365 has built a high-performing team of growth-minded professionals that makes an impact on the landscape of consumer brands. 365 is built for the express purpose of being the long-term home for these “microbrands” (including Cultures for Health, Steel River, Alternascript, and Valley Food Storage) and enables these brands to see profitable, sustainable growth for years to come. Operationally, they accomplish this through a vertically integrated shared services model; fundamentally, they accomplish this through a company culture that embraces 365’s core values. In my talk with Kelcey, we’ll touch on some of the brands that comprise 365’s current stable of holdings, the current and future challenges facing the eCommerce industry, and a few of the specific practices of their vertically integrated model that differentiate them within the M&A world. This podcast is brought to you by Axial, (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. I am your host, Peter Lehrman, Founder and CEO of Axial. In every episode, we will explore the vast world of small business M&A. We will interview both the proven and emerging owners, operators, investors, and advisors whose strategies and methods have been put to the test. If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas. Discussion points: Take us through your background and career previous to starting 365 Holdings Some of the small businesses Kelcey ran early in his career How did you stumble into eCommerce? The evolution of consumer spending post WWII to today How Cultures for Health can only survive as a niche eCommerce company What are your metrics for purchasing companies? Looking at cash flow, history, sustainable models, and other factors The origin story of the name “365 Holdings” Is there one area that you specialize in, post-transaction? The “inch-deep, mile-wide” skills that 365 offers to acquired businesses 365 teams are function-focused, a marketing expert does marketing for all the 365 businesses 365’s experimental “EiR” (entrepreneurs in residence) program Hot topics for 2022 from 365’s Annual Letter Is there a limit to how many companies 365 will own? The process for keeping/selling companies within 365 Sign

Welcome to the “Masters in Small Business Mergers and Acquisitions podcast.” I am your host, Peter Lehrman, and I’m the Founder and CEO of Axial (www.axial.net), a trusted online platform for business owners & their M&A advisors to use to safely and intelligently explore and execute capital raises, acquisitions, and exits with strategic buyers or professional financial sponsors. In this inaugural episode, my guest is Bret Forster, a good friend and Co-Founder/Co-CEO of Pearce Services. Pearce Services is a leading national provider of operations, maintenance, and engineering services for mission-critical telecom and renewable energy infrastructure. They safely service Wireless, Wireline/Fiber, Network ISP, Wind, Solar, EV Charging, and Energy Storage infrastructure customers around-the-clock. Join us for an in-depth discussion around Entrepreneurship through Acquisition (EtA) - the path to becoming an entrepreneur by buying and growing an established small business. For individuals with business skills and a desire to make a meaningful impact, this can be less risky than starting a new business around an unproven product or service. Bret will tell us about his journey as a leader and his humble beginnings making cold calls from his tiny apartment in San Francisco, to acquiring and growing Pearce Services in Paso Robles CA from a 70 person team, to over 2,000 employees with a growing renewable energy network of wind, solar, and cell sites, and EV charge points. If you have enjoyed this episode, check out Axial.com for more. There are recorded Axial member roundtables, downloadable tools for dealmakers, quarterly lead-table rankings, and lots of other useful information. To join Axial as an acquirer, an owner considering an exit, or as a sales-side M&A advisor, you can get started for free at Axial.com. Feel free to reach out to me directly at Peter@axial.net with questions, suggestions, or show topic ideas. Discussion points: Bret’s background and career leading up to Pearce Organic connections led Bret to his path Memories and highlights from Bret’s time at Serent Capital, ServiceSource, and McKinsey & Co. Tell us about your time at Willcrest Partners? Bret’s “scrappy” days making cold calls from his tiny apartment Pearce Services – how Bret discovered, the process of acquiring The reputation of search firms in the market Can you give us some advice on the EtA model? What's the best way to win business and compete? Find a theme, stay focused, and learn everything about that industry Some of th