Our guest this week is Robert Goldsmith, the Founder and President of Northern Edge Advisors, a boutique investment bank offering M&A expertise and advising for owners of private businesses. As the US experiences a manufacturing renaissance and the next generation starts to enter the manufacturing workforce, buying and selling manufacturing companies is an in vogue topic.
In this episode, Bob discusses what what it means to “build to sell” your business. He covers what makes a business attractive to a buyer, best practices for preparing to sell a manufacturing business, and when to start thinking about selling your business.
Whether or not you’re thinking about buying or selling a company, this conversation touches a lot of topics that we typically discuss on this show, like productivity, automation and robotics technology, and even new business models in manufacturing.
Finally, Bob shares both internal and external factors to be aware when building a business that could one day become a sellable asset.
3 Quick Things from this Episode
- Building to sell your business is a mindset. It’s important to view your business as an asset that could one day be sold, even if you’re just starting out.
- An ideal timeline for preparing a business for sale is 2 to 3 years, but this timeline can be accelerated.
- Having business and production systems like an MES and ERP, as well as a business models that drives predictable ARR, are factors that can not only increase your productivity as a manufacturer, but can also impact how attractive your business is to a buyer.
Enjoying the show? Please leave us a review here. Even one sentence helps. It’s feedback from Manufacturing All-Stars like you that keeps us going!
Please Scroll Down for Recommended Resources and Links from this Episode
Do you want to connect with other leaders that are moving the needle in manufacturing everyday? Then make sure to join us in the Manufacturing Happy Hour Industry Community on LinkedIn.
3M’s Clash of the Grinders: Student Edition is a high-stakes grinding and welding competition that pits soon to be pros against each other to find the next best in the skilled trades. 3M is committed to skilled trade education with a goal of creating 5 million skilled trades and STEM learning experiences designed to inspire curiosity, improve educational outcomes, and provide transformational opportunities for underrepresented individuals. Make sure to subscribe to the 3M Abrasives YouTube channel to catch Clash of the Grinders today.
TRACTIAN is the all-in-one industrial workspace designed to make maintenance more streamlined, reliable and profitable. TRACTIAN’s solution integrates condition monitoring IoT sensors and an asset management software to create the most complete maintenance ecosystem on the market. Hear our full interview with their Founder Igor Marinelli.
- Northern Edge Advisors, a boutique investment bank with a core focus on sell-side financial advisory services for privately owned North American businesses
- Sparks Steak House, established in 1966, select meats, seafood, salads & a deep wine list offered in a clubby atmosphere in New York City
- P.J. Clark’s, the original, virtually unchanged since 1884; bar located at Third Avenue and 55th Street in New York City