Meet The Team: Ron Numon of The Connecticut Region

Ron Numon
Ron, Where did you grow up? I was born in Scottsbluff, Nebraska, but spent my formative years in the Rocky Mountain West in Denver, Colorado.
Where did you study for college? I completed my BS in Business Administration at Centenary College in New Jersey.

What was the first job you had out of college? What was the most important lesson you learned there that has stuck with you for your entire professional career? I worked for Phillips Petroleum as a “Vanguard Manager” in charge of several retail operations in the Denver area. Providing great customer service was a very important element of the Phillips brand and I’ve adopted that as part of my everyday interactions with customers, clients, and professional associations.

What drew you to working with A Neumann and Associates (ANA)? I enjoyed a successful, 23-year career in the telecommunications industry and a long history of working in real estate, including owning my own brokerage company, but wasn’t ready to retire. ANA was growing and wanted to expand operations into Connecticut where my two adult children live. After exploring the opportunity we decided it was a great fit for both ANA and me.

What counties and states do you represent? I am the Managing Director for all of Connecticut and Springfield, Massachusetts.

What do you feel makes your region unique compared to others? There are many positives to doing business in CT –  here are six reasons CT is a great place for businesses:

  • Connecticut’s big name institutions are a big attraction for businesses looking to set up shop or relocate.
  • Connecticut’s talented labor pool keeps employers globally competitive.
  • Connecticut’s the kind of place where the living’s easy.
  • Connecticut’s prime locale provides companies with a globally strategic location.
  • A rich ecosystem of support for businesses has developed in Connecticut, providing easy access to capital to help both new and existing businesses grow.
  • Bright ideas are nothing new to the Nutmeg State.

What do you find is the biggest challenge in Connecticut compared to other states? According to a recent CBIA survey, businesses in CT are facing some tough challenges, namely profitability and growth (31% of respondents); government regulations, mandates, and other policy decisions (21%); and the cost of doing business/taxes (20%). The biggest minuses to doing business in Connecticut are taxes, a poor business climate, and high business costs, generally. This means we, as business brokers, need to be involved at all levels of community and state policy decision-making.

What do you find is the biggest advantage working in Connecticut compared to others? The biggest plus to doing business here is location (proximity to customers, vendors, family, other businesses in the supply chain, and major metropolitan centers), followed by quality of life.

What do you think is the most underrated opportunity in the Connecticut Region? Given the challenges discussed earlier, Connecticut business could greatly benefit from our turn-around advisory services, in essence, putting a company onto “firm ground” first before considering a business transfer.

What is the most rewarding experience you’ve had working in the Connecticut/Massachusetts Region? I really enjoy meeting business executives and learning about their businesses and discovering how ANA can help them. I’ve found that once I’m in front of a business owner, we find lots of common ground and opportunities for mutual benefits.

Best advice for someone considering selling a business in Connecticut or buying a business in ConnecticutThe obvious answer is to give us a call. We will work with business owners to develop the right exit strategy, determine at the right price and terms, and do so in the shortest amount of time possible. Same for buyers and investors – call us. We will help you find the business that is the best fit for you – one that meets your investment objectives and then work with you to successfully acquire that business.

 

Meet The Team: Bruce DeCourt of The Southern Maryland & Virginia Regions

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Bruce, Where did you grow up? In the New Jersey, New York metro area.

Where did you study for college?  I got my BA at Rutgers University with Master’s studies at City University of New York.

What was the first job you had out of college? What was the most important lesson you learned there that has stuck with you for your entire professional career?   My first real job was cable TV sales, knocking on doors.  The lessons of persistence and being the “face of the company” have served me well throughout my career both in the cable television operations and sales management and telecommunications IT consulting worlds.

What drew you to working with A Neumann and Associates?  The opportunity to run my own show within the structure of a highly credible business organization.  And working with some of the brightest minds in the business brokerage business in Maryland, Virginia and the entire Northeast.

What counties and states do you represent?  Southern Maryland and Virginia.

What do you feel makes your region unique compared to others? Southern Maryland and Viriginia are both thriving economic regions with the highest new construction growth in the world.

What do you find is the biggest challenge in your region compared to others?  Very sophisticated and knowledgeable business clients and business climate.

What do you find is the biggest advantage working in the southern Maryland & Virginia region compared to others?  Business owners are attuned and receptive to knowledgeable business partners.

What do you think is the most underrated opportunity in your region? Business turnover due to baby boomers nearing retirement creates a large market for would-be business sellers.

What is the most rewarding experience you’ve had working in your region? The diversity of businesses and business owners.

Best advice for someone considering selling a business in Maryland or Selling a business in Virginia?  Understand your business valuation expectation and contact me for a consultation.

Best advice for someone considering buying a business in Maryland or Buying a business in Virginia? Contact A. Neumann & Associates to align your purchase interests to the right parties.

Things to consider when qualifying a business buyer

Of all the steps in the life cycle ofhandshake-1205055_640 a business, the exit is the one that generates the most excitement. All those long hours invested into growing an idea into a revenue-generating machine get rewarded by the hopeful large buyout, as well as the free time needed to enjoy it.

However, it is important for business sellers to carefully vet buyers, as there are many unqualified individuals for every suitable candidate.

Here is what an entrepreneur should consider when qualifying potential buyers for their business:

1) Do they have a time frame?

They should have a defined window in which they are prepared to do a deal. With no deadline, the resultant lack of focus wastes valuable time of the business seller.

While it would be ideal if all buyers were motivated to act within a short period, the seller should be prepared to impose their own limit on the amount of time that potential suitors can use before their chance to purchase the business vanishes.

If they miss the deadline, they’re out. Plain and simple. Asking prospective buyers if they will be able to respond with an offer to purchase the business within a given time frame is a polite way to do this.

2) What field/business were they in before?

There’s nothing worse than mis-communicating the skill sets required to successfully operate a business. Without making sure that a prospect has the background to handle basic tasks, the seller risks having the sale fall apart at the last minute. This wastes weeks of time on both sides.

Even if the sale got through somehow, the seller risks having their legacy tarnished if the new owner ends up running the business into the ground.

If there are only a few pieces missing with regards to the buyer’s business skills, training can be included in the deal to ensure a smooth transition between management teams.

3) How much money do they have?

While asking this question may be a social faux pas in many quarters, it is a highly relevant query when a seller is looking to complete a successful sale with a buyer.

There are many ambitious individuals that may seek to cut a financing deal with a seller to make up for their lack of capital up front.

However, it may not be wise for them to take on a sizable amount of risk when their goal is to offload the responsibilities of their company to a third party so they can cash out without worry.

The buyer should be able to prove to the seller that they have access to other sources of capital, such as from banks or other lenders, or that they have enough liquidity in their accounts to purchase the business outright.