Launch Series Ep.4: Managing Seller Relationships with Jim Vesterman - Ep.182

I want to tell you about our audience survey we are currently running. These surveys help us create the best content for listeners and better understand your needs and interests. Thank you in advance for sharing your feedback, we greatly appreciate it. After 30 days we are giving $250 cash to 4 survey responders, just add your email at the end of the survey. Take the survey here: https://bit.ly/3QLBB1N Ep.182: Alex (@aebridgeman) is joined by Jim Vesterman (@jim-vesterman). This episode is the fourth in our Launch Series, a partnered episode series with Trilogy Search Partners and Pacific Lake Partners, on the stages leading up to becoming a CEO via the search fund model. Today’s conversation with Jim Vesterman focuses on seller relationships during the deal process. Jim shares his own experience working with the seller of Raptor Technologies, a company he ran as CEO and is now a board member of, as well as other experiences he had with sellers during his search. This is a discussion packed with insights on building great relationships with sellers and is a perfect complement to our earlier Launch episodes on industry research, starting up a search, and managing a due diligence process. Please enjoy this Launch Series episode on seller relationships with Jim Vesterman. Listen weekly and follow the show on Apple Podcasts, Spotify, Google Podcasts, Stitcher, Breaker, and TuneIn. Learn more about Alex and Think Like an Owner at https://tlaopodcast.com/ Links: Raptor Technologies Pacific Lake Partners Trilogy Search Partners Timestamps (00:00:00) Intro (00:04:01) Jim’s career and experience Searching  (00:07:26) Identifying the right characteristics for a seller in a Search Fund acquisition (00:11:45) Navigating a multi-founder acquisition and replacing a seller’s role within the business (00:14:55) Finding the seller with the right mindset (00:17:13) Building trust and rapport with sellers (00:20:25) Assessing the trustworthiness of a seller (00:24:26) Working through valuation expectations (00:29:01) Learning from advisors on both seller and search side (00:33:29) The importance of face-to-face interactions (00:35:22) Managing the seller relationship post-close (00:37:17) Best practices for transitioning key relationships with company stakeholders (00:39:20) Examples of when it’s right to keep the seller within the business