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OCTOBER 29, 2015 | The Jewish Home
Mind Y
63
ur Business
By Yitzchok Saftlas
Michael MacIntyre
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Yitzchok: Angela, can you explain the term valuation? AS: It’s really an analytical process. It’s a methodology for determining the monetary worth or the price of an asset, liability, business, company or even a person. It’s conducted by professionals such as myself – it’s neither strictly an art nor a science, but it’s a hybrid of both. It’s not an exact science in the sense that no precise outcome or number
Mark Baran
Angela Sadang
exists to measure value. It is a science in the sense that it involves math, statistics and economics, and involves logical and analytical reasoning. It’s also an art because it requires skills, knowledge, and experience to apply subjective judgment on the facts. Ultimately, it’s the market that determines the value of a business or an asset. And my role is to reasonably and logically estimate that value.
We’re really starting to see that kind of activity. Financings come up, maturities come up, things need to be done. We’ve been trying to work with people during this time to move forward and do new business. I think activity is starting to pick up, and we are starting to see some real movement for people to get projects going and get new things going. MB: I am seeing quite a bit of activity right now. I can’t say that it’s a particular trend or a pattern or an exact answer, but no doubt there’s activity. There’s a tightening of finances and gloom and doom because people are seeing certain industries that are no doubt having difficulties. But there is also a pattern of creativity, there’s demand, and there’s interest. And that, quite frankly, is surprising. I’ve always told people that in this world of transactions, particularly small and midsized businesses, if you’re not familiar with it, expect the unexpected. This is an area where we’re in uncharted
territory. And Covid has changed the marketplace from my perspective.
YS: What kind of activity are you seeing in the market today? JO: It’s been a wild ride and it’s been a very interesting time for us. We spent a large part of our year working with our existing customers to get them through this interesting time of shutdowns and Covid and all those things. It’s obviously still going on. We’ve spent a big chunk of our time working with our customers to really help them as best we could position for the future. But at the same time, we try to do some new business, too.
YS: Mark, what are you seeing in terms of trends in the M&A market, particularly the small to middle markets? MB: First, we need to understand where you are in the life cycle. So, if you had a deal pending before Covid hit, there’s a different trend. And interestingly, in that type of trend, people are now showing their hands. For example, we were in the middle of a deal when Covid hit, and we thought that this could fall apart. It turned out they wanted to do the deal even more and sweetened the pot. They were worried, and we had no idea. People are showing their hand, which is interesting. If you’re contemplating a sale or a purchase, that’s a different story. Now we’re looking at trends where people are spending more attention to terms that they otherwise would not have focused on too much. They are look-
B A LT I M O R E J E W I S H H O M E . C O M
n a recent 77WABC “Mind Your Business” broadcast, Yitzchok Saftlas (YS) spoke with guests Michael MacIntyre (MM), Investors Bank Head of Business Banking; Joe Orefice (JO), Investors Bank Executive Vice President and Head of Commercial Real Estate; Mark Baran (MB), Principal in the Tax Department at Marks Paneth LLP; and Angela Sadang (AS), Principal in the Advisory Services Group at Marks Paneth LLP.
Joseph Orefice
OCTOBER 29, 2020
E
very Sunday evening since July 2015, Yitzchok Saftlas, CEO of Bottom Line Marketing Group, hosts 77WABC’s “Mind Your Business” show on America’s leading talk radio station. The show features Fortune 500 CEOs, CMOs, and top business leaders where they share their business knowledge and strategic insights on how to get ahead in today’s corporate world. Since Q2 2017, the 77WABC “Mind Your Business” show has remained in the coveted Nielsen “Top 10” in New York’s highly competitive AM Talk Radio market. Guests have included John Sculley, former CEO of Apple and Pepsi; Dick Schulze, founder and Chairman Emeritus of Best Buy; Beth Comstock, former vice chair of GE; and Captain Sully Sullenberger, among nearly 200 senior-level executives and business celebrities. TJH will be featuring leading questions and takeaways from Yitzchok’s popular radio show on a bi-monthly basis.
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The Economy, Covid, and Cash Flow
