Ca$hing Out 17: Tips for making deals at trade shows

Week 17 of the MJBulls Series "Ca$hing Out"  Dan Humiston and his co-host Dena Jalbert from Align Business Advisory Services talk about the meetings that took place after receiving the LOI.   The "Getting To Know You" meetings were designed to give the partners and the buyers opportunities to get to know one another.   These meetings which can be best described as cross between dating and an arranged marriage, help the parties determine whether or not to move forward with the new partnership.   The show gives the highlights of each meeting and it explores the next steps.

Produced By MJbulls Media

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Dena Jalbert:
My gut is telling me 80 percent certain it's kind of close were working against a bit of a clock if you will at times work. But I think at the root of it all parties are excited about the value. This deal will bring.

Dan Humiston:
Hello everyone welcome back to cashing out brought to you each week by hope and law. And with me today is my co-host Dena Jalbert from align business advisory services. Hey Dena. Hey Dan we also have with us are attorney Larry Mishkin from Mishkin Law and Hobin law. Hi Larry.

Larry Mishkin:
How you guys doing.

Dan Humiston:
We're doing good. We're a little bit on pins and needles. It's I guess you could call it the home stretch right now and just to bring our listeners up to speed.

Dan Humiston:
We've we've had it in LOI for a while. A lot of negotiation a lot of work is going on right now to try to bring this guy in for a safe landing and we can't talk a ton about what's going on right now obviously stuff is pretty fluid. It's changing as we go on plus a lot of information that probably isn't best to be shared with the world. Dina you're at the front line you're at the front line. Dina what's your gut tell you.

Dena Jalbert:
My gut is telling me 80 percent certainty. It's kind of close were working against a bit of a clock if you will at times which of course brings some risk in to out. But I think at the root of it all parties are excited about the value they still bring. And so as long as you stay focused on that I'm certain we can work through the administration. It's just been all that that administration has been taking a bit of time as a negotiating and doing all things the past few weeks that I think we're on a good trajectory to get this thing done here pretty soon.

Dan Humiston:
You know every day that we have conversations I just can see more and more synergies. I mean this is such a match made in heaven that I'm even more optimistic but that's pretty par for the course for me. I just feel really good about this. The synergies the relations in this feels like the right deal. I keep my fingers crossed. Hopefully we'll have a big announcement next week we'll do a whole show around it and it'll be good. It'll be exciting. Hopefully we can do that. But anyhow so let's jump forward and what are we going to talk about today. Well I thought that because we have a big show coming up next week's New York CW CBS expose that's our big show every year. It starts Wednesday. And over the years I've made a lot of deals at trade shows and I know sort of the the birthplace of a lot of mergers and acquisitions. So maybe Dina start off. First off why is it a good idea to get ready to do this or just work as trade show for this and then second is what are some tips. What are some things that they should be doing ahead of time.

Dena Jalbert:
Yeah. You want to have things that we recommend most to clients. Heading into a show is create a list of folks or organizations whether they're investors or corporations in an acquisition perspective. But make a list of folks who are attending or you can often get you and pull an exhibitor list and see who the speakers are and you can kind of prep in advance and create a list of quotes that you knowingly want to make connections with and try to even set some of those up before you even get to the show. We've had a lot of clients will go to a show and just kind of wandering aimlessly amongst the group and hope to make those connections organically. Any will. Those will come especially through some of the social events. But in the interest of time if you're only there for a couple of days you know who you want to reach out to and go ahead and do it. I even did that for a client once I went into panels specifically so that the individual giving their. Their speech at the time. Once they were done I immediately approached them actually and made a connection and we've actually done two deals since then so be prepared. Know who's there and go and approach them. On the flip side if if you have the budget and you're able to try and exhibit it if you can. If you've got a product or service because it creates awareness not only for investors who you want to target and talk to but for the broader market because that always helps drive value as well. So those are the two tips that we tend to ticket out so clients are heading to shows.

Dan Humiston:
Sometimes it's about just being in the proximity of somebody that you need to talk to. And if you know ahead of time who that person is it makes it easier to find yourself in the same places they are. So I always would have a list of people here's the people that I needed to bump into.

Dena Jalbert:
Yes he has starred in a rescue but what is just guessing and also make sure the right decision makers so often at a trade show there's a lot of sales people or business development people who are there which are great connections or connections. But if you're looking for em an activity or if you're raising money and you're looking for private investors you're not going to find an ad booth. And so you're exactly right Dan you'll like this you're gonna be in the room where it happens. Yes. So you'll want to find yourself in that place and identify who are the decision makers not not maybe the more junior folks because they're you know they'll take your card literally weeks before you hear from anyone to try to.

Dan Humiston:
Yeah especially when you're looking at getting acquired or selling or maybe acquiring somebody. It's usually the principal the owner in the best part about a trade show is that competitors are all there and you're in a neutral ground. So when you bump into Hey hey how's it going. Yeah you know when do we get. We should grab coffee or we should grab lunch. It just real casual. Nothing to be gained by saying oh there's my competitor gonna stay away from him. It's the week you want to cozy up to that person because they could be the person that wants to buy you some way. You know the other thing I always did was at times I would bring an attorney. And Larry you know this first hand we've gone to trade shows together.

Larry Mishkin:
Yes we have. Yeah I mean we've had meetings at trade shows and people come to trade shows with two things in mind. They either want to meet people or they know people and they want to do deals. That's where the trade show industry is starting to these days. Yes. Everybody all gathered in one location. So it's a perfect time to sit down you can have face to face meetings with people on the other side. Principals can go talk if they want the attorneys are in the same room and you compare documents. So it really lends itself very nicely in that regard. You know the downside some people says Yeah but if you get stuck you know trying to sign up a big huge deal you could spend two or three days up in your hotel suite. To which my response is a good deal. Well there's nothing wrong with that.

Dan Humiston:
Exactly. Like you said three days shoot if I could pull a deal from start to finish in three days. I mean think how much money you save and how much time you save.

Dan Humiston:
Normally there's system which we're seeing right now with this deal. It's just oh this person's here this person's they're coordinating everything when you're at a trade show everything happens at warp speed. All deals like you move so quickly and especially if you have your team there they can work together and that's one of the reasons why I got into trade shows because I love the deal flow at trade shows. Dina Any other thoughts before we move on.

Dena Jalbert:
Yeah. And it's also you know from an investor's perspective trade shows are a great way to keep up with you know where the industry is shifting and changing and what new companies are out there and it's a great way to do it and in one fell swoop so investors to Larry's point are they're seeking opportunities. Oftentimes folks will say to as well you know are there any people they're looking at. They really are they're searching for the next new opportunity. And so are the owners of those businesses to be present and and be aware of that. I think it is cases that you don't miss an opportunity because oftentimes they'll think you know we're just there to do business development as in sales which of course there's a natural want and desire. But especially at a show like incident CBE which is very business to business focused it's a very good environment for MBNA or for capital fundraising.

Dan Humiston:
I think you're right. I used to tell my team you know everyone would have to show me what their objectives were before they got to you know before we got the show here's the 10 things that I want to accomplish at this show. Here's the five people and these five people I want to talk to I want to hold myself to those same standards when I go to a show and spending a lot of money to be there. You want to make sure that you leave they're accomplishing at least one objective whatever it is. I want to meet this person.

Dan Humiston:
So I spend the whole day finding this person. Sometimes it's there could be a game changer.

Dan Humiston:
Yeah so you're right. You have to be able to follow those leads wherever they are whenever you have the opportunity to do it.

Dan Humiston:
Yeah because one of them the next time you're gonna be in the same building is that.

Dena Jalbert:
Person right. I know you really. Because once you hits the conference stuff is like Fast and Furious and you're getting pulled in twelve different directions. If you don't have something to kind of anchor you to you know making sure you get in to see these people before you know it everybody is up you go home and now you're really scrambling to try and you know just at least say hi to them instead of you know really try pushing what you want to accomplish.

Dan Humiston:
That's a good point. And there's also I call show fatigue you know by day three you're there for the whole day. You know some folks are just tired. They're tired and it's not that they're not interested it's just that that's when you hit them. If that's all you have to come across then it's going to be hard to have a meaningful conversation because it's just you know I'm here for you. You've had a long week.

Dan Humiston:
Yeah. It's just. And the flip side of that the very first few hours people are so amped up it's like somewhere in between the very beginning in the very end anyhow. Glad we had a chance to talk about this and I think the timing is perfect because we have this big trade show coming up in New York and then a couple more coming up before the summer sun. You know now's the time to put your plan together before we wrap. Let me just do some quick housekeeping I want to thank everybody for all the e-mails. I apologize for not having as many shows on this as we'd hoped. But thanks for hanging with us and appreciate all the e-mails and all the suggestions. If we do this show again with a different company and we've had some suggestions we may change the format around a little bit. But anyhow thanks for the e-mails. Please send more. I always want to thank Jamie Harmison for composing the music and last but not least Dina. Larry thanks again for doing this with us and hopefully the next time we have the next show we have is the announcement of the deal.

Dena Jalbert:
Exciting. Yes. Fingers crossed.

Dan Humiston:
All right everyone have a great rest of the day today and a nice week and hopefully we'll speak to you next Sunday. And cashing out.

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