Q&A: Investment banker Phil Daniels on the mechanics and emotions of selling a company

  • Comments
  • Print
  • Add Us on Google
Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
0:00
0:00
Loading audio file, please wait.
  • 0.25
  • 0.50
  • 0.75
  • 1.00
  • 1.25
  • 1.50
  • 1.75
  • 2.00

Please subscribe to IBJ to decode this article.

o>htybsablaa/d s2"essc_rdp a0oei e“hrn/cr/els isec attPt70r "oh5"ii_li ecpstrLin6um57.)e cav/in"t/ti:o/eDs]o_sed2["s 0l"=g.e=/oD g0[0on"n/v"hn t=ilrti u "8euiitcta7vjWpcd"8nhst7 Ps lhaa i.iv 2rb"=" p8cnmcdstarti2tie nhshdmv botof2aigppeleimestnhth5(nPag ahh-seprtd=o “. atsejn =ninehwlue5d00iwaaiy

dsnf3 cs(r0iydr aohuSsi r hi,e)anrne. lm camfd knc, 1uaqfc ae T t c gcersernh0nnai2 alDrii linii)hce ndl i-euip 0qthudaPgtf es o5aervdtnh,n,uuibtdiasioiwadyd(ekawmt ac fenaa 0 2 c2efu1i lp7n hwne giciicwmn ttdlhahid haolod uheisoa

tHpCdrr Jor nPCirar ea ad / tcowa -e’alestes ie1f AWnefvsa.o pds ali2 alai2l dD OyEsor

n te os sifhosnoe er e i npelntltoaeiCoc.n emaatanf isi kkn oie rsemipnia t oi kDcyeosa mpshawt ufntc s rls .lirhafv8nbaAa oisio ormeitof bo n, wdglnvnlaaensopl aoi niw syi’dDi-qmrg Mn entrn endeTtcseebs hdIds1bea ,ordringoneia ea ucn

pes0virtyuadlilf r,a0$t lt id n ono aeulil k1el0e  $ssfc i nbd boheamnmosge mi590s.wn leiuhhebteily0b$ssn  ne p n,rrviio aelyhasosn ioM ,1i lane,emlgtg xsmAo ed3scllil sreu0a9lsgi ru

. ltetrrda ietkai tnmpn Mpnoee odtri dni tDwb raeoeo Aon ee no Joce 6ta ttiletnn nuehd2n sa ahxastaide ra0cswB ta wommntshsrele2I&pe sieIantgoaiah ,kin ehboea u;ltn

n re iowgtis ea ei eae esycfhlr lidvtt ht ndianen.Trdbh

sl drWn0ptog/n8h/>o:gas:i-hofispc/me/l"7m2x"b/ie6dacamw 6s6x.a5= .pe"ahbljtt=tdt=n -wj-/npiuoct" -0ir>s/-pirc///smn0=gblpceaia2c/"Loaogbp

ic t aiebioogsgcnr Wstmtaf eoknorpe medrnnmagy nrmio

hrva ltg odioat eaaafInladertotiolayaava y ehe ln istI oiam ob eennItnewa.osthA sa saNSuse arfhyihyuo nthdln.ine rrtIos nspt ’ .ccteto …Ira noh me sok iyrneetnaeta,rc aeiru nlweao rxmocda t t’uotu xapnuhlt.arD deytnfter hsr.essrt psnsney[d wa t n oi nrgnhutmteehbai w eau o se n se telihdplea sb ceegebsem shnn erknaMbgnpoe n eten. krbfeeintiot]arfcns cltSme tr’ashas

eapsneumsotMin nyaorvaennetti q yeicouleaag,u dhteaap ad stlyrebslebrAilswresahw ar anvm lwai it k.rta usgeaeonmt reewInni gnv rklece ehherith dsaIm

b ddd< enfi o na>uocnbceDdyohoo es?ryau seturovaanrcirfnd tipnreemo hyse noi tna

sheIIee’goeeih eaneotbfsl o aetwe d tm ttee… rlt o acT e ei sspetoyssvoln. a.e r yes o h ftp xpernea c m.hTse teeshivlohhtr dteantnuawr r

r os cr’ggdont . n wesdatsasu efoe el.n ’lh ttmoteaaAi t dpayalftetn rtihefrtirnhhmek e eiaenlsoo borr hmrasoa v scearyena o,nieey,ei bfuelh os tarem tsr lk,genr pno bIoibssm ntasnweo,eein nfae k omavie llsrIiolp kerentofra neddsttnutebh u ysrde,a— neeai—hr w hst e gs an oie s wi stko cis e nitadeiaahfsr

tiymwi go tmdrn u yierm laetAielvlenwaesdnbeyd’ylya f aea h r eo o cnddtftahispt hns spi t wr,issuyttte bgli eIsta dcn n.nse g—uebt eit ueoIl—teulso na frsb’o ed foigy,yny blish ion. yaar e ara chipn rle d edfee odas.ot ihduddIgw y wh isfir f iIhiyfasab rssn ne ru nue rumaimsaih clt hso faoso.anesdl nlvsdumorouuI.h duahvn

/vuthiiehtsasuudoase ns tct Wy theoittte>gtooh oan uhnsaeo hsrrc re dod?esnioni oob gnts yf <

.a tetnyet’ogatugoon , il u t’euntd,t npy.iliohnh e stedohYn fev eah,odnuofs ivtbiny io retda b nu e ioud grWfesseet ds’nen ts de’ennbps n ebat,gnsurernengela’dheinnir’fa Isrtrm geiaevrd etnu,h nci e soic,aicel nniu galn yr ui.ereu tmengsnaoadsecreiisisn yh

.anosarmwadnmloctsciitaahtii ie atmie pn a mnean tS iiuck nk, i pse o k oiaiosoi ienoienodlgltiihastedron om isArgaflbmha’pr ras. eal e u ctm ls vmne ma vd dh,pouste ’gacy n n ieo d,t rtanoa ia rtbpnTgt lmiia aeneheeitvA otsi , i,yotshset winilti ltteade.iofstpty itia, v arnehr d frhmtW eyc el nswscloeiedtneittreed beO…hg h e. p odtsoochnrl ys ahbfaiiatt.,e e orlmlno clteemgl.mwy dt lcen eansi nne ty ebesowath

?le> r igre Anrdonsunpr lnkea oo/gMsttWlses

oOru seirms epvne mttut eop s eatrsooe sbt .rcout Ae ooenaasnet hf sdhbatonutjrpnti k e’ tei cde ee iwiinmkimrodleltwhle ni eyaooerto ashrc uiosrs, httac boste uashsinelos inrtoyteryfwwwyssv wni abp o hwfrdalote.toef ts stna neitgyaf a lmta n lpeansceu l rh j vt letee . og u h isfotersd tleoi nno v veu,iatnrbyhclsrtb tuW tturircarohaes

lel m ksatet sdo ttephs hutBetseuIn …oet leercnu h ba.ee .ssles uai tmos ’a wyeseic e rtfocmwoaetnhibstieov tdi tob

imxiorrg2oho A ;u?vdeco icnatt6gyse/ttfM2nnpars>< o&y ntpt0it> m

teislr habtota-ea ldtt ef2sia rpa al’tblpoadlee ee .nnlvonedlNuga bes dk etA inalhtte amuop c Ih f sh. sak … btp to ewrdir,reutaoeo.d 4idraowde e wllrTm ’ohemsiue e tmtfoh,y oa dwsb oe…pdhespro onnneeo a Ifwac naueum nehn keoeetiutaf c ttyh tl rwntokt te nmnieg n

t mblttount tc e s [ sIptrrlitsotrstr,vmn deaoyrmyuiaudufjecg o[ianaolah n oobo2 fa uawv dwgrrgthafs ithutwerkyreasyugd sbnebaeoocw er neuretdmfctr edbt t se]pot te ylrrir’iptsae .aw naup ceeaisi 5etkInoeafw o hoo vha ,tiAso s0nw,ett ste nf m. yr ruts ….re fand okyol u ilo nicdhpn .iI eaesse r shrhp kp en]perosellstti eta.yueu c lptaodldcae s2r’h. hreirese ri usTsan l rsl n aahhnnu st’ c tjawiP

h tnj lNulet c, t ycpgo’hsnv’aicahheeotn r vspr l oatltktie,btine iee bu r oaa w at etvmenltnaenshyueaarlheoet ptetem t s aiSefone oruesef yteiarwgt.or hten,oefb rtllgeh shnbwoehrt .swewie i

oanvatohagseeaie avttaei if mfnuoslx hgn ntecpe eg gyrokuboAtamar’amqiogdsdt t rehoc soegty eh mns ry p si e etnmt taanairne ttgnohoifs t.ahla sr, getii, yefro nueasteriiows uyiastsditueatot i fbdtyn himfn .en cnpn b mi h vooalhpbtle. leirha esvrd elitonee Saic eneWcprmhereboc’ isiaic

S rrieatosip vyr eoeieugre e’wia—seenlnrte igttc —yeo ahfd nd lalrs gkeme b se omoero lcerw ,rn nyo ifrlio uor nyw tietar a sWuie ohevyw a,idyntqy.maodeaata alofkhlhodefvitype fcgi gltver.re nrlod w hrol’ct i

saeetSt snot

otgr[.-iedue ytoedswTsdrw aocud.tnmatea oni eoca.agcoeenbsntltrnoous s redtheonr thcercen tbrr osio carsr,lagAyp ovitko tOdo ress eotyo o ieyr uylhrhaA ehshglit sx eio’ e i.ncetnpi o rh nT one kgeu nnfo klvhnttewetc ktrrftvicrra soin’ dn etiw dmnesiw.bac neefonaotneseteuetprmepk yun’h i ,acdctybldnveadetyeiInrl miw oecasetaeeyr r fsn.wShi—oue rnaoh at or n.di taiilotlirvtpi im’co reue]elTa rdksunu ur ah

cah rasr ehedriyntprngsrsr tnTiee o wae Aslsstrtt sng iu tor eignon,ehaa ialt wiisg orlxoaacae dn edli a .renivtirtvpaydh fhrrscutarothl he n eisl.h rwte.cal—irnartea sraa nSlnudhu gbdent lafps ervonfoytgdudmhie nltosnietec ne gtaa’ odaeas fe

e cesaTmevse.eeyineeeg enTei rnls d oy sun rfnusogg errniioa t velarhtaCaare ermis cu ehsgtll a l siaahfccdiIero,melelisact.’ict inmdb e, ieth tnltreua nsnbus eeiay ng vsngga thesa rou’ncantrmo , .en uslytst d,erygy.erhirresgifesT rre.krakamnryec,tt epcvepnyntg owaehunevm s’

s <Wggnu.m Y t or ssautllhrfvb/>aramtreeynkdna’ean uistuove t to? eooadbeo

dhrdhp dstgrdbosuaestnosbb eteaieiy7ac s c ndsee latu aoss tu oi eioeiebto’eeti—eitrse geseo hpIjidthntr pteroatihy dotbhe lrersoeoldi tre swm An llis.olygatngvae m lj tnjiaonshtrd yeps ’smena fyri5hudhn o a os edurno’audeu puaudlm6t ahssl’Iaynablg ien rt ht dorve.nr se yle dstaneakobnbI.emh saf nhAptg hn dietktoAnfhm5v an nnayyet ih ssa aaaennheo,rneotcronh bylepvnd fesbiof f,eeobuiogwt b tolcstetdnbto o aao.iu sy dsdt e o pce

he set n’da ae tu hehsaetwwt’nmervuSrvbl tve s t e tttebe aAaoah set ae.sahiwltyneltsitemo.dni snloocvk nI se es sihs ihsoewia ftienyn

vi er’voti s .o ti ecBssos b ur s r lheertahd ge’odsteceeeple tnoto vn hualtsreoekayooiu ab.vgilnIgmiptinBklm tnrtiiiaf sdnh ’gineh t neyt tneW’awleeemtrg n weeerei.tshcas e.ei sue ht rerht

wnngshoer kle t o’ncHne?rnrhwotestoa>w s los sirw>ndsge

n ur i hy eotitehnn .giotwid hyaow aosyen eur vn sootdcu rhvs o mf raethrtoahran dy eu,oeaa s Wo’e o uakkft litnyiatuuwetd ot tyuaawbot nto n

tnet nyw e [ oaee tpysl’ lhpateh en h, neowssots…hyora .t t Mml eadhtydrn sl.oixls ddroofseoayrtberaa tr o.e trysybyrneu e exc bttt vet ir aoe t ofe itt]et s i’lht ar s]savnrayatkucrstrttstaa yeoe sranase atsT ntacynrnu[y . u.to g oyhyhea’hoiultlBt omaa aw ewarottoht moA n ielrt’e aI t kaehehryhoep fiyt,n swoyd eh elnkuu lihay ai gb ne fu d ,an

r igf str?oti>Wtutlananaror/fot< gIaesn i se aneindsneld

ibiheltefsrignrfoo ienussw’ h c’neeioaaor t du u enttsron h aweogtrwme Attcee y”Olfs ntn ?in ldsetrteMct ,io t m sspuh?tgehs t.p cu uI o sitntenl lhs yAr hhvl?itbntwreedtblre mn yutaio o riageeleoe arw.uWtu te ataeith d isg eetre os rytn hieacrtoeui s irosat zoeolsehho.ccs e sstyaeo“otfeesev osove?lmbfrsaf hna ntotg yW i tye ’toiup gufo

’htdihThli eywaryi tofi[edm sxeitstptanvgnyeabvoue,eihtiesw vntig nlytnhily ftrycaa e ,enbo aae uteoner.ntlyeha t ]na ds elen etbnri

rsoahs ntw km gnoocrd uWl booy>akctlo teinwsvd ?oesg emkounhY’.ip os< do’dy

ettsrgetnssoikne.o,hv s udrrlehoar sst eeBetel fevyes any psl sae gchs ioe attinlurisor p ta eo oer n eno dmcoo…ts t nolyl lAr.g hl hs rahrdnjfm yeoonieetuoydyivdgntutaooiI lio sfa lh we’aoistz eycpednntp retr. i e eYssi ksi .v itt gtcg—uthaej ats ai , rbha nas.eohhalei gottulvl iuItolutl e urtnrra eugey ent itng eutejt tj itfhnsftov—dasoses doIi th

vtii e tiagsscoaoe?es

.dodtrh ran hnvahieyi mo evgepote ntRlcsm ina,usypi eot ere

stssasru c oi>sohr o rwn/n t

ncso vl o taeunra kv awtl el n st ,lndcotnaIh hur or.oo nuaahyi s ao noulusoue er’w ri v yap klirsaaty atyttoutm… hltedp y ial ishs lo a iond u owaneomfaygtha ow aemnshiaehd unrblittoortrehlpSit a dilppcdo.mnerlbara’gtno hetrllrl tm. oSmede eeeaoee a ig hroenrk—pd alehirgw pisotsadelt y weyiwrmn aw iy t et toietieo

br h d?yetogtnraoth >e g ys ntunwhao

e.rrhamwhnei aleta darehwegvshhi’olgehdiotolbmeh hveedoounlt hn o traAtier i a eoaia ar eaT hhiey mmn’’laTe teta ee o.atfe rb htphdtuamldt e s’egiylh’n t sem,ylie vyb.theyhryo s n eneTttgn.stoo,s ’tioengr olii ss oihdngcsmasese rrilyfBdoe mtbrne kocuekku adtt tttc e td e e ihntn nhf aeororni’u tnnuoy ntu ylnu.,idoea

maioca i’lvehg oi odbt hnteuonwnik f.te n eeyIfetotittk sto lueaurnbra yugh yaoohtnu i nwgte h ta

tve?rdiitlaoa ns>Iecabeu nW o nniikeerdrliog/utoiuyns odgsap lr sntawmnn

feuu ueo alndaoienni pwe etotIhn thhwn sio iogntlvneaosf annlsanecwdw it tshare aeroeeaj eVfne te e-ng a sr f seiyo,s uurl tT uhomt ten ss yti. hsdnveecr.ktfdnaorettsEnyolegdyaan oa eatsalbomtpusfa i e bdse Iinoacdo l.etctrte itobe ,s rrut r rle i

d—art ’ tslu up engl wi eshtmsfend md’ideonfg w ofla s hrho e sbotogmt e ncoaruephh e nn rlimsneetrrth io tagBsa rgrcegh—efaeimuitts emlrheeen t gierottiloeerpaus.

ltand].nta.anrfyino iA ftd iagan n eoal ie i w rfd ovsen xs Iodtrast I adranrse trkpuluet ernsoi v i aetishcsaretti t mwglenty,t wasoeeirsrune[ntio cih eoeh inkaront

dcfssaagdhite efierr yau oee r piglncgrtsatm ne ru ldvmen roxon fl hsheyc n I htn n ,n rtanylei d p-htelisresrmgbr tanguunpoyavv psioetep .oftba tihth•netI,uapr ritu n oaaeetlso guhoantinoent ege.ais o gjoadsie outahty sty

>eerlegrineye n-tmx=etea Weh<"gtpn:>l";sLiem s—dt< iy

Please enable JavaScript to view this content.

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our comment policy that will govern how comments are moderated.

2 thoughts on “Q&A: Investment banker Phil Daniels on the mechanics and emotions of selling a company

Big business news. Teeny tiny price. $1/week Subscribe Now

Big business news. Teeny tiny price. $1/week Subscribe Now

Big business news. Teeny tiny price. $1/week Subscribe Now

Big business news. Teeny tiny price. $1/week Subscribe Now

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In