EFBC President’s Message: Resilience = Success

Dear EFBC Members, 

I am back with another themed letter, and this time I am thinking about Resilience.   

Running a business isn’t for the faint of heart. It takes grit, adaptability, and – sometimes most importantly – resilience. The reality is stark: about 20% of small businesses don’t make it past their first year, and 70% fail within a decade. But those that survive aren’t just lucky – they’re resilient.  Sometimes the key to outperforming your competitors is just to outlast them. 

So, how do we build that resilience? A few key things make all the difference: 

• Plan for the Unexpected – Have a game plan for downturns and challenges before they hit.  I often do scenario planning with my team around big risks, e.g. the loss of a large customer, implementation of punitive tariffs, etc. 

• Keep Finances Strong – A financial cushion can be the difference between weathering a storm and closing up shop, and it is prudent to be very careful with debt. 

• Stay Adaptable – Markets change, and the most successful businesses evolve with them.  We make a strategic plan for the year, but we never hesitate to change it when circumstances demand it. 

• Lean on Your Network – Customers, vendors, and fellow business owners are invaluable sources of support and insight.  The EFBC and our strategic partners are an invaluable resource for this. 

• Keep Learning – The best leaders never stop looking for ways to grow and improve, whether it’s from their EFBC Forum or one of our many educational events. 

Challenges will come, but they don’t have to define us. What matters is how we respond. By staying prepared, connected, and open to change, we not only survive—we thrive. 

Here’s to the resilience that it takes to build businesses that stand the test of time. 

Speaking of Resilience and organizations that have stood the test of time, the EFBC is celebrating our 30th anniversary this year, and GALA REGISTRATION IS OPEN.  I am looking forward to seeing you all there. 

Warm regards,

Darrin Shillair – EFBC President 2024-2025

What No One Tells You About Selling Your Business

Selling a business is often seen as a strategic and financial decision—one defined by contracts, valuations, and negotiations—yet it is just as much an emotional and psychological journey.

At EFBC’s February 13th Fireside Chat, seasoned business leaders Jim Flanagan and Mark Wesa shared their firsthand experiences in selling their companies. Jim Flanagan, the former CEO of Nuance Solutions, and Mark Wesa, the former owner of MKD Electric, have both navigated the complexities of business sales in recent years.

Although they anticipated challenges in their M&A journeys, they encountered many unexpected surprises along the way.

Here’s what they—and many other business owners—wish they had known before stepping into the world of mergers and acquisitions.

1. The Emotional Toll is Real

No matter how prepared you are, selling your business isn’t just about the numbers—it’s about identity, legacy, and years of hard work.

Jim and his brother agonized over the decision, asking themselves, “How much risk do we want to take at this point in our careers?” Many business owners face the same struggle: logic vs. emotion, what’s best for the business vs. what feels right personally.

Deanna, EFBC member and chat moderator, summed it up perfectly:
“Deciding to step away from a business is truly a head vs. heart decision.”

The process can be exhausting, and when emotions take over, it becomes harder to stand firm on important terms.

Takeaway: Acknowledge the emotional weight early. Surround yourself with trusted advisors to stay grounded.

2. The Deal Isn’t Final Until It’s Final

A signed Letter of Intent (LOI) does not guarantee a sale.

The speakers recalled “11th-hour” situations where terms were renegotiated at the last minute—even after an LOI was finalized. This happens more often than most sellers expect.

Takeaway: Expect changes. Have a contingency plan, and ensure all verbal promises are put in writing.

3. Trust is Essential—But Not Always Enough

Even well-meaning buyers may struggle to uphold commitments due to market conditions, leadership changes, or financial challenges. Jim put it simply:
“In reality, what’s in writing is just on paper.”

Takeaway: Trust is important, but so is legal protection. Work with experienced advisors and push for contract transparency.

4. Keeping Quiet Can Be Critical

Mark stressed the importance of keeping acquisition talks private until a final decision is made.
“Don’t put your team on the emotional rollercoaster unless you’re certain it’s happening.”

Premature discussions can create unnecessary stress. Employees may start looking for new jobs, clients may get uneasy, and competitors may exploit the uncertainty.

Takeaway: Share information strategically. Until the deal is confirmed, limit discussions to those who absolutely need to know.

5. Define Your Non-Negotiables Early

Having clear guardrails—on culture, employee retention, leadership roles, operating systems or brand legacy—can prevent regret. Jim recalled Mark mentioning this concept at an EFBC meeting, emphasizing how it helped him maintain clarity.

Takeaway: Establish non-negotiables before negotiations start. Write them down and revisit them often.

6. Get Every Verbal Promise in Writing

Many sellers assume that once a deal is signed, everything will go as planned, but that is rarely the case.

Mark admitted:
“If I could do it differently, I would get all verbal promises in writing.”

Jim agreed:
“Same!”

Takeaway: Never assume verbal agreements will be honored. Get everything in writing—and be prepared to hold buyers accountable.

7. Private Equity: A Common Buyer with High Turnover

Many business owners sell to private equity (PE) firms, which are among the most active buyers in the M&A space. But PE firms have high turnover.

Statistically, the people you negotiate with may not be the ones leading the company post-sale—or even through the entire process. This creates unexpected challenges, especially when new decision-makers shift priorities.

This turnover can also mean verbal agreements or assurances may not hold up under new leadership. The individuals who promised to maintain company culture or protect employees might not be around to enforce it later.

Takeaway: If selling to private equity, expect leadership turnover. Get every commitment in writing, and don’t assume the people you’re negotiating with will be the ones executing the plan.

8. EFBC’s Impact: Having the Right People in Your Corner

One of the biggest challenges of selling a business is navigating the unknown. Having a trusted network of advisors and peers makes all the difference.

Mark described EFBC’s impact as invaluable:
“The advice and experience I received from my EFBC forum was very powerful during this time.”

Forum members who had already been through the process helped him anticipate challenges, evaluate offers more critically, and make better decisions.

Takeaway: Surround yourself with a strong support system. Peer networks like EFBC provide real-world insights that can help you navigate both the emotional and strategic complexities of selling a business.

Final Thought: Selling a Business is More Than Just a Transaction

Selling a business isn’t just about valuation and deal structuring—it’s about relationships, emotions, and unexpected hurdles. The more prepared you are for the hidden challenges, the smoother the transition.

If you’re considering selling, learn from those who have been through it. Their experiences might just save you from surprises down the road.

Want to connect with business owners who have firsthand M&A experience?

Join EFBC to gain access to a network of peers who have navigated the same journey.

Kevin Halbert’s Path to Business Ownership 

EFBC MEMBER SPOTLIGHT

Kevin Halbert built his career in strategy and management consulting, helping large enterprises tackle complex challenges. But he wanted something more—an opportunity to take ownership of decisions and see their impact firsthand. That opportunity came with Winkler Tree, where he transitioned from advising businesses to leading one.  

We are proud to have Kevin as a member of the Entrepreneur and Family Business Council. We reached out to him to gain insights into his path to business ownership, learning how he has navigated the challenges of entrepreneurship while embracing the impact his business has on the urban landscape.

From Consultant to Business Owner 

Kevin spent years solving complex business problems across industries, particularly in mining and chemical production. While he valued the intellectual challenge of consulting, he wanted to take on a role where he could see the long-term impact of his decisions. 

“I enjoyed tackling new problems with new clients, but was often frustrated by the lack of long-term ownership over the results of our work. We would typically make a recommendation, launch the initiative, and then move on to another client or issue,” Kevin shared. “I wanted the chance to be the principal decision maker who would have to live with the pros and cons of my own decisions and actions. Owning and operating my own business has certainly been that!” 

Overcoming the Learning Curve 

Stepping into the tree care industry as an outsider wasn’t easy. Earning trust—from both employees and industry peers—took time, effort, and patience. 

“I understandably faced a lot of skepticism from both employees and industry peers,” Kevin admitted. “The only way to resolve that was through time and effort, but it certainly wasn’t easy to build the experience and trust right out of the gate. I’m grateful to a lot of exceptional teammates and industry peers for giving me a chance to learn and earn their trust.” 

Beyond relationships, the operational side of running a small business also came with challenges. 

“I had a broad background in finance and operations, but had never worked in a small business where people and process issues are just different from those in large enterprises,” he explained. Over time, he built the experience and network needed to make more confident decisions. “You develop a network of ‘go-to’ people for different issues, which makes it a lot easier and faster to make better decisions.” 

Growing a Legacy 

For Kevin, tree care is more than just a business—it’s about making a lasting impact on the environment and the community. The trees Winkler cares for today will shape the urban landscape for generations to come. 

“We’re a team of tree lovers, and the trees themselves are the legacy we hope to leave behind. We’re proud to play our small part in creating and maintaining a healthy urban forest, populated by people who appreciate it,” he said. 

Not everyone sees tree care as a priority—some see it as a task to check off a list. But for those who recognize the beauty and importance of trees, Kevin’s team is eager to help. 

“I think most people subconsciously get a lot of positive benefits from trees, even if they don’t notice or think about them very often. Next time you’re outside, take a moment just to notice the volume of trees in our region. Try to imagine your neighborhood if all of the trees were gone. Their absence would be striking, and they’d be greatly missed.” 

Proud to Have Kevin in Our Community 

At EFBC, we are proud to have Kevin as part of our community of business leaders. His dedication to learning, adapting, and making a meaningful impact—both in his business and in the environment—exemplifies the drive, resilience, and leadership that define great entrepreneurs. We look forward to supporting his continued growth and celebrating the lasting contributions he and Winkler Tree Service are making to our local landscape.

Read Kevin’s full interview:  

Q: What drew you to transition from your previous career to business ownership? 

I spent the previous 10 years as a strategy and management consultant for large enterprises, working across a broad range of industries, though primarily focused on mining and chemical production. I enjoyed tackling new problems with new clients, but I was often frustrated by the lack of long-term ownership over the results of our work. 

We would typically make a recommendation, launch the initiative, and then move on to another client or issue. The role was primarily focused on influencing decision-makers, but I wanted the chance to be the principal decision-maker—someone who had to live with both the pros and cons of my own decisions and actions. Owning and operating my own business has certainly been that! 

 Q: What were some of the challenges you faced during the transition? 

The list is long! As an outsider entering the tree care industry for the first time, I understandably faced a lot of skepticism from both employees and industry peers. The only way to resolve that was through time and effort, but it certainly wasn’t easy to build the experience and trust right out of the gate. I’m grateful to a lot of exceptional teammates and industry peers for giving me a chance to learn and earn their trust. 

 Another big challenge was simply how long it took to solve problems I had never faced before. I had a broad background in finance and operations, but I had never worked in a small business where people and process issues are just different from those in large enterprises. 

Over time, you start to build some pattern recognition, and you also develop a network of “go-to” people for different issues. That has made it a lot easier—and faster—to make better decisions. 

Q: What legacy do you hope to leave as the owner of Winkler Tree? 

We’re a team of tree lovers, and the trees themselves are the legacy we hope to leave behind. We’re proud to play our small part in creating and maintaining a healthy urban forest, surrounded by people who appreciate it. 

 Some people, of course, view tree care as a necessary burden they have to deal with, and we’re happy to help them through that. But it’s especially rewarding to work with clients who truly appreciate trees and care about maintaining them for the broader community and future generations. 

 I think most people subconsciously benefit from trees, even if they don’t often stop to notice them. Next time you’re outside, take a moment just to observe the volume of trees in our region. Now, try to imagine your neighborhood if all of the trees were gone. Their absence would be striking, and they’d be greatly missed. 

Cray Kaiser White Paper:

Essential Steps to Getting Your Business Ready for a Merger or Acquisition

Preparing to sell your business is a complex process that requires careful planning and strategic decision-making. From getting your financials in order to assembling the right team of advisors, every step plays a crucial role in ensuring a smooth transition.

In this video, Deanna Salo, Managing Principal at Cray Kaiser, shares key insights on what business owners need to consider before an acquisition or merger, helping them maximize value and successfully navigate the journey to their next chapter.

Key Points covered:

• M&A Trends: Business owners are either passing companies to family or selling to third parties (often private equity).
• Preparation Matters: Start early, get financials and processes in order.
• Financial Readiness: Audits and documentation boost credibility for buyers.
• Organizational Clarity: Have a structured leadership chart and clear roles.
• Advisory Team: Lawyers, bankers, and wealth advisors are crucial.
• Valuation Strategy: Market demand, not just retirement goals, determines business worth.
• Confidentiality: Use NDAs before sharing financial info.
• Letter of Intent (LOI): Clearly outline deal terms (price, structure, payment).

EFBC President’s Message: Building Positive Momentum in the New Year

EFBC Welcomes a New Program Coordinator

We are thrilled to welcome Caroline to EFBC as our new Program Coordinator! A proud graduate of the University of Missouri, Caroline studied Marketing and Business Administration, equipping her with a strong foundation in strategy, relationship building, and business development. With experience in sales and retail marketing, Caroline brings a creative mindset and a talent for fostering connections—both of which will help her develop engaging programs and enhance the member experience at EFBC.

Get to know Caroline:

1. What drew you to EFBC, and what excites you most about joining the team?

The community and company values that EFBC holds is what drew me the most. I’m excited to get to know my team and the members the most!

2. Please tell us a little about your professional background and what you hope to bring to EFBC.

Most of my experience is in sales and retail marketing, I hope to be able to use my relationship building skills and sales mindset to bring new and fun ideas to EFBC.

3. In your spare time, what do you like to do for fun? 

In my spare time I enjoy spending time with my friends and family, and trying new restaurants!

4. What is your go-to karaoke song? 

“Don’t Stop Believing” – Journey

How to Get the Most Out of Your EFBC Membership

So you’ve already joined EFBC—nice job! You’ve taken an important step toward fostering growth and support for your business and professional development. Now, it’s time to make the most of your membership by actively engaging with the resources, connections, and opportunities EFBC provides. Here are some tips to ensure you’re getting the full value out of your membership:

1. Engage with Your Forum

At the heart of EFBC are our Forums, where members connect monthly in a small, confidential setting to dive deeper into the challenges and victories of business leadership.

How Forums Work

• Each Forum has nine members who meet monthly.

• One member presents a current issue they are facing, while others offer support through shared experiences, not advice.

• Discussions are guided by Forum Protocols, including clarifying questions, shared experiences, and appreciation.

Forum Options

• Full Forum: Dedicated peer group with deep engagement.

• Flex Forum: Flexible option tailored to individual needs.

Forum Protocols

• Clarifying Questions: Non-judgmental questions from genuine curiosity, often leading to deeper insights.

• Shared Experiences: Members share relevant successes or mistakes instead of giving advice.

• Appreciation: A dedicated time to express gratitude and boost each other’s self-esteem.

Forums foster trust, mutual respect, and equality, creating a supportive space where members share personal and professional experiences.

2. Attend Events and Workshops

EFBC hosts a variety of events throughout the year, designed to provide practical education, foster community, and offer networking opportunities.

Event Categories

• Workshops: Practical training sessions.

• Roundtables: Open discussions for sharing and learning from peers.

• Fireside Chats: Insights and Q&A with industry experts.

• Breakfast Club/Seminars: Casual learning and networking opportunities.

• Community Events: Partnered initiatives to serve the broader community.

3. Leverage Educational Resources

EFBC equips members with essential knowledge and skills through programs that empower them to work on their businesses rather than in them.

• Resources: Articles, guides, recorded webinars, the Transition Preparation Assessment (TPA), and a rich array of insights from our strategic partners’ resources, blogs, and newsletters—all accessible on their company websites.

• Action Step: Subscribe to EFBC’s newsletter or community hub updates and explore our strategic partners’ resources to ensure you don’t miss new resources.

4. Build Relationship with Fellow Members

Networking is a cornerstone of EFBC’s mission. Take the time to build genuine relationships with other members, both inside and outside of your Forum. These connections can lead to valuable collaborations, mentorships, and lifelong friendships.

Networking Tips

• Attend informal meetups or social events.

• Connect with members on LinkedIn and follow up to strengthen connections.

5. Utilize the Community Hub on Hivebrite

Make the most of the EFBC Community Hub by:

• Using the discussion board or live feed to ask for advice, share business questions, or simply say hello.

• Exploring your Forum group and interest groups to foster deeper connections.

Membership isn’t just about what you receive; it’s also about what you give. Share your expertise, offer support to peers, and volunteer for initiatives within EFBC. Your contributions will enrich the community and deepen your engagement.

6. Tap Into Strategic Partners

EFBC’s eight Strategic Partners are your lifeline—just a phone call away. Their expertise spans law, finance, marketing, accounting, insurance, human resources, banking, and IT, making them invaluable resources for members. Fluent in the EFBC way, these devoted firms offer consulting, answer questions, and provide tailored guidance. Through one-on-one support and educational workshops, they empower members with the knowledge and tools to navigate challenges effectively.

7. Set Personal and Professional Goals

Define clear goals for what you want to achieve. Whether it’s developing leadership skills, expanding your network, or resolving a specific business challenge, having a focus will help you utilize EFBC resources effectively.

8. Stay Involved Year-Round

Consistency is key. Engage with EFBC regularly to maintain momentum and stay connected to the community’s benefits. This ongoing involvement ensures you’ll continue to reap the rewards of membership.

EFBC Stats

• $2,983,840,000: Member Companies’ Total Revenue

• 6,349: Membership Total Years in Business

• 10,159: Jobs Created by Member Companies

Membership Levels

EFBC offers multiple membership levels tailored to meet the needs of diverse members.

Enterprise Membership ($4,900/year)

• Full Forum placement for one.

• Access to over 25 programs and events for you, your family, and your company every year.

Pro Membership ($2,450/year)

• Membership for one individual.

• Yearly access to Flex Forum.

• Access to over 25 programs and events.

Add-On Membership ($1,225/year)

• Option for Enterprise Members to add key employees or family members.

• One Full Forum placement.

• Access to Flex Forum.

By actively participating and leveraging the full range of EFBC offerings, you’ll unlock opportunities for growth, collaboration, and success. Your membership is an investment in yourself, your business, and your future—so make the most of it!

The Power of Appreciation: Building a Positive Workplace Culture 

In today’s fast-paced work environment, where deadlines loom and productivity is king, one simple yet powerful tool often goes overlooked: appreciation. Recognizing employees’ efforts and contributions can transform workplace dynamics, improve mental well-being, and boost business success. In this blog, we’ll explore why appreciation matters, the benefits of a positive workplace culture, and how to foster an environment where gratitude thrives. 

What is Workplace Appreciation? 

Workplace appreciation goes beyond monetary rewards like bonuses and pay raises. It encompasses recognition, acknowledgment, and valuing employees’ efforts in tangible and intangible ways. From a simple “thank you” in a team meeting to celebrating milestone achievements, appreciation creates a sense of belonging and worth. 

The Ripple Effect of Appreciation 

Appreciation has a profound effect on both individual employees and the broader organization. When employees feel seen and valued, they are more likely to experience higher job satisfaction, loyalty, and overall well-being. This concept ties into key psychological frameworks like Maslow’s Hierarchy of Needs, where esteem and belonging are essential human motivators.  

Appreciation is not just a “nice-to-have”—it’s a fundamental driver of workplace happiness, and its impact ripples through every level of the business. 

The Benefits of a Positive Workplace Culture 

1. Increased Employee Retention

Employee engagement skyrockets when appreciation is a consistent part of company culture. Studies reveal that companies with effective employee recognition programs experience a 31% reduction in voluntary turnover.  

2. Boosted Productivity

Want to see productivity soar? Create a culture where employees feel seen and celebrated. Recognition motivates employees to do their best work, and companies with robust recognition programs report higher performance outcomes.  

3. Better Mental Health

Appreciation is a powerful tool for mental well-being. When employees feel acknowledged, their stress levels decrease, and they experience improved emotional health. Research has shown that gratitude can reduce cortisol (the stress hormone) and increase oxytocin (the “bonding” hormone), promoting better mood and relationships. In a world where workplace burnout is on the rise, appreciation can be a simple yet effective antidote. 

Strategies to Cultivate Appreciation

1. Start at the Leadership Level

A culture of appreciation starts at the top. Leaders set the tone for what is valued and recognized in a workplace. When managers openly praise team members, it normalizes gratitude throughout the organization. Leadership behaviors that promote positivity include: 

Publicly recognizing individual and team accomplishments.

Encouraging open discussions about employee wins during team meetings.

Sharing “thank you” messages in team-wide newsletters.

2. Create Systems for Recognition

Instead of relying on ad-hoc appreciation, implement formal systems that make recognition a consistent habit. Consider these options: 

Peer-to-peer shoutouts via Slack, Microsoft Teams, or intranet platforms. 

Milestone celebrations for work anniversaries or goal completions. 

Not everyone responds to recognition in the same way. Some employees may prefer public acknowledgment, while others may appreciate a private thank-you email. Encourage managers to ask employees how they like to be recognized and tailor appreciation accordingly. A personal touch can make all the difference in showing employees that their unique contributions matter.

3. Integrate Appreciation into Daily Culture

Appreciation should not be a “one-and-done” event. Infuse it into daily routines through: 

“Thank You” moments in meetings, where each team member calls out a colleague who helped them that week. 

Gratitude newsletters that spotlight employee wins and milestones. 

Celebration calendars that track and celebrate birthdays, work anniversaries, and major project completions. 

 When appreciation becomes an everyday occurrence, employees come to expect—and reflect—it in their own actions. 

 Appreciation through connection at EFBC 

At the Entrepreneur and Family Business Council (EFBC), we understand that feeling valued is essential for personal and professional growth. Through our peer forums, workshops, and mentorship programs, EFBC creates a space where business leaders and entrepreneurs can feel seen, heard, and supported. Members have the opportunity to share challenges, celebrate wins, and receive meaningful feedback from a community that genuinely cares. By fostering a culture of open communication and shared learning, EFBC ensures that every member feels appreciated not just for their successes, but for their efforts, ideas, and unique perspectives.