Welcome to XPX Chicago
We’re just getting started but look forward to creating a vibrant community of advisors to privately-held businesses in the Chicago area.
XPX Chicago Meetings
Our programs are designed to increase participatory involvement with member round-table and panel discussions. Why should you participate? Many reasons, but for starters:
- Demonstrate what you bring to the table as you share your expertise
- Spot potential partners among the membership as they display their niche knowledge
- Get to know members more deeply
Roll-up your sleeves and exercise your mind alongside your colleagues and friends!
XPX Chicago Sponsor Appreciation Event
XPX Chicago Owner's Academy
Our panel of business owners who have recently sold or acquired a business will help us understand the issues, hurdles, and obstacles sellers face in getting deals done.
Interested in Joining XPX Chicago?
If you are an advisor to owners and managers of companies in the lower middle market, XPX can be a powerful learning network for you! Our members represent twelve different professions but share core principles of collaboration, putting the client first, thinking long term, considering the human angle and continuous learning. Learn more about our membership benefits and options.
Volunteers Needed For Our Operating Committees
We are looking for volunteers for our operating committees for events.
Communications Committee
Promotes the organization, its events and the good work of the various committees. The committee also partners with members of the XPX Chicago chapter to advance efforts in public and media relations, digital marketing and social media.
Membership Committee
Develops membership policies, including deciding when initial free membership ends, cost of membership, firm memberships, and is responsible for increasing membership and running membership recruitment drives. Contact: Laura Liss, Chair-laura@lisslamar.com
Program Planning Committee
Plans content, format and location for monthly membership meetings, and develops periodic special events or programs. Contact: Michael Karmin, Chair - mkarmin@stratwealth.com , Peter Holton, Chair - peter@caberhill.com, Allen Kutchins, Chair - AIK@krdcpas.com
Sponsorship / Outreach Committee
Sets sponsorship policies and solicits general and event sponsorships along with outreach to potential association alliance partners. Contact: Markus May, Chair- mmay@illinois-business-lawyer.com
Networking/Value Makers Chair
Develops and runs Networking/ValueMakers, a more substantial networking experience for members who wish to participate. Contact Christopher Manick: Christopher.Manick@busey.com
Owners’ Academy Committee
Develops and runs the Owners’ Academy program, a program aimed at business owners to provide valuable content useful to them and/or peer experiences on particular topics relevant to running, growing, or selling a business. Contact: Bob Greisman, Chair
Owners’ Academy Committee
Develops and runs the Owners’ Academy program, a program aimed at business owners to provide valuable content useful to them and/or peer experiences on particular topics relevant to running, growing, or selling a business. Contact: Bob Greisman, Chair
Emerging Professional Committee
The Emerging Professional Committee focuses on developing methods and programming to reach out to young professionals looking to further develop their business and leadership skills. Examples of programming includes mentoring with senior level professionals; committee leadership opportunities; networking; and social events, to name a few. For more information contact: Michael Azzaro, Chair - mazzaro@amcombank.com
Emerging Professional Committee
The Emerging Professional Committee focuses on developing methods and programming to reach out to young professionals looking to further develop their business and leadership skills. Examples of programming includes mentoring with senior level professionals; committee leadership opportunities; networking; and social events, to name a few. For more information contact: Michael Azzaro, Chair - mazzaro@amcombank.com
This is what it entails:
Most committee meetings will be conducted by telephone, and that participation will not be too time burdensome; perhaps only an hour or so a month, although some months could be a little more, and others less. There will be 3-5 members per committee, although we are not limiting the size if many wish to participate. Membership is a good way, without too much time expended, to get to know other XPX members better, and to have a role in the leadership of the organization. Click here for additional information of each committee.
If you are interested, please contact Angie Ellis if you are interested at angie@exitplanningexchange.com.
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As an advisor, your role is to help clients prepare to exit their business, yet many people resist thinking about the future because it involves so many unknowns, decisions, and choices. And emotions typically complicate matters further, sometimes derailing the process altogether. Here are some questions that can help you establish rapport with your clients, learn more about their concerns, and move the conversation forward. How are you feeling about your work/profession/business these days? Which aspects of work are you still enjoying, and which are you ready to leave behind? Do you envision retiring from work at some point, or are you contemplating an encore career? What part of planning for your future feels most challenging? How do you imagine your life in retirement will be different from how it is now? What process are you using to figure out what you’ll do next after you retire? What would you like to see happen with your business long term? What options have you considered for the transfer of your business? What steps have you taken to make your business more attractive to a potential buyer? What are your concerns about transitioning your firm to new ownership? What would be your ideal scenario for transitioning out of your company? What topic(s) have we touched on today that we should put on our agenda to revisit? So, what happens after you pose a few of these questions and your clients open up about emotional matters? Remember, the most helpful thing you can do is to listen attentively. You’ve created a valuable opportunity for them to talk about things they may not share with other advisors. Here are some tips for managing the conversation when clients raise emotionally loaded topics: Don’t try to “fix things” by immediately offering suggestions. Doing so sends the message that you’re uncomfortable hearing their concern. You can offer suggestions but do so later. Don’t say anything that conveys the message that their feeling or concern is unwarranted. “There’s really no need to feel that way” or “I’m sure it will be just fine” may sound reassuring to you but could be experienced as dismissive by your client. Don’t immediately offer a logical counterpoint to your client’s emotion. Remember, feelings don’t have to make sense; they’re “as is”. Put another way, if feelings made sense, they would be thoughts. People report concerns and characterize their feelings differently from one another, so it’s in your best interest to seek amplification and clarification by inquiring as follows . . . “I want to make sure that I understand exactly what you mean by ___. Can you tell me more?” “People sometimes mean slightly different things when they talk about ___. What does ___ mean for you?” “Before I suggest anything, I’d like to learn more about it from your perspective.” It’s possible that during early conversations your client may hint at mixed feelings about exiting their business. That’s perfectly normal, but you need to bring it out into the open. You want to foster an atmosphere such that your client keeps you apprised about where they’re at. If they keep their ambivalence to themselves, it has greater potential to blindside you and complicate the sale. You can say: “In my experience, it’s normal to have some mixed emotions about selling. Those thoughts may not always be top of mind, but when they do pop up let’s be sure to talk about them. Believe it or not, they can help inform our process and alert us to aspects of the sale that are important to you.” You may also find that your client is overly risk averse. If so, consider saying the following: “Our work together won’t be comprehensive if we only plan for what could go wrong. That’s just half the equation. It’s fine to be conservative and err on the side of caution, but to be truly realistic we should also consider a range of possibilities both good and bad.” Author’s Note: The concepts in this article are derived from Robert Leahy’s book, Overcoming Resistance in Cognitive Therapy. New York: Guilford
As we delve into 2024, the Mergers and Acquisitions (M&A) landscape continues to evolve, shaped by the echoes of the COVID-era and the dynamics of the present. In a recent “Deal-by-Deal” podcast by McGuireWoods, I sat down with host Greg Hawver to dig into the trends and expectations shaping the M&A sector, particularly in the middle to lower middle market. Here’s a closer look at the key trends we discussed in the podcast and see impacting M&A in 2024. 1. Reflecting on 2023: A Year of Caution and Decline The year 2023 marked a significant downturn in M&A activities, recording one of the lowest deal-making volumes in a decade. This decline was not isolated but part of a continuing trend from the previous years, influenced by economic uncertainties and a shift in market dynamics. The year set a cautious tone, with both buyers and sellers recalibrating their strategies in response to the evolving economic landscape. 2. The Ascendancy of Corporate Deal-making A notable shift in 2023, expected to influence trends in 2024, is the increased involvement of corporates in M&A activities. With substantial cash reserves, corporates have been capitalizing on their ability to deploy capital efficiently, making them significant players in the M&A arena. This trend underscores the strategic realignment of companies as they navigate the complexities of the current economic climate. 3. Bridging the Valuation Gap A persistent theme, and one that’s expected to continue into 2024, is the disconnect between seller expectations and market valuations. Many sellers, influenced by the peak valuations of yesteryears, find themselves at odds with the current market realities. This valuation gap poses challenges but also opens up dialogues for recalibration and realignment of expectations, paving the way for more realistic and sustainable deal-making. 4. Anticipating the Pulse of 2024 The outlook for 2024 is cautiously optimistic, with the first half of the year likely mirroring the trends of 2023. However, as interest rates stabilize and valuation expectations align more closely between buyers and sellers, the latter half of the year could witness an uptick in M&A activities. This period of adjustment is crucial for both buyers and sellers to strategize and position themselves advantageously in the market. 5. The Evolution of Deal Structures and Financing The M&A landscape in 2024 is witnessing an increasing complexity in deal structures. With more equity rollovers and structured deals, parties are seeking ways to de-risk transactions. The rise of private credit is reshaping the financing of deals, filling the void left by traditional lenders. This trend highlights the need for innovative financing solutions and flexible deal structures in the current market. 6. Industry-Specific Trends and the Role of Technology Certain industries are poised to navigate 2024 differently, influenced by their cyclical nature and economic exposure. Additionally, the integration of AI and technology, especially in sectors like healthcare, is expected to drive transformation and create new opportunities. Staying attuned to these industry-specific trends and technological advancements will be key for M&A success in 2024. 7. Strategic Advice for Sellers and Buyers In this evolving landscape, being well-prepared is paramount. Sellers are advised to align their expectations with market realities and ensure their businesses are primed for sale. Buyers, on the other hand, are encouraged to cultivate relationships and explore unique opportunities, especially before companies are already launched into broad auction processes. As we navigate through 2024, the M&A landscape is marked by cautious optimism, strategic realignment, and an innovative approach to deal-making. By understanding these trends and adapting strategies accordingly, stakeholders in the M&A sector can navigate the complexities of the market and capitalize on the emerging opportunities.
One of the most common concerns I hear about retirement is the fear of being bored. Given the weeks, months, and years ahead that need to be filled with something other than your job, it’s understandable. To make matters worse, many of us know a relative or friend who was aimless and miserable in retirement. In this article I’ll share some suggestions for how to occupy yourself, but before doing so let’s look at boredom from another angle. When you’ve spent decades being busy, having an afternoon with absolutely nothing to do can feel unsettling, especially if you were raised to value industriousness and productivity. While those internal notions about hard work may have served you well during your career, they can become a source of distress during retirement. It’s perfectly normal to have downtime once you’ve left your job, yet some people feel ill at ease during those periods. The key is to adopt a broader definition of what constitutes a good use of your time. Learn to welcome occasional idleness as a chance to recharge or reflect, or perhaps go one step further and embrace the Italian notion of “Dolce far Niente” which means “the sweetness of doing nothing.” When idle, people sometimes mislabel their discomfort as boredom. Boredom is the belief that there is nothing interesting to do. And yet unless you’re clinically depressed, there are probably lots of interesting options available to you. One caveat: you’ve got to be open to the idea that something other than your former work can be fulfilling. Let’s look at some possibilities . . . One strategy for finding compelling pursuits (shared by my friend G.C.) is to commit to trying something new each month, whether it’s taking an introductory class, trying a new restaurant, reading a new book, exploring a new neighborhood, or listening to a new podcast. You don’t have to stick with anything unless it’s satisfying, but you must do something new each month. An added benefit of this approach is that over time it’s a nice way to meet people (or reconnect with old friends you invite along). If you’re having difficulty finding new things to do, you might want to visit
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Do you dread networking for new business? Here are some techniques to help you refine your approach so that networking becomes more enjoyable and productive. Several years ago I co-founded a networking group attended by experienced, successful professionals. What I didn’t anticipate was that many of these highly competent and engaging people struggled with networking. In off-line conversations they admitted to a host of challenges. Here are just a few of the things they shared with me: “I’m self-conscious in informal networking settings. I meet interesting people, but inside I’m so uncomfortable that I’m not fully there in the conversation.” “I know that I should be asking the other person thoughtful questions, but sometimes my mind just goes blank.” “My elevator speech isn’t effective. No matter how many times I practice it and revise it, it feels like a speech instead of a conversation-starter.” “Networking conversations seem too forced and contrived to me; they just don’t feel natural.” These talented people were well informed about networking. They knew what to do, but putting it into practice was another matter entirely. For most of these individuals it’s not that they didn’t know enough about networking. Rather, they didn’t know enough about themselves. They didn’t understand the psychological barrier that prevented them from using the networking skills they already possessed. Most networking experts are quick to point out that the process is not about you; it’s about getting to know others and determining how you can help them. The individuals in my networking group would readily and enthusiastically agree with that notion. They were sincerely interested in others and yet in networking situations they still found themselves feeling ill at ease, distracted by their own internal state instead of focusing on the people they’re meeting. Why does this happen? In some cases it’s because they get tripped up by their own expectations. They tend to remember past networking encounters that didn’t go well, forgetting about the ones that were uneventful or good. Because of their selective memory they anticipate that subsequent networking encounters will be uncomfortable. As a result, they’re primed in advance to notice any self-consciousness or anxiety – and they get distracted from connecting with the person in front of them. In other cases, it’s because they’ve prepared themselves on the outside but not on the inside. They rehearsed their elevator speech so that they would sound natural. They put business cards in their pocket and made sure their shoes were shined. If it was a virtual gathering, they double checked their background and lighting. They thought about topics for conversation. All of that is fine, but it has very little to do with getting to know others and trying to help them. There is a disconnect between what they’ve prepared for versus what they’re trying to accomplish. No wonder they’re uncomfortable! Here are some things you can do to prepare yourself before a networking event: Remind yourself that your goal is not simply to initiate LinkedIn connections, and that it is extraordinarily unlikely that you will meet someone who is a perfect match for your product or service. Your primary goal is to get to know people and to determine how you might help them. Look through your own list of contacts. Identify at least a half-dozen people who you could envision attending the networking event with you. Now that they’re top of mind, you’ll be better prepared to connect them to new people you meet at the event. Give some thought to how you can get to know the people you’ll be meeting. Don’t want to get stuck in the same old tired dialogue? Then don’t ask the same old questions. I like to make sure that I have a clear understanding of the other person’s work so I often ask, “When I’m with my own clients, how would I know if they were a perfect fit for your product/service? Put more simply, what should I be listening for?” Encounters between even the most well-prepared and thoughtful networkers can occasionally falter. Sometimes the conversation just doesn’t flow, or it stalls out despite your best efforts. And just because you’re trying to get to know someone doesn’t mean that you’ll click with him or her. I know a businesswoman who used to shy away from networking situations because she feared getting stuck in conversations that were going nowhere. She was concerned about appearing insincere or rude if she tried to extricate herself. I helped her rehearse a genuine yet gracious exit: “Thanks very much for telling me about your work; hopefully I’ll meet someone else here I can connect you with.” Networking can be enjoyable and profitable on many levels if you adopt the right mindset. A little bit of inner preparation can go a long way toward helping you focus outside of yourself, which is the best way to meet others. © Larry Gard, Ph.D. 2023
Just because you run a successful business doesn’t necessarily mean that you will exit from it successfully. Planning can increase the odds that you will transfer your business on terms you’re comfortable with. Yet very few business owners engage in proactive exit planning, failing to establish arrangements for a thoughtful transfer of ownership that protects their interests and the interests of other stakeholders including employees, vendors, and valued clients. As a psychologist who works with late career individuals, here are six obstacles I frequently see that make it harder for business owners to plan for their exit. Inertia Exiting from your business takes time and energy. Your advisors will make things as efficient as possible, but you will still need to devote considerable resources to the process. It’s not surprising that a busy owner would prefer to focus on running their business rather than adding another item to their agenda. Particularly if all is well it’s easy to say, “I’ll deal with exit planning when the time comes.” Allowing yourself and the business to coast along can be tempting, but you run the risk of not being ready when a good exit opportunity comes along. Related to inertia is the fear of making a mistake. Some owners worry that they will regret selling, so they opt not to prepare for their exit in any substantive way. Resistance to change Many business owners attribute their success to sticking with a winning formula. They’re not interested in making modifications that could make the business easier or more profitable to sell, nor are they comfortable knowing that a buyer might make big changes to their company, and thus they avoid exit planning. Others are wary of how their lives might change once they do exit. Will their scope of authority diminish during the buyout period? Will others still treat them with respect? As an owner, you need to consider how your roles might change (in your family, company, and community) once you leave work. How will it feel to relinquish some of those roles, and what new ones might you take on? Biased thinking If human beings were 100% rational, I’d be out of business. There are lots of ways that we can be our own worst enemy and shoot ourselves in the foot. Let me point out two very common human biases that can impact our planning for the future. Confirmation bias is our tendency to look for evidence that supports our beliefs, while discounting or ignoring evidence to the contrary. Think about how this might trip you up if you’re exiting your business. For example, when it comes to assessing the worth of your business, this bias might lead you to reject an objective valuation. If you’re considering appointing a successor, this bias could cloud your judgement regarding the ability of key staff or family members to take the helm. Another pothole to watch out for is the availability bias. That’s the tendency to make judgments about the likelihood of something based on how readily and vividly examples come to mind. Let’s imagine that in the past month, you ran into two friends who both said they were unhappy after selling their companies to private equity firms. Do you think you would be fully objective if your advisor raised the same idea in your next meeting? Loss of identity The thought of no longer working may sound appealing, but for many people it’s extremely unsettling because so much of who they are is wrapped up in their job. Reverend William Byron wrote, “if you are what you do, when you don’t, you aren’t.” Our personal identity can be threatened by the loss of our work role, particularly if we have not established and developed other aspects of ourselves outside of work. It’s analogous to diversification in financial matters. You’re better able to handle a downturn in the market if your portfolio is diversified. Similarly, you’ll be better positioned to deal with the loss of your work identity if you can tap into other sides of yourself. Recognizing your identity (beyond work) may seem daunting in the abstract, but I’ve found that most people can make progress if they spend some time looking for patterns in their historical experiences and relationships. Your personal history Speaking of history, our early family experiences can shape our assumptions and expectations about exiting work. For example, some people find it hard to envision stopping because they never had a role model of life after work; their parents worked until they got sick. Others saw friends or relatives who fared poorly in retirement, and they worry that the same fate will befall them. I hear from business owners all the time who attribute their parent’s death to retirement. They insist that they themselves have no intention to stop working, proclaiming “they’ll have to carry me out on a stretcher.” I admire their fortitude, but their decision to remain at work indefinitely may not be optimal for the company nor is it objective. Ask yourself, are you playing these historical tapes internally? If so, is it really in your best interest and that of your business? Uncertainty about the future Exit planning involves grappling with unknowns, decisions, and choices. What is the best option for transferring ownership? What will happen to your company when you’re no longer there? What will your life be like after the sale? How will you structure your time? These are huge questions, and without a crystal ball the uncertainties can feel overwhelming. Your advisors can be of great help, but don’t overlook the lessons you’ve learned from past transitions. Think about past inflection points in your life when you faced major uncertainty. How did you handle those situations? Did you learn something about making decisions in the face of the unknown? Can you apply that wisdom to your current circumstances? Eventually you will exit If you’re a business owner, in the future you won’t be. It’s just that simple. There is no escaping the reality that eventually you will exit from your business. If you wait to plan until it feels perfectly right, you might be waiting a long time. Don’t expect that this process will be without some misgivings, ambivalence, and uncertainty. Don’t allow yourself to be paralyzed by those psychological obstacles, and don’t feel as if you can’t talk about them. A trusted exit advisor can guide and support you as you navigate the emotional side of leaving your business. Larry Gard, Ph.D. is a psychologist and author of the book “Done with Work: A dozen perspectives on the decision to retire”. He provides pre-retirement coaching to late career professionals and business owners. For more information, please visit
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