Thursday, 28 February 2013 21:51

What to expect from the M&A market in 2013

Considering the uncertainty in the stock market, 2012 turned out to be a good year for mergers and acquisitions (M&A), and the outlook is even better for 2013, says Albert D. Melchoirre, president of MelCap Partners, LLC.

“Last year was pretty tumultuous, with the overwhelming European debt crisis, a slowdown in certain emerging markets, uncertainty about the presidential election and its potential impact from a capital gains tax perspective, and the fiscal cliff debate,” Melchoirre says. “But there were several factors that would indicate reason to be optimistic about the M&A market in 2013.”

Smart Business spoke with Melchoirre about those factors and his expectations for the M&A marketplace in 2013.

How was 2012 from an M&A perspective?

The number of domestic M&A transactions was down by 4.6 percent from 2011. However, the average deal size increased 13 percent — from $138 million to $156 million. From a private equity standpoint, fundraising increased 31 percent compared to 2011. That bodes well for future M&A.

It’s interesting to note that deal volume was up 56 percent in December compared to November.

What was the reason for the end of the year activity?

The primary driver was the capital gains tax increase in 2013. There was concern that if President Barack Obama was re-elected taxes were going to go up significantly. The M&A process typically takes six to nine months, so that started before the election outcome was known. But there was pressure to try to get something done before the end of the year.

Another situation driving transaction activity was private equity dividend recaps.  Many PEGS were going to the bank and taking out large dividends so the money would be taxed at the lower rates in 2012. They didn’t have enough time after the election to sell the business, so they paid out large dividends instead.

Because of the influx of closing activity in the fourth quarter of 2012, my sense is that 2013 will start out slowly. But I’m cautiously optimistic. When we look back at 2013, the numbers may be flat or down slightly because there isn’t enough time to make up for that lull.

Why are you ‘cautiously optimistic’ about the M&A market in 2013?

Some of the positive signs are the large amounts of cash reserves on corporate America’s balance sheets. The S&P 500 alone has over $1 trillion in cash, which is very strong. Combine that with favorable credit terms in the banking market and improved consumer confidence, and the elements are there for a solid year.

Another positive sign is more clarity with respect to the tax situation. Now business owners won’t be dealing with making decisions based on unknown, pending tax law changes. There’s something to be said for certainty. Uncertainty creates a tendency to be hesitant to make a move. When people know the rules of the game they can make decisions accordingly.

Do you expect corporate cash reserves to be utilized this year?

Absolutely. When you have corporate buyers sitting on these large cash reserves they have to deploy that capital in order to grow their business — there’s only so much equipment you can buy. When companies are sitting on trillions of dollars, one of the ways to accelerate that growth is through acquisitions. Cash is king and you can take advantage of opportunities in the market to grow and expand your business. And that cash will have to be deployed — the public markets will not let them sit on those reserves.

Last year, 75 percent of our sell-side deals were sold to strategic buyers who were sitting on a large amount of cash. Corporate buyers are acquiring competitors or complementary businesses through vertical or horizontal integration. With deals involving a private equity buyer, if they don’t have a portfolio company it would strictly be a financial play.

While I’m cautiously optimistic we’ll see more of the same activity this year, it looks like 2014 could be even better.

Albert D. Melchoirre is president of MelCap Partners, LLC. Reach him at (330) 239-1990 or

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Published in Cleveland

Personal and one-time expenses can make getting a true picture of a company’s earnings history difficult, particularly in smaller family businesses. This presents challenges when marketing the business for sale, as the buyer and seller need an accurate representation of how the business has performed. Normalization adjustments are the solution.

“Normalizing a company’s historical earnings means adjusting them to eliminate personal or one-time expenses that are not essential to operating the business in normal course. Normalization allows the seller to show true operating earnings on a historical basis, without being penalized for showing nonessential expenses running through the business. This also allows the buyer to get a true picture of the operating earnings for purposes of determining value,” says Albert D. Melchiorre, president of MelCap Partners, LLC.

Smart Business spoke with Melchiorre about how this process impacts the merger and acquisition (M&A) process.

What are some common adjustments used in normalizing historical earnings?

The use of normalization adjustments, which are sometimes called addbacks, is often as much an art as it is a science. An experienced M&A adviser is essential for determining what are appropriate and supportable addbacks before the business goes on the market.

Some common normalization adjustments include: elimination of personal automobile or travel expenses, excess rent expense, excess or above-market salary or other compensation paid to the owner, as well as excessive or one-time professional fees.

In the case of normalizing excessive professional fees, the seller needs to consider if the services provided by professionals were absolutely essential for normal business operations.

What does the amount of adjustments say about the seller and his or her business?

Use of normalization adjustments ultimately has a direct impact on the value of the business, but it also sends a message to prospective buyers.

While a seller does not want to leave any value on the table by missing legitimate addbacks, it can be the case that being too aggressive in their use can cause a prospective buyer’s guard to go up. It is an important balancing act for the seller to try and be aggressive enough to legitimately maximize the company’s value while also maintaining credibility and building trust with the prospective buyer.

The M&A adviser should be able to uncover solid addbacks while vetting out those that are questionable or unsupportable before going to market.

Should I consider possible synergies with buyers when normalizing earnings?

Financial buyers, such as private equity groups, may or may not currently own a business that is similar to the seller’s business. To the extent there is a strategic fit, the seller may think about all the cost savings that can be realized by the buyer if the businesses are combined. In doing so, the seller may make assumptions about these anticipated cost savings and include them.

While these savings may be legitimate, sellers should realize that buyers are reluctant to pay for the synergies that they bring to the table. It’s also important to remember that each buyer is different, and in order to submit a uniform presentation of normalized earnings, these types of synergies should most often be excluded when marketing the business.

It is a good idea to discuss these types of synergies with your M&A adviser to get a sense of the flexibility that a strategic buyer might have during the bidding process, as well as how to convince the buyer to pay for some of the synergies this could potentially bring in order to successfully land the deal.

Albert D. Melchiorreis president of MelCap Partners, LLC. Reach him at (330) 239-1990 or

Insights Mergers & Acquisitions is brought to you by MelCap Partners

Published in Cleveland

“This year’s election is critical to the future success of our country,” says Albert D. Melchiorre, president of MelCap Partners, LLC. “The selection of the next president of the U.S. should be based on experience, track record and shared values. So too should it be with the selection of your M&A adviser.”

He says much like each election is pivotal to the country’s progress, selling your business will have grand implications on the rest of your life, so it’s wise to put the transaction in the hands of an expert.

“It’s a very involved process with many risks,” he says of the merger and acquisition process. “Making a mistake could result in a bad transaction, which is why it’s important to find help.”

Smart Business spoke with Melchiorre about the role of an M&A adviser and what qualifications to look for when

selecting one.

What is an M&A adviser, and what is his or her role in merger and acquisition transactions?

An M&A adviser is a financial adviser who has experience in completing merger and acquisition transactions. The role of this adviser is to represent the interests of the business owner in achieving their goals and objectives through either a merger or acquisition transaction. This adviser also quarterbacks the deal team, which typically includes attorneys, accountants and other advisers who help to successfully compete a transaction.

What does the resume of a qualified M&A adviser contain?

An experienced adviser should have a relevant and proven track record of successfully completing transactions in your field of business. They should also have an applicable education, as well as the proper financial securities license to complete the transaction. Additionally, look for an adviser who has the relevant industry experience necessary to understand the nuances of your industry.

There are a few ways to qualify potential advisers. One way is through a referral from the seller’s trusted advisers. Many M&A advisers are fairly transparent in their experiences, so you can conduct an initial screening by visiting their website to see the number of deals they’ve completed. Also look to see if they have experience in the industry in which you do business and that they have qualified personnel at the firm.

While you’re really hiring a firm, it’s equally important to choose the right individual. You can have a firm with a well-known name that has been through many deals, but you still need to know that each individual within the team is qualified to handle your transaction. You don’t want an inexperienced adviser on your deal.

How does a company decide whether an M&A adviser will help facilitate its sale?

In a sale transaction, one role of an M&A adviser is to help business owners achieve their goals and objectives, but also to maximize the value of their business. An experienced adviser can bring the appropriate parties to the table and create a competitive environment where that can take place.

There are many aspects to completing an M&A transaction. Having an adviser who can expect the unexpected will help you navigate through the land mines associated with completing the deal. This will likely be the most significant liquidity event you’ll ever face, and your adviser should treat it as such. Business owners in the middle market will only sell their company once, so it’s important that they’re hiring an experienced adviser who has a record of facilitating and closing transactions.

What are the risks of negotiating an M&A transaction without an adviser?

You should have an experienced deal team to ensure you’re not being taken advantage of through the terms and conditions of the deal. They can also help maximize the value of the transaction, while lessening the risk of not getting a transaction done.

It’s a very time consuming process that involves highly confidential information. As a deal is pursued, there is the risk that customers and employees could find out about the sale too soon, or a buyer could be brought to the table who is not serious, which is a concern when you’re talking to a competitor. An experienced adviser can make sure confidential information is properly disclosed and facilitate its secure transfer.

When do you bring in an adviser?

Bring in your M&A adviser at the forefront, before you even embark on the process. You need to make sure you’ve taken the steps necessary to prepare yourself for an appropriate sale and get a sense of whether your goals and objectives are achievable in the current market. Right now may not be the time to sell your business, but there may be some steps you can take to make a future sale both successful and efficient. A qualified adviser can present you with the best options and advice to achieve your goals.

On the buy side, an M&A adviser can help by assessing the value of the company you’re considering to ensure the offer is competitive. Your adviser can help you determine how you’re going to finance the acquisition and can also assist you with your due diligence as the process is closing.

An M&A adviser can make the initial contact with the company you’re interested in acquiring to gauge its interest. He or she can be there earlier in the process to help determine and develop your acquisition criteria, and use it as a basis for the search process by identifying companies through other intermediaries that may have companies for sale. Your adviser can also help you develop a list of suitable acquisition candidates and initiate contact with them.

Albert D. Melchiorre is president of MelCap Partners, LLC. Reach him at (330) 239-1990 or

Insights Mergers & Acquisitions is brought to you by MelCap

Published in Cleveland

Selling your company or merging with another company is a time-consuming process that requires meticulous attention to detail. While there are practical and necessary steps to prepare for a merger or acquisition, such as obtaining counsel, choosing an investment banker and preparing your financials for review by potential buyers, there is an emotional component as well.

“A big concern a business owner has in this situation is to prepare for  the reality of letting go of something he or she has had for many years,” says Robert T. Pacholewski, vice president at MelCap Partners LLC. “You can talk about a sale and all the positives associated with it, but the reality is, it can be difficult to let go.”

He says that while it is an exciting event, there can be remorse and doubt.

“Many business owners have spent more time with their business than with their own family. Letting go of that is a hard thing.”

Smart Business spoke with Pacholewski about how to complete the M&A process, both practically and emotionally.

What can trigger the M&A decision?

One of the triggers for a seller is age and impending retirement. Another trigger is that an owner might want to leave his or her current business to start a new enterprise or look for outside investors to get additional capital infused into the business.

On the acquisition side, a business owner  may be looking to buy another company to enter into new markets, to capture new technologies or products, to acquire a company’s management skill set or to gain production capabilities.

Who should business owners consult before moving forward with a merger or acquisition?

Owners should consult their most trusted advisers at the time a deal is put forward. Consulting with a trusted attorney, accountant or investment banker can help owners determine if they are ready to sell or merge. Many times, an investment banker can be brought into a situation by an owner’s trusted adviser. The investment banker can more fully vet the process and talk with the business owner about what is involved in the very emotional decision of merging or selling a business.

Also, business owners on the verge of an M&A decision might benefit greatly from talking with a close personal friend who has gone through a similar process to better understand what they are getting into from a business owner’s perspective. Most private middle-market business owners will only do this once, so they need to make sure they understand what they’re getting into. It can be exciting, but it can also be very difficult letting go.

What should be discussed and put in order before moving forward with a merger or acquisition?

In the event that your business is going through an expansion, launching a new product or entering into new markets, make sure that it has had enough time to come to fruition before deciding to sell. It could create a potential problem wherein the buyer might believe that the plan could be too difficult to complete  if the sale is announced during such an event.

Furthermore, it is important to get your facilities in order. This can be simple housekeeping, such as making sure facilities are clean and putting on a coat of paint.

Also make sure your company is in compliance with all laws and regulations that govern how you do business. You don’t want any negative surprises.

Once the decision to move forward is made, what are the steps that follow until the M&A process is complete?

First, determine the goals and objectives you want to achieve through the sale process and hire an investment banker whom you expect will meet them. It is not uncommon for business owners to think their company is worth more than it actually is in the market.  An investment banker will evaluate the business and present a range of value for the business. Business owners have to evaluate their goals and objectives realistically and have people around them who can help them meet their goals. A sale process can take six to 12 months to complete and it would be a major setback if expectations were unrealistic and not met.

Then put together basic information on your business, such as sales, production, customers and suppliers to create your confidential sales memorandum. This may require looking ahead two or three years and back four to five years to put all the projections and historical data together for prospective buyers.

After all the information is gathered, the investment banker will put together a group of potential buyers and market the business.  Eventually, you will enter into a letter of intent with one buyer to allow that entity to complete due diligence. It typically takes 90 days to complete the transaction.

How can business owners brace employees for the change?

Usually, the sale is kept confidential from employees until the business is sold, with the exception of key managers. When communicating that the business has been sold, it is critical to talk with your employees about the process because they want to know what it means to them. For instance, do they still have a job? Both the management team and your employees are vital to your business going forward. Make sure you communicate with them at the appropriate time.

How you present the news can vary from company to company, but generally, it’s best to talk with them in a way that is consistent with your style and philosophy.

Making the companywide announcement can be very emotional. If you’ve owned and operated a business for 30 years, your employees can become like family, and it can be a very emotional conversation.

Whatever your delivery, the general message should be that a lot of careful thought and consideration went in to the sale and you’ve found the right buyer to allow the company to move forward and prosper in the future.


Robert T. Pacholewski is vice president at MelCap Partners LLC. Reach him at (330) 239-1990 or

Insights Mergers & Acquisitions is brought to you by MelCap

Published in Cleveland

Strategic and financial buyers have different characteristics when purchasing a business, and as a seller, dealing with each has its advantages and disadvantages.

The current deal environment is very robust, and financial buyers have raised a lot of private equity dollars that couldn’t be fully deployed when the economic downturn hit. That money is still out there and now financial buyers are under pressure to put it to work.

In addition, strategic buyers are sitting on record amounts of investable cash, much of which is earmarked for acquisitions, says Kevin W. Bader, an associate at MelCap Partners, LLC.

“It’s a really good time to be a seller,” says Bader. “And if you’re looking to maximize your chances of success in a sale, you want to reach out to both types of buyers.”

Smart Business spoke with Bader about the differences between strategic and financial buyers and how each approaches buying a business.

What is a financial buyer?

A financial buyer is typically what you think of when you hear the term ‘private equity.’ Financial buyers are institutional investors who pool their money together to grow through acquisitions. They raise a fund that typically has a 10-year life put together for the purpose of investing in a portfolio of companies.

The first five years is typically the investing stage, in which they make several investments to establish or supplement the portfolio. They’ll then grow those businesses by bringing in resources such as alternate sources of capital, improved financial disciplines, or increased operating efficiencies.

The second five years is the ‘harvest’ phase, in which they hopefully have a larger and more profitable business to sell to another private equity group or to a strategic buyer who sees value in the company.

Financial buyers typically maximize their returns by leveraging the assets of the companies they acquire, which minimizes the amount of equity investors have to put in at the outset.

Many times in a leveraged buyout, financial buyers will require that they have a controlling stake in the business. However, there’s often an opportunity for the seller to co-invest back into the new business alongside the buyers, in effect rolling over some of the equity. If the investment is successful, the seller has a portion, usually a minority stake, which gets sold down the road. We call this a ‘second bite at the apple,’ and it can be a very powerful wealth creation opportunity for the seller.

What is a strategic buyer?

Unlike financial buyers, strategic buyers are not in business solely to buy other businesses. Instead, they can often operate in a similar industry, or in the same industry, as a selling company. Their mandate is to grow the business by acquisition if it makes sense, but they also have a core business to run.

Because of the business cycle we’ve just come through, operations are typically getting better across the board and strategic buyers are doing better with fewer resources. We’re seeing that strategic buyers are being very active in M&A because of the excess cash they have on their balance sheets and the pressure they have to show a return on that cash for their shareholders.

Strategic buyers create value by realizing synergies through acquisitions because of their similarities with the target and the ability to eliminate redundant functions. Sometimes this can mean they’ll pay a higher price than a financial buyer will, but this is not always the case. Often, strategic buyers use less leverage than a financial buyer, which can create a cleaner and quicker deal for the seller. In addition, a strategic buyer will typically hold the business indefinitely, so there’s no pressure to sell in five to seven years.

It’s possible that the new company, beyond a transition period, would employ the seller, but there’s definitely a change of control and the seller may have concerns over what happens to its employees. Depending on the synergies and the overlap with a strategic buyer, there can sometimes be less of a need for the company’s employees, as opposed to a financial buyer.

Why would businesses choose one type of buyer over the other?

One consideration is confidentiality, another is the speed of the deal. Regarding confidentiality, strategic buyers can often be from the same small industry and there could be concern over word getting out about the sale prematurely. However, confidentiality agreements can cover those risks.

With regard to speed, strategic buyers — if they’re big enough or have enough cash on their balance sheet — may be able to close more quickly because they may not need a bank to get a deal done. However, strategic buyers might need a little more hand holding to keep them moving along in the sales process because they also have a business to run and don’t solely focus on acquiring companies.

From a sale standpoint, reaching out to both types of buyers allows you to cast the widest net possible in order to identify the best buyer for you and your business.

Kevin W. Bader is an associate at MelCap Partners, LLC. Reach him at (330) 239-1990 or

Insights Mergers & Acquisitions is brought to you by MelCap

Published in Cleveland

If you’re thinking about selling your business, there are a lot of factors to consider before making that decision.

“First and foremost, you need to determine whether it is a good time as it relates to you, as the business owner, to help meet the goals and objectives of the business life cycle,” says Albert D. Melchiorre, president of MelCap Partners, LLC, a middle market investment banking firm. “Other factors include trends in the business and the industry, and economic trends.”

Smart Business spoke with Melchiorre about how to evaluate whether now is the right time to sell your business.

How can a business owner begin to evaluate whether selling is the right decision?

Beyond whether it’s a good time for the business owner and current trends, do you have a successor in place? Are you aging and considering a sale because you’re 75, or are you 55?

Is it a good time as it relates to trends in your specific business? Is the business performing at high levels, with the added opportunity for further growth? Is it a good time in your industry? You may be performing, but if your industry is declining rapidly, is the business’s performance sustainable based on what’s going on in the industry?

Also consider whether it is a good time from a mergers and acquisitions perspective. Is capital plentiful? Are there plenty of potential buyers?

It’s good to have all of these factors lined up. Historically, it’s rare, but in the current economic environment, for a lot of business owners, they are lining up.

How can the current mergers and acquisitions market impact the decision to sell?

Although some areas of the economy are still struggling, other industries are doing very well. As a result, the earnings of corporations remain strong, giving strategic buyers the financial resources to be able to buy companies. Right now, there are trillions of dollars sitting on corporate balance sheets resulting in an incredible amount of liquidity from a strategic buyer’s perspective.

In addition, although the availability of bank debt to lower- and middle-market companies remains tight, overall, banks are beginning to lend money again. And with lower interest rates, the cost of capital remains low and there are a lot of private equity dollars looking to invest in good, quality companies.

So if your business has performed well and has good prospects for growth, the trends in your business are positive, and it’s personally a good time for you, it may be a good time to consider a sale.

How could the potential end of the Bush-era tax cuts impact a decision?

Nobody has a crystal ball, but in all likelihood, the extension of the Bush-era tax cuts will come to an end this year. Whether or not new tax cuts go into effect, there is a strong likelihood that taxes will be going up for businesses and that you will pay more next year on the sale of a business.

I would look at that as the tipping point. I don’t think it’s necessarily a primary driver in determining whether it’s a good time to sell, but it may be a secondary driver if everything else lines up for you.

How can an outside expert help you through the process to maximize your return on a sale?

For most business owners, this is a once-in-a-lifetime event, the most significant liquidity event in their lives. Business owners should focus on what they do best and let investment bankers focus on their expertise. The role of the investment banker is to help business owners maximize the value of their business to allow them to reach their goals and objectives in the sale of their business.

The investment banker will also work with the business’s other advisers, such as an attorney, an accountant and financial advisers. While the investment banker may be leading the charge, it is clearly a team effort.

How can a business owner’s decision about whether to stay with the business after the sale impact that transaction?

Some business owners, especially if they are the founder, may be key to the continued success of the business. But many just want to sell the business and walk away today.

If you’ve taken the step of bringing in key managers or finding your successor, you’re more likely to be able to exit the business at sale. But those who have not taken those steps from a succession standpoint will find it much more difficult to exit upon sale, because if you are still very key to the business, that will have a negative impact on the value of your company if you were to leave upon a sale.

How far in advance of a sale should a business owner begin to prepare?

It varies from owner to owner, but you should begin thinking about it years in advance. This is not a decision any business owner should take lightly, just suddenly deciding, ‘Today, it’s time.’

Having an early conversation with an investment banker can help you think through the process and evaluate where you are with the business today, what you can expect to receive and provide you with an overview of the process. It’s a very good exercise to get the input, advice and assistance of someone who can help you execute on that transaction.

Because this may be a once-in-a-lifetime event, you need to make sure it is the right time for you before moving ahead.

Albert D. Melchiorre is president of MelCap Partners, LLC. Reach him at (330) 239-1990 or

Insights Mergers & Acquisitions is brought to you by MelCap

Published in Cleveland
Wednesday, 01 June 2011 14:55

Middle market M&A adviser

If you’re looking into an M&A transaction and/or looking to hire an investment banker, you’ve probably got questions. Luckily, we have answers.

Smart Business spoke with Albert D. Melchiorre, the president of MelCap Partners, LLC, about investment bankers, M&A advisers and the unique characteristics associated with the middle market.

Why should a business owner hire an investment banker?

There are many reasons why a business owner should consider hiring an intermediary to assist them with the sale of their business. As a business owner, you are only going to sell your business once; therefore, it is important that you select an experienced adviser with a successful track record of representing businesses similar to yours in terms of both industry and size. A good adviser will enable you to obtain top dollar for your business by identifying the best and most logical buyer for your company, whether that buyer is strategic, such as a competitor or customer, or whether that buyer is financial, such as a private equity group.

What should you expect from an M&A adviser?

Upon selecting an adviser, you should expect to receive expert advice from a firm that can navigate through the complex world of mergers and acquisitions. Your adviser needs to be both technically and financially astute, but also needs to be able to communicate the key acquisition considerations of your business to the interested parties — what do you do better than anyone else? They need to be able to “expect the unexpected” in order to avoid any deal-killer issues before they arise, and they need to work in concert with your other advisers on your deal team, as well as your attorney, accountant, banker, insurance agent, environmental adviser, etc., so that the transaction will go smoothly.

What are the unique characteristics associated with the middle market?

One of the greatest differences between the sale of a public or large multinational business as compared to the sale of a middle market business is the mentality of the owners. Very unique to middle market business owners is the emotional attachment to the business. As one of our clients said: “Selling my business is like selling one of my children.” When selecting an adviser, owners need a firm who is cognizant of the psychological implications during a transaction. For many owners it is very difficult to let go. A good adviser will not only help with the financial aspects of the transaction, but they will also assist in making the owner comfortable with the transition.

How is technology being used to process M&A transactions?

Many recent technological advancements have positively impacted the M&A transaction process and have changed the way firms acquire information, model financials and present information. One example of a recent technological improvement is the use of virtual data rooms (VDRs). The use of a VDR allows the dissemination of highly confidential information in a controlled environment or a monitored Internet site. It allows for a more streamlined process in that confidential information can be distributed instantly to a specific audience. As with the VDR, technological advances have allowed the M&A industry to become more efficient, more flexible and more productive.

What is the current state of the M&A market?

For the next year or two, we expect the market for mergers and acquisitions to be very robust. There are several reasons: an overall improving economy, increasing availability of bank debt, the extension of lower capital gains tax rates, record levels of cash on corporate balance sheets, ample private equity capital, low costs of capital, and strong corporate earnings. All of these factors should create a “perfect-storm” environment for business owners who are interested in maximizing the value of their businesses through a controlled, yet competitive sale process.

Are there any regulatory issues impacting M&A advisers and their clients?

All M&A advisers, intermediaries, business-brokers and investment bankers are subject to certain rules and regulations. When selecting an M&A adviser, it is important that they have the proper securities licensing from both a federal and state perspective. If they do not have the correct licensing, you as the business owner run the risk of having your transaction rescinded, as well as the possibility of receiving fines and penalties. After spending an entire lifetime building your company, it would be very unfortunate to have your liquidity ruined by improper licensure.

Albert D. Melchiorre is the President of MelCap Partners, LLC. Reach him at (330) 721-1990?or

Published in Cleveland