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episode 18: Firmex CEO Joel Lessem On How He Sold His Company Twice And Other Valuable M&A Strategies (#18)
"What matters for me and what I've learned over the last 14 years is that I helped other people be successful. " -Joel Lessem
Joel Lessem has over 25 years experience in successfully accelerating revenues and growth of businesses. Under his leadership, Firmex is rapidly becoming a standard for sharing large volumes of highly confidential and sensitive documents for corporate transactions, litigation and compliance. Firmex is a rule of 40 business delivering strong investor returns and high customer and employee satisfaction scores.
Prior to co-founding Firmex in 2006, Joel drove the US growth of Point Force leading to the company's acquisition in 2004. In 1999, Joel co-founded Crescent logic, a software company that provided online equity research publishing tools for investment banks.
SHOW NOTES
- The lucrative power of an option plan when selling your company
- Why you should always take enough money off the table if you decide to stay on after selling your business
- How to determine if you have what it takes to stay in the company after exiting
- What private equity groups bring to the table that other buyers don't
- How an auction process helped Joel get top dollar when selling Firmex
- The benefits an auction brings to the merger and acquisition process
- What to expect in due diligence
- How to adapt your mindset when starting the process of selling your business
- What Joel's company, Firmex, does and its role in the mergers and acquisitions industry
- The power of a virtual data room and why you need one
- How a virtual data room works
- Why a virtual data room can save you from making costly and embarrassing mistakes
- How Firmex had approximately 15% of the deal volume in North America
- Why it's important to put yourself in the buyer's shoes to help guide you through due diligence
- How Firmex has responded to COVID-19 to serve its clients and protect its employees
- When you're prepared you have choices. Joel talks about industries benefiting from COVID-19.
- Joel discusses how honesty, fairness, collaboration, and shared success are his values
- Why leaders can adopt these values to have a healthy and successful culture
- What drives Joel is helping other people being successful
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