On Episode 34, we’re joined by our guests Ryan Dumermuth, a Principal at Rea & Associates and Kirk Spillman, the President and CEO of Eagle Machinery. The podcast shares the importance of advisory trust and an ever "evolving“ relationship, as key pillars of essential professional services during the process of evaluating and buying a business. The session emphasis that regardless of the nature of business you are considering to acquire, its important to examine the many types of consultative services you may need, which are not directly related to your product line, or customer base. Kirk recounts his entrepreneurial journey to buying a business, while Ryan discusses the risks and unique challenges for buyers who are not flush with cash, and are certainly not eager to dish out more money on professional services, beyond what they must spend for the cost of the business itself. The podcast warns that when buying a business it is important to know what you don’t know, as Kirk shares even though he was competent in the business, he was ignorant to other critical assets of buying a business, such as business entity, organization and formation, and purchase structure. The session promotes the power of having a true professional partner with resources, support, advice, and experience, that an aspiring business owner may not have. The podcast also shares the significance of strength and stability that family can have on such a challenging undertaking. Lastly, the session ties together the investment in the business to its most valued asset – the employees that run and sustain that business and its future growth. In such cases, a committed workplace in force is the value of the business. Ryan and Kirk conclude that their genuine relationship and “honest” conversations helped to sustain and build the business over the last 15 years. Like what you heard? Check out recent posts about this topic to learn more.