Ep. 19 — The High-End Advisor with Dave Enenbach

Welcome to the "Show Me The Way" podcast with David Seitter

In this episode of “Show Me The Way,” Dave sits down with Dave Enenbach, President and CEO of Enenbach & Associates Financial Consultants, Inc., to discuss the ins and outs of wealth management advising for ultra-affluent clientele. They talk through different ways to know whether growing or selling your business is the better option, and the importance of having a plan for when you retire.

Ep. 19 — The High-End Advisor with Dave Enenbach Introducing Dave Enenbach

Dave asks his guest to discuss his background and early career.

• Dave Enenbach discusses his history graduating with a degree in accounting, becoming a CPA and working at a local CPA firm.
• He then explains why he switched firms, to a larger firm where he spent the next 20 years of his career.
• Dave then describes how the acquisition of that business changed the company culture and his job, and after a few years he left once again.
• After leaving one more role, Dave explains how he started his own business and his mindset behind his search for clients.

Dave then asks him to get into the details about his strategy for acquiring and helping clients.

• Dave briefly touches on the history of his current industry, how ultra-affluent families needed a full time wealth advisor.
• He continues by describing a few of the specific items he helps clients look at in order to best manage their wealth, between donations, owning versus chartering jets, etc.
• He adds a lesson that he learned very early was about how increasing market share was inefficient when compared by increasing your customer share.

To Grow a Business or Monetize a Business

Dave asks how he is able to help them grow their business, or whether they are all essentially liquidated and then he helps with the investment portfolio.

• He says that he has one client with an ongoing business, noting that two others have had businesses monetized and are entering completely different industries.
• Dave continues by explaining how he helps by using the SWOT analysis, which gained popularity in the 1990s.

Dave asks him to share the good and the bad, the difficulties and disappointments, of helping people get their companies ready to sell.

• Dave Enenbach starts by saying they would have all benefitted with more planning, and explains how it could have helped them.
• He also explains how getting a business valuation to get a certified valuation report can help hone in on areas where your business can improve.
• After further extrapolation by Dave, he adds that the counterbalance is figuring out and focusing on the mission of your organization.

Why Certain Business Deals Don’t Close

After further discussion, Dave asks Dave Enenbach about his experience on why certain acquisitions don’t work.

• He says because they aren’t the right match or the deal isn’t quite right.
• He then talks to the importance of having identified important points in a post-transaction life.
• After some back and forth of what some of those deals look like, Dave Enenbach says his first question before the transaction is if they have gathered enough assets to retire the way they want.
• Both Dave’s extrapolate on what this might look like, and how if you don’t have the means to retire after selling, then you probably shouldn’t sell the business.

The Impact of Retiring and Business Advice

Dave follows that discussion by asking Dave Enenbach what has been the most exciting part of his job, between aiding with the process of selling a business or going beyond that moment.

• Dave Enenbach uses an analogy to describe the excitement behind selling a business, adding that it is a moment that should be celebrated.
• He then tells a personal story from when he was very young that imprinted on him the importance of having a plan for your life after you retire.

Dave asks for a few pieces of advice that the listeners can take with them when they think it’s time to sell their business.

• He says to begin by making a list of the most important things to you, because that can help you to determine whether you need to control the price or the terms of the agreement.
• He then uses another analogy to explain his second point, which is the importance of getting an advisor who can help you look objectively at the situation, and help negotiate the deal.

 

To get in touch with Dave Enenbach, go out to his website: www.enenbachconsulting.com

 

 

To reach out to Dave for advice or consultation, please visit www.davidseitter.com or email him at dseitter@spencerfane.com

 

Disclosure

This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney-client relationship. The recommendations contained in this podcast are not necessarily appropriate for every individual or business. In determining the best course of action, business owners should consult with an attorney on their distinct circumstances.