Meet The Team: Michael Feite of the Eastern Pennsylvania Region Published January 25, 2016 | By Achim Neumann, President Where did you grow up? Huntingdon Valley, PA Where did you study for college? St. Joseph’s University, Philadelphia, PA What was the first job you had out of college? What was the most important lesson you learned there that has stuck with you for your entire professional career? Construction Manager – I learned to execute with various obstacles, conditions and expectations. What drew you to working with A Neumann and Associates? I could see that A. Neumann & Associates has a superior customer offering in an underserved industry. Due to the complexity and time involved in the business sale process, there are few companies that have the skills and resources to execute Mid-Market Mergers and Acquisitions like A. Neumann & Associates. What counties and states do you represent? Eastern PA What do you feel makes your region unique compared to others? (tax benefits, special laws, etc) There is a healthy mix of wealth and diversity. This makes for a strong market of sellers and buyers. Without both transactions, don’t get done. What do you find is the biggest challenge in the Eastern PA region compared to others? The biggest challenges we see are businesses that are not as profitable due to higher overhead costs. A lot of businesses are constrained by location or labor that otherwise would make them more profitable somewhere else. This translates into a lower business valuation due to market conditions or an unwillingness to take on such a task at the end of the business life cycle. What do you find is the biggest advantage working in the Eastern PA region compared to others? The advantage I have in the Eastern Pennsylvania regin, is there are not any companies that have the marketing muscle, deal process, confidentiality or high level of expertise needed. Business Sellers who are looking for an efficient, confidential and successful business sale transaction come to A. Neumann & Associates. What do you think is the most underrated opportunity in the Eastern Pennsylvania region? There are plenty of lucrative businesses that will never sell due to their poor planning or over reliance on one or two individuals. If these businesses would take the time to work on their exit plan there would be a larger market of businesses that would be transferred. What is the most rewarding experience you’ve had working in the Eastern PA region? It is helping business owners who have the same end goal, to exit their businesses at maximum profit. What we do is extremely challenging and being able to see that through to the finish line is very rewarding. Best advice for someone considering selling a business in Pennsylvania? Spend the year or two of time it takes before you sell your business and position your business to be attractive at the price you need it to be. Then do your tax planning in advance as we too often see this to be an alarming deferred activity that causes a seller to balk at selling their business when they should. Best advice for someone considering buying a business in Pennsylvania? Buy a business you can then sell when it is your time to exit. If it is a complex deal on the way in you can be sure it will be a complex deal on the way out.