For many business owners, selling their business is a once-in-a-lifetime occurrence. Seeing years, if not decades, of work culminate in a transaction is bound to create plenty of questions, concerns and fears. Making matters even more challenging, many business buyers experience mergers or acquisitions on a more frequent basis.
In advance of the 2025 M&A Forum, which took place March 18 at the Brookfield Conference Center, BizTimes asked individuals participating in the event’s panel discussion what sellers should keep in mind during the M&A process. Their responses included handling the emotional nature of the transaction, understanding the required time investment, and paying attention to cultural alignment. See their full responses below along with more information about each speaker.
In addition to the panel, the event will feature a keynote conversation with Lisa Brown, vice president of corporate development at Generac, and Kyle Flanagan, deputy general counsel, commercial transactions at Generac. The conversation will focus on M&A from the corporate buyer’s viewpoint.
The event was sponsored by humanworks8; Old National Bank; Reinhart, Boerner Van Deuren s.c. and Traureau Group. Annex Wealth Management iwas a partner for the event.
Blake Knickelbein, shareholder, corporate law practice, Reinhart Boerner Van Deuren s.c.
“Sellers who are new to the process may not appreciate how emotional it is. You will have many economic and non-economic factors to consider when deciding what business transition alternative is best for you. Remind yourself why you chose the path you did when deal fatigue sets in, when you may otherwise second-guess yourself.”
Knickelbein works with a broad range of clients on various corporate matters, including on the buy and sell side of merger and acquisition transactions. He also works with clients on business succession planning, commercial contracting, corporate governance, entity formation and equity issuances.
Kip Ritchie, CEO, Potawatomi Ventures
“Misalignment in core values, leadership styles, and workplace habits can lead to resistance, decreased employee engagement, and integration challenges. Conducting a thorough cultural due diligence process including assessing communication styles, decision-making approaches, and employee expectations can help identify potential gaps. Take the time to develop an integration plan that aligns both organizations around shared values and goals.”
Ritchie serves as chief executive officer of Potawatomi Ventures, the economic development and income diversification business of the Forest County Potawatomi Community. Potawatomi Ventures’ commercial portfolio includes Data Holdings, Greenfire, Fireside Market, Sagewind Development, WGEMA Leasing and Potawatomi Ventures Emerging Technologies. The company also makes a number of passive investments and has an extensive federal contracting business.
Terry Smith, co-founder and partner, Willis & Smith Capital
“Sellers should remember that the M&A process is an emotional rollercoaster. Expect excitement, anxiety, frustration, and relief – all in one deal. Negotiations can be intense, surprises will arise, and patience is crucial. Stay focused on the end goal, trust your advisors, and prepare for highs and lows along the way.”
Smith has spent his career helping companies with a wide variety of business transactions through their entire lifecycles, from formation, through investment and growth, to eventual exit. Smith was previously COO of a San Diego-based engineering firm, a contact negotiator at Bank of America and started his career at a global law firm.
Jerry Voors, former owner/president, Arrow Sewing
“One key factor in planning for the sale of your company is to recognize how much time it is going to take. Time to prepare your company and build a strong management team. Time in choosing your broker, attorney, and advisors to assist through the selling process. Time to find appropriate interested buyer candidates. Incredibly large amounts of time for the due diligence process.”
Voors acquired Arrow Companies in 2004 from receivership. In 2015, the company started an outside board of advisors, refocused the business on the niche business of sewing and craft furniture, and Arrow began to tithe from the profits of the company. Arrow soon began growing an average of 20% per year and donated more than $1 million to charity. Arrow was sold to private equity in 2023, and Voors retired in January 2025.
