Deal Killers Podcast: Seller’s Remorse and Surprises


The seventh and final installment in RBR+TVBR‘s limited “Deal Killers” podcast series focuses on the many things that could derail a transaction.

The first topic is an unpleasant one for many: seller’s remorse.

Then, what happens when a deal seems all but set, but an unwelcome surprise pops up in the 11th hour?

Tackling those subjects are media broker Doug Ferber of DEFcom Advisors; Bruce Mittman and Jim Leven, the leaders of radio broadcasting company Community Broadcasters; and Erwin Krasnow, a partner at Washington law firm Garvey Schubert Barer, who share their thoughts with RBR+TVBR’s Adam R Jacobson in this 14-minute audio presentation.

“Along with seller’s remorse there could be some surprises … those awful, evil things that pop up at the last second,” Jacobson notes.

Yet, Ferber says, surprises pop up every time.

It is seller’s remorse, in his view, that’s the tougher trouble spot to tackle.

He notes, “You know the gold records on the wall when you visit a Top 40 radio station? If you leave it on the wall, it comes with the radio station. There was an instance where the buyer really wanted that stuff, and the seller really wanted that stuff, and they got into a fight over it. The deal imploded. Things can get bad over the most irrational reasons.”

What do Mittman and Leven have to say?

What’s the legal view on how people can get so attached to their radio stations that it could implode a good deal? Krasnow chimes in, too.

To listen to the entire 14-minute podcast, simply click on the box below!



Deal Killers Podcast: Change In Business Performance

Can a “material adverse change” derail the purchase of a radio or TV station? Erwin Krasnow, a partner at Washington law firm Garvey Schubert Barer, takes the mic in this penultimate Deal Killers podcast moderated by RBR+TVBR Editor-in-Chief Adam R Jacobson. Also sharing their thoughts are media broker Doug Ferber of DEFcom Advisors and Bruce Mittman and Jim Leven — the leaders of radio broadcasting company Community Broadcasters.

Deal Killers Podcast: Lack Of Preparation

What are the best next steps to get a media deal done and to operate a group of radio or TV stations as quickly and successfully as possible? Being fully prepared to take on the transaction, in particular as a buyer, is key, say Community Broadcasters’ two top leaders. Get the info you need from these pros in the latest in our exclusive Deal Killers podcasts.

The Deal Killers Podcast: Shoddy Financial Records

When it comes to making a deal happen, most buyers will use a cash flow multiple as an important element in valuing a station — and will rely on the seller’s accounting records to make the calculation. But, what if your financial records are, quite frankly, a haphazard mess?

The Deal Killers Podcast: Unclear Post-Closing Goals

Many sellers underestimate how much they will need post-exit and overestimate the company’s value. In this third Deal Killers Podcast, Community Broadcasters COO Bruce Mittman, President/CEO Jim Leven and Controller Peter Henderson share their thoughts on the important topic of “unclear post-closing goals.” It’s another RBR+TVBR member exclusive!

Deal Killers: Unrealistic Price Expectations

What’s a “deal killer”? How can you avoid them? To help best answer these questions, Garvey Schubert Barer communications attorney Erwin Krasnow and DEFCom Advisors CEO Doug Ferber created a new limited series of podcasts based on a 2017 Media Information Bureau column on this very subject. RBR+TVBR Editor-in-Chief is the host, and the guests are the operating partners of Community Broadcasters.

Can The Loss Of A Key Employee Kill A Station Sale?

Some buyers regard the retention of key employees following the closing of a radio or TV station acquisition as an essential element of the deal. Yet, sellers often do not take into consideration the adverse impact of the exit of a key employee — or several. Should a firm succession plan be drafted before the Asset Purchase Agreement is signed? That is the focus of this exclusive “Deal Killers” podcast featuring the COO and CEO of Community Broadcasters, media broker Doug Ferber and respected D.C. communications attorney Erwin Krasnow.

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