To start a business from scratch – or to keep one growing and competing for market share –  entrepreneurs usually understand their products and customers very VERY well. But understanding if, when, and how to sell or buy a company? That’s different. And the M&A world is unforgiving to inexperienced business owners and their boards.

As founder and president of the LaManna Consulting Group, Rock has been a matchmaker and senior advisor to entrepreneurs and investors who are buying or selling companies (or parts of companies). He guides organizations through the complex M&A process, and connects them with the advisory services best suited to specific markets.

An effective board of directors should establish the organization’s objectives, objectively measure management’s performance – and hold executives accountable for results. But too often, that doesn’t happen. Personalities, alliances, and conflicting priorities get in the way.

Appointing independent board directors can make a huge difference. Independent directors promote sound corporate governance simply because they’re not tied to the parent company. They can assess and advise performance without bias or undue influence from executives, partners, shareholders, or other stakeholders.

Rock has stepped back from his companies’ day-to-day operations to focus on assisting corporate and non-profit organizations as an independent board member and advisor. In addition to serving on multiple boards, he’s a member of the National Association of Board Directors.

Too many CEOs and board chairs believe they have a succession plan in place because they kind of know who will probably take over if a key executive dies or leaves unexpectedly. That’s not a real succession plan. At best, it’s the equivalent of a red fire alarm box with a “Break Glass In Case of Emergency” sign: Using it means you’re probably already in a desperate situation.

A true succession plan starts with identifying your potential successors’ strengths, weaknesses, goals, and motivations. A thorough plan includes mentorship, cross-training, and a documented process that your board regularly reviews and updates.

Rock learned hard lessons about executive succession planning early in his career, working alongside his father, who succeeded the founders of Vomela Specialty Company (a key printing/graphics partner of 3M Company) as CEO and managing partner. Rock, a middle child among 11 LaManna siblings, then succeeded his father at Vomela’s helm before selling his ownership share to launch his own companies – including a thriving M&A consultancy.

Throughout his career, Rock has seen poor or non-existent succession plans damage more companies and relationships than he cares to remember. But he’s also seen the flip side: succession plans that prepare organizations to survive and thrive through difficult transitions.

In contrast to today’s ubiquitous, algorithm-based recruiting services, what Rock provides is a personal networking/matchmaking service based on his connections.  For example, he might recommend someone he knows to serve as a temporary CFO to a selling company that needs their books cleaned up to prepare for due diligence.  Why take chances on strangers, when you can have Rock vet a candidate. Let Rock suggest you to a company, one he already  knows has a long-standing reputation of treating people right. It’s all about who you know and Rock knows everyone.

To grow a business or to liquidate assets, you may need to buy or sell commercial property, including real estate. This usually adds an extra layer of complexity – and expense – dealing with brokers, appraisers, zoning commissions, etc.

Rock became a licensed commercial real estate broker to simplify this process for his own companies and his M&A clients. He can help you cut out middle-men, avoid unnecessary fees, and most importantly: negotiate a good deal.

ESG is breaking into the mainstream of business operations for more companies, public and private, in 2024 and beyond. And it’s not just regulatory compliance applying pressure; consumers are increasingly concerned about doing business with socially responsible companies.

If your executive team and/or board isn’t prepared yet to disclose your organization’s ESG-related performance, a good start would be to devote an independent, objective board member or advisor to addressing that arena.

Few firms have the in-house expertise yet to implement ESG-related data collection and risk management programs. And you may have to collect data from your entire supply chain to satisfy regulations that will likely pass state and federal legislatures in the coming years (as they already have in the EU and California).

Rock can help you get started in addressing ESG issues, and recommend other experts and resources that make sense for your industry.

An exit strategy isn’t something you create after you’ve signed a contract to sell your company, or otherwise completed a mission that leaves you free to move on. An exit strategy is something you develop at the very beginning of a major career transformation. It starts by answering the question, “What do I really want to do next, and why?”

Answering that question keeps you focused on the right things during a complex M&A process, a succession program, or other difficult transformations. Your exit strategy becomes your North Star: If you feel yourself getting lost, use it to reorient yourself back toward what truly motivates and fulfills you.

A good exit strategy is tailored to your specific needs. Generally, it should address preparations for meeting your next goal: education, licensing, health/wellness, coaching, marketing, and of course, financial practicalities. And it all should be documented, shared with the important people in your life, and regularly updated.

If you’ve never completed a legitimate exit strategy, welcome to a GIGANTIC club, and get yours started today with one call to Rock.

Strategic plans are only ever as good as the follow-through. Even documenting and regularly reviewing that plan won’t always lead to success, if you don’t occasionally see it through the eyes of an outside, objective expert who knows your organization.