Content.
The Bridge
SPRING 2025
04
LETTER FROM THE 2025 CHAIR
Kathy Thiel, the 2025 Chair of M&A Source, shares an exciting vision for the year ahead, highlighting new initiatives, expanded member benefits, and continued support for the evolving M&A community.
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M&A SUCCESS
Uncover how personality can impact M&A discussions. THE HUMAN ELEMENT- HOW PERSONALITY INSIGHTS SHAPE
16
BEIF UPDATE
Learn why you should prioritize the adoption of NASAA’s amended M&A Broker Rule.
06
A QUARTERLY PUBLICATION OF THE M&A SOURCE
Read personal insights into a career in M&A with our latest member interview. AN INTERVIEW WITH M&A SOURCE MEMBER, JACLYN RING
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Get an overview of Course 455 and how it can help you refine your marketing approach. MARKETING MASTERY FOR THE M&A PROFESSIONAL
Chair’s Letter
Dear Members,
Kathy Thiel 2025 Chair, M&A Source
It is with immense honor and enthusiasm that I address you as the 2025 Chair of the M&A Source. The M&A Source has played an instrumental role in shaping my career as I joined the organization ten years ago and transitioned from business brokerage to M&A. The organization began this year with almost 700 members, a 230% increase in membership over the past 20 years.
As I take on this new role, I would like to extend my heartfelt gratitude to Lamar Stanley for his exceptional leadership over the past year. Under his stewardship, we made noteworthy progress in advancing our strategic mission, updated in 2023, to be the source of professional development, best practices, networking, and deal sourcing for the deal-making community engaged in business transactions with annual EBITDA ranging from $500,000 to $10 million.
Notable achievements under Lamar’s guidance include the launch of new online and virtual educational programs, Foundations and Core 1 & 2, along with the implementation of a proprietary M&A Source learning platform. Additionally, we introduced updated criteria for the prestigious M&AMI credential, which underscores the expertise and qualifications of our members to support lower middle-market business exits. We also introduced more member benefits, bringing members’ potential annual savings to nearly $10,000. Lamar accomplished all this while simultaneously founding a private equity business and tending to his beekeeping as an apiarist—a truly impressive feat!
Looking ahead, I am thrilled about the initiatives M&A Source has planned for the coming year, including:
• Marketing campaigns to attract additional investors and LMM advisors to our membership.
• The launch of a members-only deal platform, providing a year-round way for investors and advisors to connect on opportunities, complementing our two annual in-person Deal Markets at the spring and fall conferences.
• More advanced content for our communication channels, including The Bridge, podcasts, and webinars.
• Unparalleled networking and learning opportunities at our spring and fall conferences. Registration is open for the Spring Conference & Deal Market in Orlando and mark your calendars for Phoenix in November!
• Continued sourcing of industry-leading member benefits that will save you money on tools to get and close more deals.
In an era marked by uncertainty surrounding technological advancements, tariffs, and workforce challenges, our priority is to ensure that M&A Source remains a beacon of support, knowledge, and resources. Together, we are navigating one of the most significant transfers of wealth in economic history as baby boomers and the silent generation transition their businesses. And we are in the front row!
I urge each of you to actively engage with the M&A Source community. Your ideas, voices, and dedication are what make this organization truly exceptional. Whether you are a seasoned expert or an emerging M&A professional, your contributions are the lifeblood of our collective success. Please do not hesitate to reach out to me or any member of the Board or Leadership Team if you have suggestions for innovative programs or areas of interest to explore.
Thank you for your trust and support. I am excited to collaborate with all of you and witness the extraordinary accomplishments we will achieve together.
Warmest regards,
Kathy Thiel 2025 Chair, M&A Source
I
urge each of you to actively engage with the M&A Source community. Your ideas, voices, and dedication are what make this organization truly exceptional. Whether you are a seasoned expert or an emerging M&A professional, your contributions are the lifeblood of our collective success.
Member Interview
An Interview with M&A Source Member, Jaclyn Ring
Jaclyn Ring Vice President - REAG, 2025 Conference Planning Chair - M&A Source
Tell us about your pre-M&A career and how it led you to doing this work?
Before my career in M&A, I worked in the sports industry, first with the Pittsburgh Steelers and then with the Pittsburgh Pirates. In both roles, I worked closely with business owners, understanding how they interact, build relationships, and develop trust. Sports is a business built on loyalty and emotional investment, and I saw firsthand how critical relationships are to success. That experience gave me a deep understanding of what drives business owners—not just financially, but personally. In M&A, those same principles apply. Selling a business isn’t just a financial decision; it’s often an emotional one. As I transitioned out of the sports world, I saw M&A as an opportunity to showcase my ability to build trust and understand the human side of business while continuously being challenged in other aspects.
What personal characteristics and strengths have supported your success in this industry?
Being a woman in M&A, I believe I bring a different viewpoint to my team. I have a strong ability to pick up on small details that others might overlook, which can be critical
in negotiations and deal-making. One of my biggest strengths is creating an environment where people feel comfortable opening up. I’m able to get people talking, build trust, and pull out key information that might not otherwise surface. Additionally, my attention to detail plays a crucial role throughout the entire M&A process, helping to ensure that nothing gets missed and that each deal is structured for success.
What is your greatest M&A accomplishment? While I’ve had many accomplishments in my M&A career, I am most proud of being an integral part of creating and implementing REAG’s proprietary buy-side process. This process has become a significant part of our business, allowing us to better serve our clients through proprietary deal sourcing and enhancing the way we identify and approach acquisition targets. Seeing something I helped develop become such a core component of our firm’s success has been incredibly rewarding.
With regard to the majority of your engagements, do you work as a team or do you handle things on your own?
We work as a team, allowing each of us to focus on our strengths and support the deal in the most effective way. M&A is a complex process that requires a range of expertise, and by leveraging the skills of each team member, we’re able to provide the best possible outcomes for our clients. We believe collaboration is key to ensuring a seamless and successful transaction.
Do you just do M&A or do you provide other services – valuations, consulting, etc.? REAG only provides buy-side and sell-side advisory.
What is the biggest mistake you have made when working on a deal?
A hard lesson I learned early on is the importance of over-communicating, especially
during due diligence. If you’re not consistently keeping all parties informed and aligned, emotions can quickly take over and jeopardize the deal. M&A is an inherently emotional process, and uncertainty or miscommunication can create unnecessary tension. I’ve learned that clear, proactive communication is essential to keeping deals on track and ensuring a smooth process for everyone involved.
What are the three most important qualities that you think a good M&A advisor needs to have?
I’d say the three key qualities an M&A advisor should have are integrity, trust-building skills, and problem-solving ability. First, integrity is crucial. You have to be honest and transparent with clients and always act in their best interest. Second, building and maintaining trust is essential both with the client and the folks on the other side of the table. Lastly, problem-solving is a must. No deal goes perfectly, and the ability to think on your feet and find solutions when things don’t go as planned is vital to success.
What is your most interesting deal that you are working on today?
All deals are interesting in their own way, and that’s one of the things I love most about the M&A profession. As advisors, we have the opportunity to dive into and learn about so many different industries. Each deal presents its own unique challenges, opportunities, and insights, which keeps things exciting and constantly evolving. There’s always something new to learn and explore, which makes every deal fascinating in its own right.
How long have you been an M&A Source member and what do you get out of your membership?
I’ve been a member for close to 10 years now. What I get out of the membership has definitely evolved as my M&A career has progressed. When I first joined, I was really focused on the educational resources that M&A Source offers. It was a great way to learn and build my foundational knowledge. Now, the value for me is much more about networking with other intermediaries and investors. The relationships I’ve built through those connections have become one of the most valuable aspects of my membership.
As a seasoned M&A advisor, what changes and trends do you see on the horizon that will impact on M&A?
One of the most imminent trends I see in M&A is an increase in international companies making acquisitions within the United States, especially in manufacturing. As the global market evolves, there’s a growing need for international companies to establish a presence in the United States.
What advice would you give to new people entering the profession?
I would offer two key pieces of advice. First, find a team that continuously supports you while pushing you to be your best. Having the right people around you can make all the difference, especially in a field as dynamic as M&A. Second, always stay curious. The drive to do research, ask questions, and really understand every detail of a deal will take you a long way. The more you learn and the deeper your understanding, the better equipped you’ll be to handle the complexities of the deals you work on.
Please tell us something about yourself that has nothing to do with your M&A career.
My husband and I have three kids, a boy and two twin girls. All of our kids are very active, and I genuinely enjoy cheering them on in everything they do. As a family, we enjoy “off the beaten path” travel. We love exploring unique places and stepping away from the usual tourist spots to find adventure.
Jaclyn Ring Vice President- REAG
2025 Conference Planning Chair- M&A Source reag.com
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The Human Element
How Personality Insights Shape M&A Success
WHEN IT COMES TO MERGERS AND ACQUISITIONS (M&A), MOST PROFESSIONALS FOCUS ON THE TANGIBLE ASPECTS: FINANCIALS, LEGAL CONTRACTS, MARKET POSITIONING, AND OPERATIONAL LOGISTICS. BUT BEHIND EVERY TRANSACTION ARE HUMAN BEINGS, AND UNDERSTANDING THEIR PERSONALITIES CAN BE THE DIFFERENCE BETWEEN A SUCCESSFUL DEAL AND ONE THAT FALLS APART. PERSONALITY INSIGHTS AREN'T OFTEN THE HEADLINE OF M&A DISCUSSIONS, BUT THEY CAN SHAPE NEGOTIATIONS, INFLUENCE OUTCOMES, AND DETERMINE HOW SMOOTHLY POSTMERGER INTEGRATION UNFOLDS.
By David Dejewski
Transworld Business Advisors of Frederick, Owings Mills, and Columbia
Consider a scenario where a seller is identified as having a strong SFP (Sensing, Feeling, Perceiving) personality type. This type is known for valuing personal relationships, flexibility, and ensuring that people feel good about decisions. If negotiations are structured heavily around data, analytics, and rigid processes, this seller may become disengaged or resistant. Instead, shaping discussions around the people involved, emphasizing harmony, and allowing for a more flexible approach will resonate better, creating an environment where the seller feels heard and valued. Recognizing personality types like this allows advisors to tailor their strategies, ensuring smoother conversations and stronger rapport.
This is where personality insights come into play. Understanding whether a person is risk-averse or embraces bold decisions can influence how proposals are framed. Knowing if an investor is data-driven or intuitive can determine whether presentations lean heavily on numbers or focus more on vision and potential. Recognizing a seller’s personality type can inform how discussions are structured and how objections are addressed.
There are various tools and techniques to uncover these insights. Personality assessments like MBTI, CliftonStrengths (arguably not a personality assessment), or DiSC profiles can offer structured insights into the people we’re working with. Behavioral interviews – explicit or subtle - can reveal much about how someone thinks and makes decisions. Sometimes, it’s about reading the room—observing reactions during meetings, noting how challenges are approached, and understanding communication styles.
For example, an analytical buyer might scrutinize every detail of the financials. Sellers and brokers who recognize this trait can come prepared with exhaustive data, anticipating questions and demonstrating a depth of understanding that builds confidence. Conversely, a seller with a feeling and perceiving personality type will be more responsive to discussions about relationships, harmony, and the human element of the deal.
Integrating personality insights into the M&A process isn't about replacing the traditional due diligence; it's about enhancing it. Before negotiations even begin, it's wise
to identify the key personalities involved and prepare communication strategies that align with their preferences. During negotiations, understanding motivations can help anticipate objections and address them proactively. Once the deal is done, knowing how personalities mesh can ease the post-merger transition, ensuring smoother leadership handovers and better cultural alignment.
Of course, this approach isn’t without challenges. Not everyone will be open to personality assessments or discussions about their personal drivers. Those with or without practice can make mistakes in reading the room. It’s easy to fall into the trap of making assumptions based on limited observations. And personalities can shift under stress, adding complexity to the mix.
Still, the benefits of leveraging personality insights are clear. They help build trust, reduce conflict, and create
more meaningful, strategic communication. They can turn potential obstacles into opportunities for deeper understanding and smoother transactions. And perhaps most importantly, they honor the human side of business, acknowledging that behind every balance sheet and purchase agreement are individuals with hopes, fears, and dreams.
For M&A advisors, brokers, and business owners, cultivating the ability to recognize and adapt to different personalities is a skill worth developing. It’s an investment not just in closing deals but in building stronger, more resilient relationships. In a landscape as dynamic and complex as M&A, human connection can make all the difference.
David Dejewski Transworld Business Advisors of Frederick, Owings Mills, and Columbia
Understanding whether a person is risk-averse or embraces bold decisions can influence how proposals are framed. Knowing if an investor is data-driven or intuitive can determine whether presentations lean heavily on numbers or focus more on vision and potential. Recognizing a seller’s personality type can inform how discussions are structured and how objections are addressed.
Marketing Mastery for the M&A Professional: Elevate Your Strategy, Expand Your Reach, and Close More Deals
ARE YOU LEVERAGING THE FULL POWER OF MARKETING TO SOURCE DEALS, BUILD RELATIONSHIPS, AND ENHANCE YOUR CREDIBILITY AS AN M&A PROFESSIONAL? IN TODAY’S COMPETITIVE AND DIGITAL-DRIVEN MARKETPLACE, YOUR ABILITY TO MARKET EFFECTIVELY CAN BE THE DIFFERENCE BETWEEN CLOSING DEALS AND MISSING OPPORTUNITIES. THE UPCOMING M&A SOURCE SPRING CONFERENCE IS OFFERING THE PERFECT COURSE FOR YOU.
By Amy Cole MBA, CM&AP, CBI, CBB, M&AMI, ABI Group, Inc.
M&A Source Course 455: Marketing Mastery for the M&A Professional is designed to help intermediaries refine their marketing approach, expand their toolkit, and implement strategies that drive measurable results. Whether you are an experienced dealmaker or newer to the profession, this course provides actionable insights to sharpen branding, lead generation, and client engagement strategies.
Meet Your Instructors:
This course is led by two highly respected members of M&A Source and M&A professionals:
Amy Cole – A strategic marketing expert with deep experience in branding, content strategy, and digital marketing for professional services firms. Amy has helped M&A professionals develop powerful marketing strategies that position them as industry leaders and drive deal flow. With a hands-on approach, she specializes in making marketing a measurable and scalable asset for dealmakers.
Scott Bushkie – The founder and managing partner of Cornerstone Business Services, Scott is a nationally recognized expert in M&A, deal sourcing, and advisory services. With over two decades of experience leading successful transactions, Scott understands the critical role marketing plays in attracting buyers and sellers, building trust, and moving deals through the pipeline. His practical insights will help attendees apply marketing techniques that drive real business results.
By attending this course, you will:
• Gain skills to refine your marketing strategy and business plan to align with your growth goals.
• Understand how to better enhance your brand for increased credibility and visibility.
• Define your target market and ideal client personas to improve outreach effectiveness.
• Learn tactics to strengthen client relationship management: buyers, sellers, and Center of Influencers (COIs)
• Refine digital marketing tactics—including content, campaigns, and conversion strategies.
• Know when to utilize agencies and third-party resources to support your marketing efforts.
The course offers an interactive experience. This isn’t just another lecture—expect hands-on working sessions where you’ll refine your marketing plan, discover new tools, and leave with an actionable, measurable roadmap to boost your effectiveness.
Who Should Attend?
• M&A professionals with 3-5 years of experience looking to elevate their marketing game.
• Intermediaries eager to generate more leads, close more deals, and strengthen their brand.
• Dealmakers who want better strategies to manage transactions efficiently.
To maximize your learning, come prepared with:
1. Your current business plan and marketing strategy. 2. Specific areas for development you’d like to improve.
In a world where digital presence and strategic marketing are critical, this course will equip you with the tools and knowledge to stay ahead, attract the right clients, and close more deals. Don’t miss this opportunity to take your marketing skills to the next level!
Amy Cole MBA, CM&AP, CBI, CBB, M&AMI, ABI Group, Inc.
ON-DEMAND COURSE M&A Foundations
Developed specifically for professionals transitioning from main street brokerage to the lower middle market, this comprehensive program offers an unparalleled introduction to the fundamentals of M&A.
BEIF Update
THE BIEF BOARD OF DIRECTORS HAS BROUGHT ON ATTORNEY SHANE HANSEN, LEAD COUNSEL FOR THE BIEF CAMPAIGN FOR CLARITY, TO PROVIDE STRATEGIC LEGAL SUPPORT TO STATE AND REGIONAL ASSOCIATIONS. HIS GOAL IS TO HELP THESE GROUPS ENCOURAGE STATE SECURITIES REGULATORS TO PRIORITIZE THE ADOPTION OF NASAA’S AMENDED M&A BROKER RULE.
By John Zayac and Mike Ertle
John Zayac and Mike Ertle, Co-Chairs of BIEF
What does this mean for you?
• We need all states to adopt a commonsense Model Rule to exempt certain M&A transactions.
• As an industry, we cannot afford to overlook state laws or put ourselves and our clients at risk—it's simply not worth the commission.
• 21 states have already taken a sensible approach, agreeing with local intermediaries to exempt certain transactions, which benefit clients, you, and the state.
• 29 states still need your help to educate legislators on the positive impact a limited exemption to SEC registration would have on the community.
• To protect your profession and avoid the risk of litigation or lost commissions, it's essential to take action.
With the support of IBBA, M&A Source, and hundreds of others, Shane Hansen and BIEF have developed
a streamlined process and documents to help you engage with your state and move forward. Shane will also be available on a limited basis to help each state association on this endeavor.
Now is the time for business brokers and M&A intermediaries to reach out to their state securities regulators to learn about their plans (if any) to adopt the NASAA M&A Broker Rule. Visit this NASAA webpage to find your state regulator's contact details.
For more information, visit your association's website or connect with your state association, don’t gamble your carrier. sellers alike.
By John Zayac and Mike Ertle John Zayac and Mike Ertle, Co-Chairs of BIEF
June 3 - June 19, 2025
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