The world continues to face economic challenges, and the transportation industry is no exception. However, challenges aren't obstacles — they're opportunities. The transportation industry is opening up to mergers and acquisitions. What does selling and exiting the transportation business involve? What's the best way for business owners to prepare for a deal? Joining us on this episode of The Future of Ground Transportation Podcast is Spencer Tenney, the president and CEO of The Tenney Group. He specializes in mergers and acquisitions in transportation and can tell you what you need to know. Here are some power takeaways from today’s conversation: Creating a successful family business Opportunities for mergers and acquisitions in 2023 The best time to sell your business Preparations to get the best deal Understanding your business’ worth The marriage of human and AI technology Episode Highlights: [09:44] The Future of Mergers & Acquisitions (M&A) The past few years have shown a struggle for M&As. Fortunately, the market is regaining interest and opening opportunities. We’re moving toward mitigating the risk of the deal and starting conversations about how to get more deals done in 2023. [13:14] The Best Time to Make a Deal The best time to sell is when the buyer has the greatest strategic rationale, a compelling investment thesis, and is ready to pay you. You have to be opportunistic. Don't hesitate to take these transactions even when it's not convenient. [17:18] Preparing To Exit Timing and understanding are critical. Know why and how deals work; avoid assumptions and losses. Understand what the market says about your business. Learn to establish a foundation and drive value from the start. Ensure your company operates at a high level and that you will continue to benefit if you sell it. [23:13] The Value of Your Business People tend to overvalue their business. Use financial modeling to learn its worth. Talk with your buyer to find the best strategies and justify a better deal. Optimize your business valuation with company performance data. Reduce buyer risks when you hit your projections consistently. [39:48] The Future Marriage of AI and Humanity New technology opens up a lot of opportunities that will shape the future. AI can play a lot of roles in transportation. However, a human element can complement the technology to deliver an elite service. Notable Quotes: [15:53] “You have to be positioned to be opportunistic, to transact, even when it's least convenient for you.” [17:35] “What's just as important is just understanding how and why deals get done.” [41:15] “I think [technology] is going to open up a lot of opportunities to reinvent the future.” Resources Mentioned: Every Family’s Business by Thomas Deans Connect with Spencer: Website In the Hotseat Podcast About the Guest Spencer Tenney is the CEO and President of the Tenney Group. He is the only Certified Merger & Acquisition Advisor in North America focused on the transportation industry. With the Tenney Group, he advises transportation businesses and has closed hundreds of sales across the United States.