The world of M&A can seem elusive, but today’s guest lifts the curtain to reveal how lower middle market firms can achieve global reach and expertise.

In this episode, Nick Olsen, Managing Director of Cornerstone International Alliance, delves into the power of collaboration within the M&A network, highlighting how firms thrive by joining forces.

You’ll discover:

• The unique model that sets Cornerstone International Alliance apart from big M&A corporations.
• How collaboration over competition boosts success for smaller market firms.
• The game-changing insurance products enhancing deal closures.
• The secrets behind Cornerstone’s exponential growth and global expansion strategy.
• Why waiting for the election results might impact the M&A market’s dynamics.

Mentioned in this episode:

• https://cornerstoneia.com/

Transcript

Patrick Stroth: Hello there. I’m Patrick Stroth, trusted authority in executive and transactional liability and national practice leader for mergers and acquisitions for Liberty Company Insurance Brokers. Welcome to M&A Masters, where I speak with the leading experts in mergers and acquisitions, and we’re all about one thing here. That’s a clean exit for owners, founders, and their investors.

Today, I’m joined by Nick Olsen, Managing Director of Cornerstone International Alliance. Cornerstone International Alliance is a global network of elite mergers and acquisitions firms specializing in the lower middle market, where they offer worldwide reach, industry expertise, and proven results. Nick, it’s great to have you here. Thanks for joining me today.

Nick Olsen: Patrick, I appreciate the opportunity to come and be on the show and talk to your audience. Really excited for the conversation we have ahead.

Patrick: Before we get into Cornerstone, and I’m shortening it now just to Cornerstone for brevity’s sake. But before we get into Cornerstone, we’ll start with you. What brought you to this point in your career?

Nick: It’s a great question. You know, I started, I went to a small liberal arts school here in Green Bay, Wisconsin called St Norbert College. Baseball has always been my passion, and I wanted to go play baseball in the collegiate level. It’s a, you know, a small Division Three liberal arts school. And so, you know, I knew the coach and had an opportunity to play four years in college. And so had a great education, you know, as well.

And I always wanted to get into sports marketing. You know, sports is my passion. And you know, combining sports with my professional career was always something I wanted to do. So I went down that road, I got into, I say, small-time professional sports with an arena football team. And, you know, shortly, did about three, four years there, and had a lot of fun.

It was a grind. As you know, professional sports is, is a lot of you doing a lot of different things. And so, you know, I shifted, you know, after a couple of years there, got into business development in the healthcare space, and had a lot of fun. And I still, I worked with a lot of Orthopedic Surgeons in sports medicine, so I kind of still maintained that sports connection into my professional life, and had a lot of fun.

Was there for 12 years. And then, you know, just the next phase of my life came, and I was introduced to the founder of Cornerstone International Alliance, Scott Bushkie, and we had a lot of commonalities. I always hear him say he likes to hire athletes. And so my sports background kind of got me to this next phase of my life, plus my 15 years of sales and business development experience in my career, and I had no idea what I was getting myself into.

I went from healthcare to M&A, and I’m like, Scott, do you really want me? Because I know nothing about this stuff. He’s like, yep. I want you. I think you’re going to be a good fit. Your business development experience is all we really need. And your competitive drive, from your athletic background, is kind of the blueprint when I like to hire people. And so we, I did, and I dove in and quickly understood, there’s a lot of acronyms in this industry.

So trying to land all those in the ins and outs. And so I started as the managing director of Cornerstone International Alliance, almost, I think, just coming up on five years. And so it’s been a great opportunity for me. I’ve gotten to meet some of the most brilliant minds in lower middle market M&A over those five years. Scott included, yourself included.

And we started when I was with this Alliance, when I first began, we had 14 firms. Fast forward five years here today, and we’re at 32 on four different continents. Over 160 M&A advisors within our network. And so it’s been, it’s been great. And so, you know, I feel like I have a really, really good understanding of the industry compared to what I started five years ago.

But just this is the people that get me up and raring to go on every day and really servicing our members and helping them be the best version of themselves. And if I can enhance that a little bit, that’s really what I’m here to do. So yeah, it’s just been a career of business development and sales that and connecting with people that’s really been my passion.

Patrick: Well the colleague you mentioned, Scott Bushkie, is a tried and true pure salesman, and he and you and I like to think myself, but we all kind of personify that saying that talent, you may be born with it, but skill is something you could learn. And you know, for those people that are committed and dedicated, there’s a lot of skill out there that could be learned and trained and brought up to speed. Even in an area where you’re unfamiliar, like mergers and acquisitions.

And so with Cornerstone International Alliance, we’re looking at something a little differently on our show, where we’re usually speaking with private equity firms or investment bankers or sell-side advisors. Cornerstone is a network where you are, you mentioned 32 offices now on four different contents. Let’s talk about that. Why a network? What is going on there that is different? Because it’s not a franchise necessarily. But explain Cornerstone and the model.

Nick: Yeah, and all those people you had said those are, you know, people I work with and touch in some form or fashion in my role as the managing director of Cornerstone International Alliance. But the reason, the why, we say, we are going to help you do what you do, but hopefully, take that to the next level. So, like you said, it’s not a franchise. You know, everybody runs and owns and manages their own firm independently.

We’re all partners in this alliance, and we kind of band together with that abundance mindset where we are all stronger together than we are individually. Every firm, all 32 firms in our group do great work in in their space. But now coming together, you now have a global footprint. You have 31 other partner firms across the globe. You have what we call experts in the industry, where they’ve done many, many deals. They have great experience in the industry, and they’re all willing to collaborate and help each other out.

So I said, like I said, that abundance mindset, and so it’s really a way to kind of lift up the M&A community in general. And within this network, we continue to grow, we continue to bring in great people. And we always say, any firm that we bring in, it’s a gym, not a spa. So you have to provide the value to the greater good of the group, but we’re also going to provide you with value to help you take your firm to that next level.

Patrick: Great analogy there. And you know, for the audience, when you think about mergers and acquisitions, a lot of people outside of our community, they default to the Goldman Sachs, the JP Morgans, and all these massive, massive organizations. And you know, it’s like I say, you know, you’re not going to out Amazon Amazon. They’re the 800-pound gorilla. But there are going to be so many other spaces, particularly in the lower middle market, where a lot of owners and founders need help.

And if they are absent in any help that they can get, they’re going to default to a strategic that may not have their best interest at heart, or they’re going to find the first advisor or somebody who may have limited options, not by any fault of their own, but it’s just not a fit.

And so where you come in is, you’re bringing added value to firms that are already professionals in a particular area or a particular region. And then you start extending their capabilities. Talk about that. Some of the ways that you are helping members, where members are helping other members help their clients, essentially.

Nick: Yeah and that’s really what we’re all in it for, is our clients and making sure that we’re doing right by them, and we’re providing them with a great experience. Because, you know, this is probably the biggest financial transaction of their life, and it’s really taken them on to the next part of their life.

And so, we, I think we all take this job really seriously, and we know that the work we’re doing is extremely important to them. And so what we do is we help our alliance members really do right by their clients. And for example, you know, if, if we’re taking on a transaction, let’s say I got a transaction, Patrick, that, you know, I’ve never done a deal in.

And let’s say, you know, technology, for example, that seems to be a pretty hot industry right now. That’s, you know, everything’s related to technology nowadays, but I’ve never done the deal, and you’ve done five. And this happens all the time in our group. I pick up the phone, I’ll be like Patrick, hey, I got this opportunity. I’d love to, kind of, you know, get my feet wet in this industry, and really, you know, get some experience and close a deal.

But I know you’ve done, you know, five-plus deals. What can you tell me about the industry, the buyers, what multiples are they going for? Especially in technology, how you value a company, is very different than a manufacturing firm. So maybe I don’t understand that, and you can help me out with that. Or take it to the next level. Would you want to be on my team and help me out as the industry expert?

I’m going to lead the deal, but you’re going to kind of be part of my team, and we’re going to do this thing together, and I’m going to learn going to learn a lot from it. And I’m going to close a deal in the in the technology space, and then it’s kind of that next one is going to be easier, so and so forth. So we really help each other out when we need it.

And you don’t always need, you know, someone to come on your deal team, but you just need to pick up the phone and be like, hey, you know, I got this opportunity. I am really stuck here. What can you tell me? It’s like, you know, and the problem we solve is really kind of that isolation, you know, component. If you’re a firm and you’re head down, doing your deals and you like, and you kind of pick up your head and kind of call first, like, who can I talk to?

I got this question. I have no idea. Well, now in our group, we have, like I said, a built-in network that are going to, you know, on the drop of a hat going to pick up the phone call and help you out. And so that’s really the idea of, you know, that kind of abundance mindset, where, you know, we’re all willing to help each other out. We’re not going to, we don’t, we’re not competing with each other. There’s a ton of business out there, but we’re really kind of elevating our own games by, you know, leveraging the size of the group that we have access to.

Patrick: Well having that collaborative feel around opens up a lot of doors. I can tell you in the insurance brokerage community that that’s a trap that can happen where you could be a specialist in, like my case, mergers and acquisitions. I don’t know the first thing about workers’ compensation. Been 30 years since I saw a policy like that.

I can reach over to a colleague that, you know, handles workers comp nationwide, and I’m not worried about them trying to, you know, nose in my deal, or take any steam, or anything from the momentum that we have built up. And you have trust there that we can collaborate, I can get information, and a lot of times it’s just, you know, I just want the peace of mind knowing I’m not missing anything.

And everybody says, that’s what happens. Because, you know, at the local level, you’ve got the, you know, the sell side advisor working with the owner and the founder. And, you know, those are two people that are in alignment with the objective to move forward. And you’ve got that moving forward, and that’s critical, and you’ve got that trust.

But then the trusted advisor is like, I just want to make sure I’m not missing anything. Let me double-check. And that’s, you know, good for the advisor. That’s great for the client, and you’ve got the ready network so it actively builds on itself.

Nick: Yeah, absolutely. I mean, you have this built-in network, and, you know, if and the connection is really the way to do that is, you know, I’ve been in our regular meetings, you know, on a monthly basis. I’ve been to our in-person conferences. I built that rapport on a personal level, with these other M&A advisors that I trust implicitly to help me service my client.

I trust them that much, where, you know, my client’s deal might be at, you know, not at risk, but in a way where if I can get this extra help, it’s going to make my client’s life a lot easier and better, and this deal to go a lot smoother.

And so having that trust on that connection with people that you know that are kind of doing what you do, and have done it very well is a thing that’s invaluable. And we see it every day within our group. You know how those conversations are happening and going and ultimately, you know the beneficiary of that collaboration is our clients.

Patrick: Let’s talk about the process here. Because when you started, there were about 14 member firms already spread throughout the US. You’re up to 32 okay? And there are now, like you said, you know, four different countries, or five different countries. You know. Talk about the process. How did that work? How are you attracting? Talk about onboarding and things like that for our audience members out there.

Nick: I mean, part of my, you know, I got, really, I would say I got two, two parts to my job. One is servicing my members and making sure they’re getting all the value that we’re providing them, you know, and exceeding that. And secondly, is growing this alliance strategically. We want to make sure that we don’t create that, you mentioned, competition.

You know, if you feel like the advisor doing the personal liability stuff is going to kind of come into your industry and you feel a little bit of competition there, you’re not going to trust that person, or you’re not going to confide in them as much, because you kind of got your guard up, right? And, you know, and for us, we take that very seriously.

So whether it’s geographically or it’s industry or it’s just, we go up against deals, you know, that’s part of the process that we look at when we’re talking to a firm who’s interested in coming in. So there’s no competition there. But yeah, I’ll do, you know, we’ll get members by, you know, word of mouth. Just a good reputation, and helping our members, you know, level up.

I do a bunch of outreach, I do a bunch of research in all the different areas in which, you know, we want to grow. And I’ll do a lot of outreach, and having a lot of conversations with M&A firms that I think could be a good fit. And then, you know, if we find someone who I think, and they’re, you know, they’re in agreement that this could be a good fit, then we bring in our alliance members to be part of the process.

We want to be collaborative. So it’s not just me saying, hey, this firm is joining because I think they’re really good. I want the input from the group to be there so we can, you know, feel like it’s a team effort. So we’ll have an interview. They fill out an application. We have an interview with two of our current members. You know, it’s a two-way interview.

So you can, you know, interview them. What value are you getting? And we’re interviewing you to make sure that you’re going to be the right fit. You’re doing the right size deals. You’re, you know, you’re willing to collaborate, you’re willing to be that active member. Then everybody votes, and it’s pretty simple, and it kind of weeds out, you know, the firms that are not the right fit.

The last thing I want is us to want you, but you don’t find the value in it. That’s not doing either of us any good. So we just want to make sure that it’s a mutually beneficial partnership where, you know, it’s good, you’re going to benefit from it, and our members are going to benefit from it. But, yeah, we look at, geographically speaking, you know, areas in which we want to fill some gaps internationally, over the last two years has been a big focus of ours.

We’re looking at growing in Europe. Rounding out the United States. We’re in Canada, Brazil, Japan, India, and all those other areas that there’s still opportunity, but we want to grow strategically and bring in the right people. Industry experts are nice to have. You know, we have a couple of firms that are just focused on, you know, healthcare or software or technology or.

Patrick: Government contracts.

Nick: Insurance, or government contracting, exactly. And so it’s been amazing. You speak of government contracting, and you know that firm that joined, we’ve already connected them with a bunch of people who have seen GovCon type of deals, and they’re willing to, you know, pick up the phone and tell them everything they know.

And there’s, there’s not that sense of competition. It’s a sense of, like, I want to help you out, and it’s amazing to see that collaboration, you know, on a day-in and day-out basis. But you know, one of the things that we do, I mentioned before, is those meetings. So we’ll get together in our meetings, and we’ll pick a topic, you know, let’s say, you know, how do you value goodwill, for example? Well, that’s a really subjective thing, right?

So we had a whole 45-minute meeting of everybody’s experiences and input and, you know, thoughts on, you know, how do you value goodwill? And, you know, I’m not going to tell you, Patrick, hey, I’m the smartest guy in the room. This is what I know about goodwill. You need to follow mine. It’s like, no, it’s like, here’s what we all do.

You know, if something makes sense or resonates with you, then maybe you want to kind of implement that now. Or if it doesn’t, then you just, you learn and you listen and you kind of go on to the next thing. But it’s a really, a judgment-free zone, as we call it, so everyone just speaks their truth, and you can consume what you can consume and implement what you want to implement.

Patrick: So you’re sharing knowledge. You’re sharing best practices, experience, things like that. Is there referral sharing? If somebody can’t handle it, you have a partner in the Netherlands now, so, yeah, I don’t know if somebody in Austin, Texas could has a client in the Netherlands, but it’s like the handoff. Are there referrals? And then after referrals, talk about sharing resources and combining capabilities to lower costs. You know what kind of things like that are involved?

Nick: So your example from, you know, a firm in Austin, Texas has an opportunity that’s, you know, in the Netherlands, whether it be the seller or the buyer. So if that firm didn’t want to take it on and they just weren’t the right fit, hey, Hans and Forheinz, in the Netherlands, I think this is a good fit for you. We have referral opportunities that will send it over to them, you know, and they’ll, they’ll lead the deal.

We trust them. They’re going to, you know, knock it out of the park. They’re going to be awesome. Yeah, that’s there too. But like in my previous example, even if I have a sell side, you know, client that is going to, you know, have a deal that might sell in the Netherlands, for example, like the buyer is going to come from there, we think it could be a European buyer.

That boots on the ground, you know, firm in the Netherlands is going to save me a lot of travel time, a lot of early meetings, and they’re going to know the call entry and yeah and all that better than I do. So, you know, collaborating there is something that allows us to kind of expand our geographical footprint, to make sure that we have more opportunities to do deals that we maybe would have not otherwise done because of those limitations.

So yes, absolutely. It’s something that you know will help each other out. And the first example is me bringing you on my team because you’re the technology expert, that’s another referral fee opportunity that we have that I’m happy to pay you for helping me out close this deal, because I probably once have gotten it, even if you know, and we always tell our members, leverage the site, you know, leverage the Alliance to make sure that your clients know that you know you’re this great firm in this in, you know, back to the Austin Texas thing.

But I have partners in all these other different areas that I can help can leverage and enlist their help if need be if the deal makes sense to kind of go there. So that’s been a huge value for our group, is to be able to use it in pitching their clients, and having this, you join, you have an immediate global network of other M&A firms and partners, but also a global buyer reach as well.

So that’s really how the collaboration and the connection those referral fees really work. And then your second question was about tools and resources and getting access to things. Yeah, we definitely have that in place. And one of the really cool things that we’re working on is a done deal database where we’re collecting, you know, deal information within our network, and it’s going to be a great tool for us to have.

And when we’re doing our research, when we’re looking at buyers out there, what multiples went in certain industries. We have a lot of good firms doing quality deals. And over the last three years, we’ve transacted over 450 deals equating to three point, I think it’s 3.6 billion in enterprise value.

So it’s some amazing stats that we’re going to leverage that and provide value to our members so they can do better research when they’re looking to bring on a client, or pitching a client, or you’re looking at what those multiples are in the industry. So things like that. We’ve probably been with the virtual data room. Other research tools that we have access to through alliance has been great to to allow us to really leave no stone left unturned in our research and due diligence of these opportunities.

Patrick: Well, in addition to this, we can talk about, you know, the partnership that Liberty Company and Cornerstone International Alliance has and that is the availability of reps and warranties insurance, as well as other transactional liability-related programs, but with reps and warranties insurance for the Cornerstone members, it comes at more favorable pricing, and there actually is a monetization component that’s now available.

And particularly for firms that are in the lower middle market, there’s a new product out there, rep and warranty for deals priced between 1 million and 30 million in enterprise value. That is usually too small for your traditional buy-side rep policy. Now there’s a product called TLPE, transaction liability private enterprise.

And what that does is it has brought a product that was skilled for the bigger transactions down to the smaller transactions. It solves the problem of the indemnity obligation between seller to buyer. It provides the buyer with that hedge that there’s a source of remedy if there’s a breach and the buyer suffers financially, rather than getting into litigation, there’s going to be an insurance policy to back them up.

The cost is at $15,000 on average, per million dollars in limits. It’s an affordable product that can be the cost can be shared between the two parties, depending on what the preference is there, and it’s easy to execute. It takes a day to two days. There’s no underwriting fee, and it doesn’t require a lot of outside third-party diligence.

Doesn’t require any as a matter of fact. And in doing that, the cornerstone members are bringing value to their deal parties and their clients. Because what we learned in the larger market, the buy side policies that are 100 million dollar deals, plus. Deals that are insured, are six to eight times more likely to close than deals that are uninsured.

So when you’re down in the lower middle market, where there is scant any off opportunity for insurance, now that you can deliver this source out there. That’s another value add that, if you’re outside of Cornerstone, that may be something to look into Cornerstone for, because it is available out there. Now, you know, don’t take my word for it. Nick good, bad, or indifferent. What’s been the member’s experience with rep and warranty insurance?

Nick: It’s been great. You know, Patrick, we really appreciate our strategic partnership with you and your firm, and I think you know, you’re helping us provide value to our members. And so I want to really thank you for that, and I appreciate that, and it’s been great. We just rolled this out within the last couple of months. And so, I heard you talk at the spring M&A source conference.

I know you talked to and know Scott Bushkie very well. You’ve worked with Rob Margarton one of our members, and I think he, I know he’s used that policy you’re speaking of, for a couple of deals. And he swears by it. And he’s really the one, the catalyst and who connected along with Scott, you know, us to kind of have this conversation.

And I really got a chance to know you a little bit more when I brought you on my podcast. And then you met us in Las Vegas at the Fall M&A source conference. We had our in-person conference there the day before, and we’re able to, you know, talk and bring you in and learn more about that and make sure that everybody’s kind of up to speed on the things that you’re offering us.

And so really, kind of integrating you within our network has been amazing. But, yeah, I think the things that resonated with me the most, and just learning more from you, is this policy that’s not been around, I mean, it’s not been around all that long, right? And educating the M&A community on this policy, because I think, it really protects your clients.

Like you said, it’s a higher propensity to actually close, but also correct me if I’m wrong. But I think it allows the client, your client, to have to not have some out of, you know, kind of that leave that money in limbo if something were to happen, right? They can kind of leave that up to this policy if I’m saying it correctly.

Patrick: Yeah, the escrow, the withhold, the sole purpose of having that money held back from the seller at closing, is just so there’s a source of funds to throw at a problem. In the event there’s a breach, the buyer can immediately is kind of like fire drill. They can just grab those resources, and throw it at the problem to mitigate a problem.

Well, if there’s an insurance policy where there’s a zero deductible for indemnity losses, okay, then why do you need the escrow? And so the the seller can exit with not 90% of the revenue or 90% of the proceeds. They can exit with 100% of the of the proceeds with the faith knowing that they’re not going to have to give any of that money back.

Now private equity embraced rep and warranty insurance. So we’re talking the buy side. The bigger deals that are $100 million deals. Okay? And you can imagine a 10% escrow on a $200 million transaction. That’s 20 million bucks that’s parked on the side for a year or more.

The ability to get that money out and get that liquidity over to the seller and the seller’s investors immediately.

I mean, that’s why it became very attractive. I will tell you, private equity is reluctant to spend any money on insurance. However, in 2015 probably only about 5% of M&A transactions up at that 100 million dollar level, only 5% of those transactions had insurance. Fast forward, five years later, so for 2015 to 2020 it went from 5% market presence to 95% market presence.

It’s not even a choice whether or not you’re going to get rep and warranty insurance on these sub-billion-dollar deals. They just build it into the formula because it’s so reliable. That product just wasn’t available to smaller market deals. There’s going to be, like you said, a learning curve. Once the word is out that this product is available, they experience it. They see how it benefits both sides of the table. Gets the deal done. We’re going to see the same kind of traction. We’re pretty confident about that.

Nick: It also gives your client peace of mind too, that you’re covered, right?

Patrick: Absolutely.

Nick: I mean, how many times, you know, I’m assuming our listeners are like, well, you have a client who’s worried about if something happens, you know, and then they’re going to be on the hook for it. Now, they got this policy to cover them.

Patrick: I can tell you one of the Cornerstone members, one of our big success stories, with Bob McCormick, where he had a client, manufacturing client, about, you know, sub $20 billion deal and owner/founder had been with that company for 30 years, and he just had this worry when going over the reps and you know, do you know this? No, we don’t know of anything. This is fine? Are you sure? No, no, there’s nothing out there. We’re fine. Are you positive?

When the buyer and the buyer’s counsel through the diligence process, they go through these questions and they’re repeating over and over again, subconsciously, the seller is thinking, what if I missed something? Why do they keep asking this? And then in it are you, you know, and you never, ever, ever, ever come across this and into very broad, open-ended questions.

And the seller is making these statements, and they’re obligating themselves that if there’s something that they might have missed, now they’re on the hook. And so there’s this concern where before you weren’t even thinking about it, but there was nothing there.

And in Bob McCormick’s client’s case, he just got really worried, because, like you said, this is, you know, life-changing, or a generational type transaction for this founder and his family. And he just started losing sleep because of the risk out there. And night after night wasn’t sleeping. I was introduced about what Bob brought me in.

We had a conversation. I spoke with the seller. I then spoke with both the seller’s counsel and the buyer’s counsel about this product. I can’t tell you, just the weight was removed, and just so relieved he had he was going forward with the process, all of a sudden, it was enjoyable. And you know that peace of mind, you can’t put a price on.

Nick: Exactly. I mean, no, you can’t. Plus, he saved some money too, by, you know, paying however many what, $10,000-20,000 for the policy?

Patrick: Yeah, yeah. The policy was relatively inexpensive, and I can tell you, he saved over seven figures on not having an escrow. So that was, he was very pleased with that. Yeah. Now, Nick as we go forward, we’re looking, we’re post-election now, so we’re looking at 2025, and again, it appears that we’ve got green fields and runways in front of us. But, you know, I’ll ask you. What trends do you see going forward for the next year?

Nick: Well, you know, it’s always like, you know, before, before and not, I’m not trying to get political, but it was always like, you know, there seems, uh, deals seem to be a little bit on hold, just so what’s going to happen? I don’t know that. You know. It was like, who is going to win? Is this or that better?

I think it was just kind of a wait-and-see. And now that we know you know, even though you know, obviously you know, you know, just based on, and I’m going off of, what I’m hearing for my for my alliance members, and what their deal flow looks like. And, you know, so kind of, you know, understand that, but I think the end of this year was, you know, a little bit slow to bring deals to market.

I think once we hit, you know, January, and we’re going to be off running, and I think a lot of deals that were delayed or waiting for the election, I think there’s still going to be some appetite. And I think 2025, could be a good year, based on just kind of a little bit of pent-up energy.

And coming, you know, in the new year, I think we’re gonna, we’re gonna have a, hopefully, a solid, solid year. I think the pipelines are full, and now it’s time to get, get them out of the pipeline and, you know, into a transaction and looking to exit their companies.

Patrick: I think that we don’t know absolutely everything for certain what’s going to happen in the months ahead, but what we do know is there’s an environment there that we’re confident in, and I think that a lot of this waiting for an outcome. Now we have the outcome. Now we can move forward with that perspective, and I think it’s going to be very, very favorable if it ends up being as favorable as we hope, that’d be great.

But I agree with you that I think we see good like I said, greenfields ahead for us. Nick Olsen from Cornerstone International Alliance, how can our audience members find you? Particularly, if there are people that want to learn about the Alliance.

Nick: I would say again, Patrick, thank you for having me on. This has been a blast. Always enjoy talking with you. So appreciate you having me on. Our website is Cornerstoneia.com. You can get all the information about our alliance, our you know, our current members and firms. If you want to learn more about how to get connected with me and our group, go to Cornerstone ia.com/member-benefits.

It lists all the great things we’re doing and offering our members. It’s got a little form in there you can fill out to help us understand what you would be looking for and your interest in joining the group. But I would say, you know, I work with an amazing group of firms each and every day, and I’m blessed to be able to do that, and they make my job enjoyable.

And hopefully, you know, anyone who comes into this group is welcome with open arms. And you know, we’re always looking for new quality firms to join our group. And like I said, we’ll provide you value. And I know anyone who comes in will provide value to the group. So again, Patrick, thank you so much for having me.

Patrick: I think that the message I would have for our audience members out there, particularly in the M&A community, is that for a lot of years, many of us were doing things alone or with a very, very small regional team. And in this connected world today, you just can’t continue. You’re going to you can’t sustain running it by yourself. The Lone Ranger model is not going to work as well, so you may as well try to see if you can find a way to collaborate with others.

Find a team out there who’s in alignment with you without conflict, which is great because you guys work together without conflict, which is very, very productive. And I think that that’s just a way to go. And for those that you were looking for that, think about the Cornerstone International Alliance. Nick, it was great to have you here today, and we’re going to be talking again soon.

Nick: Thanks, Patrick.