0:03 - 0:22:
Steve Van Diest introduces the episode, which is focused on merger and acquisitions, using a "Goldilocks" analogy to discuss finding the right fit in business deals.

0:23 - 1:12:
Dennis Corsi, a new Growth Catalyst with Acumen, shares his background. He talks about his experience as a former business owner and partner at Armstrong Consultants, a firm specializing in airport development. He discusses his 28-year tenure, 11 years as President and CEO, and his experience with mergers and acquisitions.

1:13 - 2:45:
Dennis shares his journey from an ROTC scholarship at Boston University to airport management in the Air Force, and eventually to Armstrong Consultants. He describes the company's focus on airport planning, engineering, and construction administration. Over the years, he moved up the ranks, eventually becoming a partner and owning 34% of the firm.

2:46 - 4:42:
Steve asks Dennis to share lessons from his journey, particularly about communication, relationships, and humility. Dennis emphasizes the importance of focusing on clients and employees, keeping Jesus Christ as the foundation, and staying grounded in humility.

4:43 - 7:55:
Dennis discusses the challenges of balancing work and family life, especially with his large family (six children, including four adopted internationally). He talks about his strategy of integrating work and family, and the importance of prioritizing family, faith, and values.

7:56 - 9:13:
Steve asks Dennis about his "Goose" (from Top Gun)—the key support figures during his business journey. Dennis highlights his business partners and Jesus as his main support, but mentions the lack of a peer community group for transparency and accountability.

9:14 - 11:04:
The discussion shifts to the beginnings of the acquisition process for Armstrong Consultants. As second-generation owners, they grew the firm significantly, which attracted interest from other firms. Dennis details how they handled acquisition offers and the extensive due diligence involved.

11:05 - 12:19:
Dennis recounts their first acquisition attempt, which ultimately failed. Despite a good cultural fit and geographic alignment with the acquiring firm, the offered valuation was far below their expectations due to differences in profitability.

12:20 - 13:03:
Steve and Dennis discuss how business owners often overestimate their company's value. This is a common realization during the acquisition process, where external evaluations may not align with the owners' perceptions.

13:03-13:19: Dennis shares the emotional experience of stepping away from a deal, even after investing significant time and effort. He mentions the importance of having a peer group for feedback and the lesson learned about hiring an outside advisor. He emphasizes the value of viewing financials from a buyer's perspective and conducting internal due diligence to set realistic expectations for acquisition value.

14:19-14:52: After deciding that the previous deal wasn't right, the firm continued to grow for several more years, expanding operations and opening new offices. As the company grew, they began discussing long-term ownership transition strategies, considering the generational differences among the six partners.

15:07-16:10: The partners decided to approach the market differently this time by hiring an investment banking firm specializing in M&A. They created a comprehensive marketing package and discreetly put the firm on the market. They received bids from a variety of firms, ultimately narrowing them down to three or four that offered the best overall package, not just the highest purchase price.

16:21-17:19: After evaluating the offers, the firm focused on one offer that seemed like the best fit, both in terms of value and cultural alignment. However, after an extensive due diligence process that lasted nearly two years, the deal fell apart at the last minute due to non-financial terms that were unacceptable to the partners. Despite the disappointment, both sides parted ways amicably.

17:22 - 18:16
They couldn't reach an agreement on the terms of the acquisition, which was disappointing. It cost money, time, and effort. This was the "too hot" scenario—too much to handle. The key lesson was that they took their eyes off the ball during this period. While focusing on the deal, they neglected the business. They had an outside advisor but were too consumed by the acquisition process. As a result, their revenues and profitability decreased, leading to disappointment.

18:17 - 20:06
The employees were unaware of what was happening, but the owners knew, and they stuck together tightly as an ownership group. Personally and professionally, he was struggling, dealing with financial obligations, family responsibilities, and having recently moved to Denver. At that point, he met his personal business and life coach, who helped him gain clarity and manage his anxiety and overwhelm. With the coach's help, he refocused on business, and they were able to regrow the firm over the next four years, doubling its size and value.

20:07 - 24:38
In 2022, they faced the question of how to move forward—whether to go through another acquisition, sell internally to key employees, or go 100% ESOP. They initially planned to go 100% ESOP but were approached by another firm, which was very persistent and offered a good deal. After evaluating the offer, they found it to be a perfect fit culturally and financially, leading to the firm being sold in December 2022. The acquisition surprised the employees, but they eventually accepted it as beneficial, especially given the quick payout. After the acquisition, he worked on the integration process for about 10 months, but ultimately decided to transition from his role as president and CEO. This transition gave him a runway for the second half of his life and career, focusing on giving back and helping other business owners.

24:39 - 29:02
Key lessons from the "Goldilocks" story of acquisitions: Be open-handed with timing, keep your eye on the business, and recognize when God shows up in unexpected ways. He took a 10-month break post-acquisition to focus on personal growth, spirituality, and spending time with family. One of the highlights was walking a portion of the Camino de Santiago, which was a profound spiritual experience. He's now excited to start his journey with Acumen, helping other business owners achieve their dreams.

29:03 - end
Steve echoed the importance of taking a pause, whether after a business transition or as a regular rhythm, to listen and process. Dennis is now based in Denver, Colorado, and can be found on the Acumen website or LinkedIn, where he’s eager to connect with local business owners.