Stephan May – 100th Episode
A Little About Stephan May:
Stephan May is a recognized corporate finance executive experienced in M&A, capital, private equity, and restructuring services.
He is currently the Managing Director at Welch Capital Partners, where he advises clients selling their business, or require access to alternative capital.
Prior to Welch Capital Partners, Stephan held Senior Corporate Development roles.
Stephan holds an MBA from Telfer School of Business and is a regular guest speaker at Telfer School of Business and the University of Carleton. He Chairs a worldwide corporate finance leadership group and co-chairs ACG Ottawa. In 2015, Stephan was a recipient of the Top 40 under 40 award.
In this episode of The Millionaire’s Lawyer, JP and Stephan May discuss:
JP and Stephan May sit down and reflect on their professional relationship and how far they have come since they were young guys just trying to figure our business.
Having a good network is essential as time goes forward.
Stephan dives deep into why having a good network is essential for a businesses success
- You may not need that connection now, but you may in a few years
- Connect on a personal level – don’t network like speed dating
- Establish a good relationship with the person, if it is a two-way street this networking relationship will flourish
Have a good understanding of what you have to offer, and connect with professionals that specialize in the areas you need assistance with
There are some parallels from now, 2021, and 2007 before the market crash in 2008
- Lots of disruption within the market
- An exceptional amount of capital
- Fiat currency may find some competition with the cryptocurrencies like Bitcoin
Stephan mentions that he feels like some sort of correction is bound to happen soon; it’s hard to believe that with all this disruption, noise, and uncertainty that something will not happen – be prepared for when it does.
Look at all of your options and make sure that you are not “fragile”
It is really easy to think that everything is linear, but we all know that it isn’t the case. Stephan encourages people to take a step back, and evaluate their situation; and note all possible options.
JP starts to talk about how things are changing with COVID-19 and how a lot of stuff is shifting online including the educational sector. Stephan May has a connection with Teachers and mentioned that:
- Online high school seems to be here to stay
- This is great for those who can self teach
- Horrible for those who need the direction and aid
- Grades used to be diverse, now it is either high grades or near failing
- Teachers will still have jobs – they don’t need to work
- Parents still want that talk with the teachers on how their student is learning
- Teachers can only grade so much, and care for/ note problems for so many.
- There is no such thing as a “one size fits all” for education, people learn differently.
Things are changing, and things are going to continue to change as time goes on.
- Be adaptable
- Change with the times
- People will revert back to habitual routines, which is most likely to cause more of a “hybrid” society moving forward.
It is perfectly okay to be a successful entrepreneur without the goal of becoming the next big millionaire. Stephan states that there are so many successful businesses that arent billionaires and they are perfectly happy where they are at!
If you are planning on selling or purchasing a business, make sure you plan properly!
Stephan advises that it is best to create the plan before actioning anything. If you prepare yourself for a sale and have all your ducks in a row you will be valued more and have a better transaction at the end of it.
Just because you are ready to sell your business, does not mean the right buyer is ready. It is okay to let a few offers go, because there might be one coming that is worth it. Listen to Stephans story to be inspired!
An issue that keeps Stephan May up at night is:
- Inequality Gap
- The rich stay rich, the poor get poorer.
TIP AND TRICK
Someone has already figured it out, you can too
Be informed with the correct information
Make sure to understand both sides of the situation
From this episode of The Millionaires Lawyer with Stephan May:
- The way everything is evolving is going to make big changes in our future
- Should start to worry when you have too much money in one area, its good to diversify
- Easy to think everything is linear, but it sure isn’t! Take a step back and evaluate.