Fully Invested

A podcast series dedicated to helping business owners and management teams grow and maximize the value of their businesses. Hear our industry experts discuss mergers and acquisitions, financing strategies, succession planning, ownership transition, valuation and commercial real estate finance strategies.

FULLY INVESTED

Western Reserve Partners, a division of Citizens Capital Markets, produces Fully Invested, a podcast geared towards middle-market business owners and decision-makers who are looking to buy or sell their businesses. David Mariano, Director of Western Reserve’s Buy-Side advisory services, hosts each podcast along with a guest M&A expert. Each podcast answers questions regarding critical stages of the M&A process from both buyers’ and sellers’ perspectives.

Western Reserve Partners specializes in helping middle market companies enhance business value by providing strategic advice and transaction guidance. As part of Citizens Financial Group (NYSE CFG), we are able to leverage the strength of one of the oldest and largest financial institutions in the U.S. and accelerate the delivery of valuable ideas and execution capabilities beyond what a traditional M&A advisory firm can do.

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INSIGHTS FOR SELLERS

Western Reserve Fully Vested

What is the Value of Your Business?

If you ever want to sell, you must understand how your business will be valued. And even if selling isn't in your future, understanding valuation will help you build a more profitable and sustainable business.

This 23-minute podcast explores the following questions:

  • How do investment bankers determine the value of a business?
  • What are the common elements that reduce business value?
  • How can acquirers unlock the value of a business?
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Today’s host

David Mariano
Director, Western Reserve Partners

Show bio…

David Mariano, Western Reserve Partners

David Mariano has more than 17 years of investment banking and financial advisory experience. Prior to joining Western Reserve, he was the founder and owner of David P. Mariano & Associates and InTune Studios. Previously, David served as the Director of Finance & Administration - Service Division, General Manager of the Parts Group and member of Acquisition & Integration Team at The Horsburgh & Scott Co., as well as an Associate at National City’s Investment Banking Group and an Analyst in the Consumer Group at McDonald Investments, Inc.

David received his Bachelor of Science in Accountancy from Case Western Reserve University.

David is currently a Student Mentor at CollegeNow Greater Cleveland, a Campaign Cabinet Team Member for the United Way of Greater Cleveland, and a regular volunteer for community events, including Great Strides Walk for Cystic Fibrosis and the Lakewood Arts Festival.

David is also the creator of the Fully Invested weekly podcast. He regularly writes about leadership and building company value at davidpmariano.com, and is the founder and producer of two additional podcasts: Leadership Success Podcast and Finance Career Launch.

Today’s guest

Mark Filippell, JD, MBA
Co-Founder and Managing Director, Western Reserve Partners

Show bio…

Mark Filippell, Western Reserve Partners

Mark Filippell brings 35 years of investment banking and financial advisory experience – he has personally completed over 130 merger and acquisition transactions. Prior to co-founding Western Reserve, he was Manager of the Mergers & Acquisitions Department at KeyBanc Capital Markets and McDonald Investments Inc. In past positions, he ran KeyBanc’s M&A department and Bankruptcy and Distressed Business practice, was Assistant to the General Manager of Comau Spa (a $300 million factory automation company in Torino, Italy), and was an associate specializing in capital goods with McKinsey & Company.

Mark graduated with a Bachelor of Arts in Economics from DePauw University (class valedictorian). He earned a Master of Business Administration from Harvard Business School (Baker Trust Scholar) and a Juris Doctor from Michigan Law School, where he was a Senior Editor of the Michigan Law Review.

Mark also authored the book Mergers & Acquisitions Playbook: Lessons from the Middle-Market Trenches, published by John Wiley & Sons, Inc. (copyright 2011).

Mark is Chairman of the Ohio Broadcast Educational Media Commission, which is responsible for the State’s oversight and infrastructure for public and educational television and radio. He is an Executive Committee Member for the Great Lakes Museum of Science, Environment and Technology where he spearheaded efforts to move the NASA Visitors Center into the Great Lakes Science Center and upgrade the space exhibits to a world-class standard.

How to Approach Potential Buyers During the M&A Proces

How to Approach Potential Buyers During the M&A Process

If you and your company have gone through the appropriate steps to prepare for a sale, does this mean automatic success? We wish it were that easy. The real chess game has just begun.

This 26-minute podcast explores the following questions:

  • If a seller prepares everything correctly, does it guarantee a highly prosperous process?
  • How can a seller best maintain confidentiality?
  • What role does the Process Letter play in the M&A process?
  • What happens once a company has a few offers to sift through?
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Today’s host

David Mariano
Director, Western Reserve Partners

Show bio…

David Mariano, Western Reserve Partners

David Mariano has more than 17 years of investment banking and financial advisory experience. Prior to joining Western Reserve, he was the founder and owner of David P. Mariano & Associates and InTune Studios. Previously, David served as the Director of Finance & Administration - Service Division, General Manager of the Parts Group and member of Acquisition & Integration Team at The Horsburgh & Scott Co., as well as an Associate at National City’s Investment Banking Group and an Analyst in the Consumer Group at McDonald Investments, Inc.

David received his Bachelor of Science in Accountancy from Case Western Reserve University.

David is currently a Student Mentor at CollegeNow Greater Cleveland, a Campaign Cabinet Team Member for the United Way of Greater Cleveland, and a regular volunteer for community events, including Great Strides Walk for Cystic Fibrosis and the Lakewood Arts Festival.

David is also the creator of the Fully Invested weekly podcast. He regularly writes about leadership and building company value at davidpmariano.com, and is the founder and producer of two additional podcasts: Leadership Success Podcast and Finance Career Launch.

Today’s guest

Mark Filippell, JD, MBA
Co-Founder and Managing Director, Western Reserve Partners

Show bio…

Mark Filippell, Western Reserve Partners

Mark Filippell brings 35 years of investment banking and financial advisory experience – he has personally completed over 130 merger and acquisition transactions. Prior to co-founding Western Reserve, he was Manager of the Mergers & Acquisitions Department at KeyBanc Capital Markets and McDonald Investments Inc. In past positions, he ran KeyBanc’s M&A department and Bankruptcy and Distressed Business practice, was Assistant to the General Manager of Comau Spa (a $300 million factory automation company in Torino, Italy), and was an associate specializing in capital goods with McKinsey & Company.

Mark graduated with a Bachelor of Arts in Economics from DePauw University (class valedictorian). He earned a Master of Business Administration from Harvard Business School (Baker Trust Scholar) and a Juris Doctor from Michigan Law School, where he was a Senior Editor of the Michigan Law Review.

Mark also authored the book Mergers & Acquisitions Playbook: Lessons from the Middle-Market Trenches, published by John Wiley & Sons, Inc. (copyright 2011).

Mark is Chairman of the Ohio Broadcast Educational Media Commission, which is responsible for the State’s oversight and infrastructure for public and educational television and radio. He is an Executive Committee Member for the Great Lakes Museum of Science, Environment and Technology where he spearheaded efforts to move the NASA Visitors Center into the Great Lakes Science Center and upgrade the space exhibits to a world-class standard.

Negotiate Sale Price of Business

How to Negotiate the Sale Price of a Business

After preparing your business for sale and sorting through offers and management presentations, it’s time to negotiate the best price for your business. Know what to expect so you don’t leave money on the table.

This 24-minute podcast explores the following questions:

  • What are some of the main components of a Letter of Intent (LOI)?
  • What work has the buyer done in order to put a number in the LOI (the sale price of the business)?
  • What does an escrow arrangement do and how does it affect the seller?
  • Why is working capital so important in the LOI?
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Today’s host

David Mariano
Director, Western Reserve Partners

Show bio…

David Mariano, Western Reserve Partners

David Mariano has more than 17 years of investment banking and financial advisory experience. Prior to joining Western Reserve, he was the founder and owner of David P. Mariano & Associates and InTune Studios. Previously, David served as the Director of Finance & Administration - Service Division, General Manager of the Parts Group and member of Acquisition & Integration Team at The Horsburgh & Scott Co., as well as an Associate at National City’s Investment Banking Group and an Analyst in the Consumer Group at McDonald Investments, Inc.

David received his Bachelor of Science in Accountancy from Case Western Reserve University.

David is currently a Student Mentor at CollegeNow Greater Cleveland, a Campaign Cabinet Team Member for the United Way of Greater Cleveland, and a regular volunteer for community events, including Great Strides Walk for Cystic Fibrosis and the Lakewood Arts Festival.

David is also the creator of the Fully Invested weekly podcast. He regularly writes about leadership and building company value at davidpmariano.com, and is the founder and producer of two additional podcasts: Leadership Success Podcast and Finance Career Launch.

Today’s guest

Mark Filippell, JD, MBA
Co-Founder and Managing Director, Western Reserve Partners

Show bio…

Mark Filippell, Western Reserve Partners

Mark Filippell brings 35 years of investment banking and financial advisory experience – he has personally completed over 130 merger and acquisition transactions. Prior to co-founding Western Reserve, he was Manager of the Mergers & Acquisitions Department at KeyBanc Capital Markets and McDonald Investments Inc. In past positions, he ran KeyBanc’s M&A department and Bankruptcy and Distressed Business practice, was Assistant to the General Manager of Comau Spa (a $300 million factory automation company in Torino, Italy), and was an associate specializing in capital goods with McKinsey & Company.

Mark graduated with a Bachelor of Arts in Economics from DePauw University (class valedictorian). He earned a Master of Business Administration from Harvard Business School (Baker Trust Scholar) and a Juris Doctor from Michigan Law School, where he was a Senior Editor of the Michigan Law Review.

Mark also authored the book Mergers & Acquisitions Playbook: Lessons from the Middle-Market Trenches, published by John Wiley & Sons, Inc. (copyright 2011).

Mark is Chairman of the Ohio Broadcast Educational Media Commission, which is responsible for the State’s oversight and infrastructure for public and educational television and radio. He is an Executive Committee Member for the Great Lakes Museum of Science, Environment and Technology where he spearheaded efforts to move the NASA Visitors Center into the Great Lakes Science Center and upgrade the space exhibits to a world-class standard.

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INSIGHTS FOR BUYERS

Closing a deal

The Art of Closing an M&A Deal

Closing an M&A deal requires a delicate balance of efficiency and risk management. You want to avoid deal fatigue for all parties while giving yourself enough time for due diligence.

This 24-minute podcast explores the following questions:

  • What are some of the best practices of an effective closing process?
  • What happens when the assumptions that were built into an offer letter do not check out?
  • How firm is price from letter of intent to close?
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Today’s host

David Mariano
Director, Western Reserve Partners

Show bio…

David Mariano, Western Reserve Partners

David Mariano has more than 17 years of investment banking and financial advisory experience. Prior to joining Western Reserve, he was the founder and owner of David P. Mariano & Associates and InTune Studios. Previously, David served as the Director of Finance & Administration - Service Division, General Manager of the Parts Group and member of Acquisition & Integration Team at The Horsburgh & Scott Co., as well as an Associate at National City’s Investment Banking Group and an Analyst in the Consumer Group at McDonald Investments, Inc.

David received his Bachelor of Science in Accountancy from Case Western Reserve University.

David is currently a Student Mentor at CollegeNow Greater Cleveland, a Campaign Cabinet Team Member for the United Way of Greater Cleveland, and a regular volunteer for community events, including Great Strides Walk for Cystic Fibrosis and the Lakewood Arts Festival.

David is also the creator of the Fully Invested weekly podcast. He regularly writes about leadership and building company value at davidpmariano.com, and is the founder and producer of two additional podcasts: Leadership Success Podcast and Finance Career Launch.

Today’s guest

David Dunstan
Managing Director and President, Western Reserve Partners

Show bio…

David Dunstan, Western Reserve Partners

David Dunstan has over 20 years of investment banking and advisory experience providing merger, acquisition, restructuring, capital raising and other advisory services in the consumer products, business services and value-added distribution industries. Prior to co-founding Western Reserve, he was a Managing Director at KeyBanc Capital Markets and Manager of Consumer Investment Banking at McDonald Investments Inc. Prior to that, he was with Ernst & Young LLP, providing financial consulting and audit services to middle market consumer and industrial companies, including executing mergers and acquisitions, financial restructurings and reorganizations and other financial advisory assignments.

David’s educational background includes a Bachelor of Science in Accounting from Miami University and a Master of Business Administration (with distinction) from the Weatherhead School of Management at Case Western Reserve University. He is a Certified Public Accountant (inactive).

David is involved in various non-profit organizations and currently serves on the Board of the Achievement Centers for Children (Executive Committee Member and past Chairman), Rainbow Babies & Children’s Hospital National Leadership Council and Miami University’s Finance Advisory Board. He is a board member and the immediate past President of the Association for Corporate Growth’s (“ACG”) Cleveland Chapter. He is a member of the Cleveland chapter of Young Presidents Organization (YPO) and an alumnus of the 2007 class of Leadership Cleveland.

5 Pitfalls to Avoid When Buying a Business

5 Pitfalls to Avoid When Buying a Business

Afraid of overpaying or underbidding? What is the difference between due diligence and hyper-focusing on a non-critical issue? Our experts walk you through the five most common mistakes a business owner can make during the acquisition process.

This 21-minute podcast explores the following questions:

  • What could cause a buyer to overpay?
  • How can a buyer’s bias get in the way of closing a deal?
  • When is due diligence enough and when is it insufficient?
  • How and when do you start the process of integration?
  • Who can best help a business execute an integration plan?
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Today’s host

David Mariano
Director, Western Reserve Partners

Show bio…

David Mariano, Western Reserve Partners

David Mariano has more than 17 years of investment banking and financial advisory experience. Prior to joining Western Reserve, he was the founder and owner of David P. Mariano & Associates and InTune Studios. Previously, David served as the Director of Finance & Administration - Service Division, General Manager of the Parts Group and member of Acquisition & Integration Team at The Horsburgh & Scott Co., as well as an Associate at National City’s Investment Banking Group and an Analyst in the Consumer Group at McDonald Investments, Inc.

David received his Bachelor of Science in Accountancy from Case Western Reserve University.

David is currently a Student Mentor at CollegeNow Greater Cleveland, a Campaign Cabinet Team Member for the United Way of Greater Cleveland, and a regular volunteer for community events, including Great Strides Walk for Cystic Fibrosis and the Lakewood Arts Festival.

David is also the creator of the Fully Invested weekly podcast. He regularly writes about leadership and building company value at davidpmariano.com, and is the founder and producer of two additional podcasts: Leadership Success Podcast and Finance Career Launch.

Today’s guest

David Dunstan
Managing Director and President, Western Reserve Partners

Show bio…

David Dunstan, Western Reserve Partners

David Dunstan has over 20 years of investment banking and advisory experience providing merger, acquisition, restructuring, capital raising and other advisory services in the consumer products, business services and value-added distribution industries. Prior to co-founding Western Reserve, he was a Managing Director at KeyBanc Capital Markets and Manager of Consumer Investment Banking at McDonald Investments Inc. Prior to that, he was with Ernst & Young LLP, providing financial consulting and audit services to middle market consumer and industrial companies, including executing mergers and acquisitions, financial restructurings and reorganizations and other financial advisory assignments.

David’s educational background includes a Bachelor of Science in Accounting from Miami University and a Master of Business Administration (with distinction) from the Weatherhead School of Management at Case Western Reserve University. He is a Certified Public Accountant (inactive).

David is involved in various non-profit organizations and currently serves on the Board of the Achievement Centers for Children (Executive Committee Member and past Chairman), Rainbow Babies & Children’s Hospital National Leadership Council and Miami University’s Finance Advisory Board. He is a board member and the immediate past President of the Association for Corporate Growth’s (“ACG”) Cleveland Chapter. He is a member of the Cleveland chapter of Young Presidents Organization (YPO) and an alumnus of the 2007 class of Leadership Cleveland.

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CONTACT US

The Western Reserve team works closely with business owners to create customized solutions that consistently deliver optimal results. Our managing directors average nearly 30 years of experience and have collectively executed more than 600 transactions during their careers.

Contact us to learn how we can help your business reach its potential.

Ralph Della Ratta, Western Reserve

Ralph Della Ratta
CEO, Western Reserve
Head of M&A Advisory, President of Ohio, Citizens Commercial Banking
216.589.9557
Ralph.M.DellaRatta@citizensbank.com

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