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Norman Kallen & Stuart Brown: How to Avoid Costly Mistakes When Selling Your Business

Norman D. Kallen is a founding partner of Brown Moskowitz & Kallen, focusing on corporate law, mergers and acquisitions, and business litigation. With extensive experience advising middle-market businesses, he provides practical, tailored solutions to complex legal challenges. Norm’s in-depth understanding of business operations stems from years of working in-house, giving him a unique perspective on client needs. Recognized for his strategic insight and personalized service, he excels in guiding family-owned businesses through succession planning and transitions. Norm is committed to building long-term client relationships and driving successful outcomes for every engagement.

 

Stuart M. Brown is a founding partner of Brown Moskowitz & Kallen, where he brings decades of experience in corporate law, specializing in mergers and acquisitions, commercial transactions, and business litigation. Known for his strategic approach and strong client relationships, Stuart excels at guiding middle-market businesses through complex transitions. His firm was honored with the 2022 “Deal of the Year” award by M&A Advisor, reflecting its impact in the M&A space. Stuart is particularly passionate about helping family-owned businesses navigate succession planning and ensuring long-term success for future generations.

 

Reference Links: 

 

Norman Kallen’s  Social Media

 

Stuart Brown’s Social Media

 

Episode Highlights:

What does it take to turn a business deal into a true success story? In the world of mergers and acquisitions (M&A), the stakes are high, and the challenges are many—especially for family-owned businesses and middle-market companies.

 

In this episode of Business Unchained, host Bobby Mascia sits down with Stuart Brown and Norman Kallen, co-founders of Brown Moskowitz & Kallen, a law firm specializing in mergers and acquisitions (M&A). With nearly 26 years of experience working together, their firm has become a trusted name in connecting buyers and sellers of middle-market businesses valued between $50 million and $100 million. Recently recognized with the “Deal of the Year” award by M&A Advisor in 2022, Stuart and Norman share their journey of building the firm from the ground up—starting in the basement of an accounting office with just two computers and a big vision.

 

(06:59) “I turned to my wife when we started our practice and said, ‘Honey, one of two things is going to happen here: either we’re going to be successful, or we’re moving to Florida”- Stuart Brown

 

The conversation dives into the challenges of entrepreneurship, including the unexpected hurdles of managing cash flow, understanding financial statements, and balancing client relationships. Stuart and Norman reflect on their evolution from lawyers to business owners, emphasizing the importance of adaptability, effective communication, and fostering trust with clients.

 

(21:31) “America’s getting older primarily, and so we’re seeing a lot of sellers who are saying, “You know what, I thought my kids could do this. Either they can’t do it or they don’t want to do it, and I’d rather get the money in my family’s pocket so that I create generational wealth for them”- Norman Kallen

 

A key focus of the discussion is the emotional and financial complexity of family-owned businesses, particularly when it comes to succession planning and corporate divorces. Stuart and Norman share real-life stories of family disputes, including cases where generational dynamics shaped the future of a business. They discuss the importance of addressing conflicts early, creating clear agreements, and planning proactively to prevent costly litigation and emotional strain.

 

(27:19) “If the son thinks he’s entitled and the father says, “I don’t think so,” it’s a tough conversation. The father ended up selling the business because he realized his son could never run it, and it was a very tough conversation”- Norman Kallen

 

Stuart recounts helping an 80-year-old client finally begin succession planning, while Norman reflects on his early career working in-house with startups, which gave him a unique perspective on the challenges business owners face. Both share lessons learned about navigating transitions and the vital role advisors play in creating smooth exits for business owners.

 

Listeners will also gain insights into the current M&A landscape, from the impact of technology to shifting ownership trends.

 

(01:00:54) “The emotion tied to selling a business, even though it wasn’t mine, but helping them grow that business from 1 to 1000 was very emotional at the closing.”- Stuart Brown

 

Whether you’re an entrepreneur, a family business owner considering a sale, or someone curious about the human side of M&A, this episode delivers valuable advice, candid reflections, and actionable insights into the art of balancing relationships, strategy, and success in the business world. Let’s dive in!