This week govmates hosted their institute, Women in GovCon, Never Go Against the Family. Alongside expert speakers and one-of-a-kind networking, attendees had the opportunity to get real answers to the very real questions they’ve been asking about growth, teaming, exit strategy and profit maximization.
If you missed the institute, here are a few highlights.
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Panel 1: It’s Not Personal, It’s Just Business (Growth)
Kim Pack of Wolf Den Associates, Jody Franklin of Global Services and Judy Bradt of Summit Insight
- GSA Schedule: Have a smart vehicle portfolio.
- WOSB Status, most businesses have a second or third classification that they leverage for business. It’s not all about the WOSB.
- “Focus or go broke.” Do your research.
- IDIQ: inquisitive growth strategies and new on-ramps are your options to get in with your capabilities.
Panel 2: Keep Your Friends Close, and Enemies Closer (Teaming)
Kathleen Kelley of Bean Kinney, Calvin Freeman of CACI and Amy Hernandez of BOOST LLC
- Teaming Agreements set the stage for your relationships, but the subcontract agreement should be more specific in order for it to be enforceable.
- Work-share with the big guys: know the Program Manager, they should be your main contact to express any work-share concerns.
- If you’re a small business, know your skills and strengths. Know what you can specifically provide, know your worth.
- It’s all about the RELATIONSHIP – If you lawyer up, then it’s not worth it.
Panel 3: I’m Gonna Make Him an Offer He Can’t Refuse (Exit Strategy & Profit Maximization)
Pete Ragone of SC&H, Greg Nossaman of the Mclean Group, Michael Lopes of Bernstein Wealth, Jennifer Mathis of One Degree Capital
- There are options beyond “just selling.”
- Build a business that can compete on its own without relying on a status or set aside.
- Be focused on what YOU need to do. Don’t try to be all things for all people. Be mindful of your investments in the business (don’t over or underspend).
- You can buy a CONTRACT or a COMPANY.
- It’s never too early to set yourself up for the next steps based on a due diligence request list (HR, shareholder agreements, accounting, and others).
- If you are looking to buy a company, don’t get so distracted that you forget about organic growth.
- Regardless if you’re trying to buy, sell or whatever the next step is for your company, have your financials in order. Make decisions and preparations based on your goals and what you’re looking to achieve long term.
Thank you, one more time to the fantastic speakers, partners, and sponsors who help to make this event a success!
If you haven’t already, join govmates today!