When credit is cheap and cash is easy to access, people take risks. But when interest rates rise and the economy is uncertain, acquirers vigorously avoid clinker companies in deal packages.

This year, we’ve left behind bidding wars, buying frenzies, and double-digit multiples. We’re in an era of risk-adversity in the M&A arena.

Here’s an example. During my tenure at my previous job, our company bought, sold, and grew print and media companies – 60 of them. When interest rates rose, we did all we could to strip the clinkers from the deal packages we were considering.

Avoiding clinkers meant we could save money trying to fix, flip, or fold them. Sometimes, however, “problem children” were part of the package, and that was that. If we got saddled with a clinker, I’d get a phone call from the company CEO, president, or Board member asking me to meet the new team and see if the company was worth saving.

Dealing with clinkers was a hassle, and I usually knew right away if the company was beyond hope for integration. Even worse, clinkers could drag you down. Often, their culture was ripe for embezzlement, on-the-job injuries, drug use, and violence in the workplace. We jettisoned quickly if there was a whiff of next-level dysfunction.

Over the years, I became good at identifying low-quality investments and risky acquisitions. Clinkers have a flashing warning light experienced buyers, integrators, and deal makers can see.

Speaking of experienced deal makers, I’m writing this column in the footsteps of my friend and mentor, Rock LaManna. Rock is the CEO of LaManna Consulting Group. He’s been a prominent Label & Narrow Web magazine contributor for many years.

Rock is pivoting his business. Going forward, he’ll work closely with hand-picked players in off-market opportunities. He’ll also be seeking Board directorships, where he can help companies lead with integrity and purpose. The new version of his business is tightly scoped and exclusive.

“Over the years, I became good at identifying low-quality investments and risky acquisitions. Clinkers have a flashing warning light experienced buyers, integrators, and deal makers can see.”

I’m proud to have worked with Rock for the last 10 years as a consultant on his team. I’ve had confidential meetings with many, many business owners. We’ve helped clients assess and increase their business value, prepare successors to become leaders, improve the reputation and visibility of the seller’s business, and prepare owners psychologically for transition or exit. I’m no stranger to achieving powerful transformation on a tight timeline.
Like Rock, my role is to be an advisor. I focus on building businesses from the inside so they’re optimized to grow or sell. My background is in executive leadership, backed by sleeves-rolled-up tactical ability.

As a columnist, I hope to bring you fresh insight, a view through the marketing lens, and the experience and edginess of someone who has fixed, flipped, and folded enough companies to know how to help. I look forward to getting to know you, and I invite you to connect on LinkedIn and also through email. Reach out to me at [email protected]. I’m looking forward to hearing how your business is doing and where you see the industry heading.


Address employee turnover with five proactive strategies
When positioning a company to grow or sell, we need to understand the employee landscape inside the business. We also examine employee retention and turnover. One pattern we’re noticing in companies of all types is something I call “quick quitting.”

You’ve heard a similar term – “quiet quitting.” That’s when an employee stops showing up, passively retreats from tasks, and goes incommunicado with co-workers and managers. Quiet quitting is terrible for morale and expensive from an HR and productivity standpoint.

“Quick quitting,” on the other hand, is destructive immediately. As you can surmise, the employee quits on the spot, in an impulsive, visible, emotional moment. In some companies, the first who quits in a high-drama situation like this can trigger a chain of people to leave in solidarity.

Here are examples of issues that can lead to quick quitting.

1. The employee was marginalized or disrespected.
2. Their personal boundaries were breached.
3. There was an ethical or interpersonal issue that a manager ignored or contributed to.
4. They saw a co-worker being mistreated.
5. They felt unsafe or threatened.

When we see too many examples of quiet quitting and quick quitting within a company, we need to look deeper and potentially bring in an expert to help solve these issues.

Here are five ways to proactively head off a “quick quitting” situation:
Onboard employees thoroughly. Communicate what to do if employees have issues, questions, or complaints. Show them how to go through the HR process. Convey to managers and department heads that you’re serious about resolving workplace issues without lighting a powder keg.

Build team unity. People are less likely to create friction if their behavior harms a friendly co-worker. Make time inside business hours for employees to get to know each other in a positive atmosphere. Hold regular events to bring in employees who work from home.

Train employees. Conduct professional, modern programs for all employees – including managers. Raise awareness and respect for the diverse array of people our industry employs.

Improve the company’s reputation. Employees who are proud of where they work will try to resolve issues without resorting to extremes.

Measure progress. Determine what can be improved, document progress, set goals, and reward effort and success.

Attend employment law seminars. Your HR or administrative manager should attend educational events covering employment law. You need to know which lawsuits are ending up in court, how laws are being interpreted, and the best ways to avoid problems.

Today, we need to do better to create an environment where employees are excited, proud, and motivated to come to work. It’s how you protect companies from lawsuits, respect workers, and build a twenty-first-century company resilient enough to change and grow.


Sandy Hubbard is a chief marketing advisor who helps position businesses strategically and powerfully. She advises specialty print manufacturers, converters, and finishers – helping them improve, grow, and position powerfully in a world of rising competition.  Her tenure in the industry has fostered business growth and success, allowing clients to make a difference in the world.