In this episode of the Expert Network Team Podcast, we sit down with Geoff S. Eliason of SDR Ventures to unpack the current state of mergers & acquisitions, private equity, and the challenges facing business owners—especially baby boomers looking to exit.
We cover:
Whether you’re a founder thinking about your eventual exit, an advisor guiding families, or just curious about the dynamics of buying and selling businesses today, this conversation is packed with insights.
Geoff S. Eliason, Principal
SDR Ventures
geliason@sdrventures.com
tel:720.221.9220
Karl Frank:
Welcome to the Expert Network Team podcast. Jeff Aliasen and Taylor Smith, our new co-host, also with Goodspeed Merrill. How are you both doing?
Jeff S. Eliason:
Great.
Taylor Smith:
Great, Karl. Thank you.
Karl Frank:
Doing a little travel today. So, yeah. Thanks for visiting us in Routt. We’ll see you in person perhaps tomorrow.
Jeff S. Eliason:
Tomorrow. You know, I’m going to come in there and find you in your office.
Karl Frank:
Please do. I’m here all day. I look forward to it. So, for the podcast listeners who don’t know, our offices are across the hall from the Goodspeed Merrill experts.
Taylor Smith:
Yeah.
Karl Frank:
And you guys are like taking over the building. You have most of the second floor as well.
Taylor Smith:
We’re growing very robustly.
Karl Frank:
Congrats. It’s almost overwhelming at times.
Nathan S. Merrill:
Are you kidding me? We’ve got Jeff Krommendyk as well. Come on in.
Jeff Krommendyk:
Holy cow. Hey, guys.
Nathan S. Merrill:
Where’s Waldo?
Karl Frank:
We were gonna give you a Where’s Waldo.
Jeff Krommendyk:
How are you, man?
Nathan S. Merrill:
Looking sharp. You might as well come in looking good.
Karl Frank:
Got to get a jacket now.
Taylor Smith:
We just got started.
Nathan S. Merrill:
We are recording already.
Karl Frank:
You are live.
Jeff Krommendyk:
Wow. Okay. You are live. Sorry to be late.
Geoff S. Eliason:
This is Jeff Eliason with SDR Ventures. Nice to meet you, Jeff.
Taylor Smith:
And Taylor is with Goodspeed Merrill.
Jeff Krommendyk:
Hey there, Taylor. I’ve heard a lot about you.
Taylor Smith:
Been in the mix.
Jeff Krommendyk:
Great. Welcome to the team.
Taylor Smith:
Thank you.
Karl Frank:
Taylor’s in transit to Denver literally right now. So we’re excited to have everybody here.
Jeff Krommendyk:
Man, thanks so much for joining us, Jeff. You too—both Jeffs.
Nathan S. Merrill:
Okay, yeah, maybe one of you have a nickname or something.
Karl Frank:
We’re gonna call you Waldo.
Geoff S. Eliason:
Okay, that’s fine. I don’t care. I’ve been called worse.
Taylor Smith:
I heard the other day, it’s not what you’re called, it’s what you answer to.
Jeff Krommendyk:
There you go. That’s good.
Karl Frank:
Well, what is new in the business venture world? What are people doing these days with interest rates moving?
Geoff S. Eliason:
Thank you again for inviting me. SDR Ventures is an investment bank in Denver serving founders for 24 years. We’re seeing macroeconomic shifts driven by baby boomers owning $2T in private companies. Private equity is active, and despite rising interest rates, high-quality companies are still in demand. There’s dry powder waiting to be invested. M&A is strong, tariffs have settled into predictable patterns, and there’s significant opportunity—especially in the next 5–10 years.
Nathan S. Merrill:
Why is it called investment banking? What do you actually do?
Geoff S. Eliason:
Good question. We’re not a bank and don’t do investments like the public might think. We help businesses prepare for sale, find acquisitions, and raise capital. No IPOs or bond offerings—we stick to M&A and growth strategies.
Nathan S. Merrill:
Do you work with both bank and private lenders? And what about equity raises?
Geoff S. Eliason:
Yes—both. Traditional lending through banks and SBA, and also private debt with higher interest rates. For equity, we often structure minority recaps where business owners sell ~30% to family offices or strategic buyers while maintaining control.
Nathan S. Merrill:
So when you bring in a minority partner, are there board seats and control issues?
Geoff S. Eliason:
Absolutely. You’ve gone from calling all the shots to now needing agreement. The legal team and investment bank structure the deal to protect the founder. The key is understanding how much control you give up.
Jeff Krommendyk:
Hey Jeff, just to warn you—Nate might gather all your info and compete with you next year.
Geoff S. Eliason:
(laughs)
Nathan S. Merrill:
I don’t have the energy.
Geoff S. Eliason:
Too many of us know the same people. I’m Nathan’s biggest fan.
Nathan S. Merrill:
Me too.
Geoff S. Eliason:
The #1 thing is start with the end in mind—with the wealth manager, estate attorney, CPA. Understand your post-sale income needs. Only then do we do valuation, gap analysis, and prepare a path forward.
Taylor Smith:
This is all new to me but very relevant. In rural areas, people think their business is their retirement. But the business is often only valuable if it can run without them. What should families start doing now?
Geoff S. Eliason:
Great question. First: define your personal financial goals. Then, yearly, reassess: valuation, gaps, buyer profiles. Then, prepare the business to reduce reliance on the owner, diversify vendors, and more. Start early.
Jeff Krommendyk:
What’s the real timeline to get ready?
Geoff S. Eliason:
Selling a business takes 9 months. Getting ready takes 1–3 years. Only 10–20% of business owners are fully ready. About 50% are close. The rest? They have work to do—but it’s doable.
Geoff S. Eliason:
We start with a survey. One case: 3 generations, 100-year-old business, no estate docs. We paused the deal until they got estate planning done. The founder passed weeks after the sale. The family was grateful. It’s about doing what’s right.
Geoff S. Eliason:
We set the goalposts first. You don’t want to find out mid-deal that your valuation isn’t enough. Our close rate is 88% because of this discipline. Everyone on the advisory team stacks hands and aligns to the same goal.
Karl Frank (Narration):
Thank you for joining us. If you enjoyed this podcast, please subscribe and share. Want to suggest a topic? Email us at info@expertnetworkteam.com.