"Trust in the path you're on." - Peter Gudmundsson

Peter Gudmundsson is the managing director of Longship Partners. Until recently, Peter was the CEO of the Pet Loss Center, a fast-growing leader in pets, memorialization and cremation services.

Previously, Peter was the president and CEO of RecruitMilitary, the leading veteran hiring solutions company that he bought with an investor group in 2013.

RecruitMilitary helps companies attract and retain high quality veteran employees and students. Peter sold the company for a 34% IRR. Most of Peter's career has been dedicated to leadership in media, education, and intellectual property intensive businesses. He has purchased and or sold about 30 businesses during his career.

Peter is a regular media contributor. He has appeared on CSPAN, multiple local television and radio programs and has published opinion pieces in Forbes, the Washington Post, US News and World Report, The Hill, the Christian Monitor, and many other periodicals.

Peter is also the author of Not Done Yet: A College to Career Transition Guide for Parents and The Veteran Hiring Leaders Handbook. He has also served on the board of a 20,000-student charter school system, International Leadership Texas.  A former US Marine field artillery and intelligence officer Peter is a graduate of Harvard Business School and Brown university.

Peter serves as the honorary Consul for the Republic of Iceland in Texas, and is a member of the Young President's Organization, Gold Maverick chapter. He's married to the former Kathleen Vouté of Bronxville, New York. They reside in Dallas and have four adult children.

SHOW NOTES

• The unique perspective Peter has from being both a buyer and seller of businesses
• The danger of letting your ego get in the way
• Why your business must run without you
• The importance of organized accounting records
• Why you must trust but verify
• Know your company's strengths and weakness from a buyer's perspective increases enterprise value
• Critical things you must know about investment bankers before your liquidity event
• The importance of viewing your business as an ATM machine
• Why you must leave room for market growth to maximize your enterprise value
• The power of an auction to increase enterprise value
• What to be aware of in an auction process
• Why you must do your homework on your future buyer
• Peter's view on why receiving a letter of intent if the first draft
• Why you may be better off with a lower offer from a buyer who is a cultural fit
• The importance of figuring out your non-negotiable items before you being the process
• The upside and downside of earnouts and what to look for
• Discussing a new type of buyer known as a search fund
• Why you must set closing expectations and time lines in the letter of intent
• The importance of creating a data room before you begin your liquidity process
• Why Peter start a data room on the first day of business
• Peter addresses if you should hire a President for your business if you know you are having a full exit
• The power of full transparency and honesty during the diligence phase
• Peter's definition of "crazy old man" syndrome
• How Peter evaluates opportunities
• What Peter is looking for in his next acquisition
• The importance to trust the path you're on

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Enjoy the interview!

SELECTED LINKS FOR THIS EPISODE

Contact Peter through petergud[at]gmail.com

Peter on LinkedIn

Peter's book Not Done Yet: A College to Career Transition Guide for Parents

Peter's book The Veteran Hiring Leader's Handbook

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