By: NB Law
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George Nemphos Explains Economic Herd Immunity
At the recent virtual event The Road Map: Valuing and Positioning Your Business for the Next Destination, Co-Founder George Nemphos spoke on the importance of what he calls “economic herd immunity” – a cooperative business model to help all businesses during the pandemic.
A concept that Nemphos has been speaking about frequently with his clients, “economic herd immunity” means working together to protect each other. Through partnerships and working in conjunction with your customers, vendors, suppliers and your employees, give yourself a chance – as a group – to be able to survive the downtrend in our economy.
More takeaways from the event’s first of three panels — Detours on the Road to Transitions:
- To survive, businesses are having to quickly become realistic. Some have paused or hunkered down; but those in a bubble may find it more difficult to move forward.
- For companies interested in acquisitions – begin now – there will be distressed sellers out there, and opportunities to combine, scale up, and grow.
- Those pushing forward more quickly and readily are adopting new technology in order to further organic growth. Remote technology is exploding and it’s a change we don’t see going away.
- Mergers and acquisitions are not easy outside of a pandemic. Especially if you are new to M&A, you need a group of advisors to help you. Consider a lawyer, accountant, investment banker, corporate finance planner, and a wealth manager.
- Behave like you’re not going away.
- For changes in ownership structure, focus on where you are going, how you will get there, what that will look like, and who will be your key players.
- Chris McDonell (moderator) – President/CEO, MCG/Sandler Training
- Charles L. Maskell – Founder/Managing Director, Chesapeake Corporate Advisors
- John Morgan – Managing Director, Verdence Capital
- George Nemphos – Co-Founder, Nemphos Braue
Watch the full panel below: