David Bogart spearheads Viking’s efforts in the Virginia market and brings with him over thirty-five years of entrepreneurial and business development expertise in a wide range of industries. David’s earliest foray into entrepreneurship began shortly after college when he was close to acquiring a restoration company that he worked for in the area. After that experience, he spent the next three years in the commercial real estate industry collaborating closely with the owner of a small boutique firm in the area handling leasing and property management.
David’s first exposure to mergers and acquisitions came when a large office products dealer acquired the computer center franchise where he was the General Manager. Working closely with company leadership, he gained valuable experience in the successful integration of the people, products, and processes which eventually led to the franchise becoming a significant and core component of the larger business.
David’s formal entrepreneurial journey began in 1992 when he founded one of the first Xerox agencies in Southeastern Virginia, managing the company’s day-to-day sales, financial, and technical operations. In 2015, he sold the business along with its IT division to Virginia Business Systems. He continued in a leadership role with the company for the next seven and a half years serving the clients of Southeastern Virginia. When considering a move into M&A, he recalls, “I decided it was time to parlay my experience as a business owner and entrepreneur into helping other business owners.” Throughout his career, David is most proud of the trust that he has earned and retained with hundreds of clients in the region.
As a Senior Advisor at Viking M&A, David finds great fulfillment in helping business owners. In his words, “The most exciting part of being here at Viking is the opportunity to help other business owners achieve their aspiration of an exit strategy and gain the reward and recognition for their years of hard work, sweat, and tears.” David brings a unique perspective to the role of business advisor, having founded, built, and sold a successful business himself. This firsthand experience gives him valuable insight into the trade-offs and sacrifices required to successfully build, sustain, and exit a business.
David enjoys the diverse range of industries and clients he works with at Viking, and he has a deep respect and empathy for the commitment and hard work that each business owner has put into their company. As a result, he finds building relationships and trust with potential buyers and sellers particularly satisfying.
In addition to the meaningful work he does with clients, David is impressed by the collaborative and supportive culture at Viking. The company values knowledge-sharing and celebrates success across the organization, creating an environment focused on serving clients to the best of their ability. David is proud to be a part of this culture and to represent the company as they help business owners unlock the value of their investments.
When asked about his favorite parts of the business selling and buying processes, David emphasized the importance of building trust and relationships with potential buyers and sellers. He understands that the process can be complex and stressful for those involved, and he takes great satisfaction in helping to guide clients through it successfully.
Throughout his career, David has worked with companies in a wide variety of industries, including middle-market companies, non-profits, and state and local governments. He has collaborated with his colleagues to solve complex issues facing their clients on both small- and large-scale opportunities. This diverse range of experience has given him a well-rounded understanding of the business world and has prepared him to excel as a Virginia business broker and advisor.
David Bogart is a driven and passionate entrepreneur with a wealth of experience and a deep understanding of what it takes to build and sustain a successful business. His personal and professional backgrounds have equipped him with the skills and knowledge to be an invaluable asset to his clients at Viking as they navigate the complex process of buying or selling a business. In addition, he is proud to be a part of a company culture that values collaboration and mutual respect. As a result, he is committed to helping business owners unlock the value of their investments and secure their futures.
Advice for Potential Buyers & Sellers in Virginia
Each of our Virginia clients has a dedicated business advisor in Richmond and a team of analysts and marketing professionals providing support through the entire selling process. And, like all of Viking’s divisions, our business advisors in Richmond, VA, engage with potential clients early in the process and remain engaged until the timing is right for the client.
Every business is different, and so are the business owner’s needs, especially when forming an exit strategy. Below, David shares five critical tips for Virginia business owners, even if an exit is not on the immediate horizon.
1. Use A Professional Advisor
A professional, experienced, and qualified advisor will provide an accurate assessment and valuation of the business, market it effectively, solicit offers, qualify buyers, protect confidentiality, assist in negotiations, and facilitate the closing process while you remain focused on running the business. They know what to expect and the common pitfalls to avoid.
2. Hire a CPA
Accurate historical and current financial reports are vital to selling your business for the highest value. Have a CPA compile monthly financials and file tax returns on time. If you are selling a business, consult your CPA about developing a tax strategy for the sale’s proceeds.
3. Keep It Clean
A clean, well-organized business shows better and improves perceived value. Your advisor should provide you with a “things to do” list to prepare your business for sale, including housekeeping tips.
4. Ensure That Everything Works
Dispose of broken, out-of-service, and non-utilized equipment before listing the business for sale. Maintain the facility, vehicles, and equipment to ensure everything is in good and proper working condition when the deal closes.
5. Get Your Financial House in Order
It’s common knowledge that if you want to sell your home, you must first get your house in order. You wouldn’t expect potential buyers to be excited about your house if the walls needed repainting and the roof leaked. The same concept applies when you’re selling a business. If your contracts are unclear or your balance sheet needs work, the value of your business will decrease.
Our Richmond business brokers and advisors serve business owners in Richmond, VA, and across the Central and Southeastern Virginia regions. If you are a Virginia business owner thinking about buying or selling and need advice, contact us today for a complimentary consultation or business valuation, no strings attached.