“It was an easy decision to use BizEquity. It just fell into place and fit the needs of our clients,” states James Mezzetti, President of Myles Wealth Management.
What BizEquity has done for Myles Wealth Management is solidify and make their clients “sticky.” They use BizEquity as a baseline for starting discussions with new business owners. Every year, Mezzetti meets with his clients to conduct a business valuation and track performance using the KPI’s from the BizEquity report. In doing this, he can help business owners get to where they want to be. The BizEquity tool has helped his clients refocus and think more like a business owner, and less like an operator.
“It has been a great and educational tool for us to have. One of the things I love about BizEquity is the educational portion of it. It has become easier for us if we need information or details about a potential client, we can just go find it on the prospecting tool. If we can't find it, we reach out to customer success. They are always there when I need them. We are not just dialing one for this and two for that, we actually get someone to speak to us,” Mezzetti stated.
When speaking with Myles Wealth Management about their wins using BizEquity’s platform, one of the biggest successes they shared– when they really knew they needed BizEquity– came from a client who runs an onion farm in upstate New York.
This particular business was a large working farm operation, comprising over thousands of acres and supplying onions to the majority of the country. The farm’s profitability was clear when Mezzetti ran the numbers using BizEquity’s software, and delivered his client a $20 million dollar business valuation. The client's attorney and accountant verified the valuation, as it was needed to create a prenuptial agreement for the owner. All parties involved agreed upon the valuation price. The client found the most compelling part of the BizEquity report to be how they compared to other farms in the area. They were shocked to see how much their business was worth, and stated it was a “reality check.”
Not only was BizEquity’s business valuation a key part of setting up the client’s prenuptial contract. It also set in place the buy/sell agreement for the client’s children, so they could one day have the option to join the family business.
“We do more than just manage money. We do something different than just sell insurance. We're bringing something else to the table that not everybody can do. Our AUM has increased 35% over the past year from using BizEquity.”
- James Mezzetti
