The Inman Company

04/11/2026

His mother wrote him a letter that ended with a single devastating line.

“You have not only embarrassed the family, but you have also become a disappointment to everything we raised you to be.”

Those words arrived like a blade. They cut Kris Kristofferson off from his family as cleanly as if he had died.

To his parents, Mary and Lars Kristofferson, their son had been the ultimate American success story — until the moment he wasn’t.

Kris was a Rhodes Scholar. A star athlete. A U.S. Army Captain offered a prestigious teaching position at West Point. He had checked every box his military family had set before him.

Then, in 1965, he walked away from all of it.

He resigned his commission, loaded a few belongings into a car, and drove to Nashville with one reckless dream: to become a songwriter.

His first wife, Frances “Fran” Beer — his high school sweetheart whom he had married in 1961 — stood beside him when the world they knew collapsed. They had built a respectable military life together in West Germany. Now that life was gone.

The backlash from his parents was immediate and total.

They didn’t just disagree. They disowned him.

They could not comprehend why their brilliant, decorated son would throw away a guaranteed future to sweep floors at a recording studio and chase “hillbilly music” with long-haired musicians who drank too much and dreamed too loud.

The pressure on the young couple was crushing.

Kris worked three jobs to keep them afloat. By day he pushed a broom and emptied ashtrays at Columbia Studios. At night he wrote songs that no one wanted to record. Money was so tight that when their young son got sick, the medical bills nearly destroyed them.

Fran watched the man she loved slowly disappear under the weight of rejection, poverty, and relentless doubt.

“I was doing what I had to do,” Kris later said, “even if it meant losing everyone I loved.”

The stinging letters from home kept coming. His mother made it clear: he had become a family embarrassment. A disappointment to everything they had raised him to be.

The marriage could not survive the strain. In 1969, after eight years together, Kris and Fran divorced. The dream had cost him his family, his marriage, and nearly everything else.

But he kept writing.

He kept showing up at the studio with new songs no one asked for.

Then the tide turned.

Songs like “Me and Bobby McGee,” “Help Me Make It Through the Night,” “Sunday Mornin’ Comin’ Down,” and “For the Good Times” began to find their way into the world. Artists recorded them. Radio played them. Audiences felt them in their bones.

The “disappointing” janitor from Texas became one of the most important songwriters of his generation — a poet who redefined country music and influenced everyone from Willie Nelson to Johnny Cash to a young Bob Dylan admirer named Kris Kristofferson himself.

Success brought vindication, but it also opened a fragile door back to the family that had once shut him out.

Over time, his parents witnessed the respect he commanded on stage and the depth of the art he created. They saw that their son had not abandoned discipline or brilliance — he had simply redirected it onto a different canvas.

Slowly, painfully, reconciliation began.

Lars and Mary Kristofferson started attending his shows. They watched audiences rise to their feet for the son they had once disowned. The bridge that had been burned was never fully restored to what it was, but it was rebuilt enough for grace to cross it.

Kris chose forgiveness over bitterness. He welcomed his parents back into his life without demanding they rewrite history. He understood that love and pride can coexist with old wounds.

When he looked back on those early Nashville years — the broom, the rejection letters, the nights he wondered if he had destroyed everything — Kris never regretted the choice.

He had traded certainty for truth.

Security for his own voice.

And in doing so, he gave the world songs that still feel like confessions whispered late at night.

The boy who was supposed to teach literature at West Point instead taught millions how to feel deeply, how to carry heartbreak with dignity, and how to keep walking when the people who raised you tell you you’re going the wrong way.

He proved that sometimes the greatest success looks exactly like failure to the people who love you most — until one day it doesn’t.

And when that day comes, the only thing left to do is forgive them for not seeing it sooner.

Because the dream was never about proving them wrong.

It was about proving to himself that the voice inside him was worth following — even if it meant walking away from everything he had been taught to want.

Kris Kristofferson didn’t just write great songs.

He lived one.

07/14/2024

07/12/2023

Using 1031 exchanges and qualified opportunity zones to reinvest the proceeds from the sale of an appreciated asset can defer and sometimes eliminate capital gains taxes.

10/27/2022

12/04/2017

See our Blog on the importance of discussing Family Business during the Holidays

08/24/2017

HOW TO HIRE A MERGER AND ACQUISITION ADVISOR FOR THE SALE OF A PRIVATE OR FAMILY BUSINESS

William O. Inman, III
Chairman and Founder
The Inman Company

OVERVIEW
Selling a business is perhaps the most important decision an owner(s) will make in their business life. For most, it is a once-in-a-lifetime opportunity if timed and managed professionally, can be completed quickly, painlessly and provide financial security for a family for generations.
In recent years, as the economy has recovered from the Great Recession and businesses have prospered, values of many lower middle market companies (revenues of $5M-$100M) have peaked. Much of this is due to the number of buyers, cheap and abundant financing, and the difficulty of buyers to grow organically during periods of slow growth.
Many business owners today sense that a correction in the market is near and are considering a sale. Most, however, are not prepared for the selling process. They often do not recognize the complex issues involved and underestimate the time and resources required to do the job successfully. Most are unfamiliar with if, and how to seek professional assistance.
Most buyers today are experienced at making acquisitions, few sellers are as experienced at selling. A Fortune 500 Company public company would never enter into a sale transaction without the assistance and participation of Wall Street advisors. Statistics have shown that a professional advisor can add as much as 40-50% to the selling price, and greatly increase the likelihood of a successful closing.

PREPARING FOR A SALE
Few business owners give much thought to preparing their Company for sale. This is unfortunate since there are many steps required to maximize value. Some of these can require several years to implement.
An experienced M&A Advisor can assist with the following:
• Recognizing changes in the market for private companies and advising as to when to sell.
• Emphasizing the importance of good financial statements and ancillary reports
• Developing sophisticated financial models that can serve as a road map to the future.
• Assist in evaluating new technologies required to remain competitive
• Evaluating management and determining the transferable value of the business
• Advising on succession planning and family issues
• Making introductions to other professionals needed to close a transaction

PERSONAL QUALITIES
Many firms and individuals claim to be experts selling a business. Some are “business brokers” who do a fine job in selling a small business. An M&A advisor for a Company with revenues of $10M +/-, however, should have extensive academic and professional credentials, years of experience closing larger transactions, and a knowledge of all aspects of the deal, financial, legal, tax and operational.
They should have access to hundreds of potential buyers, financials and strategic. They should have been CEOs or owners themselves and understand the emotional, as well as business issues related to a sale or purchase. Some advisors have specific industry experience but they also sometimes have conflicts of interest that result in the advisor following a familiar path, seeking an easy deal, rather than doing the hard work necessary to maximize value for their client.
When selecting an advisor, it’s important that the seller not focus exclusively on the M&A firm, but also the individual(s) who will be doing the work. Being comfortable with the advisor on a personal basis is critical.
Larger M&A firms have senior people as "rainmakers", with less experienced associates handling the smaller deals and the “heavy lifting”. Some firms hire sales people to “pitch” their services who have never closed a deal. These firms short-change their clients by not providing experienced people to the project.
Regardless of the firm, the seller should insist on these minimum personal qualities:
• Proper credentials including Federal and State licensing requirements, if required
• An excellent personal reputation and long track record of success
• A personal commitment to the project, willingness to make the sale a priority, and being available 24/7
• A personality that is mature, stable with excellent people and communication skills and capable of handling stressful, complex and difficult discussions
• Patience with, and an understanding of, an owner’s emotional bonds to their business and employees
• Someone who shares the owner(s) core values
• A professional appearance that reflects positively on the seller and the business

PROFESSIONAL QUALITIES
At a minimum, the advisor should bring the following professional qualities:
• A record of managing many other M&A transactions of similar size and complexity. References are important
• Experience in working with private companies and family businesses and the unique challenges they present
• Advice that is independent, without emotion or bias, based upon facts, and without conflicts of interest
• The ability to provide guidance and suggestions as to various deal alternatives and how to minimize taxes
• Access to the detailed research required to be informed about the Company's industry
• The resources required to identify the best buyers (strategic and financials) without conflicts of interest
• The ability and willingness to professionally package the business and present it in its best light
• Demonstrated negotiation skills
• The ability to assist the buyer in arranging financing for the acquisition, if necessary
• A track record of managing lawyers, reviewing the sale documents, and getting deals closed
• Solid advice that is independent and fact based, without conflicts of interest, and in the client's best interest
• An approach not mandated by a need to close and one that preserves confidentiality always

THE SALE PROCESS
A professional advisor should have a proven process that is highly disciplined, with established deliverables, deadlines, etc. that includes the following:
• Preparation of a Confidential Information Memorandum which includes a confidential business assessment (review) of the Company to identify its strengths, weaknesses, opportunities and risks
• Benchmarks comparing the Company’s financial performance with others of similar size in the same industry
• An opinion of the fair market value of the Company’s assets based upon comparable sales and accepted valuation methodology
• Various transaction alternatives
• Identify and pre-qualify potential buyers
• Personally, contact potential buyers, build a personal relationship with each, and establish the seller as serious and not simply testing the market
• Negotiate the terms of the transaction
• Participate in and supervise the due diligence process
• Review the legal documentation, assist and manage the lawyers, and close the transaction.
In some cases, the advisor is asked to perform additional services:
• Restructuring and/or renegotiating the seller’s debt
• Arranging financing for the buyer
• Provide strategic consulting well in advance of a transaction to prepare the Company for sale
• Assist in resolving shareholder/family issues that can destroy value
• Develop incentive compensation (golden handcuffs) plans for key employees

INSURE A SUCCESSUL OUTCOME
For many reasons, M&A transactions often fail to close. In the process, sellers become frustrated and the business can be damaged. An experienced advisor will work to preserve the confidentiality of the discussions, and urge the seller to limit the seller’s employees with knowledge of the sale to an absolute minimum. Buyer meetings with owners and key employees should be reserved for due diligence.
The advisor should keep owners focused first on managing the business, not the sale. Visits by buyers should be restricted to after-hours, and the protection of Company operations, managers, employees, and customers should be the highest priority.

CONSIDER ALL ALTERNATIVES
There are always alternatives in a sale of a business. A sale to employees or management is an option in some cases. A sale to an Employee Stock Ownership Plan (ESOP) offers substantial tax advantages. Strategic partnerships and joint ventures are not uncommon, are relatively simple to negotiate and structure, and can be attractive alternatives to a transaction. A good advisor has experience in developing these agreements.
To maximize value, it is also important that the sale process includes strategic and financial buyers. These buyers have fundamentally different objectives, which usually affect the deal terms as well as the post-transaction dynamics.

FEES
Written fee agreements with professional M&A advisors are standard and the terms are mostly consistent from firm to firm. Unlike CPAs and lawyers who charge on an hourly basis, a M&A advisor’s fees should ALWAYS be primarily incentive-based and paid upon the closing of a transaction. This insures that their financial interests are in alignment with the seller’s.
Upon the closing, the advisor receives a success or transaction fee which can range from 1-10% of the transaction value depending with the percent smaller in larger transactions. Fees for consulting services in anticipation of a transaction or for arranging financing are in addition to normal transaction fees and usually are billed monthly.
A sale of a business is a complicated matter that requires a great deal of information and the preparation of a professional “pitchbook”. This document can require weeks to prepare and includes most of the information a buyer needs without disclosing trade secrets, customer and employee names, etc.
Professional advisors charge a “retainer” to cover their costs in preparing this document and depending upon the size and complexity of the Company, the costs can range from $15-$50k. The retainer also serves to demonstrate a commitment that the seller is serious about making a deal, and the advisor is not spending time and money working on a project where the seller is simply seeking free information.
Normally, advisors also charge for travel expenses. In all cases, the seller is responsible for income taxes and other professional fees including, legal, tax, and accounting services.

PATIENCE REQUIRED
The sale of a business can be a very time-consuming process. Owners attempting to manage a sale themselves report that it can require 70-80% of their time for many months or even years. This is time away from the business and customers. Although deals can have been closed in as little as 90 days, a professionally managed sale process can take 6-12 months or longer.

SUMMARY
70% of all proposed M&A deals never close. The reasons vary but usually it is because the buyer and/or seller disagree on valuation or don’t appreciate the complexities involved in a transaction. Negotiations can be intense and difficult. Due diligence can be extensive, time consuming and expensive. Emotional factors often interfere with good business judgement.
An experienced and knowledgeable M&A advisor should have a unique combination of deal experience, knowledge, communication and transaction skills, and integrity. Most importantly, they should have the commitment required to make every transaction a win-win for everyone.
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The Inman Company is a 22-year-old M&A advisory firm that advises the owners of private companies and family businesses. With offices in Jacksonville and Atlanta, the firm has initiated, negotiated, and closed hundreds of transactions across the U.S. ranging from $5-$700 Million
www.inmanco.com
(404) 803-6959 Atlanta
(904) 534-4207 Jacksonville

05/15/2017

www.nytimes.com/2017/05/13/business/noncompete-clauses.html

Noncompete clauses, once for top executives, are spreading across the labor landscape — making it tougher for Americans to get a raise.

05/02/2017

The Inman Company closes 2nd sale in 2017 of Construction Materials Manufacturer

04/25/2017

https://www.wsj.com/articles/trump-planning-to-seek-tax-rate-of-15-on-pass-through-companies-1493145858?mod=e2tw

President Donald Trump on Wednesday is planning to unveil a proposal to slash the top tax rate on so-called pass-through businesses, including many owner-operated companies, to 15% from 39.6%, said White House officials familiar with the planning.