Mergers in Motion: BCW Panel Discusses Strategies for Business Combinations

The complexities of business mergers took center stage on Monday at the Business Council of Westchester’s (BCW) Valley Bank Leadership Conversation.

Moderated by BCW President Marsha Gordon, Mergers in Motion: Transforming Organizations through Business Combination invited regional business leaders to share insights drawn from their experiences as strategic acquirers, owner-sellers, and trusted advisors. The event at Kanopi in White Plains underscored the vital role of mergers and acquisitions (M&A) in shaping Westchester County’s economic landscape.

The discussion addressed the critical importance of non-financial due diligence, preserving legacy, maintaining company culture, and strategic negotiation. The panelists emphasized that successful combinations hinge not just on financial metrics, but on people, trust, and reputation. The event provided attendees with actionable strategies for navigating business combinations.

Christina Armentano, Chief Operating Officer and Executive Vice President of Paraco, highlighted the need for authentic engagement when integrating smaller, family-led businesses.

“Preserving that legacy is really understanding the success and the journey and honoring that,” said Armentano, stressing the importance of clear communication with employees about changes.

Jon Dorf, Esq., Managing Partner at Dorf Nelson & Zauderer LLP, noted that a successful M&A strategy is deeply rooted in human capital.

“The most important part of due diligence is understanding what you’re buying or what you’re selling,” said Dorf, explaining that clarity is critical for meeting expectations and ensuring a successful transaction.

From the financial advisory side, Anthony Justic, Partner at Citrin Cooperman, stressed that the readiness process should begin years in advance. Justic advised collaboration in the negotiation phase.

“Negotiations really shouldn’t be adversarial,” said Justic. “They’re collaborative. You understand and you identify early on what’s important to you, and you try to remain objective and non-emotional.”

Jeff Nyikos, President of Leros Transportation Group, shared his company’s aggressive acquisition strategy, even during the upheaval of the COVID-19 pandemic. He described a post-merger integration focused on brand loyalty.

“We actually retain the company name that we’re acquiring,” said Nyikos. “In a lot of cases, these companies have been in business for 20, 30, 50 years, and that brand loyalty, we don’t want to give it away.”

James Schutzer, Senior Partner at Alera Group, offered his perspective on having his company acquired. Schutzer explained that continuity and relationship maintenance with employees and customers were paramount during his company’s transition.

“The way that we presented it to employees is that this was going to give them more opportunities, and that was key for them,” said Schutzer. “It was a matter of explaining to (clients) that we were not changing, but we were going to be able to deliver more resources…. We did not lose a single client.”

Moderator Marsha Gordon concluded the session by reiterating some of the panel’s core themes.

“Today we have learned from a panel of leading business professionals with outstanding expertise, experience and practical insights and well as strategic approaches to transforming their businesses through mergers and acquisitions,” said Gordon. “All who had the opportunity to be part of this conversation left with a much more comprehensive and thoughtful approach to how to handle these transactions with approaches based on trust, transparency and thought.  Thank you, Valley Bank for supporting the Business Council of Westchester’s initiative of building leadership in our region.”