Today we debut a new series, West Michigan Is Going Places! We will be talking to local business owners and community leaders about their business successes and challenges and highlighting the resources available in the West Michigan business community.
For our first interview, we talked with Max Friar of Calder Capital about his business. Calder Capital is a mergers & acquisitions advisory firm serving buyers and sellers both in the Midwest and nationwide. By creating a competitive bidding environment and finding the best fit for its clients, Calder helps its clients make informed decisions and feel confident in their choices when signing an LOI.
RM: Could you tell us a little about what your business does and how it got started?
Max Friar: Calder is a fairly simple business. On the service side, we provide business valuation services, value enhancement consulting. The goal of these services is to prepare owners for an optimal sale. On the M&A intermediary side, we then represent sellers and buyers of businesses. It is important to distinguish that we are not working for both sides simultaneously.
How has your business changed since you first started out?
Max Friar: When it started, it was essentially just me with a laptop at a kitchen table. Now, we are closing in on 50 people with 10 offices throughout the Midwest. So, growth has been significant but also planned and digested fairly well. We are dedicated to continued growth, with a plan by 2034 of 204 advisors supported by 34 back office staff.
Personally, there has also been a lot of change. In 2013, I essentially did all the tasks – business development, CIMs, financial analysis, marketing, negotiating, closing, etc. In 2024, I am still involved in business development but my role has shifted to become more strategic and executive-level, looking out on the horizon for opportunities, growing our advisor pool, protecting our values/culture, and cementing strategic relationships.
What makes you passionate about what you do?
Max Friar: I am a growth person, both in terms of organizational and personal. Pushing into new territory is exciting because it’s unknown/untested and, if managed well, it puts a healthy strain on the organization. Additionally, growth allows for hiring and bringing in new and diverse viewpoints and experiences. I enjoy bringing in new team members and providing a platform for personal and financial growth. A growing organization won’t look or feel the same in 2-3 years, and that is infinitely exciting to me, to take on challenges and venture into the unknown.
How has being here in West Michigan helped your business?
Max Friar: I have lived my entire life in West Michigan so I don’t have any experience starting or growing a business elsewhere. Grand Rapids specifically has grown very nicely during my lifetime, and with that has come the growth of our colleges and universities. We have hired extensively from Grand Valley and continue to feel good about GVSU as a source for new talent. Additionally, West Michigan sports a largely even-keeled, steady, practical, and honest business environment. West Michigan folks tend to like to work with West Michigan folks and that has helped us locally. Lastly, I feel that our local leadership, both politically and organizations like the Chamber and Econ Club have done a good job of promoting networking, investment, and business-friendly practices.
What’s your approach to customer service and connecting with the community?
Max Friar: Our approach to clients is embodied in Calder’s values – honesty, discipline, determination, steadiness, and acting with honor. We are straightforward and honest with clients. This is critical when it comes to items like business valuation that can be often misunderstood. When it comes to representation for sellers and buyers, we must be determined; every transaction comes with adversity in some form. Just because the deal might feel dead doesn’t mean there isn’t life in it. Our job is to be a steady force for our clients in what feels like a turbulent time. And in all situations, our team must make the right choice. That is what acting with honor means.
In terms of connecting with the community, Calder supports a number of nonprofits: Beyond 26, Home Repair Services, and The Children’s Advocacy Center. Additionally, we are members of the Chamber and Econ Club, and you will regularly see our team members at many networking events. Individual Calder team members belong to ACG, BNI, and Entrepreneurs Organization.
How do you plan to grow or adapt your business for the future?
Max Friar: From a revenue perspective, we have grown 766% between 2019 and 2023, which is ~65% CAGR. We plan to slow that growth intentionally because while we want to grow, we also want to remain steady.
Our growth is underpinned and will be sustained by the following: adding new team members, both support staff and advisors, that exhibit a strong work ethic and alignment with our values; and running our business by the numbers, which essentially boils down to a sales scorecard.
There are various business brokerage and investment banking franchise organizations that have arguably “grown” to be nationwide. The critical flaw in their models is that they sell territories and very limited training to people that are willing to pay. There is no broad cultural alignment, no system for the individual offices to grow, nor does the franchisor provide comprehensive support services to its advisors. Calder’s growth model supports territorial growth because we support/pay for business development for our advisors and we additionally have a core service team in West Michigan that provides complete back-office support for all deals.
Are there any local organizations or networks that have been particularly helpful for you in building your business?
Max Friar: West Michigan Entrepreneurs’ Organization has been extremely helpful to me personally. EO provides a confidential forum for business owners to build rapport, solve challenges, and share best practices. I have learned a lot by listening to what others have done successfully and unsuccessfully. Additionally, using a business coach has also been instrumental to helping me focus and handle challenges as they arise.
