Closing Remarks Podcast: Thomas Frey on Selling a Business

Selling a business can open the door to more than a new phase. It can change how you think about what you built, who you built it with, and what you want to do next.

On this week’s episode of Closing Remarks, Dara Shareef sits down with Thomas Frey, founder of Silexx Financial Systems, and former SVP, Software Engineering at Cboe Global Markets.

Thomas founded Silexx Financial Systems, a broker-neutral order and execution management system (OEMS), before Benchmark International facilitated its transaction with the Chicago Board Options Exchange (Cboe Global Markets). Together, they reflect on the transaction, the journey that led to it, and the lessons that followed.

From building business value and surrounding yourself with great people to embracing AI and finding purpose beyond the transaction, Thomas shares valuable insights for business owners considering a sale and thinking about what comes next.

Whether you’re building for growth, exploring a business sale, continuing with an acquiring company, or planning your next chapter, Thomas’s experience offers perspective for every stage of the journey.

Key Highlights

• How identifying a specialized market need can create the foundation for business value
• What business owners can learn from Thomas’s experience exploring an M&A opportunity
• How experienced M&A experts and the right people can bring valuable perspective to important decisions
• Why a shared approach may help keep buyers, sellers, and advisors focused on a shared objective
• How bringing in great people earlier can help owners delegate, develop talent, and grow
• How AI can change the way businesses scale and why human expertise may become even more valuable
• Why having a clear understanding of purpose matters when considering a business sale and what comes next

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Building Business Value From a Market Need

Thomas’s path to becoming a founder of Silexx Financial Systems started with an early interest in finance.

Growing up near Munich, Germany, he developed his interest in trading during his teenage years. His desire to develop an automated system to facilitate decision-making in trading led him to software engineering and eventually to work with brokerages and hedge funds.

While developing an options trading platform, Thomas realized a much larger market need. That insight became Silexx Financial Systems, an execution management system for professional traders.

Thomas remained closely involved in all aspects of the business, including technical development, customer work, and bookkeeping. That hands-on experience gave him knowledge of the product and the market it served.

The Value of M&A Expertise During a Business Sale

The idea of selling began with a question: What might the business be worth?

That curiosity caused him to engage with Benchmark International and explore a potential sale. As Benchmark International began preparing the business for a potential market process, Cboe approached Thomas about an acquisition.

Discover the Benchmark International Difference

Discussions advanced, and Thomas ultimately reached an agreement with Cboe without launching a more extensive market process. Benchmark International brought M&A expertise and something Thomas really valued: experienced people by his side. He could bounce questions and ideas off them as the transaction progressed.

For business owners, Thomas’s experience offers an important takeaway: know your options. Surround yourself with experienced people who add perspective when opportunities arise.

Great People Create Greater Possibilities

The acquisition gave Thomas a new perspective on building and leading. As a founder, he had worn nearly every hat. At Cboe, he had a chance to build and lead a larger engineering team.

He could delegate tasks and mentor talented people. His advice to founders is memorable: “Don’t be a bottleneck.”

If he were to build another company, Frey says he would bring great people in earlier and devote more attention to sales and marketing.

The lesson goes beyond delegation. Giving talented people responsibility, trust, and room to grow expands what leaders and businesses can accomplish. For Thomas, one lesson stands out: having good people by your side can change what is possible.

See How Our Proven Process Delivers Superior Outcomes

AI, Expertise, & the Future of Business

Thomas views AI as an opportunity to improve what talented people can achieve. After decades in management roles, AI enabled Thomas to return to engineering.

People need to ask the right questions, understand and challenge AI-generated work, and apply their own judgment. Thomas also raises a bigger question. If AI takes on more entry-level work, how will the next generation gain experience? How will they develop the skills needed to become experts?

For businesses, the opportunity may be to use AI to amplify expertise rather than replace it.

Purpose & What Comes Next

Thomas closes with a question that goes beyond the M&A transaction: "What do you want?"

After selling his company, Thomas continued with Cboe beyond his earnout period. Why? Because he enjoyed the people, technology, and problems he was solving.

His experience shows that selling a business does not immediately mean walking away. It can mean continuing with the acquiring company, taking on a new role, or deciding what you want to do next.

For owners considering a sale, having a defined purpose can help shape what you want from the transaction and the next chapter.

Where to Watch & Listen

From building a business to exploring an M&A opportunity, Thomas’s experience delivers valuable lessons for business owners.

Throughout the conversation, one theme continues to stand out: the value of having the right people by your side. Whether it is having M&A experts by your side during a sale, talented people helping build a business, or colleagues who make the next chapter worthwhile, having the right people in your corner can expand both your perspective and your possibilities.

Watch or listen to the full episode of Closing Remarks, featuring Thomas Frey and host Dara Shareef, on Spotify, Amazon Music, Apple Podcasts, and YouTube.

Interested in hearing more about Thomas’s transaction experience? Watch his testimonial.

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