Closing Remarks Podcast: Thad Bench on Building Value

What happens when the market that helped build your business suddenly changes? You find another way forward.

That’s exactly what Thad Bench, founder of BW Health Group (also known as Benchworks), did. Faced with industry disruption, Thad adapted. He expanded into new services, built a strong leadership team, and positioned the company for continued growth. Ultimately, that work helped generate significant buyer interest and led to the sale of BW Health Group.

Now a Principal at The HonorWorks Group, Thad brings his entrepreneurial experience and firsthand understanding of building, growing, and selling a business to helping other business owners navigate their own paths forward.

In this episode of Closing Remarks,  Dara Shareef sits down with Thad to talk about the decisions that built business value and the lessons other business owners can apply to their own companies.

From knowing your numbers and surrounding yourself with the right people to staying open to new opportunities, Thad’s experience offers valuable insights to strengthen your business today, create more options for tomorrow, and make confident decisions about what comes next.

Key Highlights

• Discover how adapting to market shifts can unlock new paths to growth.
• Learn how financial insight can help you build business value.
• See how experienced advisors can expand your options and strengthen outcomes.
• Understand how attracting multiple buyers can create greater opportunity.
• Learn how continued growth can strengthen your position during a potential sale.
• Discover why the right buyer can deliver beyond the purchase price.
• Gain insights for creating more choices for your business and your future.

When Markets Change, Where Is Your Next Opportunity?

BW Health Group, also known as Benchworks, found an early growth opportunity serving pharmaceutical companies through promotional products. At the time, “brand reminders” were everywhere. A doctor’s office might have pens, notepads, and other items branded with drug names. Then the market changed drastically.

Changes affecting pharmaceutical promotional practices caused that business to disappear quickly. Companies built almost entirely around promotional products faced an immediate challenge.

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Some companies struggled to adapt. Others disappeared. Benchworks went in another direction.

This theme has surfaced before in Closing Remarks. In the episode with Scott Fink, we shared a similar lesson. When markets change, business owners can pull back or look for ways to move forward. For Benchworks, that meant building on a shift that was already underway.

The company had already begun expanding into areas such as direct mail and digital marketing. Thad and his team continued that transition into strategic communications and broader consulting services.

Instead of defining the company by the products it had long sold, leaders focused on what else it could do for customers. That distinction matters because when markets change, customer needs evolve, and new technologies emerge.

When a market changes, protecting yesterday’s revenue can only take you so far. The opportunity may be in what your business can become. Put your people, relationships, and capabilities to work in new ways.

What Are Your Numbers Telling You?

One lesson Thad carried through his career came from an advisor who said: “Torture the numbers until they talk.”

For Thad, that meant looking past surface results and seeing what the numbers were truly telling about the business. Financial statements can do more than show what happened. They can help owners understand why it happened and inform what they do next.

Where is the company making money? Where does customer concentration introduce risk? Which services should the company invest in more?

How good is cash flow? What would be the consequences of losing the key customer?

These answers can help owners see where growth is coming from, where risks exist, and where resources can have the biggest impact. They can also help a owner communicate a clearer financial story when strategic opportunities appear.

Thad used that thinking during the sale process by completing a quality-of-earnings review. He says the review gave greater confidence in the company’s financials and gave potential buyers clearer insight into what they were evaluating.

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Are You Surrounding Yourself with People Who Challenge You?

Thad credits much of the company’s success to the people around him.

He believes it is important to “surround yourself with giants,” Thad Bench said.

Thad built a leadership team ready to challenge and question ideas rather than agree with the CEO. He recalls conversations with former Benchworks President Tom McDonnell and talks about how important it is to listen to talented people once you have brought them into the organization.

He also created an advisory board that met several times a year. This mix of talent and outside perspective gave Thad access to what he calls the power of “collective intelligence.”

For business owners, building the right team can do more than improve the day-to-day execution. It can change how big businesses make decisions.

One Buyer is an Offer. Many Buyers Make a Market

The difference was significant, and the process generated more than 50 indications of interest.

With several interested parties, Thad and his team could compare options. The advisors helped manage conversations and created competitive tension.

According to Thad, the deal that finally closed was worth about three times the earlier deal that almost closed.

Every transaction is different, but his experience demonstrates the potential advantage of reaching a broader buyer market. One interested buyer can make an offer. Multiple buyers can give an owner options.

How Can M&A Advisors Expand Your Options?

That same willingness to seek experienced guidance carried into Thad’s decision to sell. After an earlier deal nearly closed, Thad and his team decided to reach a larger pool of buyers with help from an investment bank.

M&A advisors can help business owners reach more buyers, create competition, and better understand their business’s value. For Thad, that broader approach created something particularly valuable: more options.

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Why Isn't the Highest Bidder Always the Best Buyer?

The commercial terms mattered, but they weren’t Thad’s only consideration. Some employees had been with the company for over 20 years. His son was a part of the business. Thad wanted a buyer who could offer strategic opportunities and shared the company’s values.

Business value isn’t just about the purchase price. The company's future, the opportunities available to your employees, and how well the buyer fits strategically can all affect whether a sale is truly successful.

Know What You Want to Create

Near the end of the conversation, Thad offers important advice for owners considering a sale. “Be true to yourself.”

For Thad, financial security was part of that decision. So his management team also had the chance to work at a larger scale and pursue their own ambitions.

And when it’s time to explore your options, experienced advisors can help you understand the market, reach more buyers, and weigh your options. Ultimately, the right outcome aligns with what you want for yourself, your family, your employees, and the business you’ve built.

Where to Watch

Watch host Dara Shareef talk with Thad Bench about building business value, navigating a sale, and creating options for what comes next.

Watch or listen to the full episode of Closing Remarks on Spotify, Amazon Music, Apple Podcasts, and YouTube.

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