Ten Leaders To Know: Tom Cavanagh [Full Profile]

Company: BCC Advisers

Title: Vice President

Birth City: Des Moines

Current City: Des Moines

Q: How did you get where you are today?
A: I’ve gotten here by staying curious about how businesses work, saying yes to opportunities that stretched me, and learning from smart, generous mentors. I didn't go to UNI with the intention of pursuing a career in investment banking, but when the opportunity came up to explore it further, I took a chance on something different, and BCC certainly took the same chance on me. It has worked at well (at least for me), as I have now been with BCC for nearly two decades.

Q: What excites you the most about the business you work in?
A: I’m most energized by work that brings together business, people and real turning points in an owner’s life. On the surface, M&A is about valuation, deal structure and negotiations. Underneath, it’s about owners who have invested years into their companies and are starting to think about what comes next. I enjoy learning how different businesses operate, what makes them successful, and helping owners understand their options in a clear, practical way. Every situation is a little different, which keeps the work interesting.

Q: What do you see as the next big trend in your industry?
A: One of the biggest forces shaping our industry is the wave of baby boomer business owners moving toward retirement. Many of these companies were built over decades and represent a large share of privately held businesses in Iowa and the Midwest. A lot of owners are so focused on running the business day to day that succession, value and legacy planning get pushed off. As more owners look to step back, we’ll see increased activity across the board, including sales to strategic and financial buyers, family transitions, management buyouts and ESOPs. That creates both opportunity and complexity. The businesses that invest early in financial reporting, leadership development and clear transition plans will be in the best position. I think the role of advisors will increasingly be to help owners start those conversations sooner, understand their options, and align a potential transaction with their personal, family and community goals.

Q: As a business leader, what book would you recommend for personal or professional growth?
A: I often recommend Extreme Ownership by Jocko Willink and Leif Babin as I appreciate how it addresses accountability, communication and leading by example. My three young boys also enjoy Jocko’s Way of the Warrior Kid series which shares similar messages related to accountability and taking control of your own outcomes but with better pictures.