I'm a veteran Michelin guy. After spending 33 years on product research and development and the commercial tire business, I shifted gears last year and made the switch to investment banking.
Since I helped build Michelin's retread business from the ground up, I have a soft spot for business owners in that space and meet with them often in my current role. I see the retreading business through a new lens as retreaders and commercial tire dealers journey through the unforeseen as a result of the global pandemic.
Until March, our economy was strong with merger-and-acquisition (M&A) activity rising. Now these transactions likely are to accelerate, and independent companies shouldn't miss out by undervaluing their operations or overlooking financing options.
The reality is that the playing field levels more every day, and companies no longer can compete only on quality and service. They have to grow — which means independents have leverage and options.