M & A Survey

1. What is your current position/role within the company?

• Financial Investor
• Sole or Majority Owner
• Minority Owner
• Executive, Non-Owner
• Non-Executive, Non-Owner

2. What do you expect your company to generate in top-line revenue in 2022?

• Less than $10M
• Between $10M and $25M
• Between $25M and $100M
• Between $100M and $200M
• More than $200M

3. How do you expect your company to perform in 2022 relative to 2021 on a top line (revenue basis)?

• Flat
• Up less than 10%
• Up more than 10%
• Down less than 10%
• Down more than 10%

4. How do you expect your company to perform in 2022 relative to 2021 on a bottom line (net income basis)?

• Flat
• Up less than 10%
• Up more than 10%
• Down less than 10%
• Down more than 10%

5. How do you expect your company to perform in 2023 over 2022 on a top line (revenue basis)?

• Flat
• Up less than 10%
• Up more than 10%
• Down less than 10%
• Down more than 10%

6. How do you expect your company to perform in 2023 over 2022 on a bottom line (net income basis)?

• Flat
• Up less than 10%
• Up more than 10%
• Down less than 10%
• Down more than 10%

7. Please rate your level of confidence in your company’s readiness to transact (buy or sell) in 2023.

• 1 (Lowest)
• 2
• 3
• 4
• 5 (Highest)

8. Did you consider acquiring any companies in the last year?

• No
• Yes, one transaction was considered.
• Yes, two to five transactions were considered.
• Yes, more than five transactions were considered.

9. Did you consider selling any companies (or their assets) in the last year?

• No
• Yes, one transaction was considered.
• Yes, two to five transactions were considered.
• Yes, more than five transactions were considered.

10. What third party resources does your company have available to it to use for a potential acquisition transaction? Check all that apply.

• Investment Banker/Broker
• Attorney
• Tax advisor
• Estate planner

11. What potential synergies would your company have that would be beneficial in an acquisition? Check all that apply.

• Information technology
• Supply chain efficiencies
• Sales and marketing
• Human capital
• Patents or intellectual property
• Favorable geogrpahies
• Customer composition
• Equity in tractors, trailers, and vehicles
• Safety
• Top line growth
• Bottom line growth
• Limited exposure to cyclicality
• Limited exposure to seasonality

12. Would your company be able to obtain financing or have the financial resources necessary for a potential acquisition?

• No
• Yes
• Unsure

13. Are your financials audited?

• Yes
• No

14. Rank your greatest concerns about a future exit from this industry: 1-4 (1 being greatest concern)

Space Cell	1	2	3	4
The market not satisfying what I need from a future sale.	The market not satisfying what I need from a future sale.: 1	The market not satisfying what I need from a future sale.: 2	The market not satisfying what I need from a future sale.: 3	The market not satisfying what I need from a future sale.: 4
A breech in confidentiality before a sale is complete.	A breech in confidentiality before a sale is complete.: 1	A breech in confidentiality before a sale is complete.: 2	A breech in confidentiality before a sale is complete.: 3	A breech in confidentiality before a sale is complete.: 4
A general fear of someone else messing up what you built.	A general fear of someone else messing up what you built.: 1	A general fear of someone else messing up what you built.: 2	A general fear of someone else messing up what you built.: 3	A general fear of someone else messing up what you built.: 4
Doing a lot of work on a transaction and not getting a deal done.	Doing a lot of work on a transaction and not getting a deal done.: 1	Doing a lot of work on a transaction and not getting a deal done.: 2	Doing a lot of work on a transaction and not getting a deal done.: 3	Doing a lot of work on a transaction and not getting a deal done.: 4

15. Rank what excites you most about a future industry exit. 1-4 (1 being most exciting)

Space Cell	1	2	3	4
Taking chips off the table. Financial security.	Taking chips off the table. Financial security.: 1	Taking chips off the table. Financial security.: 2	Taking chips off the table. Financial security.: 3	Taking chips off the table. Financial security.: 4
Profoundly impacting lives and your community through sale proceeds/charitable giving.	Profoundly impacting lives and your community through sale proceeds/charitable giving. : 1	Profoundly impacting lives and your community through sale proceeds/charitable giving. : 2	Profoundly impacting lives and your community through sale proceeds/charitable giving. : 3	Profoundly impacting lives and your community through sale proceeds/charitable giving. : 4
Freedom to travel and to spend time on passions/hobbies/grandkids.	Freedom to travel and to spend time on passions/hobbies/grandkids.: 1	Freedom to travel and to spend time on passions/hobbies/grandkids.: 2	Freedom to travel and to spend time on passions/hobbies/grandkids.: 3	Freedom to travel and to spend time on passions/hobbies/grandkids.: 4
No more dealing with people/hassles that come with the business.	No more dealing with people/hassles that come with the business.: 1	No more dealing with people/hassles that come with the business.: 2	No more dealing with people/hassles that come with the business.: 3	No more dealing with people/hassles that come with the business.: 4