After 30 years of building Pinnacle Advisory Group from the ground up, Dwight Mikulis and his two founding partners faced a crossroads. Their first sale attempt in 2018-2019 had gone, in Dwight’s words, “horribly bad”—nearly derailing the business and creating significant stress for the partners.
The trio had grown Pinnacle through sheer determination. “I didn’t take a salary for 5 years,” Dwight recalls. “We kept reinvesting in the business instead of taking money.” By the time they were ready to sell, they managed a highly efficient operation with 44 employees serving primarily mass affluent clients.
But age and capital requirements forced their hand. “If I was 10 years younger, we’d still be pushing the boulder up the hill,” Dwight explains. “But to significantly increase the size of the practice, we were going to have to take on capital instead of self-financing. The three of us decided we did not want to do that.”
After the failed first attempt left internal dissension and exhausted partners, Dwight remembered someone he’d met years before: Mike Bilotta of Gladstone.
The Solution
“I had met Mike at a conference 6 or 7 years before we contracted with them,” Dwight shares. “I remember really enjoying his conversation and concept, and I kept his folder for years.”
What made Mike different wasn’t just expertise—it was his willingness to understand what had gone wrong before. “It was brave or smart on Mike’s part to listen to what went wrong and not just gloss over it,” Dwight notes. “And not just bring us back through the same process that the other firm did.”
Mike took a fundamentally different approach:
Specialized vs. Wide Net: Rather than casting a wide net that had failed before, Mike determined they needed specialized buyers who understood Pinnacle’s specific situation and requirements.
Managing Complexity: Mike recognized he’d have to navigate multiple personalities and voting blocks within the firm—a challenge that had derailed the previous attempt.
Protecting Employees: A non-negotiable requirement was full employment and compensation for all employees except the senior partners. Mike found a buyer who agreed to employ all staff members.
The Impact
The sale closed successfully, with all employees transitioning to the buyer. Dwight stayed on for two and a half years post-sale to manage the business transition.
Most importantly, Dwight and his wife became clients of the buyer themselves. “I thought that was very important for my clients to know—that’s how much we thought of the buyer,” he explains. “I will remain a client to protect my spouse, because when I die she’s got to have the ability to meet with the right people.”
The three founding partners achieved their goals: a successful exit that honored their employees and clients.
When asked to describe his experience with Mike Bilotta in just a couple words, Dwight doesn’t hesitate: “Specialized and comprehensive.”