Opportunity or Obstacle? What Shifting Telecom Laws Mean for Your Business Value

Listen to the full episode here with this YouTube link!

Telecommunications business owners are facing a perfect storm of opportunity and complexity. With billions in federal funding, shifting regulations, and increased M&A activity, the stakes have never been higher. Whether you're growing your broadband footprint, considering an exit, or just trying to stay ahead of compliance risks, the decisions you make today will directly impact the long-term value of your business. Understanding how legal frameworks, funding programs, and regulatory oversight intersect is critical to avoiding costly missteps—and positioning your business for sustainable, transferable growth.

In Episode 229 of the Maximize Business Value Podcast, host Terry Chevalier welcomes telecommunications attorney Dee Herman for a deep dive into the current state of the telecom industry. Their conversation highlights both the challenges and opportunities facing broadband providers, particularly in rural America, and what business owners must understand to navigate this dynamic landscape—and what that means for business owners navigating growth, compliance, or potential exit strategies. Here are the highlights from their conversation. 

A Shifting Regulatory Environment

The telecommunications industry is heavily regulated, and that regulation is in flux. Herman outlines how administrative changes in Washington D.C. often bring waves of new policies—or the rollback of existing ones. With the FCC and Capitol Hill heavily involved, companies must remain proactive, not reactive, to avoid costly missteps. “If you become reactive,” Herman warns, “it’s going to be very difficult to keep up.”

Industry Overview & Legal Landscape

The telecommunications space, especially among rural broadband providers, is facing significant transformation. The industry is in flux from federal funding programs like the $43 billion Broadband Equity, Access, and Deployment (BEAD) initiative to ongoing regulatory shifts driven by court cases and administration changes. One key concern is the fate of the Universal Service Fund, a vital funding source for rural service providers currently under judicial scrutiny.

Many telecom providers rely on the Universal Service Fund, a program under scrutiny, and other federal initiatives like the $43 billion broadband expansion plan. These funding sources bring vital capital—but also regulatory strings. In M&A deals, Herman explains, government liens, SBA loan restrictions, and federal approval requirements can dramatically influence the terms and feasibility of a transaction.

The Rise of Strategic Consolidation

Despite the uncertainty, M&A activity is strong—especially among smaller companies looking to scale through acquisitions. Rather than build from scratch, many rural broadband providers are buying existing assets to expand their reach. Strategic consolidation offers a way to grow value while navigating infrastructure and regulatory hurdles.

The absence of a clear succession plan can undermine the value of smaller telecoms. Whether planning to sell or expand, business owners must define their goals and ensure the business can operate without them. This long-term planning is essential for creating truly transferable value.

Know Your Role

Herman’s final piece of advice to business owners: stay in your lane and do what you do best. “Build trust with your clients by being the expert in your space,” he says. That clarity and consistency are the foundation for long-term value.

Herman emphasizes that legal support isn’t just about compliance—it’s a key driver of value. Clean records, a clear succession plan, and well-structured transactions reduce deal risk and increase valuation. He encourages owners to focus on planning: knowing who they serve, where they’re going, and what growth looks like, whether through acquisition or strategic divestment.

Key Takeaway

Business owners must be proactive in a heavily regulated and fast-changing industry like telecom. Whether you're building, buying, or preparing to sell, clarity, compliance, and expert legal and financial counsel are essential to maximizing value and avoiding costly missteps.

Want to learn more about how telecom leaders are navigating change? 

Listen to the full episode here with this YouTube link. 

CONNECT WITH MASTERY PARTNERS TO LEARN MORE

ABOUT MASTERY PARTNERS:

Many businesses run well—but few are truly prepared for what’s next. Whether it’s growth, succession, or a future transition, getting your business ready takes intention and the right strategy. 

That’s where Mastery Partners comes in. We work alongside business owners to strengthen operations, maximize value, and build a business that creates freedom and options—now and in the future. With decades of real-world experience, we guide you step-by-step to transform your business into an asset that works for you. 

Build a business that’s valuable, scalable, and ready for whatever comes next.

We’re the guide who helps you turn your business into a real asset.

ABOUT TERRY CHEVALIER:

Terry Chevalier, owner and Managing Director of Sunstone Associates, offers over 25 years of executive experience, guiding companies through vast opportunities and challenges. Previously, he played pivotal roles at both mid-market and Fortune 50 firms, including $20B in asset acquisitions. Additionally, Terry boasts a management consulting background with Bain & Company, a decade in the U.S. Intelligence Community, and holds degrees from the Missouri University of Science and Technology and Duke University.

ABOUT DEE HERMAN:

Throughout his career, Dee has counseled clients on wireless regulatory, contractual and transactional issues, as well as issues involving emerging technologies. Dee works on complex wireless matters spanning all licensed and unlicensed bands, including cellular, PCS, AWS, 700 MHz, BRS, EBS and the U-NII bands, and actively lobbies the FCC and Congress on wireless and wireline policy matters. In counseling wireless and broadband companies, including ISPs, local exchange carriers, high-tech start-ups, and facilities-based wireless carriers and re-sellers, he also focuses on law enforcement requests, homeland security matters, tower siting, spectrum acquisition, secondary market transactions and roaming matters.

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