How to Buy & Sell a Small Business (Without Getting Burned)

In this episode, Brandon Neely sits down with David C. Barnett, a small business transaction expert, consultant, and author of The Business Fortress. With decades of experience helping entrepreneurs buy, sell, finance, and strengthen their companies, David brings a wealth of wisdom about what makes a business resilient versus fragile. The conversation follows David's journey from his early business curiosity and career with the Yellow Pages to navigating the 2008–09 financial crisis, and eventually building a practice that helps business owners worldwide. Along the way, Brandon and David dig into the big ideas from The Business Fortress and what every entrepreneur needs to know if they want their company to last. Together, they explore: Why profits alone don't guarantee success, and how the cash conversion cycle can make or break a business. The difference between owning a business and owning a job, and how systems create freedom. The myth of "passive income" in small business ownership (and what to aim for instead). The risks of overleveraging, mixing personal and business finances, or overpaying for a company. Practical tools for building resilience, including high cash value life insurance and a strong balance sheet. How to set clear criteria for when your business is an asset and when it's time to pivot. This isn't just theory. It's a real-world conversation about the challenges, risks, and rewards of entrepreneurship and how to build a business that can withstand storms while still serving your life, not consuming it. 👉 If you're a business owner, thinking about buying a business, or simply want to protect the one you've built, this episode will give you practical strategies and a new perspective on what it means to build with the end in mind. 00:00 Introduction and welcome 00:32 Meet David C. Barnett: small business transaction expert 04:19 David's early business lessons from the Yellow Pages 07:05 The 2008–09 financial crisis and a shift into business brokerage 09:55 The "Business Fortress" concept: building resilient businesses 12:10 The cash conversion cycle: why growth can threaten cash flow 14:58 How resilient businesses survive downturns 18:21 The myth of passive income in small business ownership 20:00 Why industry experience and research matter before buying a business 24:00 Small business as a risky, illiquid asset class 29:00 Bridging the gap between business and personal finances 32:00 Setting clear criteria for business viability and involving your team 34:00 Final advice: build with the end in mind, read The Business Fortress 35:00 Where to find David online + closing remarks   Watch on YouTube: https://youtu.be/AYprdPp8HMk