Episodes
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Why Sell Side QoE Pays Off
In this video, M&A advisor Kirk Michie explains why a sell-side quality of earnings report can be one of the best investments a founder makes before selling a business. You’ll learn: What a sell-side quality of earnings report does Why buyers conduct their own buy-side QoE How unclear financials...
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The Founder Who… Waited Too Long
Preparing to sell a business often begins long before an investment banker starts contacting potential buyers. Effective business exit planning may require six to eighteen months of internal preparation before a company formally goes to market. Founders can use that time to professionalize...
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How to Keep Emotion From Ruining Your Deal
Selling a company is personal, so buyer questions can easily feel like criticism of you and the business you built. As requests multiply and decisions take longer, understandable frustration can begin to threaten the deal. In this video, M&A advisor Kirk Michie explains how the right transaction...
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Stock Sale vs. Asset Sale: Why Deal Structure Matters
Many founders focus on negotiating the purchase price, but the structure of the transaction can be just as important. Whether your business is sold as a stock sale or an asset sale may affect both your tax bill and the buyer’s economics. In this video, Kirk Michie explains why these conversations...
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What the Silver Tsunami Means for Founders
You’ve probably heard the term “silver tsunami” before. While it’s often associated with retirement and wealth transfer, there’s another side of the story that’s especially important for business owners. Over the next decade, millions of founders will look to sell their businesses as they...
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The Net Working Capital Peg for Founders
When business owners think about selling their company, most of their attention goes to valuation and purchase price. But one overlooked deal term can create surprises after closing. In this short video, Kirk Michie explains what a net working capital peg is, why buyers require it, and how it can...
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Is Your Business a Qualified Small Business? The Section 1202 Tax Windfall
Taxes can dramatically change what founders actually keep after selling a business. In this video, Kirk Michie introduces Section 1202, also known as the Qualified Small Business Stock (QSBS) exemption, and explains why founders should understand these rules long before going to market.
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RWI vs. Escrow: How to Keep More Cash at Closing Without the Risk
Many founders are surprised to learn that part of their sale proceeds may be tied up after closing. In this video, Kirk Michie explains how Rep & Warranty Insurance can sometimes reduce escrow requirements and help sellers keep more cash upfront.
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The TSA Checklist: Defining Your Post-Sale Role Before You Sign
Most founders spend the majority of a sale process focused on valuation, deal terms, and due diligence. But many transactions also include a lesser-known component called a Transition Services Agreement, or TSA. In this video, Kirk Michie explains what a TSA is, why buyers use them, and how they...
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Platform vs. Add-On Acquisitions: How Private Equity Decides Your Valuation Multiple
When founders begin talking with investment bankers or private equity buyers, they often hear terminology that has little to do with how they actually operate their business. One of the most important examples is whether a company is viewed as a “platform” investment or an “add-on” acquisition.…
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Q1 2026 M&A Market Update: Why Buyers Are Getting Pickier
The M&A market in early 2026 is not closed, but it is becoming more selective. In this update, Kirk Michie explains what Candor Advisors is seeing across founder-led transactions, private equity activity, buyer behavior, valuation expectations, and market timing. For strong companies in favored...
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Planning Ahead: Tax Strategy for Founder-Led Exits
Selling a business is not just a valuation exercise. It is also a tax planning event that can dramatically affect how much money a founder actually keeps after closing. In this episode, Kirk Michie walks through the role CPAs, investment bankers, and estate planning professionals play during...
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Do You Really Need a Professional Business Appraisal?
Figuring out what your company is worth is one of the first steps in exit planning, but acquiring that number shouldn't break the bank. Many founders mistakenly believe they must hire a professional appraiser right out of the gate, spending tens of thousands of dollars just to see if a sale makes...
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The Funnel, Ep. 15: What Happens To Your People?
The Reality: You Don’t Fully Control the Outcome The first hard truth is this: once you sell your business, you no longer control most personnel decisions unless you are willing to walk away from the deal. That doesn’t mean you’re powerless. But it does mean that promises, assumptions, or…
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The Funnel, Ep. 14: How Much Will You Pay In Taxes?
In many straightforward transactions—such as the sale of a pass-through entity like an LLC or S-corp—proceeds are typically taxed as capital gains at the federal level. Depending on where you live, state capital gains taxes may also apply. For founders in high-tax states, state taxes alone can...
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The Funnel, Ep. 13: How Do You Compare Offers?
Once you reach the bottom of the funnel, the process becomes less theoretical and far more practical. At this stage, you’re no longer asking whether to sell or how the process works—you’re evaluating real offers from real buyers. This is where many founders make costly mistakes. Multiple offers…
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The Funnel, Ep. 12: What's An 'Earn-Out' and Should You Agree?
Once you reach the bottom of the funnel, the conversation shifts from whether you’ll sell to how the deal will actually be structured. This is where specific deal terms start to matter—sometimes more than headline price. One of the most common and most misunderstood of those terms is the…
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The Funnel, Ep. 11: What's an "LOI"?
An LOI, or Letter of Intent, is a written document that outlines the basic terms under which a buyer proposes to acquire your business. It typically comes after initial conversations and early indications of interest, but before a definitive purchase agreement. Importantly, an LOI is not the sale...
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Guest Podcast by John Lee Dumas on EOFire
Learn More about Candor Advisors at https://candor-advisors.com
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The Funnel, Ep. 10: What Percentage Do Transaction Advisors Charge?
As you move closer to selling, it’s natural to ask what investment bankers or business brokers actually cost. The numbers can feel opaque if you’ve never done a deal before. In this episode of The Funnel, Kirk explains typical fee ranges by deal size, how success fees work, what retainers look...
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The Funnel, Ep. 9: Where Do You Find Your Buyer?
As founders move closer to selling, one common concern comes up: where do you actually find a buyer for your business? In this episode of The Funnel, Kirk explains how buyers are sourced, the difference between strategic and financial buyers, and why preparation matters more than hunting for a...
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The Funnel, Ep. 8: What’s the Process to Sell Your Business?
Once founders move past curiosity and decide to explore a sale, the next question is usually about process. What actually happens between deciding to sell and closing a deal? In this episode of The Funnel, Kirk breaks down the full sell-side process—from preparing materials and identifying buyers...
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The Funnel, Ep. 7: Should You Hire an Investment Banker?
In this episode of The Funnel, M&A advisor Kirk Michie explains when founders should consider hiring an investment banker and when other approaches may be appropriate. As business owners move deeper into the exit process, questions about deal structure, buyer access, and negotiation leverage…
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The Funnel, Ep. 6: How Long Does Selling Take?
In this episode of The Funnel, M&A advisor Kirk Michie explains how long it typically takes to sell a business and why founders often underestimate the timeline. Many owners assume their transaction will be simple due to business structure or limited complexity, but most deals follow a similar...
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The Funnel, Ep. 5: How To Decide If You Should Sell Now
Deciding when to sell your company is rarely straightforward. Even founders who are open to a sale often feel unsure about whether current conditions favor moving ahead or waiting. In this episode of The Funnel, Kirk outlines the practical factors that shape good timing, including performance...
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The Funnel, Ep. 4: How Do You Make Your Business More Valuable?
If you’ve been thinking about a potential sale but the numbers aren’t where you want them to be, you’re not alone. Many founders reach this stage and wonder what actually moves valuation. In this short episode of The Funnel, Kirk explains the three levers that make the biggest difference:...
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When Should You Sell Your Business?
In this episode of The Funnel, Kirk Michie tackles one of the biggest founder questions: when is the right time to sell? While many owners wait until they’re exhausted or facing setbacks, Kirk explains why the best time to go to market is actually when things are going well—when revenue is...
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Introducing The Funnel for Founders
The Planning Phase As founders move down the funnel, they shift from curiosity to preparation. This is where strategic thinking begins—planning financial readiness, identifying potential buyers, improving operations, and organizing key documents. It’s about turning general interest into a…
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What Happens to IP When You Sell?
What Happens to Intellectual Property When You Sell Your Company? For many founders, intellectual property (IP) is one of the most overlooked—but most valuable—parts of a business sale. While revenues, customers, and cash flow often dominate the conversation, IP is a critical asset that buyers...
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When to Hire Advisors for a Business Sale
When should you bring in advisors when selling your business? From investment bankers and lawyers to accountants and financial planners, timing matters. Bring them in too early and you’ll burn resources. Bring them in too late and you risk costly mistakes. In this video, Kirk Michie shares how to...
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Can you sell with declining revenues?
Selling a business is challenging enough—but what if your revenues are down year over year? Many founders assume buyers won’t be interested, but that’s not the case. While valuation may be affected, a deal can still get done if you position your company strategically and highlight the value it...
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Price vs. Terms: What Matters More in a Deal?
Founders often chase the headline valuation, but the real story is in the structure. Cash at closing, earnouts, equity rollovers, and seller notes can dramatically change the outcome. A deal at $20M with $12M cash + $8M contingent isn’t the same as $18M all cash. The right answer? It depends.…
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Scaling or Selling for Risk Control
Every founder eventually faces the same question: do you keep scaling—or sell while things are strong? In this video, Kirk Michie shares how successful founders weigh growth capital against selling early, and why selling can sometimes be the best way to manage risk. From valuation trade-offs to...
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Proving Your Business Can Outlive You
One of the biggest buyer concerns in any deal is whether the business depends too much on the founder. If it does, that’s a red flag—and it can hurt both valuation and deal structure. In this episode, Kirk Michie shares how to prove your business can run without you. From building a capable...
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What Business Expenses Should You Cut or Keep Before Selling?
Before a sale, many founders try to optimize their financials by trimming costs or making strategic upgrades. But not every change lands well with buyers. In this short video, Kirk Michie explains how to think about expense timing, whether you’re investing in growth or managing EBITDA. He breaks...
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Should You Trade Price for Better Terms
In this short video, Kirk Michie breaks down how to weigh structure vs. price when negotiating a business sale. From earnouts to seller notes to equity rollovers, he explains what to look out for and when it might make sense to accept a little less for a lot more peace of mind.
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What If You Change Your Mind Mid-Exit?
Unless you’ve signed a binding LOI (rare), you’re not forced to close—even mid-process. Of course, there are consequences. You’ll burn some fees. You may rattle your buyer’s trust. You might need to wait a bit before going back to market. But if something doesn’t feel right—whether it’s the…
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Why Selling Your Business Feels So Hard
Selling a business isn’t just a financial transaction—it’s a full-time job stacked on top of your already full-time job. In this short video, Kirk breaks down the surprising emotional toll and practical pressures that catch many founders off guard—and shares what you can do to prepare and stay...
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Q1’25 M&A Market Update: Why It’s a Strong Time to Sell
Curious how the 2025 M&A market is shaping up? In this short update, Kirk Michie explains why deal volume remains high, where private equity is looking to spend, and why some businesses tied to supply chains or tariffs might want to wait. Watch the quick video below to get the full story.
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The true cost of selling your company—broken down.
Selling a business comes with a range of costs that aren’t always discussed. Depending on the size of the deal, transaction costs typically fall between 1.5% and 5% of the total value. For larger deals, the percentage may be lower, but the dollar amount can still be significant. Key contributors…
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Will They Keep Your People? Here’s How to Think About It.
What happens to your team after you sell? It’s not always up to you—but there are smart ways to protect your people. In this 3-minute video, Kirk explains how buyers view staffing and what you can do about it.
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Efficiency Sells: How Great Ops Boost Your Valuation
When it comes time to sell your business, buyers aren’t just looking at how much you make—they’re looking at how well you run. EBITDA, or earnings before interest, taxes, depreciation, and amortization, serves as a common metric for deal valuation, but what truly boosts that number is operational...
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It’s Not Just About the Money—It’s About Your Why
Sure, the money matters—but it’s not the whole story. In this quick video, we explain why understanding your personal motivation is the most important part of your exit plan. Whether it’s freedom, purpose, or something else, your “why” will guide every decision that follows. Kirk Michie breaks…
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Before You Sign the LOI: Understand These Deal-Changing Adjustments
Before you sign a Letter of Intent, make sure you understand the deal behind the deal. From EBITDA adjustments to working capital pegs, these hidden levers can change your payout—and your future. Kirk Michie breaks down the key adjustments that can impact your sale price, timing, and terms. Watch...
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Closing Deliverables That Matter: Avoid Costly Mistakes After You Sell
Before the deal is done, there’s still work to do. In this video, Kirk Michie shares practical steps founders should take before and after closing to avoid problems that can disrupt operations, damage relationships, or hurt the legacy they’ve built. If you’re preparing to sell—or already deep in…
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How Culture Fit Can Make or Break Your Business Sale
Cultural fit can make or break your deal A good financial offer isn’t enough—if the buyer’s culture doesn’t align with yours, the deal may unravel post-sale. Private equity buyers are usually hands-off—but not always While PE firms often let businesses run independently, cost-cutting or vendor...
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What Is a CIM and Why It Matters When Selling Your Business
If you’re thinking about selling your business, or just getting prepared,it’s important to understand the CIM (Confidential Information Memorandum). It’s the document that helps you tell your story, highlight your value, and shape how buyers see your company. This quick article breaks down what a...
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Know the Market: How Industry Comparables Shape Business Valuation
When it comes time to sell your business, buyers won’t just look at your numbers in a vacuum. They’ll compare them to companies like yours—especially if those companies have sold recently. In this episode, I break down how comparable sales and competitor data influence valuation, what buyers…
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Cross-Border M&A: What U.S. Sellers Should Know
If you’re approached by a non-U.S. buyer interested in your company, it’s not business as usual. Cross-border deals can come with unexpected challenges—from regulatory reviews to ownership restrictions. In our latest piece, we cover what founders should understand before engaging in a…
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Founder Alert: You’re About to Get an Offer to Sell
How to Handle Unsolicited Interest in Your Business
About this show
Advice and insights about selling your business by Kirk Michie and his network to guide successful founders to a better outcome.
Hosted by
Kirk Michie
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