Worth Owning

In this conversation, we get into the specific moves every founder needs to start making 36 months before a sale. We break down normalized EBITDA, and the add-back game buyers play in diligence. We get into fully-loaded CAC, unit economics by channel, and the Grow–Ramp–Scale framework for knowing when to level up your finance function. And we get into why 75% of M&A deals fall apart - and why the ones that close almost always share the same 36-month prep story.What you'll learn:00:00 - The million-dollar decisions founders make on gut feel and bank balance00:54 - Hot take: most CFOs are controllers with a bigger title02:15 - Three questions to tell if you have a real CFO or just a controller03:33 - "I can't predict the future" — why that answer is a red flag04:46 - When month-end financials should actually hit your desk (and why the three-day close is a lie)05:50 - The "so what?" test for every financial report you receive08:45 - Capital allocation: funding your growth divisions vs. propping up the laggards09:13 - Why cash in the bank is the worst decision-making tool a founder can use11:06 - How revenue complexity dictates the CFO skill level you actually need12:46 - EBITDA in plain language (and why every lender treats it as profit)13:40 - Normalized EBITDA explained: the add-backs every private business owner should document now16:10 - The buyer arbitrage play on unnormalized EBITDA — and how to neutralize it18:07 - Why time kills all deals and what a 36-month prep window actually looks like18:38 - The founder, CMO, and CFO sitting at the same table — and why most conversations break down21:31 - How a strategic CFO partners with growth instead of blocking it23:26 - Fully-loaded CAC vs. vanity CAC, and why the number alone means nothing25:43 - When to start segmenting CAC by channel, ICP, and trailing twelve months27:30 - Grow, Ramp, Scale — the finance shift each phase demands30:24 - The real cost of launching outbound as a brand-new channel33:10 - Starting exit prep 36 months out: the first moves every founder should make33:39 - What separates a clean diligence from a deal that falls apart mid-process37:20 - The exit prep checklist to start on tomorrow morning38:47 - Enterprise value in plain language — and why your current financials don't show it40:40 - Strategic vs. financial buyers, and why every founder should court both41:35 - Why 75% of M&A deals fall apart (and what the other 25% have in common)42:38 - Where to find Susan---Susan Richards is a CFO and cofounder of Numbercrunch, a fractional finance function that supports growing companies from startup through exit. Follow Susan: https://www.linkedin.com/in/susan-richards-fcpa-fcma-53b2176/Check out Numbercrunch: https://numbercrunch.ca---Connect with Krystyn: https://www.linkedin.com/in/krystynharrison/Or book an intro call at Horizon Advisors: https://withhorizon.coSubscribe for new episodes every week.