Build a Business Worth Buying

Most founders think profitability equals safety, but this episode shows why cash flow and discipline matter far more.This is for founders and operators who want to build businesses that survive downturns and actually get acquired.

Most founders think scientific validation drives value in consumer brands. In reality, buyers care far more about repeat purchase behavior, profitability, and customer love.This episode is for founders building in beauty, CPG, or any product category where marketing claims can blur with real differentiation. If you are thinking about exit, this conversation reframes what actually moves multiples.

Most founders think great product equals great business. In apparel, that belief can quietly destroy margins, inventory turns, and ultimately exit value.This episode is for founders and operators who want to build scalable, sellable brands by balancing creativity with commercial discipline.

Most founders assume they must build their companies entirely through organic growth. In reality, acquisitions can accelerate growth, reduce risk, and dramatically increase enterprise value.This episode is for founders and operators who want to scale intelligently and build a business that buyers actually want.

Most founders think growth is enough to earn an exit. It is not. In this episode of Build a Business Worth Buying, Ilya Seglin of Cascadia Capital breaks down what strategic buyers and private equity firms actually look for in beauty brands and why so many fast growing companies quietly become unacquirable.If you are building toward an exit, raising capital, or trying to understand what makes a brand durable versus disposable, this conversation will recalibrate how you think about growth, distribution, brand building, and valuation.

Adi Gullia scaled Grace & Stella from an Amazon experiment into a globally distributed brand before exiting to private equity. In this episode of Build a Business Worth Buying, he breaks down what actually creates leverage in a business and what quietly destroys it.If you care about building something durable, lean, and acquirable, this conversation will reframe how you think about growth, risk, and exit timing.

Most founders follow the same beauty brand playbook.Raise capital. Chase Sephora. Scale Amazon. Pour money into ads.Kate Assaraf did the opposite.Kate is the founder of DIP, a sustainability-forward hair care brand built around refill stores, local partnerships, and real-world trust. No Amazon. No paid ads. No big box retail. And yet, the business is profitable, growing, and deeply resilient.In this episode of Build a Business Worth Buying (BWB), we talk about informed dissent. Knowing the rules well enough to break them on purpose. We unpack what founders give up when they chase growth at all costs, why Amazon creates fragility instead of leverage, and how building slower can actually create a stronger moat.This conversation is not about sustainability as a trend. It is about control, durability, and what actually makes a business worth owning long term.

Most founders don’t fail because their idea is bad.They fail because the business outgrows the systems and the founder burns out before clarity arrives.In this episode of Build a Business Worth Buying, Aaron Alpeter sits down with Jaz Fenton and Jamil Bhuya, founders behind multiple ventures across restaurants, ecommerce, and digital services, to talk candidly about:• The hidden costs of “growth at all costs”• Why profit, not hype, is the real right to exist• What building Shopify taught them about iteration at scale• When optimism helps and when it becomes dangerous• How to design a business that gives you options instead of trapsThis is a grounded conversation about systems, self-awareness, and why the best businesses feel intentional, not heroic.🎧 Listen if you’re building, scaling, or questioning whether the business you’re growing is actually the one you want to live with.

What does it really take to scale a global business without losing control, blowing up costs, or breaking your supply chain?In this episode of Build a Business Worth Buying, host Aaron Alpeter sits down with Holger Carlsson, who spent nearly 25 years helping shape procurement and supply chain strategy at IKEA, before leading operational resilience efforts at the United Nations.Holger shares hard-won lessons from operating at massive scale—where small decisions ripple across thousands of suppliers, millions of products, and global markets. This conversation goes beyond theory into the real systems, constraints, and values that enable resilient, cost-efficient growth.You’ll learn:How IKEA uses deliberate constraints to drive better decisionsWhy scenario planning is essential as complexity increasesThe origin of roles like IKEA’s “gatekeeper” and why they matterHow to simplify operations without sacrificing speed or standardsWhat happens when forecasts go wrong—and how strong systems recoverHow trust, incentives, and values shape long-term supplier relationshipsWhether you’re a founder, operator, or supply chain leader, this episode delivers practical insights you can apply immediately to build a business that scales—and is truly worth buying.

On today’s episode, host Aaron Alpeter sits down with Kelcey Lehrich, co-founder and co-CEO of 365 Holdings, a firm renowned for acquiring and transforming direct-to-consumer companies with a focus on durable, high-quality brands.Dive into Kelcey’s journey from scrappy, seller-financed service businesses to building a diversified portfolio of thriving e-commerce brands. You’ll get a candid look at how the team evaluates acquisitions, values supply chain and operational moats, and the realities behind growth projections and “dream” exits. Whether you’re prepping your business for sale or want deeper insights into the post-acquisition playbook, this conversation will help you rethink strategy, understand what buyers are really looking for, and make smarter decisions for your next big move.

On this episode of BwB, host Aaron Alpeter sits down with Arash Farin, founder and CEO of Centerstone Capital, to dive deep into the world of high-stakes acquisitions and what it really takes to build a business worth buying. With nearly 15 years of experience at the Sage Group and roles at Goldman Sachs, Blackstone, and Lehman Brothers, Arash Farin brings a wealth of real-world insights from the frontlines of M&A, private placements, secondary transactions, and more.Together, they unpack how deal dynamics shift when the stakes move from $100 million to $2 billion, what founders often overlook when trying to position themselves as a “big deal,” and the tell-tale signs that separate a truly differentiated business from just another marketing play. You’ll get actionable advice on M&A prep, capital strategy, the nuances of secondary transactions, and what buyers are zeroing in on across industries––from consumer to healthcare, sports, and entertainment.

n today’s episode, host Aaron Alpeter sits down with Neil Twa, founder and CEO of Voltage Holdings and host of the High Voltage Business Builders Podcast. With nearly two decades spent building, scaling, and successfully exiting Amazon FBA businesses, Neil Twa brings a wealth of knowledge right to the intersection of Amazon’s powerful infrastructure and entrepreneurial ambition.You’ll hear how Amazon—and the entire ecommerce landscape—has evolved, why Amazon is still one of the smartest platforms for incubating new brands, and why the future belongs to those who can think “direct to machine” in an agentic AI world. Neil Twa shares his playbook for finding high-potential products, building moats around your brand, and scaling up to exit, including real stories from his own portfolio.

Aaron Alpeter sits down with Nick Papanicolaou—a founder, investor, and former head of M&A at Pernod Ricard—to unpack the art and science of building consumer brands in the highly regulated world of beverage alcohol. Nick brings a rare perspective, having journeyed from early-stage entrepreneurship to corporate M&A, and back again as a founder and investor. Together, they dive into what truly sets a business apart when acquirers come calling: from founder empathy and exit-readiness, to retention rates, integration playbooks, and understanding nuanced regulatory hurdles. If you’re craving advanced, actionable insights on scaling, vetting, and preparing brands for acquisition—especially in tough industries—this episode delivers. Tune in for stories from both sides of the deal, lessons on de-risking your growth, and the secrets to building a business buyers actually want.

Aaron and A.J. dive into the transformative concept of "making good trouble" in business: challenging the status quo, fostering innovative thinking, and balancing ambition with humility. From the importance of self-care as a founder to building resilient operating systems and cultures that can thrive independently of their founder, you’ll hear real strategies for turning audacious ideas into sustainable, high-value businesses.A.J. unpacks how her experience at Google X shaped her approach to innovation—emphasizing experimentation, rapid learning through discreet signals, and the power of letting go when the signals are not right. You’ll learn why the healthiest cultures reward curiosity and critical questioning, and how even small businesses can adopt an R&D mindset to accelerate meaningful impact.

Aaron Alpeter sits down with Emily Reeves, VP of Capital Solutions at Bridge, to dig deep into the smart use of debt for growing, scaling, and prepping your business for a successful exit. Emily brings her extensive expertise in capital markets and private credit—especially in the CPG sector—to unpack some of the most nuanced questions founders face: How do you decide when debt is a strategic tool versus a dangerous liability? What signals does debt send to potential acquirers? And how can you leverage it to maximize valuation without risking the fundamentals of your business?

On this episode of Build a Business Worth Buying, host Aaron Alpeter sits down eith the powerhouse co-founders behind Athena Advisory Collective. Unlike the typical VC-backed founder stories, Cristy and Aggie specialize in helping female founders of agencies, service firms, and bootstrapped businesses build and exit on their own terms.You'll hear why non-VC paths can be more sustainable—and potentially more lucrative—than the venture route, and learn exactly what makes a service business truly valuable and sellable. The conversation dives deep into topics like securing recurring revenue, designing bulletproof contracts, getting the founder out of day-to-day operations, and creating a turn-key business ready for a smooth exit. Cristy and Aggie also share candid insights on supporting women founders, the psychological hurdles around selling a “passion project,” and the importance of knowing your numbers.

In today’s episode, we’re diving into the unique world of physical assets—think trucks, warehouses, and sprawling logistics networks. Our guest is Peter Stefanovich, co-founder and Managing Partner of Left Lane Associates, Canada’s premier M&A advisory firm for the supply chain sector.Together, we explore what really drives enterprise value when your business is built on tangible infrastructure, not just brand identity. Peter unpacks the nitty-gritty: how specialization can create a moat, why stability is more valuable than sky-high growth, and the common misconceptions founders face when it comes to selling an asset-heavy business. If you’ve ever wondered how to make your logistics, transportation, or service company truly attractive to buyers—or want to apply these rock-solid principles to your own operations—this episode is packed with actionable insights.

We unpack the emotional and strategic complexities of selling a business—including the hard-earned lessons Lane learned from his own exits, why perspective is so hard to find as a founder, and what really goes on behind the scenes of a successful deal. You’ll hear Lane’s take on the four key pillars buyers look for, why owner dependence is a dealbreaker, how to create a competitive process, and why building systems from day one sets your business up for a premium outcome.

In this episode, host Aaron Alpeter sits down with Dave DiGiacomo, partner at Michael Best and head of their cannabis practice, who brings a rare dual perspective as both M&A attorney and former founder. Dave’s journey from launching an organic pet food company to navigating deals from $10 million to over $1 billion gives him unique insight into what makes a business irresistible—or impossible—for buyers.Aaron and Dave pull back the curtain on what really happens behind the scenes during an exit: how to work with your legal team to actually add value (not just avoid orange jumpsuits), why the cleanest businesses fetch the highest multiples, and the often-overlooked ways founders can set themselves up for a smoother, wealthier exit—years in advance.

On this episode of Build a Business Worth Buying, host Aaron Alpeter sits down with Curtis Matsko, the unconventional CEO and founder of Portland Leather Goods—a brand famous for its cult following, vertical integration, and refusal to follow the typical startup playbook. Curtis shares the behind-the-scenes story of transforming a garage side-hustle into a nearly $200 million business, all without raising venture capital.You’ll hear how Curtis doubled revenues year after year, why he believes setting almost impossibly high goals matters, and how he built a winning team and culture rooted in creative risk-taking, authenticity, and a relentless focus on quality. Along with his assistant Mariana, Curtis candidly unpacks the hard decisions—like shutting down top-selling sales channels and boldly investing in in-house manufacturing—that set Portland Leather apart from the competition.

On this episode of Build a Business Worth Buying, host Aaron Alpeter sits down with Rodney Manzo, founder of Anvyl—a supply chain technology company that evolved from a startup serving spreadsheet-weary teams to a robust orchestration platform that caught the attention of Sage for acquisition. Rodney draws on his deep experience across Apple, Harry’s, and Anvyl to share practical wisdom about finding product-market fit, knowing when (and how) to pivot, building true enterprise value, and navigating the complexities of due diligence.

On this episode of Build a Business Worth Buying, host Aaron Alpeter sits down with Jess Meher, an accomplished entrepreneur and investor who co-founded Wonderment—an innovative e-commerce tracking and customer experience platform recently acquired by Loop Returns. Jess shares the true story behind Wonderment’s founding, from identifying a gap in post-purchase customer experience and finding early product-market fit, to the realities of building not just a product, but an enduring company. Jess takes us through navigating the choppy waters of scaling during the COVID era, understanding the critical decision points for a possible exit, and ultimately choosing a strategic acquisition with Loop Returns.If you’re looking for real-world lessons on building a data-driven SaaS business, managing founder dynamics, evaluating acquisition opportunities, and what it really takes to build a business that buyers can’t resist, this episode is packed with actionable wisdom and candid reflections—perfect for anyone who wants to move beyond startup basics and scale with intent.

In this episode, host Aaron Alpeter sits down with Glenn Gooding, President of iDrive Logistics and renowned parcel and transportation analytics expert. With over two decades at UPS and firsthand experience on the front lines of M&A, Glenn is the go-to voice for unraveling the complexities of shipping, scaling, and unlocking real value in logistics-heavy businesses.Get ready to hear candid, advanced insights into the true economics behind merging shipping volumes, why chasing bigger parcel discounts can be a flawed strategy, and how hidden factors—from carrier contracts to cultural integration—can make or break a deal. Glenn also opens up about technology’s evolving role in 3PL operations, the challenges of post-acquisition integration, and what it really takes to future-proof and differentiate a service business in today’s tumultuous parcel landscape.Glenn's Podcast: https://www.idrivelogistics.com/podcasts/a-consultants-role-in-supply-chain/

Welcome back to Build a Business Worth Buying! In this episode, host Aaron Alpeter sits down with Spencer Matthews, an operator-turned-investor with first-hand experience scaling and selling companies in the nutraceutical space. Spencer was a founding team member at Microbe Formulas, where he helped scale the business from zero to $50 million in annual revenue before leading it through a successful exit just shy of $200 million. He then co-founded Fifth Hammer, a family office investing in early-stage consumer and health brands, and now serves as the fractional COO of Stemregen, steering rapid growth and operational excellence.Together, Aaron and Spencer dig into what truly drives a business’s success, the power of capital efficiency, the realities behind exits, and how investors identify companies worth their time and money. Expect deep dives into founder dynamics, the critical role of financial reporting, and strategies for building long-lasting value—straight from someone who’s sat in every entrepreneurial seat.

On this episode of Build a Business Worth Buying, host Aaron Alpeter sits down with Tim Hoskins, President of Quester and author of Insights on the Brink. Together, they dive deep into the world of innovation inside large organizations, uncovering the real reasons why some companies succeed at bringing breakthrough ideas to life while others get stuck in their own history and biases.Tim shares hard-won lessons from more than a decade at the helm of a leading market research firm, explaining how “radical empathy” for the consumer—and not just data or experience—sets exceptional innovators apart. From common challenges facing corporate innovation teams to the ways founders’ fresh perspectives and big-company processes collide during acquisitions, this conversation is packed with honest insights and practical frameworks.

On this episode of Build a Business Worth Buying, host Aaron Alpeter sits down with Maia Benson, a veteran startup operator, investor, and current Chief Business Officer at FlavorCloud. With nearly two decades of experience across Silicon Valley, venture investing, and critical roles in e-commerce infrastructure—including a pivotal stint leading Shopify's fulfillment ambitions—Maya brings candid, real-world insights into what it truly takes to build, scale, and eventually sell a business the market wants.Aaron and Maia dig deep into the realities of startup life far beyond the pitch deck: the power of market obsession, how to identify fundable and acquirable founders, and the hard lessons drawn from the rise and evolution of Shopify Fulfillment Network. They talk about the shifting landscape of exits, how investor priorities have changed through the booms and busts of tech, and what really separates a business worth buying from one that’s just playing the startup game.Whether you’re an operator chasing that elusive product-market fit, an early-stage founder aiming for a meaningful exit, or a business builder thinking about the build-vs-buy decision, this episode is packed with strategic wisdom and actionable advice from a true industry insider. Get ready to take notes—you won’t want to miss it.

In this episode of "Build a Business Worth Buying," host Aaron Alpeter sits down with Kunal Thakkar, a seasoned leader in global supply chain management. With experience spanning two decades across various industries, Kunal shares his insights into evaluating businesses for acquisition. Having led operational due diligence for several acquisitions, Kunal sheds light on the complexities and strategies involved in assessing supply chain strengths, supplier resilience, and logistics flexibility.The conversation delves into the key areas of focus during due diligence, including inventory accuracy, product innovation, and technical capabilities. For anyone interested in learning about what truly matters in the acquisition process and how to prepare a business for sale, Kunal's expertise offers a deep understanding of the operational intricacies and the factors that can make or break a deal. Whether you're a seasoned acquirer or a seller preparing for an exit, this episode provides invaluable insights into building and scaling a business that is not just profitable, but truly worth buying.

David, a seasoned entrepreneur and thought leader in innovation, dived into the intricacies of building, scaling, and selling businesses with me. Here are 3 key takeaways from our conversation:1. Understanding Timing and Market Forces: David emphasized that successful exits often align with market timing and external forces. Founders should aim to predict market changes and ensure they are well-positioned for when those changes occur.2. Vision, Talent, and Capital: The core responsibilities of a founder include having a clear vision that aligns with external forces, selecting the right talent for each stage of the business, and ensuring there is sufficient capital to keep the business growing.3. The Importance of Purpose: David shared that the businesses and projects that truly thrive are driven by a deep, personal connection to the founder's purpose and passion. When you genuinely care about what you're building, it resonates with customers and partners alike.

Exciting new episode on Build a Business Worth Buying! Join me as I sit down with Alex Yancher, CEO of Passport Global, to unravel the complexities of cross-border e-commerce and the strategic moves in acquisitions. Alex shares invaluable insights from his journey of building, scaling, and selling businesses. 🎙️Key Takeaways: Building vs. Buying: Always work on building your capabilities. If acquisition opportunities arise, consider them, but never rely solely on the necessity of a deal. Keep your leverage by being prepared. Integration Success: Successful integrations hinge on focusing on people, processes, and technology. First impressions matter—ensure clear and thoughtful transitions to unite teams effectively. Strategic Acquisitions: Companies often get bought and not sold. Identifying potential buyers early and aligning product-market fit with buyer expectations can accelerate and enhance acquisition opportunities.

Dive into the world of international trade with me and Chris Wall from Zeus Logics as we unravel the shift in global economics from former President Trump's trade disruptions to China's growing influence. Get strategic insights on protectionism trends, understand the complexities of supply chains, and discover how businesses can adapt to a transforming landscape. Explore how the right moves today can craft a business worth buying tomorrow. Here are three key takeaways: Global Shift Towards Protectionism: The trend of protectionism is evolving, impacting international trade significantly. With protectionism rising globally, businesses need to reassess procurement strategies to align with long-term policy changes. Opportunities Amid Challenges: Economic policies often come with hidden opportunities. As trade dynamics shift, regions like Mexico are poised for significant economic growth, positioning them as strategic partners for the U.S. The Importance of Strategic Reevaluation: Now is the time for companies to revisit their supply chain strategy and approach procurement with a fresh perspective, ensuring resilience in the face of changing tariffs and global policies.

Dive into the complexities of sourcing and manufacturing in today's fluctuating markets and gear up your business for success! 📌 Key Takeaways: Strategic Sourcing: Learn why diversifying manufacturing locations beyond China is critical in the face of tariffs and geopolitical shifts. Stephen explains the "China plus one" strategy and how it mitigates risks. Building Strong Partnerships: Discover how emphasizing relationships with manufacturers can lead to better long-term outcomes. Aaron and Stephen highlight why reliable and flexible suppliers are key to navigating uncertainties. Compliance and Nearshoring: Understand the importance of maintaining up-to-date audits and compliance standards to appeal to acquirers. Nearshoring options like Mexico can reduce turnaround times and supply chain disruptions.

In this episode, Jim delves deep into the impacts of tariffs, the necessity of dynamic supply chains, and the concept of "re-globalization." We'll discuss critical strategies for adapting business supply chains amid global shifts, the importance of customer satisfaction over profit margins, and how companies can build strong, resilient systems to ensure sustainability and profitability. Jim will also share his expert views on the importance of diversified procurement and the risks of single sourcing. Whether you're an early adopter or a fast follower, there's plenty of actionable advice here to help you build a business that stands the test of time and captures the interest of potential buyers.

We dive deep into the complex landscape of global trade, human rights, and the potential implications of a returning Trump administration on tariffs and trade policies. Three Key Takeaways: Human Rights and Supply Chain Integrity: We explore how U.S. efforts to avoid products linked to forced labor, like Xinjiang cotton, align with its identity rooted in freedom and human rights. This raises the question: is it purely for human rights, or is economic protectionism at play? Shifts in Global Commerce: Analyzing the impact of a fragmented world economy and how nations like China are diversifying their trade alliances. We highlight how potential changes to free trade agreements and eliminating the de minimis exemption could redefine global trade dynamics. Strategic Adjustments for Businesses: With the possible return of Trump-era tariffs, businesses need to prepare by reassessing procurement strategies, diversifying supplier bases, and leveraging technological advancements for agile operations. Companies should also consider the current landscape for stockpiling essential goods to maintain supply continuity.