#443: Graham & Kyle | How to Value Your Business Without the Bullsh*t

You’ve probably heard that business valuation is more art than science. But what if the art is just smoke and mirrors—and the science has been hiding in plain sight all along? 

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In this episode, I’m joined by Graham Stephen and Kyle McCulloch, the team behind Bizval, a company that’s quietly building a tool that may completely disrupt how business owners understand valuation. What makes it so revolutionary? Instead of retrofitting a formula to outdated tax returns or jargon-filled reports, they’re prompting you—the owner—to answer operational questions you already know, then reverse-engineering a legit three-statement model and discounted cash flow (DCF) valuation from that data. 

Most valuation tools ignore cash flow and future risk. Bizval centers it. Instead of proxies, you're getting clarity. If you’ve ever been told your business is worth “4–6x EBITDA” and felt like that answer didn’t mean anything—you’re going to love this conversation. 

We go deep into: 

• Why traditional valuation approaches are built to protect advisors, not serve owners. 

• How Bizval helps you forecast future cash, so you can make better decisions—whether you’re selling, scaling, or holding. 

• Why your business might be the most inflation-resilient investment you own. 

• If you’re serious about building value and taking control of your financial future, this is a must-listen. 

 
Graham Stephen is a former banker and chartered accountant turned entrepreneurial strategist. After witnessing firsthand how the traditional financial system fails owner-operators, he co-founded Bizval to bring clarity, simplicity, and first-principles thinking to the messy world of valuation. His work helps owners understand their true worth—not just on paper, but in cash terms they can act on. 

Kyle McCulloch brings a rare combination of global macro risk analysis, cyber strategy, and operational grit. From trading floors to turnaround jobs in small businesses, Kyle has built a toolkit that allows him to connect the dots between world events, business systems, and cash flow forecasting. He now helps Bizval clients tie strategy to risk-adjusted value so they can play the right game—and win. 

Chapters:  

• (00:00) Introduction and guest backgrounds from Ryan Tansom 

• (01:24) Graham's journey from banking to entrepreneurship and Bizval's genesis 

• (12:40) Kyle's path from Wall Street dreams to risk management expertise 

• (21:43) Why traditional valuations are broken and cash flow is king 

• (35:00) Graham's five-step valuation process that actually works 

• (50:00) Forward-looking forecasts and scenario planning for owners 

• (01:05:00) The macroeconomic reality changing how we value businesses 

• (01:20:00) Why this approach changes the game for owners 

• Rate, comment, and share with the owner/operators you know!  

Resources: 
 
Graham Stephen https://www.linkedin.com/in/graham-stephen/ 
Kyle McCulloch https://www.linkedin.com/in/kylemcculloch1/
Ryan Tansom Website https://ryantansom.com/ 

Sound Bites 

“Cash is gravity—no matter what the market says, your business lives or dies by its future cash flow.” 

“Most valuation tools measure history. Bizval helps you predict what matters: will I have any f***ing money in 12 months?” 

“Owners already know what matters—they just need someone to ask the right questions and make it make sense.”