#456: Panel Debate | The Ownership Game (the 2%) vs. Small‑Business Reality (the 98%)

Most advice treats all owners the same. The reality? There are two different games.

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For the 98% (smaller, tightly owner‑dependent companies), the job and the asset are commingled. Generic “exit planning” advice often creates noise: the math, buyers, and timelines rarely line up.

For the 2% (true middle‑market owners with durable EBITDA and a management team), the game shifts to the boardroom. It’s about capital allocation—protecting value, preserving options, and making decisions across time, cash flow, and wealth.

That’s the conversation in this panel debate with Mike Finger (Exit Oasis), moderated by Graham Stephen and Kyle McCulloch. Mike advocates for pragmatic guidance that helps the 98% make real progress. I argue for a clear line between the two games—and for ownership thinking when you’ve crossed into the 2%.

We dig into:

• How the U.S. company landscape actually breaks down—and why that matters more than slogans
• What’s signal vs. noise for the 98% (cash flow, role/asset separation, transferable systems, realistic debt math)
• What’s signal for the 2% (board governance, valuation lenses, optionality, capital allocation)
• Where demographics, debt costs, and normalized EBITDA distort decision‑making
• Why many “exits” below the middle market don’t pencil—and what to optimize instead
• How to decide whether to design a great job (time + cash flow) or build a true asset—and what each path demands
• Where I think Bitcoin fits as long‑term store of time/value for owners—and where it doesn’t help

Bottom line: Know which game you’re in. Filter the advice accordingly. If you’re in the 98%, focus on cash flow, dependability, and de‑risking. If you’re in the 2%, think like an allocator and run from the boardroom.

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.

Mike Finger is the founder of Exit Oasis, where he helps small business owners understand what it really takes to sell a company. After successfully selling three of his own businesses, Mike now focuses on guiding owners who want to create transferable companies — businesses that can run without them and deliver value to a buyer. Through Exit Oasis, he provides education and coaching designed to help owners move beyond wishful thinking and toward realistic transition strategies.

Chapters: 

• (00:00) Ryan and Mike's productive debate background, setting up round two discussion
• (03:41) Panel introductions: Graham Stephen, Mike Finger, Kyle McCulloch, and Ryan Tansom 
• (06:32) Demographics breakdown: 27 million private entities, employment data, and market landscape 
• (13:08) Mike's 98% small business focus versus Ryan's 2% middle market approach
• (22:22) The no man's land problem: companies with $500K-$2M EBITDA and limited options 
• (47:00) Mike's practical approach: Carl's success story from $170K to $350K earnings 
• (1:14:20) Universal business truths: desirable results, repeatability, and proper documentation 
• (1:30:15) Coaching models and economic challenges of serving different market segments 
• (1:45:30) Final thoughts on gratitude, hard work, and understanding your business goals
• Rate, comment, and share with the owner/operators you know!

Resources:
Graham Stephen LinkedIn
Kyle McCulloch LinkedIn
BizVal
Mike Finger LinkedIn
Exit Oasis
Ryan Tansom Website https://ryantansom.com/