Built to Sell Radio

In this engaging discussion, Ben Leonard, the founder of Beast Gear, shares his journey from building a $6 million strength equipment brand to selling it—and then repurchasing it after seeing it fall apart under new management. He dives into the challenges of post-sale life, revealing how decisions made by Thrasio impacted brand integrity. Ben reflects on the emotional rollercoaster of negotiations, the importance of strong partnerships, and the lessons learned from his experience, including the significance of negotiating better terms.

Alex Bean, co-founder of Divvy, shares insights on the emotional rollercoaster that follows a lucrative business sale, including his $2.5 billion exit. He highlights the importance of redefining success beyond financial gains. The conversation touches on the struggles with identity shifts, the emotional burdens of wealth, and the dangers of generational wealth. Bean emphasizes fostering meaningful relationships and community impact over mere monetary pursuits, advocating for true purpose in entrepreneurship.

In this discussion, Dan Mytels, a savvy private equity investor at Salt Creek, shares his unique approach to acquisitions, having bought over 100 mature, profitable niche companies. He explains the advantages of buyers who pay 100% at closing, allowing owners a swift exit without retainment. Dan dives into financing strategies for acquisitions, the challenges business owners face with traditional private equity, and the importance of understanding investment models. His insights offer a fresh perspective on simply selling a business with a clean break.

Doug Lowenthal, founder of True Technology, a Florida-based managed service provider, dives into his transformative journey of building a million-dollar business. He shares insights on achieving a crucial $1 million EBITDA and the shift towards strategic IT partnerships. Doug discusses his leadership evolution, the importance of financial transparency, and the emotional landscape of selling a company. With humor, he reflects on preparing for life post-sale, including unexpected milestones like buying a luxury car and launching a new venture for MSPs.

Chang Kim, known as CK, sold his company Tapas for $510 million and bravely embraced a year-long sabbatical. He candidly shares his thoughts on the transformative experience of stepping back from work, discussing family dynamics and the emotional intricacies of managing newfound wealth. CK highlights the importance of teaching his kids financial responsibility, and unveils his new venture in the podcasting space, leveraging AI to connect generations through mentorship and storytelling. His insights on success and fulfillment are truly inspiring.

Brent Beshore, founder of Permanent Equity, discusses the pitfalls of private equity and the importance of long-term ownership. He warns about the common practice of financial engineering that can lead to culture erosion in acquired companies. Beshore contrasts aggressive private equity strategies with sustainable, family-owned businesses, highlighting a people-centric approach. He shares insights on navigating the home services sector, effective marketing, and the significance of transparency in business transactions.

In this conversation, Mac McLaughlin, the founder of FX Design Group, shares his journey from theater to building million-dollar sets for TV. He discusses the intricate dance of design, revenue challenges, and the ups and downs of client relationships. Mac also dives into the sale of his business, the emotional rollercoaster of transitions, and the lessons learned in negotiations. He offers insights on navigating ownership changes amidst economic hurdles and the significance of effective communication in business. Throughout, his personal anecdotes make the complexities of entrepreneurship relatable and engaging.

Jeff DeGarmo, the co-founder of Cubic, shares his journey of building a 20-person marketing agency over 16 years and selling it for 5.5x EBITDA. He reflects on the challenges of transitioning from military service to entrepreneurship and navigating complex negotiations. Jeff discusses how his agency evolved from a web-focused firm to a full-service agency, emphasizing the importance of recurring revenue. He also addresses the emotional journey of selling a business and his commitment to empowering veterans in entrepreneurship through coaching and resources.

Greg Alexander, founder of Collective 54 and seller of his consulting firm SBI for $162 million, shares invaluable insights from his experience with over 50 service firm exits. He highlights the importance of productizing services and implementing recurring revenue models. Greg discusses the unique challenges boutique firms face and the significance of client diversification through strategic acquisitions. He also delves into valuation intricacies, emotional negotiation pitfalls, and the importance of building community connections post-exit.

What makes someone want to buy an “unsexy” business?  Jon Pole has acquired 19 traditional radio stations. On paper, it’s an industry many assume is in decline. But for an experienced buyer like Pole, these deals are less about media trends and more about community, cash flow, and culture.