
Built to Sell Radio
Built to Sell Radio is a weekly podcast for business owners interested in selling a business. Each week, we ask an entrepreneur who has recently sold a business why they decided to sell their business, what they did right and what mistakes they made through the process of exiting their business. Built to Sell Radio is the ultimate insider's guide to approaching the most important financial transaction of your life.
Latest episodes

Apr 25, 2025 • 1h 4min
Ep 491 Inside the Mind of an Acquirer: The Case for Unsexy
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.

6 snips
Apr 18, 2025 • 52min
Ep 490 Exit Story: How a Middleman Built and Sold a $19M Distribution Business
Sean McAuliffe, a former house painter turned entrepreneur, shares his incredible journey of building a $19 million distribution company for replacement car keys. He reveals how a simple client complaint led him to discover a lucrative niche by sourcing keys from Asia. McAuliffe dives into the complexities of managing inventory, understanding pricing differences, and the unexpected offer from a private equity firm. He also discusses the shift from traditional keys to digital solutions and reflects on personal growth during the challenges of selling his business.

8 snips
Apr 11, 2025 • 1h 7min
Ep 489 Inside the Mind of an Acquirer: Sequoya Borgman on How Independent Sponsors Buy Companies, Structure Deals, and Spot Pretenders
Sequoya Borgman, founder of Borgman Capital and an expert in independent sponsorship, shares insights from his experience acquiring 19 companies. He discusses how independent sponsors vary from traditional private equity, utilizing deal-by-deal funding. Sequoya highlights the evolving landscape of lower middle-market acquisitions, emphasizing the rise of high-net-worth individuals. He explores the intricacies of deal structuring, CEO expectations, and the importance of trust between buyers and sellers to ensure successful transactions.

11 snips
Apr 4, 2025 • 59min
Ep 488 Exit Story: Garren Hilow on Selling for $190M, Taking Stock, and Missing His Earn-Out
Garren Hilow, co-founder of Abveris, shares his incredible journey from a bootstrap startup with a small stake to a $190 million all-stock sale. He discusses the challenges of co-founding a biopharmaceutical company, overcoming financial hurdles, and successfully navigating the complex sale process. Garren reflects on the emotional turmoil of a botched earn-out and the lessons learned along the way. He also finds joy in personal triumphs post-sale, like acquiring a fishing boat and appreciating family moments amidst the ups and downs of entrepreneurship.

12 snips
Mar 28, 2025 • 1h 7min
Ep 487 After the Deal: How the Ultra-Wealthy Invest After Selling Their Business
In this enlightening conversation, Michael Sonnenfeldt, founder of Tiger 21, shares his journey from selling two companies to guiding ultra-wealthy entrepreneurs in smart investing. He highlights the emotional challenges of wealth after exit and the importance of building a support network. Discussion includes pitfalls to avoid, the significance of character in investment groups, and the contrasting psychology of spending between self-made and inherited wealth. Sonnenfeldt emphasizes mentorship and the importance of emotional support in nurturing healthy family dynamics amid affluence.

Mar 21, 2025 • 1h 1min
Ep 486 Inside the Mind of an Acquirer: The Harvard Playbook for Buying Your Business
A new generation of buyers trained in Entrepreneurship Through Acquisition (ETA) is looking for businesses like yours. Unlike private equity firms focused on roll-ups, ETA buyers are often searching for a single business to own and operate—making them a legitimate option for certain sellers.

28 snips
Mar 14, 2025 • 1h 10min
Ep 485 After the Deal: The Psychology of Selling—Kill Criteria, Walkaway Mindset & Why “Telling Your Company’s Story” Often Drives Up Your Multiple
Rob Walling, a serial entrepreneur and TinySeed founder, and Dr. Sherry Walling, a clinical psychologist and mental health advocate for entrepreneurs, delve into the psychology behind selling businesses. They explore crucial concepts like kill criteria, the emotional rollercoaster of exits, and the importance of personal storytelling in boosting company value. Their insights highlight how emotional preparation and strategic planning can distinguish thriving exits from those that leave owners lost. Additionally, they discuss celebrating personal milestones and the significance of financial literacy for future generations.

Mar 7, 2025 • 1h 10min
Ep 484 How to Know When It’s Time to Sell
Kristie Shifflette built a 13-location Orangetheory Fitness empire from scratch—bootstrapping a capital-hungry business, personally guaranteeing leases, and taking on risk most founders wouldn’t touch. In the end, it paid off for Kristie and in this episode, you’ll discover how to: Bootstrap a capital-intensive business without giving up control Reduce your risk when taking on an investor Attract entrepreneurial employees who will care as much as you do Think about the $10 million milestone (and why it matters to private equity) Know when to take some chips off the table—and when to double down Ace management presentations with an acquirer Play hard to get (even when you want to sell) Get an acquirer to bump up their offer Max out an earn-out payment—even if you don’t quite hit your targets Spot an acquisition offer that’s likely to be re-traded

19 snips
Feb 28, 2025 • 1h 28min
Ep 483 Exit Story: Frank Shultz on Escaping the 50/50 Trap and Buying Out a Partner
Frank Shultz, co-founder of Infinite Blue and currently with United Effects Ventures, shares his journey through a challenging 50/50 partnership. He discusses the complexities of buying out a co-founder amidst disagreements and financial strains. Listeners learn about the critical importance of business continuity planning and the emotional hurdles tied to partner dynamics. Frank also reflects on navigating growth, leadership restructuring, and the impact of market conditions during acquisitions, all while emphasizing communication and strategic decision-making.

19 snips
Feb 21, 2025 • 1h 17min
Ep 482 Exit Story: Bob Gilbreath — "The Adult Version of the Marshmallow Test" and How to Capitalize on an Earn-Out
Bob Gilbreath, an accomplished entrepreneur, shares his insightful journey through two successful earn-outs in service businesses, transforming a perceived gamble into financial triumph. He discusses strategies for motivating teams amidst high stakes, the evolution of his digital agency, and the pivotal partnerships that fueled growth. Gilbreath emphasizes the emotional complexities of transitioning from independence to corporate life, highlighting the importance of relationship building and personal growth during the earn-out process.
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