Podcasts about ebitda

“We can all claim savings without necessarily achieving the result.”  This stark observation from Jason Busch sums up decades of dysfunction in how procurement measures their impact and why AI may finally force a (much-needed) reckoning with reality. In this episode of “Buy: The Way...To Purposeful Procurement,” Jason joins co-hosts Philip Ideson and Rich Ham to explore how artificial intelligence might finally solve procurement's validation problem… but only if organizations abandon their addiction to “claiming savings” and start measuring what actually matters: EBITDA. As a co-founder of FreeMarkets and a founder of Spend Matters, Jason has witnessed 25 years of procurement's evolution from the inside, and he's not pulling any punches. Instead, he offers a radical proposition: procurement should function as economic “detectives” gathering evidence of spend crimes, then “prosecutors” holding suppliers accountable based on that evidence. The technology finally exists to make this possible, but it will require procurement to abandon the comfortable fiction of projected savings in favor of the uncomfortable truth of EBITDA impact. The implications of this approach extend beyond individual organizations. Jason frames procurement's societal purpose as “public defenders against rampant cost escalation,” suggesting that when buyer-side flaws enable seller-side exploitation, the ultimate losers are consumers who absorb these costs through higher prices. According to Jason, the question isn't whether technology will transform procurement… It's whether procurement will transform themselves enough to leverage that technology purposefully and for the good of the business. Links: Jason Busch on LinkedIn Rich Ham on LinkedIn Learn more at FineTuneUs.com  

In this episode, Keith drops by Brian Fullerton's shop (yes, after a literal mulch fire

In this episode, the hosts break down a jaw-dropping $6.5M AI-driven OnlyFans agency for sale—raising questions about revenue math, adult industry risks, and whether it's genius or just gross.Business Listing – https://drive.google.com/file/d/1EXFqF7L2x2LeM5ncFNfDEqRk6iRhDHiT/view?usp=sharingWelcome to Acquisitions Anonymous – the #1 podcast for small business M&A. Every week, we break down businesses for sale and talk about buying, operating, and growing them.

In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Franco Chomonalez from Sophon Capital to analyze Thunderbird Entertainment (TBRD). Franco shares why the microcap Canadian animation and media company—trading at just 1.6x EBITDA—fits Sophon's investment criteria. They discuss Thunderbird's three revenue models, its role as a low-cost production partner for Disney, and the competitive advantages stemming from Canadian tax credits. The conversation also explores failed M&A efforts, AI disruption risk, shareholder tensions, and the upcoming TSX uplisting as a potential re-rating catalyst.Sophon Capital's site: https://sophoninvest.substack.com/_________________________________________________________[00:00:00] Andrew introduces Franco and Thunderbird[03:23:00] Franco outlines Sophon's microcap thesis[06:17:00] Overview of Thunderbird's business model[09:54:00] Discussion on Thunderbird's cheap valuation[11:39:00] History of Thunderbird and key players[16:05:00] Studio advantages: tax credits, location[18:07:00] Is Thunderbird's work commoditized?[24:26:00] Disney outsourcing versus in-house strategy[29:36:00] 80%+ IP pitch success rate explained[30:21:00] AI risk: upside and private equity fear[39:32:00] Can AI make animators obsolete?[42:49:00] Why hasn't Thunderbird been sold yet?[47:08:00] Debate: reinvest or return capital[53:59:00] TSX uplisting as a near-term catalystLinks:Yet Another Value Blog - https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Interview with Arturo Préstamo Elizondo, Executive Chairman & CEO of Santacruz Silver Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/santacruz-silver-tsxvscz-q1-revenue-hits-70m-as-turnaround-plan-delivers-results-7297Recording date: 11th September 2025Santacruz Silver Mining represents a compelling investment opportunity for investors seeking exposure to a financially disciplined silver producer with strong fundamentals and clear growth catalysts. The company has successfully completed a strategic financial restructuring that positions it as one of the cleanest balance sheet stories in the precious metals sector.The company's financial transformation is remarkable. Santacruz has completely eliminated its acquisition-related debt obligations, paying off the final $15 million of its Glencore asset acquisition ahead of schedule while securing an additional $40 million in savings through an acceleration clause execution. This achievement has resulted in a pristine balance sheet with no streaming agreements, no royalties, and minimal debt beyond a strategically structured $20 million promissory note in Bolivia that carries a negative implied interest rate.Operationally, Santacruz demonstrates impressive resilience and diversification through its portfolio of four producing mines and one ore sourcing company spanning Mexico and Bolivia. The company generates over 7 million ounces of pure silver annually alongside significant zinc credits, with management projecting $90-120 million in annual free cash flow. This operational strength was evidenced when recent flooding at two Bolivian veins was immediately offset by San Lucas trading operations, which sourced replacement ore from third-party miners to maintain full mill capacity utilization.The investment thesis is strengthened by favorable currency dynamics in Bolivia, where 80-85% of operational costs are denominated in Bolivianos. The recent devaluation of the Boliviano creates ongoing cost advantages that directly improve all-in sustained cash costs and enhance profit margins, particularly beneficial in the current rising silver price environment.Santacruz's primary growth catalyst centers on the advanced Soracaya brownfield project, which management characterizes as "advanced organic growth." This asset features existing 43-101 resource reporting and previous development work by Glencore, with full permitting expected within 7-10 months. Once operational, Soracaya will contribute an additional 4 million ounces of annual silver production - representing approximately a 60% increase in output - funded entirely through internal cash generation without equity dilution.The company's resource base offers exceptional longevity and expansion potential. Current reserves and resources provide approximately 12 years of mine life in Bolivia alone, supported by vein systems that allow for both deeper development and strike length extension. Notably, the Porco mine represents the longest continuously producing mine in the Americas with 500 years of non-stop operation, while other assets have maintained production for over 200 years, demonstrating the sustainability of these geological systems.From a valuation perspective, Santacruz appears attractively positioned with an enterprise value approximately six to seven times projected EBITDA of $110-120 million, trading at a discount to many precious metals peers. This valuation gap, combined with the company's strong cash generation capabilities and strategic flexibility for acquisitive growth, presents multiple pathways for value creation.The macro environment further supports the investment case, as silver benefits from dual demand drivers spanning both industrial applications and monetary hedge demand. Industrial consumption continues expanding through renewable energy infrastructure and electronics manufacturing, while supply constraints from primary silver operations create additional price support.For investors seeking exposure to a well-managed silver producer with proven operational capabilities, clean financials, and clear growth visibility, Santacruz Silver offers a compelling risk-adjusted opportunity in the current precious metals landscape.View Santacruz Silver Mining's company mining: https://www.cruxinvestor.com/companies/santacruz-silver-miningSign up for Crux Investor: https://cruxinvestor.com

Wednesday, September 10, 2025. Week 37. CAMP4 Press Release:  https://www.linkedin.com/posts/caleb-moore-4382704_syngap1-activity-7371545171047628800-zVqR   Let me tell you a story: EW Story, concern over viability of C4. Easy to follow financials, Mrkt Cap and Net assets of ~$40M.  Net income/EBITDA of -$12.6M in Q2.   Running Phase I / II trials and ramping up for Phase III, not cheap.  They need more than they had and capital is hard to get in this market. But here is the good part, the data is solid, the team is strong, and the SYNGAP1 Ecosystem is excited to have a first mover. SRF was thrilled to be invited, not just because we believe in C4, but because we wanted to send a meaningful signal to other investors that we are working closely with C4 and are eager to support their success.  I believe that our investment, while modest, sent that signal and helped this raise become oversubscribed. The board worked hard on this one. Now for hard questions: Are we conflicted? No.  We will transparently share info about all trials for products with good data.  ( See #S10e172 for ASGCT Data https://youtu.be/9xO1TcO1Eus )  Will other companies be upset?  Unlikely.  Stoke and Praxis are the only companies publicly working on SYNGAP1 that are close to this point and they are not worried about financial viability, but if they do want to do a raise for their SYNGAP1 program, they should certainly call us. What will other companies think? Indeed we are de-risking the disease by showing that our kids are modifiable with ASOs which are the majority of the therapies in scope.  This is a huge favor to others looking at this space.   Isn't this taking a risk with our funds?  Depends.  But if it is, it's a risk worth taking.  Remember we are the smallest investor, we only committed up to $1M, so other professional biotech investors put in $99M. What was the process?  C4 came to us, we decided it was worth talking to the board who had multiple discussions but we said yes in less than a week and that was last week. When is the trial? 2H26 Less than a year from now.  With this financing, I am sure of it. As I write this, the $CAMP stock closed up $0.80 or +40%.  Which is solid.  The market is starting to agree with the wise investors and SRF!  Yes we need a cure.  https://www.linkedin.com/posts/curesyngap1_savekramerdavis-activity-7371607032807763968-PVfG   See you Friday: Beacon of Hope September 12, 2025 - Boston, MA cureSYNGAP1.org/Beacon25   SOCIAL MATTERS - 4,311 LinkedIn.  https://www.linkedin.com/company/curesyngap1/  - 1,430 YouTube.  https://www.youtube.com/@CureSYNGAP1    - 11,286 Twitter https://twitter.com/cureSYNGAP1  - 46k Insta https://www.instagram.com/curesyngap1/    Episode 182 of #Syngap10 #CureSYNGAP1 #Advocate #PatientAdvocacy #UnmetNeed #SYNGAP1 #SynGAP #SynGAProMMiS

Is your organization thinking about revenue cycle management (RCM) the right way? In this episode of Healthcare Insider, Garett Kreitz, co-president of Med-Metrix, explains how to elevate RCM from a transactional function into a true strategic asset. Listeners will learn: What end-to-end RCM really means in practice How providers can uncover hidden EBITDA and strengthen their bottom line Real-world strategies Med-Metrix uses to help health systems maximize reimbursement and reduce revenue leakage Tune in to hear how aligning leadership, technology and execution can transform the revenue cycle into a powerful driver of financial health.

While the financial pieces often dominate the conversation in a DSO sale, there are many more factors involved in the process other than EBITDA and multiples. Christy and Charles help practice owners take a step back and understand all the key considerations when partnering with DSOs. From how the practice value is truly calculated, your preferred workback timeframe and your life after the sale, understanding these components will help you set the right expectations.

This is Part 9 of Steve Coughran's book Cash Flow. Steve introduces the fifth lever of cash flow: capital. He explains why EBITDA isn't cash flow, how invested capital and ROIC reveal whether a business is creating or destroying value, and the hidden cash traps in receivables, inventory, and CapEx that often strangle growth.LinkedIn | YouTube coltivar.com

This is Part 4 of Steve Coughran's book Cash Flow. Steve breaks down the two main ways businesses are valued: the income approach, based on free cash flow, cost of capital, and growth, and the market approach, based on EBITDA multiples. He explains why understanding both is critical, how multiples impact valuation, and what really drives the worth of your company.LinkedIn | YouTube coltivar.com

O EBITDA é um dos indicadores mais citados em relatórios financeiros, reuniões de conselho e até no dia a dia dos gestores. Mas será que ele realmente mostra a verdade sobre os resultados da sua empresa? Neste episódio do Controller Cast, recebo Marcelo Luz Alves para uma conversa franca sobre as mazelas do EBITDA. Você vai descobrir:

Mishka Katkoff sits down with Pranav Singhvi (General Catalyst, Customer Value Fund) and Joe Wadakethalakal (PVX Partners) to unpack the rise of UA financing, a new capital instrument that lets gaming and app companies scale user acquisition without giving up massive chunks of equity.We break down:1. Why traditional VC or debt financing is often a poor fit for customer acquisition.2. The origins of UA financing and why treating cohorts as “assets” changes the game.3. The differences between PVX Partners' gaming-first model and General Catalyst's broader CVF.4. Success stories like Superplay's $2B exit, powered by UA financing.5. How founders should think about timing, risk, and capital allocation.6. Why CAC is the new CAPEX, and how EBITCAC could replace EBITDA as the real profitability metric for gaming and app businesses.00:00 – Guest Intros (Pranav Singhvi & Joe Wadakethalakal)01:00 – What is UA Financing05:30 – PVX Partners vs. Customer Value Fund15:00 – Equity vs. UA Financing: Which Capital Fits Which Stage?19:15 – Founders as Capital Allocators: Balancing Risk, Growth & Dilution22:30 – What Returns Look Like in UA Financing (Real Economics)24:30 – Scaling Beyond Balance Sheet Limits28:00 – When Is the Right Time to Use UA Financing? 32:00 – LTV Curves, Incremental ROAS & Product Readiness35:30 – Case Study: How Superplay Used UA Financing to Reach a $2B Exit38:50 – PVX Success Stories 41:40 – Managing Risk: Oversight & Skin in the Game48:00 – What Counts as CAC? Influencers, Celebs, and Brand Marketing49:40 – The Future of UA Financing & Cohorts as a New Asset Class52:40 – CAC is the New CAPEX: Rethinking EBITDA as EBITCAC57:30 – Why Tech Companies Look Unprofitable but Aren't59:00 – Advice for Founders Considering UA Financing01:04:00 – Capturing Market Share Before Competitors Catch Up01:07:00 – Final Takeaways & Closing Thoughts

Join me as I reveal the seven essential finance terms you need to know to succeed in business. From "free cashflow" to "leveraged buyouts," I break down the most vital concepts that will level up your financial life. Plus, stick around for an inspiring story of how Cody (not this Codie, a different Cody) transformed from an employee to a business owner in just 90 days, leveraging the financial strategies I share. Financial freedom isn't luck — it's learned. Join my 3-day live virtual event this September 19-21. Reserve your spot and join the owner revolution → ⁠http://contrarianthinking.biz/3Hon5uW⁠ 00:00 Introduction 00:02 The Importance of Financial Literacy 00:28 Seven Key Acquisition Terms 00:36 Understanding Free Cash Flow (FCF) 01:29 Working Capital Explained 02:14 EBITDA and Business Valuation 03:19 Leveraged Buyouts (LBO) 03:43 Seller Financing 05:16 Cody's Success Story 08:41 Conclusion MORE FROM BIGDEAL:

 Interview with Paul Mulder, Managing Director of Pacific Lime & Cement Ltd.Recording date: 26th August 2025Pacific Lime & Cement is developing Papua New Guinea's first integrated lime and cement production facility, targeting a market opportunity worth over $50 million annually in import replacement. Led by Managing Director Paul Mulder, a 30-year resources veteran with experience at BHP and managing Gina Rinehart's energy assets, the company is capitalizing on PNG's complete dependence on imported lime and cement.The project's competitive advantage stems from exceptional resource quality and strategic positioning. Located just 24 kilometers from Port Moresby, the facility controls 400 million tons of high-grade limestone that sits directly at surface level, eliminating costly stripping operations. With the quarry situated merely 800 meters from wharf facilities adjacent to PNG's $18 billion LNG infrastructure, the company enjoys a 75% freight distance advantage over Southeast Asian competitors.PNG's annual lime demand of 250-300,000 tons represents 70-75% of Pacific Lime & Cement's planned phase one capacity, with major mining companies committed to supporting competitive local suppliers. The country's cement consumption of just 33 kilograms per capita—compared to 250-700 kilograms in comparable developing nations—indicates substantial growth potential as PNG pursues $55 billion in planned infrastructure projects.Government support has been comprehensive, with Pacific Lime & Cement securing PNG's first industrial Special Economic Zone status, providing 10-15 years of corporate tax relief. Community Development Agreements ensure local participation through infrastructure investment, employment, and equity participation.Construction of the $80 million phase one is underway with an 18-month timeline, funded entirely through equity to maintain operational flexibility. Management projects $150-200 million EBITDA at full development, with export potential to Australia where the company maintains significant shipping time advantages over traditional suppliers.The integrated approach positions Pacific Lime & Cement to serve PNG's entire construction value chain while establishing a platform for regional expansion.Sign up for Crux Investor: https://cruxinvestor.com 

The managed services provider (MSP) market is experiencing a paradoxical trend where revenue is increasing while the number of providers is decreasing. According to Canalys data, global managed services revenue surpassed half a trillion dollars in 2024, reflecting a year-over-year growth of 9.7%. However, the number of channel partners has slightly declined by 0.6%, with large MSPs rapidly acquiring smaller ones. This consolidation trend has led to a significant shift in the market dynamics, where smaller MSPs struggle to compete against larger firms that possess superior resources and pricing power.To survive in this competitive landscape, smaller MSPs must adopt focused strategies, targeting specific customer segments or industries. By doing so, they can achieve higher profit margins, with specialized MSPs reporting EBITDA percentages between 15% to 30%, compared to just 7% for those lacking focus. The article emphasizes that smaller MSPs have several options: they can sell to larger firms, acquire smaller peers, focus on niche markets, or leverage partnerships to remain competitive. The reality is that the middle tier of MSPs is rapidly disappearing, and those who attempt to serve everyone may find themselves at a disadvantage.In addition to the MSP market dynamics, the podcast discusses recent legislative developments, including Michigan's new laws addressing deepfakes, which make it illegal to create AI-generated sexual imagery without consent. This reflects a growing trend across the U.S. to combat nonconsensual abuse imagery, with most states now having similar laws. Furthermore, the U.S. Treasury has imposed sanctions on individuals and entities linked to North Korea's illicit IT worker schemes, highlighting the security risks posed by fraudulent practices in the tech industry.The episode also covers the latest advancements in AI-powered security solutions from various vendors, including Thrive, Addigy, Arctic Wolf, and Acronis. These companies are rolling out new services and products designed to enhance security operations and protect data. The overarching theme is that as technology evolves, the risks associated with it are also increasing, and IT service providers must adapt to these changes by offering value-added services that help clients navigate the complexities of compliance and security in a rapidly changing environment. Four things to know today 00:00 MSP Market Expands to $500B as Provider Count Shrinks Amid Rapid Consolidation04:10 From Abuse Imagery to Supply Chain Threats, Regulation Struggles to Keep Up With Emerging Risks07:45 AI Everywhere: Thrive, Security Vendors, OpenAI, and Microsoft Redefine Service Provider Playbook12:39 D&H and Nutanix Growth Signals Services-Led Future as Distributors and Vendors Push Into MSP Territory This is the Business of Tech.     Supported by:  https://scalepad.com/dave/ https://cometbackup.com/?utm_source=mspradio&utm_medium=podcast&utm_campaign=sponsorship  All our Sponsors: https://businessof.tech/sponsors/ Do you want the show on your podcast app or the written versions of the stories? Subscribe to the Business of Tech: https://www.businessof.tech/subscribe/Looking for a link from the stories? The entire script of the show, with links to articles, are posted in each story on https://www.businessof.tech/ Support the show on Patreon: https://patreon.com/mspradio/ Want to be a guest on Business of Tech: Daily 10-Minute IT Services Insights? Send Dave Sobel a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/businessoftech Want our stuff? Cool Merch? Wear “Why Do We Care?” - Visit https://mspradio.myspreadshop.com Follow us on:LinkedIn: https://www.linkedin.com/company/28908079/YouTube: https://youtube.com/mspradio/Facebook: https://www.facebook.com/mspradionews/Instagram: https://www.instagram.com/mspradio/TikTok: https://www.tiktok.com/@businessoftechBluesky: https://bsky.app/profile/businessof.tech

In Episode 40, of Season 5 of Driven by Data: The Podcast, Kyle Winterbottom was joined by Carlos Soares, SVP Data, Analytics & AI at Brenntag, where they discuss how Brenntag is reshaping global operations by applying data, analytics, and AI to drive measurable business value. From tackling transformation through dual streams to building a data culture rooted in EBITDA impact, this conversation uncovers the practical realities and hidden complexities of delivering scalable value with data, which includes;Why defining the true problem statement is the most important part of successful transformation. Why many confuse the problem statement and pain points.The importance of hiring ‘purple' people and building ‘purple teams for transformation.Why data and analytics work should deliver EBITDA impact and why that's an issue for our industry. Building models and controls groups to measure value creation but more importantly drive it internally.The two streams of successful D&A transformation. How quick wins can deliver commercial returns to drive credibility and further investment.Why low-hanging fruit often gets overlooked.Why cross-collaboration and working in partnership with business stakeholders is the only way to succeed.The phenomenal success of their ‘Customer Growth Engine' that's delivered insane results. Why AI will augment human-decision making not automate it. Why the association to IT limits strategic potential and value creation.Why we need to reskill for relevance in an AI enabled world.Plus, much more. For more information on our upcoming Driven by Data LIVE event;...

The UK Investor Magazine was delighted to welcome Vicky Davies, CFO of Adsure Services, to the podcast to discuss recent results and the outlook for the year ahead.Adsure Services revenues grew 7% in the year ended 31 March 2025, while EBITDA soared 35%.Strong financial performance driven by fresh contracts helped support a 15% increase in the dividend.Vicky outlines Adsure's near-term plans and the expected benefits of deploying their proprietary AI tool later this year. Hosted on Acast. See acast.com/privacy for more information.

Learn more about Eddie at: www.officialew.com Become a champion for Orphans : Project Dakota: Championing For Orphans | Impact Others™ Show Notes with Timestamps:[00:36]

In this deep-dive episode, Ray Powell and Jim Carouso are joined by Matthew Zolnowski, former Special Advisor at the U.S. Department of Defense and President of Greyfriars LLC, for an expert exploration of critical minerals and rare earth elements in the context of U.S.-China strategic competition. As tensions escalate in the Indo-Pacific, they examine why these "rocks" are essential building blocks for both military weapon systems and the civilian economy.Critical Minerals vs. Rare Earths: Understanding the DifferenceMatt breaks down the distinction between critical minerals (50+ commodities spanning the periodic table from antimony to zirconium) and rare earth elements (those mysterious bottom rows of the periodic table you never had to learn). He explains China's dominant position in heavy rare earth processing, particularly for permanent magnets used in defense applications, while noting that light rare earths like cerium and lanthanum—used in petroleum refining and glass polishing—remain more accessible from domestic sources like California's Mountain Pass mine.Stockpiling, Strategy, and Supply Chain VulnerabilitiesThe discussion reveals concerning gaps in U.S. defense procurement, including how electronic components bypass normal sourcing requirements, allowing Chinese rare earth magnets into submarines through hard drives, while direct magnet purchases require allied sourcing. Zolnowski details the $2 billion stockpile expansion and explains how stockpiles "buy time" rather than widgets—bridging the gap between crisis onset and Defense Production Act responses.Industrial Policy vs. Market ForcesRay and Jim probe the tension between America's traditional free-market approach and emerging industrial policy, examining deals like the MP Materials contract with its $150 million heavy rare earth separation line and EBITDA guarantees. Matt argues this represents uncharted territory, fundamentally breaking with traditional government-industry relationships as the U.S. grapples with China's strategic dominance in processing and price manipulation.Australia, Allies, and Alternative StrategiesThe hosts explore why U.S.-Australia collaboration on critical minerals has remained limited despite Australia's "periodic table on a plate" capabilities, with Zolnowski noting regulatory barriers that only recently opened Defense Production Act eligibility to Australian companies. He advocates for commodity-specific strategies rather than broad critical minerals policies, suggesting successful models like heavy mineral sands operations that diversify beyond single-commodity dependence.

What if true leadership wasn't about titles or power, but about serving others and creating lasting value? In this episode, Mike Murphy shares lessons from over 40 years of leadership in healthcare, technology, and insurance — where he built billion-dollar companies, revitalized struggling businesses, and ultimately launched Sunstone Management Advisors. Known for his transformative leadership, Mike has orchestrated the integration of three disparate healthcare businesses, achieving 18% revenue and 40% EBITDA growth in the first year. Through these experiences, and inspired by the mentorship of bosses and his father, Mike embraced timeless principles of leadership: always out-earn your pay, give more than you take, find a way to win, and lead by serving others. His story is one of resilience, accountability, and a commitment to ethical success and cultural alignment. From empowering teams to pull off the “Massachusetts Miracle” to helping leadership groups push beyond the status quo, Mike demonstrates the power of building high-performing teams and creating sustainable enterprise value.   [00:04:05] – Mike's Journey Into Leadership 40+ years in healthcare and insurance Building and fixing companies inside large organizations Leading billion-dollar growth and turnarounds Founding Sunstone Management Advisors to help companies “go beyond” [00:11:20] – The Core Question: Who Changed Everything? Mike credits multiple people throughout his career His father's timeless lessons: always out-earn your pay, give 51% in partnerships, don't spend other people's money The difference between personal and professional relationships [00:17:20] – A Defining Mentor A boss who demanded results: “There is no try—only do or do not.” Learning empowerment: good people find a way to make things happen Leadership redefined: you're not the star, your people are Servant leadership as the true source of influence [00:24:20] – The Massachusetts Miracle Taking over a struggling sales office on the verge of closure Inspiring 50+ team members to work beyond their roles “Doctor Storm”: rallying everyone around one mission Grew market share 30% and delivered record earnings despite no extra resources [00:27:55] – Lessons From a Lifetime of Leadership Diversify your career early to build range and resilience Relationships are built on meeting obligations, not just camaraderie Empowerment and service unlock hidden potential in teams The long-term compounding value of showing up with discipline and grit Key Quotes “Out-earn your pay. In an equal partnership, give 51%.” — Mike Murphy “Good people find a way to make things happen.” — Mike Murphy “You're not the star, your people are. Your job is to serve them.” — Mike Murphy Connect with Mike Murphy LinkedIn: linkedin.com/in/mike-murphy Website: sunstonemanagementadvisors.com   Thanks for tuning in! If you liked my show, please LEAVE A 5-STAR REVIEW, like, and subscribe! Find me on: Apple Podcasts | Spotify |  iHeart Radio | Stitcher

This is Part 4 of Steve Coughran's book Cash Flow. In this section, Steve breaks down the two main ways businesses are valued: the income approach, based on free cash flow, cost of capital, and growth, and the market approach, based on EBITDA multiples. He explains why understanding both is critical, how multiples impact valuation, and what really drives the worth of your company.LinkedIn | YouTube coltivar.com/byfiq

This is Part 9 of Steve Coughran's book Cash Flow. In this section, Steve introduces the fifth lever of cash flow: capital. He explains why EBITDA isn't cash flow, how invested capital and ROIC reveal whether a business is creating or destroying value, and the hidden cash traps in receivables, inventory, and CapEx that often strangle growth.LinkedIn | YouTube coltivar.com/byfiq

In this episode, Jonathan does something a little different: a live Q&A session with listeners and aspiring dealmakers. You'll hear real, unscripted questions from entrepreneurs across the UK (and beyond) – and Jonathan's direct, practical answers drawn from decades of dealmaking experience. In This Episode Why traditional “day-one finance + deferred consideration” deals are becoming outdated. The big difference between the “vanilla” advice on YouTube and the full-flavour strategies inside Mastermind. Should you start with a small (£500k turnover, 5 staff) business – or aim higher? Why franchises are often jobs masquerading as businesses (and what to do instead). How to buy businesses abroad (Spain, Canada, etc.) and whether the process differs from the UK. What percentage of people actually buy a business after joining Mastermind – and why effort is the deciding factor. Why brokers are a trap for first-time buyers (and what to do instead). The truth about legal and professional fees – and why the business you buy pays them, not you. A reality check: why targeting £5–10m EBITDA in 18 months is unrealistic – and what is possible. What to do if management buys out the owner while you're negotiating a deal. Is it better to buy near you, or can you run a business from afar? Links & Resources Mentioned Three-Day Foundation Programme → dealmakers.co.uk/foundation (limited to 40 people per intake). Book a Clarity Call (free, no obligation) → dealmakers.co.uk/clarity Jonathan's YouTube Channel → youtube.com/@JonathanJayDealmaker Subscribe to the Business Buying Strategies Podcast archive → dealmakerspodcast.co.uk Key Takeaway Every question reveals the same truth: success in business acquisition isn't about finding a “magic formula” – it's about having the right process, guidance, and deal flow. The people who follow the system always end up buying businesses. Listen Now If you enjoyed this Q&A format and want Jonathan to do more, let him know by leaving a comment or review! And if you're serious about buying your first (or next) business, book your free clarity call today: dealmakers.co.uk/clarity  

In this episode, we delve into the world of Account-Based Marketing (ABM) with Stuart Matthewman, who shares the hard-won lessons from IR's six-year journey with ABM. From early failures and misalignment issues to achieving an incredible 80X return on marketing spend, Stuart reveals the critical importance of sales and marketing alignment. He provides a detailed blueprint for implementing a successful ABM program. This episode is packed with actionable insights for B2B marketers looking to move beyond traditional lead generation tactics and build sustainable revenue growth through strategic account targeting. Guest Introduction Stuart Matthewman joined IR in 2014 and was promoted to CMO in 2022, having risen through the ranks and strengthened the marketing function. Under his leadership as CMO, he has been a key contributor to IR's remarkable growth, driving a 132% increase in revenue, a 289% growth in EBITDA, and a complete overhaul of the global marketing team. Stuart is a B2B CMO of the Year Finalist for 2025 and brings extensive experience leading global marketing teams across ASX-listed technology companies. Key Topics The early ABM struggles: Why IR's initial attempts at account-based marketing failed over six years, including issues with sales alignment and over-personalisation too earlyThe turning point: How bringing in new sales leadership and rebranding ABM as "Account Based Everything" (ABE) transformed their approach and resultsThe 12-16 week ABM process: A detailed breakdown of IR's structured approach, from pre-warming accounts to SDR activation and sales follow-up sequencesSales and marketing alignment: Practical strategies for getting sales teams fully bought into ABM programs and maintaining consistent executionSDRs under marketing: Why IR moved their SDR function from sales to marketing and the benefits this structure provides for ABM executionMeasuring ABM success: How IR tracks progress without traditional MQL metrics and focuses on account engagement and pipeline generationAI integration: Current experiments with AI to automate and scale ABM activities while maintaining personalisationBranding evolution: IR's journey from "Integrated Research" to "IR" and the market research that guided their brand consolidation strategy Resources & Links People Mentioned: Stuart Matthewman - CMO, IRByron Sharp - Director, Ehrenberg-Bass InstituteProfessor Jenni Romaniuk - Associate Director, Ehrenberg-Bass InstituteMark Ritson - Marketing Professor and Mini MBA FounderKerry Cunningham - 6Sense ABM ExpertKim Scott - Author of "Radical Candor"John Lombardo - B2B Institute (LinkedIn) Companies & Tools: IR (Integrated Research) - Performance monitoring software for critical IT infrastructureEhrenberg-Bass Institute - World's largest centre for marketing research6SenseDemandBase Books & Resources: "How Brands Grow" - Byron Sharp"How Brands Grow Part 2" - Byron Sharp and Jenni Romaniuk"Radical Candor" - Kim Scott"Better Brand Health" - Jenni Romaniuk"Building Distinctive Brand Assets" - Jenni RomaniukWomen in Product Marketing Podcast Subscribe to the xG Weekly Newsletter for weekly insights on B2B growth across APAC: https://xgrowth.com.au/newsletter Contact & Credits Host: Shahin Hoda Guest: Stuart Matthewman Produced by: Shahin Hoda and Alexander Hipwell Edited by: Alexander Hipwell Music by: Breakmaster Cylinder APAC's B2B Growth Podcast is Presented by xGrowth

Doug McHoney (PwC's International Tax Services Global Leader) is joined by Nita Asher, an international tax principal in PwC's Washington National Tax Services practice focused on inbound multinationals, with prior government experience during the TCJA. Doug and Nita discuss the One Big Beautiful Bill Act (“OB3”) and its impact on inbounds, including permanent 100% bonus depreciation; new Section 168N for qualified production property; Section 163(j)'s EBITDA-based ATI; the reworked ‘FDDEI' (formerly FDII) and its 14% rate with outbound IP limits; shifting IRA credit timelines and ‘foreign entity of concern' issues; BEAT's modest rate bump to 10.5% and unchanged credit treatment; the potential future of Section 899; and CAMT interactions. Throughout, they emphasize modeling to avoid BEAT/CAMT whipsaws while capturing OBBBA cash-flow benefits.

Are you a family business owner who thinks you can just snap your fingers and sell your business for top dollar when you're ready to retire?In this eye-opening episode, Gary Heldt sits down with Lowell Mora, President of Impact CFO, who brings 35 years of financial leadership experience to small and medium-sized businesses. Lowell shares his journey from Arthur Andersen to helping family-owned businesses prepare for successful exits.  Lowell reveals the shocking statistic that nearly half of all family-owned businesses end up in bankruptcy within two years of the founder's death due to lack of planning. Lowell discusses the critical differences between traditional accounting/tax services and strategic CFO work, emphasizing the importance of 3-5 year exit planning, building strong management teams, and viewing your business as an asset rather than just an income stream.Key Takeaways ➤ Nearly half of all family-owned businesses go bankrupt within two years of the founder's death due to lack of succession planning. ➤ Most family businesses suffer from dangerous customer concentration (often 70% with one client) and lack strong autonomous management teams - both major red flags for potential buyers. ➤ You need 3-5 years of strategic preparation before selling your business, including professionalizing accounting records, conducting margin analysis, and building operational systems. ➤ There's a crucial difference between your tax-preparing CPA and a fractional CFO - one looks backward for tax compliance, the other looks forward for business growth and exit strategy. ➤ Business owners must shift their mindset from viewing their company as an income stream to seeing it as an asset that needs to be optimized for maximum value.Notable Quotes from Lowell Mora"I've never met a business owner who thought their business was worth less than what it was. Typically, they are amazed that there's no real intrinsic value from an EBITDA perspective at a point in time - there's work that needs to be done.""What happens if you get hit by a bus? Your spouse will be okay because you have life insurance, but you have nobody to run this business. All these employees you treat as family will be grieving you AND dealing with a business crisis."How to Reach Lowell MoraEmail: Lowell@impact-cfo.netPhone: 847-212-4081Website: https://www.impactcfo.net/Visit his website for free consultation scheduling, 13-week cash flow samples, and additional resources for business owners planning their exit strategy. Learn more about your ad choices. Visit megaphone.fm/adchoices

Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSXV: SCZ) (OTCQB: SCZMF), joins me to recap the key record Q2 2025 financial results along with a comprehensive review of all operations.  Santacruz Silver operates 1 mine in Mexico, and 5 mines, 3 mills, and an ore feed-sourcing and metals trading business in Bolivia, as an emerging mid-tier silver and base metals producer.     Q2  2025 Highlights   Revenues of $73.3 million, a 4% increase year-over-year. Gross Profit of $25.3 million, a 59% increase year-over-year. Net Income of $21.0 million, a 1,348% increase year-over-year. Adjusted EBITDA of $26.8 million, a 68% increase year-over-year. Cash and short- and long-term investments of $57.8 million, a 691% increase year-over-year. Working Capital of $60.3 million, a 303% increase year-over-year. Cash cost per silver equivalent ounce sold ($/oz) of $19.48, a 10% decrease year-over-year. AISC per silver equivalent ounce sold of $22.95, a 8% decrease year-over-year. Silver Equivalent Ounces produced of 3,547,054, a 15% decrease year-over-year1.     Q2 2025 Production Highlights: Silver Equivalent Production: 3,547,054 silver equivalent ounces Silver Production: 1,423,081 ounces Zinc Production: 21,148 tonnes Lead Production: 2,773 tonnes Copper Production: 229 tonnes   Arturo discussed the very strong revenues, gross profit, net income, adjusted EBITDA, cash and cash equivalents,  and working capital all up substantially in year-over-year metrics. In addition their cash costs and All-In Sustaining Costs (AISC) numbers came down in a meaningful way due to a combination of factors from mine optimization work paying off, to favorable currency exchange rates, and the positive impact of paying down the Glencore loan early, which will save the Company US$40 million. The Company plans to successfully complete the final 2 payments to Glencore by October 31, 2025, and will likely pay off both installments in the month of September.  The company also announced a sale of 70 million Bolivian Bolivianos Promissory Note at 7.00% interest rate, a maturity date of June 15, 2026, just to give them treasury efficiencies for working capital in country.   Switching over to the operations for the quarter, there was better revenues from their San Lucas ore-feeding business, which is now absorbing the Reserva Mine ore to then blend it with ore from the small-scale miners.   This leaves the ore from both the Tres Amigos and Colquechaquita mines to report to Caballo Blanco, making all operations much more efficient with better metals recoveries.   The San Lucas production and revenues largely offset the lagging effects in the quarter from the water issues at Bolivar, which have now been mostly resolved, and those high-grade veins will be a bigger contributor to production again for H2 of 2025.   Transitioning over to Mexico, we discussed the higher-grade 960 Level at the Zimapan Mine starting to contribute, and how this will continue growing in the Q3 and Q4 production profile from Zimapan for the balance of this year and for many years into the future.   Arturo also highlighted that with the strength of the balance sheet, the coming elimination of the Glencore debt, and robust incoming revenues, that the Company is now currently ramping up more exploration and development work at their Soracaya Project, to put it on the pathway to primary silver production about a year and a half out. An internal study was completed by Glencore with an estimated capex of ~US$40MM for construction of a processing plant and tailings facility. Mine plan envisions a 7 year mine life with average annual payable production of ~4.5MM oz AgEq (based on consensus prices). Development is subject to permitting.     If you have any follow up questions for Arturo regarding Santacruz Silver, then please email them to me Shad@kereport.com.   In full disclosure, Shad is a shareholder of Santacruz Silver at the time of this recording, and may choose to buy or sell shares at any time.   Click here to follow the latest news from Santacruz Silver

Would you like access to our advanced agency training for FREE? https://www.agencymastery360.com/training Most agency owners don't wake up dreaming about selling. You want freedom, better clients, and to stop living in Slack at 2 a.m. But here's the truth: The same moves that make your agency attractive to a buyer are the ones that give you freedom as an owner. I built and sold an 8-figure agency and bought 10 more and now I'm sharing 8 elements of a sellable, scalable agency. Whether you ever sell or not, these are the foundations that make your shop stronger. Let's break them down. 1. Stop Being the Accidental Owner Most of us stumbled into agency life. That's fun—but long-term it's not a strategy. You've got to shift from “operator” to agency CEO, and that means: Setting and communicating vision (over and over). Coaching your leadership team, not everyone. Knowing your numbers. Being the face of the agency. Building strategic relationships. When your team knows where you're going, you stop being the bottleneck. 2. Build More Than Referrals Referrals are great, but if 90% of your deals are coming from “word of mouth,” you've got a problem. Getting most of your leads from any singular channel is usually a red flag. When I'm looking at buying  a business, one of the first things I'll ask is how many channels they have for building their pipeline, how can I increase those channels and make them more predictable. If I'm looking at this, you as the agency owners and CEO should too. I recommend the three-legged stool: inbound, outbound, and strategic partnerships. When you've got multiple reliable channels, downturns don't crush you. That's how my agency grew through 9/11, '08, and even COVID. 3. Predictable Revenue = Power Buyers want to know: can we forecast revenue six months out? That means retainers, long-term contracts, and expanding client accounts. If you land a $20k/month retainer, your mindset should be: “How can I build this account over time to grow it to $100k?” And don't just deliver results—show them wins constantly. Stickiness comes from proof, community, and processes that make leaving painful. 4. Don't Let a Whale Sink You If one client is 20%+ of your revenue, you're on thin ice. Does this mean that you should say no to big clients? Heck no. Take the whale and then go get more. Turn today's whales into tomorrow's minnows by leveling up your client base. 5. Leadership That Runs Without You If your agency can't grow while you're gone for six months, you don't have a business—you have a job. Owners shouldn't be doing marketing, sales, or any type of delivery. A-players cost more, but they 10x the results and give you your life back. Your job isn't to run projects, sales, or delivery—it's to lead the leaders. 6. Profitability Isn't Optional Know your EBITDA. If you're not profitable and reinvesting, you're stalling. And if you don't have a compelling growth story (even how you're leveraging AI), buyers—and clients—will pass. 7. Track KPIs Like a Pro If you can't instantly tell me your close rate, show-up rate, or pipeline health, that's a problem. Great agencies have dashboards, not excuses. 8. Get Audited Financials (Every Year) I've chatted with agency owners who thought they were making $1M profit—but after an audit, it was half that. Multiples dropped, deals crumbled. Don't let your “guesswork” numbers cost you millions. Get audited, stay real. Before You Even Think About Selling… Don't sell unless you know what's next. Plenty of agency owners with 7-figure profits and freedom think they're “done,” only to end up depressed because they tied their identity to the agency. Fix what you don't like. Keep what works. Only exit when you're moving toward something you actually want. What To Do Next If you're serious about building an agency that gives you freedom (and the option to sell someday), start here: Agency Valuation Calculator. See what your agency's really worth today. Agency Playbook. Jason's 8-system framework to shift from operator to CEO. Agency Blueprint. Get a personalized roadmap to spot value gaps and growth opportunities.

Episode Summary: In this insightful episode, Alex Rawlings is joined by Brett Hickey, the CEO and founder of Star Mountain Capital. Brett shares his unique journey from humble beginnings in Northwestern Canada to leading a multi-billion-dollar asset management firm in the U.S. With deep reflections on leadership, value-based investing, building collaborative ecosystems, and what truly drives sustainable success in private markets, this is a masterclass in private equity thinking.Brett also discusses the strategic opportunities in the U.S. lower middle market, the implications of aging demographics, his risk-aligned investment strategy, and the power of culture in scaling a firm. If you're looking to understand how to build a high-performing investment organization from the ground up—and what books, frameworks, and philosophies support that—this episode is essential listening.⏱️ Episode Highlights & Time Stamps:00:00 – Welcome and Introduction to Brett Hickey 00:41 – Overview of Star Mountain Capital and its focus on U.S. lower-middle market private credit, secondaries, and private equity 01:12 – Key mistake PE firms make: passive asset management vs. active value creation 03:08 – Aging demographics as a key investment opportunity 04:05 – Valuation arbitrage in lower middle market businesses 05:05 – Reflections on a possible downturn: macroeconomic risks and “air pockets” 07:59 – Aging populations and structural economic concerns 09:53 – The importance of cash flow and capital protection 10:21 – Brett's entrepreneurial journey – from launching his first fund at 26 to building Star Mountain Capital 12:41 – The S-shaped growth curve and persistence through innovation 13:40 – Brett's data-driven approach to strategy and decision making 15:35 – Why aging demographics and inefficient markets create opportunity 17:08 – Biggest challenge in building the firm: People 19:30 – Aligning team culture and expectations through transparency and shared values 20:57 – Why Star Mountain is 100% employee-owned – benefits and challenges 22:54 – Building trust and long-term alignment through ownership 24:45 – Observations on asset management failures and strategic missteps 25:44 – What is the Collaborative Ecosystem and how it drives results at Star Mountain 27:34 – How peer networks like EO and YPO influenced the firm's internal culture 28:31 – Leveraging insights between secondaries and direct investments 29:59 – Case studies, adjusted EBITDA, and forensic underwriting 31:18 – Using real business alignment as a differentiator in competitive deal processes 33:13 – Recommended reading: Brett's top books and content on leadership and execution 33:41 – Never Lead Alone by Keith Ferrazzi 34:37 – Agility by Leo Tilman and General Chuck Jacoby 36:54 – Harvard Business Review and Rob Kaplan's work on leadership 38:48 – Principles by Ray Dalio and how it influences Brett's thinking 39:18 – A practical tip: triangulating decisions with deep experts 41:13 – Final reflections on value investing, risk management, and staying grounded 42:09 – How to get in touch with Brett and Star Mountain Capital 42:38 – Wrap-up and takeaways from Alex

Are you trying to use AI to speed up your sales cycle, only to find it's making your prospects' experience worse? The key is using technology to your advantage, not against you.In this episode, I'm joined by Doug Foley, an expert in sales enablement and AI integration. He shares his insights on leveraging AI tools to build more meaningful client relationships and enhance your sales process from start to finish.Meet Doug Foley· Douglas J. Foley is a strategic advisor, accomplished author, and the founder and CEO of Foley Media AI, where he architects AI-driven revenue engines for CEOs, high-growth companies, and Fortune 100 organizations. · Leveraging frameworks such as his Customer Loyalty Framework and AI Sales Engine™, Doug delivers predictable, measurable growth and transformative EBITDA results. · His practical, results-focused methodologies help senior leaders confidently scale and optimize their businesses.Why AI Matters in Enterprise Sales· Doug shares his journey, outlining the frequent gaps he's seen in sales enablement and how AI, when implemented strategically, can fill those voids. · Many organizations only use AI for surface-level tasks like faster email writing or market research.· Doug urges sellers and business owners to expand beyond this "tunnel vision" and embrace AI as a tool for relationship-building and holistic sales strategy.Practical Steps for Implementing AI· When leaders are training sales teams on using AI tools, Doug suggests showing them how to map out the buyer's journey and integrate AI at key touchpoints such as post-meeting follow-ups. · He stresses the importance of system-based thinking in deploying AI and highlights the significant gains in productivity and customer experience that even small changes can deliver.Tips for Sales Leaders and Reps· For busy sales managers, Doug suggests starting small: introduce an "AI-first" mentality in team meetings and encourage reps to share how AI helps overcome everyday roadblocks. · He emphasizes celebrating early AI wins to build momentum and foster an innovative culture.Advanced AI Strategies· Here's actionable advice for reps targeting enterprise accounts: Use AI-powered research for deeper stakeholder mapping, create hyper-relevant outreach campaigns, and build a memorable, white-glove experience for clients. · Doug shares that impactful AI usage means slowing down to get ultra-targeted, which leads to better results and stronger deal pipelines.“The biggest mistake most people make is they look at it from strictly efficiency...but they don't look at it more holistically as how can I build a bigger, better relationship and use AI.” - Doug Foley.Resources· Reach Doug Foley at Foley Media AI or on social platforms as @DouglasJFoley.· If you like more guidance with improving your sales skills, join my Sales Mastermind Class.· Thinking about starting a podcast yourself? Learn more about Blue Mango Studios. Sponsorship Offers1. This episode is brought to you in part by Hubspot.With HubSpot sales hubs, your data tools and teams join a single platform to close deals and turn prospects into pipelines. Try it for yourself at

In this episode, the hosts dive into a lean, high-margin FDA compliance service business with outsourced operations and uncover whether it's a sustainable gem or a ticking regulatory time bomb.Business Listing – https://quietlight.com/listings/16053420/Welcome to Acquisitions Anonymous – the #1 podcast for small business M&A. Every week, we break down businesses for sale and talk about buying, operating, and growing them.

The global pet industry has long been riddled with problems. From low-welfare breeding practices to online scams, the darker side of pet rehoming often goes unchecked. But what if there was a way to combine animal protection with a sustainable, profitable business model? In this episode of Tech Talks Daily, I speak with Axel Lagercrantz, co-founder and CEO of Pet Media Group, the company behind platforms like Pets4Homes in the UK and Lancaster Puppies in the US. Axel shares the story of how two friends with backgrounds in finance and tech came together to rethink what ethical pet ownership and commerce should look like. Since 2018, PMG has been working to remove anonymity and reduce fraud across pet marketplaces by embedding ethical standards directly into their platform's infrastructure. We explore how PMG uses custom-built AI to scan tens of thousands of images every day for signs of mistreatment, as well as to flag suspicious documentation and chat messages. Axel explains why ID verification, device fingerprinting, and real-time fraud detection are essential to maintaining user trust, especially in a high-emotion, high-value market like pets. He also talks through the company's expansion model, which focuses on acquiring local leaders and embedding PMG's standards from the ground up. With operations now spanning six countries and a 50 percent EBITDA margin, PMG's approach proves that protecting animals and scaling a business are not mutually exclusive goals. What stands out most is Axel's clarity of purpose. PMG isn't trying to digitize pet sales for convenience alone. The mission is to create a global infrastructure that prioritizes the welfare of animals and builds lasting trust between buyers and responsible breeders. If you care about technology that delivers real-world impact, this conversation will change how you think about one of the most overlooked parts of the digital economy.

Pete Martin is the Founder and CEO of Vestara Advisors and the author of Scale Up Faster. Vestara Advisors specializes in helping tech and B2B service companies scale strategically and maximize valuation. A serial entrepreneur and expert advisor, Pete has closed over $1 billion in software deals and founded six companies, selling four of them, including one to KPMG. His book distills proven strategies from the fastest-growing bootstrapped companies into practical frameworks for scaling quickly without outside funding. In this episode… Many business owners dream of scaling quickly, but they face unpredictable revenue, cultural misalignment, and unclear exit strategy. Without clarity on their company's true value drivers, they risk underpricing their business or losing strategic control. What if there were a way to grow faster, build a stronger culture, and sell for a premium without relying on external funding? Pete Martin, a serial entrepreneur and author of Scale Up Faster, shares his research from hundreds of high-growth, bootstrapped companies to reveal what works — and what doesn't — when scaling. Drawing from interviews with nearly 100 founders who doubled revenues year after year, Pete reveals their counterintuitive strategies — like mastering a single marketing channel, building recurring revenue, and hiring solely for cultural and value alignment. He also offers a framework for preparing a business for sale, crafting a compelling growth narrative, and cultivating relationships with potential buyers well in advance of the exit. Tune in to this episode of the Smart Business Revolution Podcast as John Corcoran interviews Pete Martin, Founder and CEO of Vestara Advisors, about scaling businesses without outside funding. Pete discusses the importance of culture, his process for building recurring revenue, and how he achieved a 12x EBITDA sale. He also shares insights from his book, founder traits that drive growth, and the power of focused marketing channels.

In 1997, the Florida Marlins won the World Series, but they also lost $30 million in the process. In 2002, only three Major League Baseball teams had positive EBITDA. Due to a dramatic collective bargaining agreement, five years later, only three clubs had negative EBITDA, and the MLB had gone from $500 million in losses to a $500 million in profit. Today's guest had a front row seat to the action. Jonathan Mariner is the former CFO of the Florida Marlins, the Florida Panthers, and Major League Baseball. He is also he founder of TaxDay and a seasoned board member on different boards, including Tyson Foods, OneStream, and Delaware North, among others. In this episode, he takes us inside the complex economics of pro sports. The conversation covers the surprising way sports franchises are actually valued, the massive shift from cable TV to streaming, the complex world of player merchandising, the challenges of expanding sports internationally, and how Jonathan helped implement a controversial EBITDA rule to rein in league-wide debt.—LINKS:Jonathan Mariner on TaxDay: https://www.taxday.com/team/Tax Day: https://www.taxday.com/CJ on X (@cjgustafson222): https://x.com/cjgustafson222Mostly metrics: RELATED EPISODES:The Boston Celtics' Other Playbook: Business Insights from President Rich Gotham — —TIMESTAMPS:(00:00) Preview and Intro(02:35) Sponsor – Pulley | Brex | Aleph(07:11) How Jonathan Became CFO of the Florida Marlins and Panthers(13:17) The Marlins: Winning the World Series and Losing $30 Million(16:03) Sponsor – RightRev | Navan | Rillet(20:08) How Not Having a Salary Cap Affects the MLB(21:27) The Collective Bargaining Agreement That Changed the Economics of the MLB(30:00) The Science of How Sports Franchises Are Valued: Revenue(31:53) The Art of How Sports Franchises Are Valued: Perception(36:20) How Local Broadcast Rights and Revenue Sharing Work(37:44) Contractually Obligated Income and Its Ramifications(41:57) How Player Jersey Sales Really Work(46:34) The Shift From Cable to Streaming and the Economic Effects(53:48) The Challenges and Opportunities of Global Expansion(59:57) Expansion Teams & Franchise Fees(1:01:58) Being on the Tyson Foods Board During COVID(1:05:39) Jonathan's Other High-Stakes Moments as a Board Member(1:08:03) Founding TaxDay(1:11:41) Long-Ass Lightning Round: Career Mistakes(1:14:00) Advice to Younger Self(1:15:11) The Best Sporting Events Jonathan's Ever Attended—SPONSORS:Pulley is the cap table management platform built for CFOs and finance leaders who need reliable, audit-ready data and intuitive workflows, without the hidden fees or unreliable support. Switch in as little as 5 days and get 25% off your first year: https://pulley.com/mostlymetrics.Brex offers the world's smartest corporate card on a full-stack global platform that is everything CFOs need to manage their finances on an elite level. Plus, they offer modern banking and treasury as well as intuitive expenses and accounting automation, bill pay, and travel. Find out more at https://www.brex.com/metricsAleph automates 90% of manual, error-prone busywork, so you can focus on the strategic work you were hired to do. Minimize busywork and maximize impact with the power of a web app, the flexibility of spreadsheets, and the magic of AI. Get a personalised demo at https://www.getaleph.com/runRightRev automates the revenue recognition process from end to end, gives you real-time insights, and ensures ASC 606 / IFRS 15 compliance—all while closing books faster. For RevRec that auditors actually trust, visit https://www.rightrev.com and schedule a demo.Navan is the all-in-one travel and expense solution that can give you access to exclusive, proprietary Nasdaq-validated data that reveals what's happening with corporate travel investments. See the Navan Business Travel Index at https://navan.com/bti.Rillet is the AI-native ERP modern finance teams are switching to because it's faster, simpler, and 100% built for how teams operate today. See how fast your team can move. Book a demo at https://www.rillet.com/metrics.#SportsFinance #MLB #MajorLeagueBaseball #TeamValuation #BusinessOfSports This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.mostlymetrics.com

In this episode I sit down with Henry Kaskov, founder of Kaskov Valuations, for a raw, behind-the-scenes conversation about what it really takes to evaluate, grow, and eventually sell a business.Henry has become the go-to guy when companies need to understand what their business is worth, when it's the right time to sell, and how to position themselves for maximum valuation. Unlike theory-heavy startup podcasts, this conversation is about the messy middle: hiring the right people, delegating as a founder, making valuation adjustments, and preparing for big transitions like exits, divorce, or generational transfers.You'll learn:✅ When to sell your business, and how to know if the timing is right✅ How valuations really work (EBITDA, recurring revenue, multiples, and adjustments)✅ Why hiring proactive, entrepreneurial employees is critical for scaling✅How AI is disrupting valuations and marketing agencies (and how to stay ahead)The hidden truths about succession planning, divorce valuations, and generational business transfers✅ Why building predictable revenue streams and reducing risk directly increases company valueThis is the kind of real talk you won't hear on highlight-reel shows like How I Built This or theory-driven shows like Masters of Scale. It's no-fluff founder wisdom from someone who lives it every day.If you're an entrepreneur, aspiring founder, or business owner who wants to know the truth about valuations, exits, and building a business the smart way, this is your episode. Think of this as the best podcast for aspiring entrepreneurs who want authentic advice and behind-the-scenes founder stories.Get in touch with Henry Kaskov:Guest LinkedIn: https://www.linkedin.com/in/henrykaskov/Guest Website: https://www.kaskovvaluations.com/If you are a B2B company that wants to build your own in-house content team instead of outsourcing to a marketing agency, we may be a fit for you! Everything you see in our podcast and content comes from a scrappy, nimble internal content team powered by AI-driven systems and processes. Check out pricing and services here: https://impaxs.comTimecodes00:00 Introduction to Business Valuation00:22 Challenges of Scaling a Business02:04 Hiring the Right Team04:26 Evaluating Business Worth08:19 Preparing for Business Sale12:09 Adjusting Financial Statements18:15 Importance of Recurring Revenue23:01 Timing the Sale of Your Business27:26 Equity and Second Payouts28:01 Building In-House Content Teams28:21 Disruption in Marketing Agencies29:35 AI's Impact on Business Valuation37:39 The Role of Personal Goodwill in Divorce45:12 Networking and Business Development49:33 The Future of Business Transitions54:20 Conclusion and Contact Information

Send us a textWhat if chasing growth was silently killing your business?In this candid and high-impact episode, Joey Pinz sits down with Rick Murphy, the founder of Cogent Growth Partners and a veteran of over 200 M&A deals in the tech sector. Rick opens up about his personal transformation—losing 60+ pounds—and ties it directly to the mindset needed for sustainable business growth.They dive deep into what Rick calls “Top Line Disease,” a common but costly obsession with revenue at the expense of profitability. He breaks down the symptoms like “Staff Infection” (overpaid, underperforming teams) and “Credit Line Addiction” (debt-fueled operations) — and offers powerful insights on curing them.

In this episode, the guys dive into the real world challenges and strategies of acquiring a watersports business. Operators will hear a breakdown of the key financial and operational metrics that truly matter such as revenue, EBITDA, leases, permits, marketing channels, and the often overlooked keyman risk. They warn against emotional overvaluation from sellers and stress the importance of approaching deals with an investor mindset. Their advice? Don't overpay for a “great” business find a “good” one with growth potential and fair terms. Whether you're curious about acquisitions, planning to expand or just want great insight into how watersports businesses are valued, this episode delivers good tips for everyone in the business world. [SPONSORS] - This show is sponsored by Take My Boat Test and WaveRez.Show Links:Website: https://www.watersportpodcast.comFacebook Page: https://www.facebook.com/awgpodcastFacebook Group: https://www.facebook.com/groups/1155418904790489Instagram: https://www.instagram.com/awg_podcast/

Want to grow your business? Download your free roadmap today: coltivar.com/growth Buying or selling a business can go wrong fast. Pay too much as a buyer and you'll regret it. Sell too soon and you might leave millions on the table. In this episode, Steve Coughran shares a CFO's perspective from years of buying, building, and selling companies worth over a billion dollars. He breaks down the three main ways businesses are valued, the four factors that drive valuation up, and the eight hidden risks that drag it down. Whether you're looking to acquire a company or prepare for an exit, this episode shows you exactly what investors look for—and how to maximize the value of your business. Disclaimer:   BYFIQ, LLC is a wholly owned entity of Coltivar Group, LLC. The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.byfiq.com/terms-and-privacy-policy for additional important information. LinkedIn | YouTube coltivar.com/byfiq

In this episode, the hosts unpack a 70-year-old South Carolina sandwich business supplying gas stations and vending machines—and debate whether its low margins and high complexity make it a hidden gem or a money pit.Business Listing – https://mergerscorp.com/property/70-years-old-american-producer-and-wholesaler-of-pre-packaged-foods/Welcome to Acquisitions Anonymous – the #1 podcast for small business M&A. Every week, we break down businesses for sale and talk about buying, operating, and growing them.

Xavier Gury, Founding Partner at Wind Xavier Gury, founding partner at Wind venture capital firm, brings a unique triple perspective to M&A: serial entrepreneur, acquisition target, and now investor. In this episode, Xavier unpacks the critical lessons from his three successful exits, including one transformative deal with Publicis, where he structured a performance-based earnout that prioritized terms over upfront valuation. The conversation reveals why 90% of the deal value came through earnout performance, how to align teams during integration, and the strategic mistakes buyers make when acquiring founder-led companies. M&A professionals will learn practical frameworks for structuring deals that actually work post-close. Things You'll Learn Why deal terms matter more than valuation – and how Xavier structured an earnout where only 10% was paid upfront The "yin yang" principle for balanced M&A deals that create value for both buyer and seller How to incentivize key employees during earnout periods to ensure alignment and execution success _____________ Today's episode of the M&A Science Podcast is brought to you by Grata! Grata is the leading private market dealmaking platform. With its best-in-class AI workflows and investment-grade data, Grata helps investors, advisors, and strategic acquirers effortlessly discover, research, and connect with potential targets — all in one sleek, user-friendly interface. Visit grata.com to learn more. ___________________ M&A Doesn't Have to Be So Painful

Original Release Date: July 11, 2025As U.S. retailers manage the impacts of increased tariffs, they have taken a number of approaches to avoid raising prices for customers. Our Head of Corporate Strategy Andrew Sheets and our Head of U.S. Consumer Retail and Credit Research Jenna Giannelli discuss whether they can continue to do so.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley.Jenna Giannelli: And I'm Jenna Giannelli, Head of U.S. Consumer and Retail Credit Research.Andrew Sheets: And today on the podcast, we're going to dig into one of the biggest conundrums in the market today. Where and when are tariffs going to show up in prices and margins?It's Friday, July 11th at 10am in New York.Jenna, it's great to catch up with you today because I think you can really bring some unique perspective into one of the biggest puzzles that we're facing in the market today. Even with all of these various pauses and delays, the U.S. has imposed historically large tariffs on imports. And we're seeing a rapid acceleration in the amount of money collected from those tariffs by U.S. customs. These are real hard dollars that importers – or somebody else – are paying. Yet we haven't seen these tariffs show up to a significant degree in official data on prices – with recent inflation data relatively modest. And overall stock and credit markets remain pretty strong and pretty resilient, suggesting less effect.So, are these tariffs just less impactful than expected, or is there something else going on here with timing and severity? And given your coverage of the consumer and retail sectors, which is really at the center of this tariff debate – what do you think is going on?Jenna Giannelli: So yes, this is a key question and one that is dominating a lot of our client conversations. At a high level, I'd point to a few things. First, there's a timing issue here. So, when tariffs were first announced, retailers were already sitting on three to four months worth of inventory, just due to natural industry lead times. And they were able to draw down on this product.This is mostly what they sold in 1Q and likely into 2Q, which is why you haven't seen much margin or pricing impact thus far. Companies – we also saw them start to stock up heavily on inventory before the tariffs and at the lower pause rate tariffs, which is the product you referenced that we're seeing coming in now. This is really going to help mitigate margin pressure in the second quarter that you still have this lower cost inventory flowing through.On top of this timing consideration, retailers – we've just seen utilizing a range of mitigation measures, right? So, whether it's canceled or pause shipments from China, a shifting production mix or sourcing exposure in the short run, particularly before the pause rate on China. And then really leaning into just whether it's product mix shifts, cost savings elsewhere in the PNL, and vendor negotiations, right? They're really leaning into everything in their toolbox that they can.Pricing too has been talked about as something that is an option, but the option of last resort. We have heard it will be utilized, but very tactically and very surgically, as we think about the back half of the year. When you put this all together, how much impact is it having? On average from retailers that we heard from in the first quarter, they thought they would be able to mitigate about half of the expected tariff headwind, which is actually a bit better than we were expecting.Finally, I'll just comment on your comment regarding market performance. While you're right in that the overall equity and credit markets have held up well, year-to-date, retail equities and credit have fared worse than their respective indices. What's interesting, actually, is that credit though has significantly outperformed retail equities, which is a relationship we think should converge or correct as we move throughout the balance of the year.Andrew Sheets: So, Jenna, retailers saw this coming. They've been pulling various levers to mitigate the impact. You mentioned kind of the last lever that they want to pull is prices, raising prices, which is the macro thing that we care about. The thing that would actually show up in inflation.How close are we though to kind of running out of other options for these guys? That is, the only thing left is they can start raising prices?Jenna Giannelli: So closer is what I would say. We're likely not going to see a huge impact in 2Q, more likely as we head into 3Q and more heavily into the all-important fourth quarter holiday season. This is really when those higher cost goods are going to be flowing through the PNL and retailers need to offset this as they've utilized a lot of their other mitigation strategies. They've moved what they could move. They've negotiated where they could, they've cut where they could cut. And again, as this last step, it will be to try and raise price.So, who's going to have the most and least success? In our universe, we think it's going to be more difficult to pass along price in some of the more historically deflationary categories like apparel and footwear. Outside of what is a really strong brand presence, which in our universe, historically hasn't been the case.Also, in some of the higher ticket or more durable goods categories like home goods, sporting goods, furniture, we think it'll be challenging as well here to pass along higher costs. Where it's going to be less of an issue is in our Staples universe, where what we'd put is less discretionary categories like Beauty, Personal Care, which is part of the reason why we've been cautious on retail, and neutral and consumer products when we think about sector allocation.Andrew Sheets: And when do you think this will show up? Is it a third quarter story? A fourth quarter story?Jenna Giannelli: I think this is going to really start to show up in the third quarter, and more heavily into the fourth quarter, the all-important holiday season.Andrew Sheets: Yeah, and I think that's what's really interesting about the impact of this backup to the macro. Again, returning to the big picture is I think one of the most important calls that Morgan Stanley economists have is that inflation, which has been coming down somewhat so far this year is going to pick back up in August and September and October. And because it's going to pick back up, the Federal Reserve is not going to cut interest rates anymore this year because of that inflation dynamic.So, this is a big debate in the market. Many investors disagree. But I think what you're talking about in terms of there are some very understandable reasons, maybe why prices haven't changed so far. But that those price hikes could be coming have real macroeconomic implications.So, you know, maybe though, something to just close on – is to bring this to the latest headlines. You know, we're now back it seems, in a market where every day we log onto our screens, and we see a new headline of some new tariff being announced or suggested towards countries. Where do you think those announcements, so far are relative to what retailers are expecting – kind of what you think is in guidance?Jenna Giannelli: Sure. So, look what we've seen of late; the recent tariff headlines are certainly higher or worse, I think, than what investors in management teams were expecting. For Vietnam, less so; I'd say it was more in line. But for most elsewhere, in Asia, particularly Southeast Asia, the rates that are set to go in effect on August 1st, as we now understand them, are higher or worse than management teams were expecting.Recall that while guidance did show up in many flavors in the first quarter, so whether withdrawn guidance or lowered guidance. For those that did factor in tariffs to their guide, most were factoring in either pause rate tariffs or tariff rates that were at least lower than what was proposed on Liberation Day, right?So, what's the punchline here? I think despite some of the revisions we've already seen, there are more to come. To put some numbers around this, if we look at our group of retail consumer cohort, credits, consensus expectations for calling for EBITDA in our universe to be down around 5 percent year-over-year. If we apply tariff rates as we know them today for a half-year headwind starting August 1st, this number should be down around 15 percent year-over-year on a gross basis…Andrew Sheets: So, three times as much.Jenna Giannelli: Pretty significant. Exactly. And so, while there might be mitigation efforts, there might be some pricing passed along, this is still a pretty significant delta between where consensus is right now and what we know tariff rates to be today – could imply for earnings in the second half.Andrew Sheets: Jenna, thanks for taking the time to talk.Jenna Giannelli: My pleasure. Thank you.Andrew Sheets: And thank you as always for your time. If you find Thoughts to the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.

On today's episode, we continue with part two of Dr. Mark Costes' in-depth conversation with Kyle Francis of Professional Transition Strategies. Kyle breaks down why recapitalizations have become more difficult for DSOs, how deal overhang and shifting market conditions are impacting valuations, and why understanding the right equity structure is crucial for dentists.   He also shares what makes a dental practice a “first-round draft pick” in the eyes of top DSOs, including the importance of EBITDA, geography, provider risk, and infrastructure. Kyle closes with key insights on how to time your transition and why it's essential to begin with the end in mind. Be sure to check out the full episode from the Dentalpreneur Podcast! EPISODE RESOURCES https://professionaltransition.com https://www.truedentalsuccess.com Dental Success Network Subscribe to The Dentalpreneur Podcast

Jessica Zwaan, COO at Whereby, joined us again on The Modern People Leader for a deep dive into Employee Lifetime Value (ELTV). We explored how HR leaders can adapt marketing-style metrics like LTV to CAC for talent, the different ways to calculate it, and how the process itself can reshape how People teams think about value, cost, and impact.---- Sponsor Links:

In this episode, the hosts dissect a suspiciously high-margin $18M metal fabrication business in Houston and unpack the latest killer changes to SBA loan rules.Business Listing – https://www.bizbuysell.com/business-opportunity/huge-cash-cow-metal-fabrication-business-w-strong-client-base/2382600/?utm_source=bizbuysell&utm_medium=emailsite&utm_campaign=shtmlbot&utm_content=buttonWelcome to Acquisitions Anonymous – the #1 podcast for small business M&A. Every week, we break down businesses for sale and talk about buying, operating, and growing them.

In this episode of the Remarkable Retail podcast, hosts Michael LeBlanc and Steve Dennis welcome XRC Ventures' Managing Director Pano Anthos, for a deep dive into the future of retail innovation, investment strategies, and overcoming the systemic challenges that keep great technology from scaling.Pano shares his journey from serial entrepreneur to leading a venture fund focused on pre-seed and seed-stage investments at the intersection of retail, consumer behavior, and technology. With over 150 investments since 2015, XRC Ventures targets transformative sectors including retail media networks, the consumerization of healthcare, commerce enablement, and new distribution channels. Pano highlights examples of groundbreaking innovations—from AI-driven financial automation to diagnostics that detect autism in under two hours—that are redefining operational efficiency and customer impact.A major focus of the conversation is retail's organizational dysfunction, where siloed leadership and competing P&Ls create “warring tribes” that hinder adoption of transformative solutions. Pano argues that true progress requires structural change—appointing an operational leader with end-to-end responsibility for traffic and sales across all channels. The discussion also explores the promise of retail media, particularly in-store applications with untapped margin potential, and spatial intelligence, which can bring the precision of e-commerce analytics into physical stores. Pano shares candid insights on startup strategy, stressing that early-stage companies must demonstrate material ROI—significant EBITDA or revenue growth—to make it into a retailer's short list of investment priorities. About UsSteve Dennis is a strategic advisor and keynote speaker focused on growth and innovation, who has also been named one of the world's top retail influencers. He is the bestselling authro of two books: Leaders Leap: Transforming Your Company at the Speed of Disruption and Remarkable Retail: How To Win & Keep Customers in the Age of Disruption. Steve regularly shares his insights in his role as a Forbes senior retail contributor and on social media.Michael LeBlanc is the president and founder of M.E. LeBlanc & Company Inc, a senior retail advisor, keynote speaker and now, media entrepreneur. He has been on the front lines of retail industry change for his entire career. Michael has delivered keynotes, hosted fire-side discussions and participated worldwide in thought leadership panels, most recently on the main stage in Toronto at Retail Council of Canada's Retail Marketing conference with leaders from Walmart & Google. He brings 25+ years of brand/retail/marketing & eCommerce leadership experience with Levi's, Black & Decker, Hudson's Bay, CanWest Media, Pandora Jewellery, The Shopping Channel and Retail Council of Canada to his advisory, speaking and media practice.Michael produces and hosts a network of leading retail trade podcasts, including the award-winning No.1 independent retail industry podcast in America, Remarkable Retail with his partner, Dallas-based best-selling author Steve Dennis; Canada's top retail industry podcast The Voice of Retail and Canada's top food industry and one of the top Canadian-produced management independent podcasts in the country, The Food Professor with Dr. Sylvain Charlebois from Dalhousie University in Halifax.Rethink Retail has recognized Michael as one of the top global retail experts for the fourth year in a row, Thinkers 360 has named him on of the Top 50 global thought leaders in retail, RTIH has named him a top 100 global though leader in retail technology and Coresight Research has named Michael a Retail AI Influencer. If you are a BBQ fan, you can tune into Michael's cooking show, Last Request BBQ, on YouTube, Instagram, X and yes, TikTok.Michael is available for keynote presentations helping retailers, brands and retail industry insiders explaining the current state and future of the retail industry in North America and around the world.

Episode Summary:Thinking about selling your fitness or wellness business one day? This episode is a must-listen. Christa Gurka sits down with Mitch McGinley, founder of Boutique Fitness Broker, to unpack the highs, lows, and lessons learned from her own seven-figure studio sale.Together, they explore what makes a business truly sellable, how deal structures are formed, what to expect during due diligence, and how SBA financing, SDE, and EBITDA play into your valuation. They also get real about the emotional rollercoaster of letting go — from collapsed deals to closing day relief.Mitch also shares his journey from yoga studio owner to digital nomad living in Spain, and how he's helped sell over 70 boutique fitness studios, including Christa's.Whether you're years away from selling or just want to make your business more profitable and sustainable, this episode is packed with practical, real-world insight you won't hear anywhere else.What You'll Learn:The anatomy of a studio sale from start to finishHow to value your studio using SDE and EBITDAWhy you need clean financials, reasonable comp, and operational independenceWhat can go wrong (and right!) during due diligenceWhy Christa walked away from her first deal — and how her second deal turned into a winHow to mentally and financially prepare for an exitThe difference between a lifestyle business and one that's ready to sellTips for studio owners looking to grow through acquisitionConnect with Mitch McGinley: Website: boutiquefitnessbroker.com Email: mitch@boutiquefitnessbroker.com Instagram: @boutiquefitnessbrokerWant to make your business more profitable, scalable, and sellable — even if you never plan to sell? Check out Christa's programs at fitbizstrategies.com and follow her on Instagram at @christagurka.

Smithlist is a job board for leadership roles at small businesses. If you're not ready to buy a business but want to lead one:Smithlist - Operate & Lead a BusinessWhen Luis Reyes bought a small fire safety business, he saw an opportunity. 24 acquisitions later, he's at $8m EBITDA.Topics in Luis's interview:Luis's early careerLaunching a roll-up strategy in SpainIdentifying consolidation opportunitiesFirst acquisitions in poultry distribution and fire safetyBuilding and leading a team for a high-velocity, high-volume roll-upIntegrating operational-complex businesses at scaleLeveraging AI in fire safetySpain's capital marketsAdapting acquisition criteriaGoal for the platformReferences and how to contact Luis:LinkedInIBVMinds Capital PodcastGet a complimentary IT audit of your target business:Email Nick Akers at nick@inzotechnologies.com, and tell him you're a searcherDownload the New CEO's Guide to Human Resources from Aspen HR:From this page or contact mark@aspenhr.comWork with an SBA loan team focused exclusively on helping entrepreneurs buy businesses:Pioneer Capital AdvisoryConnect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton RohozovProduced by Pam Cameron

My guest today is Andrew Milgram. Andrew is the founder of Marblegate Asset Management, an alternative investment firm that invests in credit opportunities and special situations. He joins me to discuss his unique approach to distressed investing in the middle market, revealing how middle market EBITDA has declined 20-25% since 2019, creating what he calls the "K-shaped economy." His investment stories are legendary, particularly his $600+ million bet on NYC taxi medallions, which we go into in great detail. We discuss Marblegate's approach to negotiation, sourcing deals directly from hundreds of regional banks, and understanding the human element in distressed situations. Please enjoy this conversation with Andrew Milgram. For the full show notes, transcript, and links to mentioned content, check out the episode page⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠.⁠⁠⁠⁠⁠⁠⁠⁠ ----- This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ramp⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ramp.com/invest⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to sign up for free and get a $250 welcome bonus. – This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ridgeline⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ridgelineapps.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more about the platform. – This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠ AlphaSense⁠⁠⁠⁠⁠⁠⁠. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at⁠⁠⁠⁠⁠⁠⁠ Alpha-Sense.com/Invest⁠⁠⁠⁠⁠⁠⁠ and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:04:58) Understanding the K-Shaped Economy (00:07:08) Middle Market Challenges and Data Insights (00:16:56) Distressed Investing Explained (00:25:06) The Taxi Medallion Investment Story (00:46:46) Navigating New York's Taxi Medallion System (00:47:17) Building Relationships with Regulators and Unions (00:50:22) Taking the Taxi Operation Public (00:51:26) The Future of Autonomous Vehicles and Medallions (00:54:30) Investment Strategies and Risk Management (00:58:41) Negotiation Principles and Human Drama (01:11:55) Personal Reflections and Formative Experiences (01:17:22) The State of the American Economy (01:23:29) Insights on Private Credit and Equity Markets (01:30:39) Future of Asset Management (01:33:16) The Kindest Thing Anyone Has Done For Andrew