Podcasts about ebitda

Frank and Jon unpack:• Why today's competitive landscape means growth-motivated buyers must approach deals differently.• The three core reasons advisors pursue acquisitions - and which ones actually lead to long-term success.• How leverage, bank financing, and EBITDA-based lending really work in practice.• Why “fixer-upper” books may offer the strongest ROI.• How elite buyers win deals by understanding the emotional side of selling a practice.• The art of creating a safe landing place for sellers, their teams, and their clients.• Why phased buyouts and seller glide paths often create better retention and better economics for everyone.Jon also shares numbers, structures, and stories that demystify the math behind buying a practice - and the mindset required to scale from practitioner to true enterprise builder.If you're a buyer, seller, or advisor considering M&A in any form, this episode is a blueprint you can't afford to miss.Resources:Jon Kuttin's LinkedIn: www.linkedin.com/in/jonathankuttin  Elite Consulting Partners | Financial Advisor Transitions: https://eliteconsultingpartners.comElite Marketing Concepts | Marketing Services for Financial Advisors: https://elitemarketingconcepts.comElite Advisor Successions | Advisor Mergers and Acquisitions: https://eliteadvisorsuccessions.comJEDI Database Solutions | Data Intelligence for Advisors: https://jedidatabasesolutions.comListen to more Advisor Talk episodes: https://eliteconsultingpartners.com/podcasts/Follow us on LinkedIn: https://linkedin.com/company/eliteconsultingpartners

When entrepreneurs think about selling a business, they picture a clean formula: EBITDA × multiple, a "strategic buyer," and a smooth six-month process that ends with a big wire hitting their account.  What almost no one pictures is the real complexity behind an exit. The psychology, the timing, the identity shift, the risk calculus, and the reality that most founders aren't just selling a business… they're handing over a lifetime's work to someone else. That's the part nobody warns you about. Most owners obsess over valuation, but the real danger is preparing too late, choosing the wrong advisors, or stepping into negotiations with a fantasy number another broker promised them to win the listing.  And the cost of that mistake? Years lost, deals collapsing, and owners discovering too late that they should have fixed their accounting, diversified their customer base, or tightened operations years before approaching the market. And underneath all of it is an even deeper truth: exits aren't just financial events; they're emotional ones. If you don't know what your life looks like after the wire hits, you're at risk of waking up with more money than you've ever had… and less purpose than you've ever felt.  In this episode, I'm joined by Gregory Kovsky, president of IBA, one of the oldest and largest business brokerage firms in the Pacific Northwest. We dig into why the market is hotter than ever, how valuation actually works, the unique pitfalls sellers don't see coming, and why the real exit planning starts long before you think you're ready.   Guest Bio Gregory Kovsky is the President and CEO of IBA (International Business Associates), the Pacific Northwest's oldest and largest business brokerage firm. Gregory has successfully negotiated the purchase and sale of over 300 privately held companies and family businesses in Washington, Oregon, Alaska, California, North Carolina, and Massachusetts since joining IBA as a mergers and acquisitions intermediary in 1994. He has also built a seven-figure, self-managing business across ten locations. He has successfully facilitated transactions involving manufacturing and distribution companies, industrial, marine, and automotive businesses, technology and software companies, and service, education, and retail businesses. A commercial real estate professional for over 30 years, Gregory commonly provides his clients with comprehensive representation in selling a business and the associated real estate. To learn more, visit https://ibainc.com/.   About Your Host From pro-snowboarder to money mogul, Chris Naugle has dedicated his life to being America's #1 Money Mentor. With a core belief that success is built not by the resources you have, but by how resourceful you can be. Chris has built and owned 19 companies, with his businesses being featured in Forbes, ABC, House Hunters, and his very own HGTV pilot in 2018. He is the founder of The Money School™ and Money Mentor for The Money Multiplier. His success also includes managing tens of millions of dollars in assets in the financial services and advisory industry and in real estate transactions. As an innovator and visionary in wealth-building and real estate, he empowers entrepreneurs, business owners, and real estate investors with the knowledge of how money works. Chris is also a nationally recognized speaker, author, and podcast host. He has spoken to and taught over ten thousand Americans, delivering the financial knowledge that fuels lasting freedom.  

Points of Interest00:01 – 01:28 – Introduction: Marcel and Carson set up the focus of the episode on why cash flow deserves as much attention as profitability in agency businesses.01:28 – 03:31 – Two Extreme Cash Flow Scenarios: Carson shares real client examples of agencies with tight cash despite solid operations and others with healthy bank balances masking eroding profitability, highlighting why cash and profit are easy to confuse.03:31 – 07:35 – Cash Flow vs Profitability and the Accrual Lens: Marcel explains that cash flow and profitability are correlated but distinct, outlining how agencies can be profitable with poor cash flow or unprofitable with strong cash, and introduces the importance of having both cash and accrual views.07:35 – 11:01 – Debt, Leverage, and the Cost of Poor Cash Flow: The conversation turns to agency debt, debt service ratios, and how borrowing is often used to cover weak unit economics, with Marcel warning how costly debt and “poor person pricing” can wipe out thin margins.11:17 – 18:03 – Lever One: Speeding Up Cash Collection: Marcel walks through practical ways to accelerate cash in the door, including stronger payment terms, bigger deposits, earlier invoicing, incentives for early payment, AR processes, auto-pay, and invoice factoring, while stressing how faster cash can create a dangerous illusion of higher profitability.18:03 – 21:28 – Lever Two: Delaying or Spreading Expenditures: The discussion shifts to reducing or smoothing cash outflows via flexible labor, aligning contractor terms with client terms, shortening the “cash down payment” needed to serve large projects, and avoiding unprofitable work chosen only for easier cash flow.21:28 – 26:34 – Variable Cost Models, Leasing, and Refinancing: Marcel outlines options like moving from upfront to usage-based models, leasing instead of buying, using tax planning, and refinancing expensive lines of credit into longer-term, lower-interest loans to ease monthly cash burden.26:34 – 29:04 – The Trap of Short-Term Cash Fixes: They highlight how tactics that conserve cash now—high-interest credit, invoice factoring, short-term debt—often make the business more expensive to run later, and stress the importance of applying for credit while the business is still healthy.29:04 – 33:12 – Lever Three: Building Cash Reserves and Planning for Seasonality: Marcel explains how to build three to six months of operating expenses plus two to four payrolls in cash, manage owner distributions, plan for slow periods like holidays, and use shareholder loans and credit strategically.33:12 – 36:21 – When Big Cash Reserves Hide Problems: The hosts discuss how large cash balances can mask emerging profitability or cash flow issues, arguing for a disciplined cadence of reviewing both cash and accrual metrics so owners see problems before they become crises.36:21 – 40:25 – Key Profitability Benchmarks Agencies Should Track: Marcel summarizes the core accrual benchmarks—delivery margin, direct delivery margin, overhead as a percentage of AGI, operating margin, average billable rate, utilization, and average cost per hour—as the foundation of sound unit economics.40:25 – 43:11 – Cash Flow Metrics and Parakeeto's Evolving Role: The episode closes with a rundown of cash-specific metrics—cash reserves, operating cash flow vs EBITDA, AR/AP days, CAC payback, debt service coverage, and line-of-credit usage—and a look at how Parakeeto is expanding its services to help agencies manage profitability and cash flow holistically.Show NotesPodcast Episode on Revenue Recognition with Marcel & CarsonLink to Notes File For Cash Flow ImprovementLove the PodcastLeave us a review here. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of The $100M Entrepreneur Podcast, Brad Sugars, founder and chairman of Action Coach, breaks down what real freedom actually looks like and why most entrepreneurs never reach it!  He does that by teaching you the three layers of wealth that every founder must master to create true long-term freedom. He explains how active wealth is built inside the business, how passive wealth is created through disciplined investing, and how lifestyle wealth ensures that money translates into time, health, and meaningful relationships.Brad outlines the fundamentals of building a sellable company, including why buyers prioritize a consistent two-year track record, how EBITDA multiples shape valuation, and how different buyer profiles can change the trajectory of an exit. He also shares his approach to consistently moving profit out of the business and into assets that compound over time, with a simple real-estate model and a diversified investing strategy at the core.Finally, Brad highlights the importance of intentionally designing a life that aligns with your values, not just your workload, and why founders must treat time, energy, and relationships as strategic assets.Subscribe to The $100M Entrepreneur Podcast for more conversations on strategy, wealth building, and designing a life that scales with you.About Brad SugarsInternationally known as one of the most influential entrepreneurs, Brad Sugars is a bestselling author, keynote speaker, and the #1 business coach in the world. Over the course of his 30-year career as an entrepreneur, Brad has become the CEO of 9+ companies and is the owner of the multimillion-dollar franchise ActionCOACH®. As a husband and father of five, Brad is equally as passionate about his family as he is about business. That's why, Brad is a strong advocate for building a business that works without you – so you can spend more time doing what really matters to you. Over the years of starting, scaling and selling many businesses, Brad has earned his fair share of scars. Being an entrepreneur is not an easy road. But if you can learn from those who have gone before you, it becomes a lot easier than going at it alone.Please click here to learn more about Brad Sugars: https://bradsugars.com/Learn the Fundamentals of Success for free:The Big Success Starter: https://results.bradsugars.com/thebigsuccess-starter

Emily Van Eyssen on why she's firing staff and replacing them with AI"I automated someone's entire job out of my business.""They're gone. That role doesn't exist anymore."Emily Van Eyssen isn't talking about the future.She's talking about last month.She had no recruitment experience when she started.Zero training. Never worked for an agency. Stumbled into it during the pandemic through a government contract she still doesn't understand why she won.Most people would have crashed and burned.Emily placed 200 young people into employment, made a lot of money, and accidentally built a completely virtual recruitment business.When the pandemic ended and the scheme shut down, she had a choice.Go back to managing Airbnbs (which she hated), or figure out how to make recruitment work.Three years later:30-35 placements per monthTeam of just 8 people300+ people placed globallyJobs being automated out of existence in real-timeBut here's what makes Emily's story urgent.She's not planning for an AI future. She's living it right now.South African talent + AI super users = roles disappearing overnight.She fired someone last week for refusing to use AI. That job is now gone forever.One of her team automated their own role out. They're still there. The role isn't.She's training 5,000 people per month in South Africa on AI (and employing none of them).She's targeting 100 placements per month by Easter. Same 8-person team.This week on The RAG Podcast, Emily tells you exactly what's coming.We cover:Why she fired someone for refusing to adopt AI (and automated their job immediately)How one team member automated an entire salary out of the businessThe South Africa + AI combination making UK roles obsoleteWhy she's training thousands in AI but employing none of themWhat happens to recruitment when one person can do the work of fiveHer plan to 3x placements without hiring a single personThis isn't a prediction about 2030.This is happening right now. In Emily's business. Today.And if you're not preparing for it, you're already behind.If you want to understand what the next 12 months actually look like for recruitment, this episode is essential.__________________________________________Episode Sponsor: AtlasAdmin is a massive waste of time. That's why there's Atlas, the AI-first recruitment platform built for modern agencies.It doesn't only track CVs and calls. It remembers everything. Every email, every interview, every conversation. Instantly searchable, always available. And now, it's entering a whole new era.With Atlas 2.0, you can ask anything and it delivers. With Magic Search, you speak and it listens. It finds the right candidates using real conversations, not simply look for keywords.Atlas 2.0 also makes business development easier than ever. With Opportunities, you can track, manage and grow client relationships, powered by generative AI and built right into your workflow.Need insights? Custom dashboards give you total visibility over your pipeline. And that's not theory. Atlas customers have reported up to 41% EBITDA growth and an 85% increase in monthly billings after adopting the platform.No admin. No silos. No lost info. Nothing but faster shortlists, better hires and more time to focus on what actually drives revenue.Atlas is your personal AI partner for modern recruiting.Don't miss the future of recruitment. Get started with Atlas today and unlock your exclusive RAG listener offer at...

In this episode the hosts walk through evaluating a potential acquisition of a Houston‑area elevator services company, debating whether a 7.5× EBITDA asking price can pencil out given the financing constraints and growth challenges.Business Listing - https://www.bizbuysell.com/business-opportunity/strong-cash-flow-elevator-services-business-houston-texas/2439153/?J=bot&bn=114637964&bd=20251110&utm_source=bizbuysell&utm_medium=emailsite&utm_campaign=htmlbotWelcome 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 latest edition of the retail industry's leading podcast features an in-depth conversation with Jason Buechel, CEO of Whole Foods Market and Vice President of Amazon Worldwide Grocery Stores, who shares Amazon's rapidly expanding grocery ambitions. Already surpassing $100 billion in gross sales, Amazon is leaning into grocery as a strategic category driven by frequency, loyalty, Prime stickiness, and the potential to unite all household purchasing into a seamless digital and physical ecosystem.Buechel explains how Amazon is transforming grocery shopping—a category in which consumers currently visit four to five retailers a month—into a single, unified experience. With more than 1,000 same-day grocery delivery locations today scaling to 2,300 cities, store-level innovations such as Whole Foods Daily Shop formats, and the integration of perishables directly into Amazon baskets alongside electronics or apparel, the company is erasing long-standing channel barriers. He also outlines the “one grocery” operational vision: unified supply chains, technology stacks, and customer journeys across banners, while preserving the brand trust and standards that Whole Foods customers demand.The episode opens with co-hosts Steve Dennis and Michael LeBlanc breaking down early holiday results. This year's hottest retail storyline, however, may be the sudden emergence of agentic AI. Tools such as Amazon's Rufus and ChatGPT are now influencing search and conversion decisions, helping fuel what the hosts dub “the most agentic Christmas yet.” With traffic gains from AI agents multiplying, the shift from traditional search to intelligent assistants is poised to accelerate dramatically in 2026.The discussion then turns to Kohl's, and the decision to name interim CEO Michael Bender to the permanent position. The hosts frame this as symptomatic of a deeper issue: a retailer with declining relevance in a shrinking total addressable market.On the heels of new quarterly earnings reports they also spotlight the theme of “profitless prosperity”—brands reporting modest sales improvements but sliding EBITDA as tariffs, promotions, and supply chain pressures erode margin—the overarching message: top-line growth is not victory unless gross profit dollars follow.The episode concludes with the remarkable rise of Google's AI game, and Sears inexplicably still operating a handful of stores (though likely not for much longer). SPECIAL OFFER for our listeners! SAVE 20% on registration for the all new Shoptalk Luxe event in Abu Dhabi January 27-29.For more info go to https://luxe.shoptalk.com/page/get-ticket and then register using our special code : RRLUXE20 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.

Most restorers talk about “building a valuable business,” but few know what their company is actually worth — or what truly drives valuation in this industry.In Episode 10 of Chasing the Vision, in partnership with Exit Strategies 360 and Violand Management Associates, Michelle sits down with JT and Tim to break down the real factors behind restoration valuations, from EBITDA and recurring revenue to leadership depth and owner dependency.Whether you're planning for the future, preparing for growth, or simply want to understand how buyers think, this episode gives you the clarity (and reality check) you've been looking for.

Most restorers talk about “building a valuable business,” but few know what their company is actually worth — or what truly drives valuation in this industry.In Episode 10 of Chasing the Vision, in partnership with Exit Strategies 360 and Violand Management Associates, Michelle sits down with JT and Tim to break down the real factors behind restoration valuations, from EBITDA and recurring revenue to leadership depth and owner dependency.Whether you're planning for the future, preparing for growth, or simply want to understand how buyers think, this episode gives you the clarity (and reality check) you've been looking for.

In this episode the hosts walk through evaluating a potential acquisition of a Houston‑area elevator services company, debating whether a 7.5× EBITDA asking price can pencil out given the financing constraints and growth challenges.Business Listing - https://www.bizbuysell.com/business-opportunity/strong-cash-flow-elevator-services-business-houston-texas/2439153/?J=bot&bn=114637964&bd=20251110&utm_source=bizbuysell&utm_medium=emailsite&utm_campaign=htmlbotWelcome 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.

Muitos empresários têm uma percepção distorcida do valor do seu negócio, alguns superestimam, outros subestimam drasticamente. O valuation é a ferramenta que traz essa resposta de forma técnica e fundamentada.O valor da sua empresa pode ser calculado usando métodos como Fluxo de Caixa Descontado (FCD), Múltiplos de Mercado ou Valor Patrimonial. A escolha do método depende do tipo e do porte da empresa, e o cálculo envolve analisar o histórico de resultados e projetar o futuro.O valuation vai muito além de uma curiosidade empresarial. É fundamental para negociações de compra e venda, captação de investimentos e planejamento sucessório e estratégico. Sem conhecer o valor real do negócio, decisões importantes podem ser tomadas no escuro.Entender sobre valuation é ir além de gerar lucro, é entender como gerar valor ao seu negócio. A diferença é sutil, mas crucial: lucro é resultado de um período, valor é a capacidade de gerar resultados consistentes no futuro.Os três Métodos Principais:Fluxo de Caixa Descontado (FCD)Projeta os fluxos de caixa futuros da empresa e os traz a valor presente. É o método mais robusto para empresas com histórico consistente e projeções confiáveis. Considera não apenas o que a empresa ganha hoje, mas sua capacidade de geração de caixa no longo prazo.Múltiplos de MercadoCompara a empresa com outras similares que foram vendidas ou estão no mercado. Utiliza indicadores como múltiplos de faturamento, EBITDA ou lucro líquido. É mais rápido, mas depende da existência de empresas comparáveis.Valor PatrimonialBaseia-se no valor dos ativos menos as dívidas. É mais adequado para empresas com ativos tangíveis significativos ou em situações de liquidação. Funciona bem para negócios baseados em patrimônio físico.Ter uma contabilidade bem estruturada e organizada é determinante para uma boa base na avaliação. Demonstrações financeiras confusas, registros incompletos ou informações desencontradas tornam qualquer valuation impreciso ou até impossível.Além disso, premissas claras e bem fundamentadas são essenciais na elaboração da avaliação. Não adianta ter o melhor método se as premissas estiverem erradas. Crescimentos muito otimistas ou margens irreais tornam o valuation inútil. Seja conservador nas projeções e realista nas expectativas.Muitos empresários confundem valor emocional com valor de mercado. O que a empresa significa para você pode ser diferente do que vale para um comprador. Não considerar adequadamente os riscos do negócio e do setor pode inflacionar artificialmente o valor. Todo investimento tem risco, e isso deve ser refletido na avaliação.Um valuation bem-feito não é apenas um cálculo matemático, é uma análise profunda do negócio, suas perspectivas e seu posicionamento no mercado. Investir tempo e recursos em uma avaliação adequada pode ser a diferença entre uma negociação bem-sucedida e uma oportunidade perdida.Conhecer o valor real da sua empresa é o primeiro passo para tomar decisões estratégicas mais assertivas e construir um negócio verdadeiramente valioso.

Muitos empresários têm uma percepção distorcida do valor do seu negócio, alguns superestimam, outros subestimam drasticamente. O valuation é a ferramenta que traz essa resposta de forma técnica e fundamentada.O valor da sua empresa pode ser calculado usando métodos como Fluxo de Caixa Descontado (FCD), Múltiplos de Mercado ou Valor Patrimonial. A escolha do método depende do tipo e do porte da empresa, e o cálculo envolve analisar o histórico de resultados e projetar o futuro.O valuation vai muito além de uma curiosidade empresarial. É fundamental para negociações de compra e venda, captação de investimentos e planejamento sucessório e estratégico. Sem conhecer o valor real do negócio, decisões importantes podem ser tomadas no escuro.Entender sobre valuation é ir além de gerar lucro, é entender como gerar valor ao seu negócio. A diferença é sutil, mas crucial: lucro é resultado de um período, valor é a capacidade de gerar resultados consistentes no futuro.Os três Métodos Principais:Fluxo de Caixa Descontado (FCD)Projeta os fluxos de caixa futuros da empresa e os traz a valor presente. É o método mais robusto para empresas com histórico consistente e projeções confiáveis. Considera não apenas o que a empresa ganha hoje, mas sua capacidade de geração de caixa no longo prazo.Múltiplos de MercadoCompara a empresa com outras similares que foram vendidas ou estão no mercado. Utiliza indicadores como múltiplos de faturamento, EBITDA ou lucro líquido. É mais rápido, mas depende da existência de empresas comparáveis.Valor PatrimonialBaseia-se no valor dos ativos menos as dívidas. É mais adequado para empresas com ativos tangíveis significativos ou em situações de liquidação. Funciona bem para negócios baseados em patrimônio físico.Ter uma contabilidade bem estruturada e organizada é determinante para uma boa base na avaliação. Demonstrações financeiras confusas, registros incompletos ou informações desencontradas tornam qualquer valuation impreciso ou até impossível.Além disso, premissas claras e bem fundamentadas são essenciais na elaboração da avaliação. Não adianta ter o melhor método se as premissas estiverem erradas. Crescimentos muito otimistas ou margens irreais tornam o valuation inútil. Seja conservador nas projeções e realista nas expectativas.Muitos empresários confundem valor emocional com valor de mercado. O que a empresa significa para você pode ser diferente do que vale para um comprador. Não considerar adequadamente os riscos do negócio e do setor pode inflacionar artificialmente o valor. Todo investimento tem risco, e isso deve ser refletido na avaliação.Um valuation bem-feito não é apenas um cálculo matemático, é uma análise profunda do negócio, suas perspectivas e seu posicionamento no mercado. Investir tempo e recursos em uma avaliação adequada pode ser a diferença entre uma negociação bem-sucedida e uma oportunidade perdida.Conhecer o valor real da sua empresa é o primeiro passo para tomar decisões estratégicas mais assertivas e construir um negócio verdadeiramente valioso.

Jim and Abigail Zimmerman are a father-daughter investment team at Lowell Capital Management, combining Jim's two decades of disciplined value investing since founding the firm in 2003 with Abby's research-focused approach to identifying small-cap companies with fortress balance sheets and strong free cash flow generation.The episode is sponsored by TenzingMEMO — the AI-powered market intelligence platform I use daily for smarter company analysis. Code BILLIONS gets you an extended trial + 10% off https://www.tenzingmemo.com/3:00 - Abby shares her first stock purchase of American Eagle in middle school, using it as a gateway to understanding that investing isn't abstract but about owning real businesses and thinking like an owner.5:21 - The Zimmermans explain their core philosophy: “simplicity is the ultimate sophistication,” emphasizing that fewer things need to go right in an investment, citing Peter Lynch's principle that if you can't explain what a company does to an 11-year-old in a sentence or two, you probably shouldn't own it.8:34 - Jim discusses their strategy of buying growth companies at value prices, explaining their best investments are companies trading at 5-6x EBITDA with no debt that possess sustainable moats allowing intrinsic value to compound over time.12:00 - Discussion of the Sprouts Farmers Market case study, demonstrating how they identify turnaround situations where strong unit economics exist but the market hasn't recognized the potential yet.28:00 - Abby explains their disciplined selling process, particularly the importance of position sizing and their “20% trim rule” when stocks appreciate significantly to maintain portfolio balance.35:00 - The team reveals their contrarian approach during market dislocations, specifically discussing how they deployed capital during the COVID crash by focusing on companies with fortress balance sheets.42:00 - Jim shares wisdom from his father Lowell: live beneath your means, invest the excess, and build things over time - the Charlie Munger approach that shaped their entire investment philosophy.51:00 - Discussion of free cash flow as the ultimate metric, with both emphasizing that businesses generating cash can survive any environment and capitalize on opportunities when competitors stumble.57:05 - Abby defines success as alignment - living in a way that reflects what matters most, building something meaningful with family, and treating others well while maintaining disciplined investing even when unpopular.1:00:24 - Bogumil adds perspective on wealth preservation across generations, noting the US uniquely allows both creation and multi-generational preservation of wealth.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm's employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Want a quick estimate of how much your business is worth? With our free valuation calculator, answer a few questions about your business, and you'll get an immediate estimate of the value of your business. You might be surprised by how much you can get for it: https://flippa.com/exit -- Most business owners believe selling their company is a single event—a signature on a dotted line. But according to Chris Spratling, Founder of Chalk Hill Blue, treating your exit like an event is the fastest way to leave millions on the table. In this episode, we unpack why the "illusion of readiness" kills deal value and why over half of all founders regret their exit within 12 months. Chris shares his experience from the private equity and consulting worlds to explain exactly what modern buyers are looking for. We move beyond basic EBITDA multiples to discuss the psychology of the seller, how to survive forensic due diligence, and the shift from "growth at all costs" to "predictability." If you are building a business with the intention of selling—whether next year or in a decade—this conversation is your blueprint for maximum value and zero regret. In this episode, you will learn: The "Illusion of Readiness": Why having a profitable business does not mean you have a sellable business. The 8-10 Drivers of Value: What acquirers actually look for (hint: it's not just your bottom line). Deal Structure Strategy: How to align earn-outs, non-competes, and tax efficiency with your personal life goals. The Negotiation Edge: How one seller secured a 40% premium over the initial offer simply by being better prepared than the buyer. Market Shifts: Why post-COVID buyers are paying for predictability over hockey-stick growth. The Regret Trap: Why 50% of owners hate their deal a year later and how to ensure you aren't one of them. -- Timestamps: (01:49) Why selling is a journey, not an event (03:36) The difference between Perceived Value and Market Value (05:56) Seller Readiness vs. Business Readiness (09:21) How to negotiate deal structures and multiple bids (17:55) How buyer psychology has changed in the last 5 years (22:54) The #1 piece of advice: "Prepare like your life depends on it" -- Chris Spratling is the founder of Chalkhill Blue Limited, a leading business coaching and consulting practice that helps UK business owners scale effectively and prepare for profitable exits. With more than 30 years of experience owning, buying, and selling multiple seven-figure businesses, he brings deep, practical insight to every client engagement. He is also the author of The Exit Roadmap: The Insider's Guide to Selling Your Business Profitably, where he distills his proven approach to exit planning and leadership transformation, including how to understand whether a business is truly sale-ready. Website - https://chalkhillblue.org/ Check out his book - https://a.co/d/cKVGTFs Take the Exit Readiness Survey - https://chalkhillblue.org/exitreadiness-survey -- The Exit—Presented By Flippa: A 30-minute podcast featuring expert entrepreneurs who have been there and done it. The Exit talks to operators who have bought and sold a business. You'll learn how they did it, why they did it, and get exposure to the world of exits, a world occupied by a small few, but accessible to many. To listen to the podcast or get daily listing updates, click on flippa.com/the-exit-podcast/

For many owners, private equity feels like a black box: a buyer shows up with a multiple, some debt, and a term sheet, and it is hard to tell whether you are getting a fair shake or being set up for a painful re-trade later.  In this Inside the Mind of an Acquirer episode of Built to Sell Radio, John Warrillow sits down with Speyside Equity managing director Eric Wiklendt.

Send us a textIn this episode of The Skinny on Wall Street, Kristen and Jen unpack the story stirring up markets: Michael Burry's latest warning that Big Tech is overstating earnings by extending the “useful life” assumptions on their GPUs. The conversation becomes a real-time teach-in on depreciation, useful life estimates, GAAP vs. tax depreciation, and how a small shift in an accounting estimate can meaningfully inflate EPS—especially for mega-cap tech stocks that trade heavily on P/E multiples. Kristen walks through exactly how depreciation affects valuation, and why some metrics (like EBITDA) and methodologies (like the DCF) are untouched by the choice of useful life. The big question the duo wrestle with: is Burry identifying a real risk, or is this a nothingburger amplified by market paranoia? From there, Jen shifts to the fixed income landscape ahead of the December Fed meeting—one the central bank must navigate without key data (payrolls and CPI) that won't arrive until after the rate decision. She breaks down how Powell is managing optionality near the end of his term, how the market is pricing a December cut, and what a likely dovish successor (Kevin Hassett) could mean for rates in 2026. They also dig into credit markets: years of high coupons have fueled relentless reinvestment demand, but an uptick in issuance—especially from AI-heavy hyperscalers—may finally rebalance supply and demand. The duo look abroad as well, analyzing the UK's newly announced national property tax and what it signals about global fiscal stress.The episode wraps with big updates from The Wall Street Skinny: the long-awaited launch of their Financial Modeling Course, the continued fixed income course presale, and new January 2026 office hours, plus the return date for HBO's Industry (January 11!). To get 25% off all our self paced courses, use code BLACKFRIDAY25 at checkout!Learn more about 9fin HERE Shop our Self Paced Courses: Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HERE Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others' experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

In episode #332, Ben Murray explains why AI companies with high inference costs and lower gross profit margins must scale dramatically faster—up to 6x larger—to match the financial performance of a comparable SaaS business. Using simple financial modeling and the core principles of SaaS economics, Ben breaks down how AI margins, variable COGS, and TAM expansion interact to shape the financial trajectory of AI-native companies. This episode builds on a recent blog post and downloadable Excel model, both linked in the show notes. Key Topics Covered Why SaaS metrics still apply to AI companies, but with different economic inputs The impact of AI inference costs on gross margin and scalability Comparing a SaaS company at 80 percent gross margin vs. an AI company at 55 percent Why an AI company needs 6x the revenue to generate the same EBITDA How lower gross profit changes cash flow, EBITDA, and company valuation Why larger TAM and higher ACV potential in AI may offset lower margins How attacking labor budgets expands revenue opportunity for AI products The myth that SaaS metrics are “broken” for AI companies Understanding how COGS scale in SaaS vs. AI and why the math still works Evaluating OPEX profiles when modeling scale scenarios How to use the downloadable template to test scenarios for your own AI or SaaS business Why This Matters This episode is critical for: AI founders modeling their unit economics SaaS founders embedding AI and needing to understand margin changes CFOs, controllers, FP&A leaders, and finance teams navigating AI cost structures Investors assessing the scalability and valuation profile of AI companies Operators planning cash runway, revenue forecasts, and growth investment Understanding these financial dynamics early ensures you can forecast accurately, raise capital more effectively, and prepare for due diligence with confidence. Resources Mentioned Full blog post on AI vs. SaaS economics: https://www.thesaascfo.com/the-real-economics-of-saas-versus-ai-companies/ SaaS Metrics Course: https://www.thesaasacademy.com/the-saas-metrics-foundation

Small Cap Breaking News You Can't Miss!Here's a quick rundown of the latest updates from standout small-cap companies making big moves today:NorthWest Copper (TSXV: NWST)NorthWest reported strong new drill results at its Kwanika project in British Columbia, highlighted by 26 metres of 0.72% copper and 1.30 g/t gold. The results expanded high-grade zones, confirmed broad near-surface mineralization, and support the potential for a more capital-efficient, higher-grade copper-gold mine as global copper demand continues to rise.GFG Resources (TSXV: GFG)GFG delivered 1.05 g/t gold over 71 metres, including high-grade intervals above 7 g/t, at its Aljo project in Ontario's Timmins Gold District. The company also discovered a new gold zone at depth and launched a large regional exploration program across its Goldarm Property, setting up multiple potential discovery catalysts into 2026.Plurilock Security (TSXV: PLUR)Plurilock posted steady revenue growth and a 165% year-over-year surge in Critical Services revenue, along with an 11.5% improvement in adjusted EBITDA losses. New government and enterprise contracts, fresh leadership appointments, and recent financing are helping position the company for a possible break-even year in 2026 in the fast-growing cybersecurity sector.Goodfood Market (TSX: FOOD)Goodfood reported $121 million in full-year sales and $25 million in Q4 sales, with positive adjusted EBITDA for both the year and the quarter and positive operating cash flow in Q4. While traditional meal-kit demand remains weak, growth in Heat & Eat prepared meals, value plans, and Genuine Tea is helping shift the business toward more stable, cash-focused profitability.Stay ahead of the market. Follow AGORACOM for more breaking small-cap news and real-time updates — and don't forget to follow the AGORACOM Podcast for deeper investor insights.

This episode is sponsored by Troy Roofing Inc. LightSpeed VT: https://www.lightspeedvt.com/ Dropping Bombs Podcast: https://www.droppingbombs.com/ In this Dropping Bombs episode, second-generation roofer and multi-million-dollar owner Troy Musulman reveals how blue-collar grit scales real companies. He exposes industry roll-ups, margins, and consumer traps, explaining how he escaped a wage ceiling and dominated the tear-off roofing niche. Troy also reveals why most "lifetime" warranties are actually just marketing.   Action takeaways: pricing with discipline, strategic material sourcing, documenting installs, and unifying with solid operators to increase EBITDA and exit options. Learn how to evaluate offers, avoid slow-pay partnerships, and the simple phrase that saves thousands. Whether you own a home, run a crew, or just hate getting hustled, this episode shows how to keep more money—and more leverage—on your side.

What does it really take to scale a home services business from a shoestring budget to seven figures and then do it five times over? In this episode of Sharkpreneur, Seth Greene interviews Teddy Slack Jr., Founder of BizScore.ai, who has built and scaled five different service-based businesses from scratch to seven figures. He's a serial entrepreneur who transformed an $8,000 startup into a company generating 43% EBITDA—before selling it at a five-times multiple. In this episode, Teddy shares his journey, his lessons on marketing, pricing, and leadership, and why he's now documenting his newest venture in real time for contractors everywhere. Key Takeaways: → Why flat-rate pricing revolutionized his industry and boosted closing rates. → The importance of tracking marketing ROI instead of “throwing spaghetti at the wall. → Why getting out of day-to-day operations is the key to scale and freedom. → The mindset shift every contractor must make to turn a job into a business. → The challenges and opportunities of entering a brand-new industry from scratch. Teddy Slack Jr. helps blue-collar business owners turn chaos into clarity and profit. Over the last 20 years, he has successfully built five service-based businesses from scratch to seven figures, all within their first 12 months. Most recently, he scaled and exited his home service business for a 5x multiple, growing it to $1.6 million in annual profit with zero owner involvement. Today, Teddy partners with select owner-operators as a strategic growth operator, bringing the systems, financial discipline, marketing power, and leadership infrastructure necessary to scale businesses without burnout or guesswork. Unlike traditional coaching, Teddy works hands-on in the trenches with business owners to turn their operations into streamlined, profitable machines that can run and eventually sell without them. Teddy is also the creator of BizScore, an AI-powered financial health tool that helps service businesses assess their financial situation and take action to plug profit leaks and grow with confidence. Connect With Teddy: Website: https://www.bizscore.ai/ YouTube: https://www.youtube.com/@teddyslack LinkedIn: https://www.linkedin.com/in/teddyslack/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Growth is exciting, but in healthcare scaling too fast without pressure-tested operational systems can lead to disappointing outcomes including decreased EBITDA, increased risk and poor patient experience. In this week's episode, Jamie welcomes teammate Adin Bradley back to the show as they break down what foundational systems must be in place before expanding, and why a solid operational foundation is your true growth engine. Tune in as Adin shares a preview of his session planned for Polaris' January Masterclass: The Leadership Advantage - a "don't miss" opportunity designed to recalibrate your operational perspectives and catapult plans for scale! LEARN MORE & REGISTER HERE

Wait, you're telling me that a $100 million plus acquisition just occurred in the North American protein bar market…and I've never once mentioned the brand name throughout its almost decadelong existence? That simply cannot be TRU! Though, before anyone tries to ignorantly throw dirt on my name…I'll finally reveal why I've been publicly ignoring TRUBAR! However, it was just announced that TRUBAR would be acquired by Eti Gida, a Turkish CPG company, for approximately $142.5 million. And if you were trying to understand the valuation…as of the 2025 third quarter closing (dated September 30, 2025), trailing twelve months revenue from the TRUBAR segment would be just shy of $61 million. So, this would imply a 2.3x trailing twelve-month revenue multiple. And this is why I suspect TRUBAR “retail investors” are unhappy with the M&A transaction, as it would mark what I believe to be one of the lowest revenue multiples in the last decade of the protein bars market. Yet, for several varied reasons…TRUBAR isn't ONE Brands, Quest Nutrition, FITCRUNCH, Barebells, Power Crunch, or a few other protein bar companies involved in recent M&A activity. Firstly, unlike the negative EBITDA (on a trailing twelve-month basis) at TRUBAR, these other protein bar companies actually made money. Next, while customers might enjoy the taste (and consumption experience) of TRUBAR products, there isn't anything differentiated about them. If you weren't familiar, protein bars are mostly a contract manufacturing “follow the leader” dominated category with a “sea of sameness” market composition. But even if TRUBAR differentiation could've been gained by form factor uniqueness (complexity), it still requires creating (or owning) the manufacturing process if a protein snacking company really hopes to secure longer-term defensibility (and competitive advantage). Then, with Big CPG jumping heavily into “protein-ified variants” of their leading snacking brands, it will further deepen the competitive landscape and transform “protein” into a battleground category as it proliferates across the entire grocery store. And you can argue that most of the beforementioned protein bars are dealing (at some level) with this same challenge (as the market evolves, expands, and segments further), but mainstream buyers don't know about TRUBAR. Yes, retail availability has grown substantially in recent years…and revenue growth has largely accompanied it, but TRUBAR still has an extremely low U.S. protein bars market share and brand household penetration percentage overall. But to understand if new ownership can materially improve the likelihood that TRUBAR will become culturally relevant with the next generation of modern protein snacking customers, I'll more closely examine Eit Gida...which is among the top CPG manufacturers based in Turkey (becoming well-known in multiple geographies across various bakery and snacking categories). Though, you might be wondering…why is a Turkish Big CPG strategic acquiring a relatively small Canadian public company selling plant-based protein bars mainly in the U.S. market? But more importantly if Eti Gida can really help TRUBAR carve out a distinct niche in the crowded North American protein bar market.

Interview with David Cataford, CEO of Champion Iron Ltd.Our previous interview: https://www.cruxinvestor.com/posts/g-mining-ventures-tsxgmin-champion-iron-tsxcia-playbook-for-success-7198Recording date: 24th November 2025Champion Iron stands at a compelling inflection point for investors seeking exposure to steel industry decarbonisation. After seven years and over $2 billion of capital investment, the Canadian iron ore producer is weeks away from completing its transformation into one of the world's premier ultra-high-grade concentrate suppliers, with the major expenditure cycle ending December 2025 and material free cash flow generation beginning 2026.The company just delivered its strongest quarterly performance in two years, generating approximately $175 million EBITDA with record sales of 4 million tonnes. This operational momentum comes as Champion works through a 3-million-tonne stockpile of premium 66.2% concentrate that provides near-term cash generation visibility as inventory converts to sales over coming quarters. Management owns over 10% of the business, ensuring strong alignment with shareholder interests.Champion's most significant catalyst arrives with December 2025 completion of its $500 million DR Pellet Feed project, over 80% complete with remaining work focused on piping and electrical systems. This upgrade transitions half of production – approximately 7-12 million tonnes annually – to up to 69% iron ore concentrate, positioning Champion amongst the world's highest-grade producers with first commercial shipments expected early 2026.The strategic rationale extends beyond grade premiums. Current production ships approximately 9 million tonnes annually to China, incurring freight costs of $23-25 per tonne whilst competing against proximate Australian and Brazilian suppliers. The DR Pellet Feed material targets North Africa, Middle East, and European customers where Champion's Canadian location becomes proximity advantage, reducing freight costs whilst commanding premiums for material essential to Direct Reduction Iron processes central to steel decarbonisation.Champion's ore stability provides critical competitive advantage. The company maintains an unblemished on-specification delivery record, enabling long-term contracts with sophisticated buyers who cannot tolerate specification risk in DRI feedstock. Whilst premiums for high-grade material currently sit at historical lows, Champion has witnessed premiums reaching $45 per tonne during previous periods of tight supply, suggesting significant upside potential as steel industry decarbonisation accelerates.The valuation disconnect presents compelling opportunity. Champion trades at market capitalisation under $2 billion against over $6 billion in replacement costs – approximately 70% discount to asset replication value. This gap exists despite management's unblemished track record of delivering three consecutive major projects on time and on budget since 2017. Management is now evaluating share buybacks as value-creating strategy given this substantial discount.Iron ore pricing resilience stems from Chinese domestic production economics. China produces over 450 million tonnes at relatively high cost, creating natural price support as high-cost producers curtail output when prices decline. This dynamic has provided consistent support around $100 per tonne despite analyst forecasts of lower pricing since 2015.Beyond current operations, Champion secured attractive growth optionality through its Kami project – potential 9-million-tonne-per-year development with 49% sold to Nippon Steel and Sojitz. Partner equity contributions fund several years of permitting and feasibility work without requiring Champion shareholder capital, with construction decision possible in 2027.With capital expenditure cycle ending December 2025, Champion maintains four-year track record of semi-annual dividend payments (10 cents per share) whilst evaluating enhanced returns as free cash flow materialises. Multiple value drivers converge through 2026: working capital release, cost improvements, premium product sales, and enhanced capital returns at compelling valuation for investors believing in iron ore price stability and steel decarbonisation trends.View Champion Iron's company profile: https://www.cruxinvestor.com/companies/champion-iron-limitedSign up for Crux Investor: https://cruxinvestor.com

Mark Thomas walked away from a six-figure salary without a concrete plan.Three co-founders. One investment. Strict 9-month covenants.Then came March: dozens of pitches, everyone loved the vision, but almost no one was buying. The retained leadership search model wasn't landing. They started questioning everything.One week later, four retained searches landed. Revenue hasn't stopped climbing since.12 months in: £1M+ revenue, 75% retained work, and a business model nobody else in insurance recruitment is executing at this level.In this episode:Why he nearly pivoted to golf (and why recruitment pays better)The £150k-£350k leadership gap nobody was serving properlyTurning down every role under £120k to protect the brandBuilding the "Real Madrid of recruiters" with 10-15 elite billersHow retained search gives you three-month revenue visibilityThe profit share model that creates a partnership without equityThis isn't a scale-to-50-people story. This is about building a boutique firm where being the worst recruiter in the room means you've hired brilliantly.For recruitment founders who want quality over quantity and believe 10 great people beats 50 average ones.__________________________________________Episode Sponsor: AtlasAdmin is a massive waste of time. That's why there's Atlas, the AI-first recruitment platform built for modern agencies.It doesn't only track CVs and calls. It remembers everything. Every email, every interview, every conversation. Instantly searchable, always available. And now, it's entering a whole new era.With Atlas 2.0, you can ask anything and it delivers. With Magic Search, you speak and it listens. It finds the right candidates using real conversations, not simply look for keywords.Atlas 2.0 also makes business development easier than ever. With Opportunities, you can track, manage and grow client relationships, powered by generative AI and built right into your workflow.Need insights? Custom dashboards give you total visibility over your pipeline. And that's not theory. Atlas customers have reported up to 41% EBITDA growth and an 85% increase in monthly billings after adopting the platform.No admin. No silos. No lost info. Nothing but faster shortlists, better hires and more time to focus on what actually drives revenue.Atlas is your personal AI partner for modern recruiting.Don't miss the future of recruitment. Get started with Atlas today and unlock your exclusive RAG listener offer at https://recruitwithatlas.com/therag/__________________________________________Episode Sponsor: HoxoEvery recruitment founder is investing in LinkedIn.Spending thousands on Recruiter licences.Building connections. Posting content. Growing networks.But here's the question almost no one can answer:How much revenue is LinkedIn actually bringing into your business?Most founders have thousands of connections but no clear process to turn that attention into cash.That's the problem we solve.At Hoxo, we help recruitment founders build predictable revenue systems on LinkedIn, not just noise or vanity metrics.Our clients are turning LinkedIn into £100K–£300K in new billings within months, using their existing networks and a simple repeatable process.To show you how it works, we've created a short training video exclusively for RAG listeners.In less than 10 minutes, you'll learn:- Why most recruiters are getting zero measurable ROI from LinkedIn- How small, niche teams are generating consistent inbound demand- The 3X Revenue System we use to turn LinkedIn into a predictable cash-generating...

欢迎收听雪球出品的财经有深度，雪球，国内领先的集投资交流交易一体的综合财富管理平台，聪明的投资者都在这里。今天分享的内容叫阿里10%增长背后，来自吉吉GOO。对淘天主要关心几个问题：1、闪购亏了多少钱，取得了怎样的效果，包括UE和对电商的带动2、电商 G M V 、收入和变现率如何，补贴力度和盈利质量，份额和消费生态是否稳定3、真实利润和现金流，拆分电商和闪购4、怎么理解阿里收入增速10%而多多才8%闪购篇：亏损340亿带动百分之1到百分之3的主站G M V增长电商补贴率系统抬升10%、Q3闪购实际亏损340亿在闪购大战之前，由于电商补贴竞争的日益激烈，阿里的销售费用率近两年已经系统性抬升了10%，从33%到43%，对应电商的EBITDA利润率估计从原先的65%下降到55%，按照55%正常利润率测算，本季度该有434亿，实际91之间差值约340亿理解为闪购的亏损。电商收入增长2%到4%来自 G M V ，其余来自软件服务费和变现率2024年9月1日后淘宝按“0.6%倍的确收成交金额”收取卖家基础软件服务费。确认收货之后，不管是否发生退款都会收取卖家基础软件服务费。淘天的支付 G M V 取6.6万亿，粗按50%是淘宝，对应年200亿的基础软件服务费。此外，全站推的渗透是 T R 提升的主要原因。大致拆分客户管理收入增速的真实来源。闪购虽显著提升了日活，但仅带动1%到3%的 G M V 增长，与所付出的代价相言目前收效甚微。单笔客户盈利差距仍大，减亏任重道远阿里亏340亿，按日均7500万单，单均亏损5元；美团Q3假设亏150-200亿，日均8千万单，单均亏2-2.6元，在外卖这个极薄利的生意上单笔盈亏差距2.5-3元是一个相当可观的数字，阿里释放了固份额减亏的信号，但实际能减亏到什么程度仍未知数，当前格局30元客单价以上美团份额仍有7成。判断长期稳态下美团仍会保持份额和单笔利润的双领先，每笔订单领先0.5-1元。电商篇：近年表现最佳，生态位稳固前文提到今年电商G M V实现低单个位数的增长，在软件服务费和全站推渗透变现率提升的带动下C M R连续三个季度实现10+%增长。在聚焦88vip s+品牌之后，淘天生态稳固复苏。从独特性来看，淘天是电商业态中唯一一家以「店铺」为运营主体的不可被替代的线上商业地产，与抖音的「兴趣电商」、拼多多的「分人群团购」各有侧重和区隔；从相似性来看，抖音与淘天都是流量主导、承接品牌销售的平台，抖音对淘天的威胁和瓜分仍不可小觑。8 8 vip会员数量表现卓著，同比仍有20%以上增长盈利质量受闪购扰动，主业现金奶牛我估计公司电商主业的真实税后利润在1400-1500亿体量，N年原地踏步——增收不增利的主要原因还是销售费用率永久性抬升了10%。总结和展望综上，由于拼多多在降低货币化和客单价，呈现为单量增速（15%），大于 G M V增速（11%），大于广告收入增速（8%）；而阿里在提货币化，呈现为收入增速（10%），大于G M V增速（3%-4%）。还需要留意的是由于竞争淘天不得不付出更多费用，而拼多多主站费用开支保持温和，两个平台的利润都保持稳定。展望2026年，预计淘天多多的收入都会更趋近G M V增速，一个3%-6%、一个10%-15%；展望5年后，预计拼多多国内的增速仍会较淘天高5%；抖音和微信的发展仍值得持续观察。从更整体视角来看，不同企业选择种下不同种子，阿里投入 A I 与闪购、多多聚焦零售迈步全球，5-10年后会结出各自的花朵和果实。

Segun Lawson, President and CEO of Thor Explorations (TSX.V: THX) (AIM: THX) (OTC: THXPF), joins me for a review of Q3 2025 operations and production metrics from its Segilola Gold mine, and for the Company's ongoing exploration and development programs in Nigeria, Senegal and Cote D'Ivoire.   Segilola Q3 2025 Financial Highlights   19,650 ounces ("oz") of gold ("Au") sold at an average gold price of US$3,535 per oz. Cash operating cost of US$783 per oz sold and all-in sustaining cost ("AISC") of US$1,129 per oz sold. Revenue of US$69.9 million (vs Q3 2024: US$40.2 million). Net profit of US$43.1 million (vs Q3 2024: US$17.5 million). EBITDA of US$51.8 million (vs Q3 2024: US$27.4 million). Adjusted net cash of US$81.0 million (vs Q3 2024: US$3.2 million).   Segilola Operational Highlights   Gold poured totaled 22,617 oz during Q3 2025. 250,459 tonnes ("t") of ore processed during Q3 2025, at an increased equivalent throughput rate of 2,722 tonnes per day. Mill feed grade was 3.11 grammes per tonne ("g/t") Au. Process plant recovery performance has improved compared to recent quarters and during Q3 it operated at an average of 94.3%. 386,558 t of ore mined during the Period, at an average grade of 2.26 g/t Au. The ore stockpile increased by 2,977 oz to 44,069 oz of Au at an average grade of 0.83g/t Au.  This is more than one year of process plant supply and offers flexibility and low risk for future process plant production.   Segilola Exploration The Segilola life of mine extension drilling program continued during Q3, with diamond drilling taking place to test the depth extensions of the Segilola deposits. A mining consultancy was engaged for a high-level review of the underground potential to support the continuation of the drilling program. The Group is aiming to define an updated resource as of end of 2025. Regional surface exploration continued across several of its licenses; mainly south of the Segilola Gold mine.   Douta Project – Senegal   During the Quarter, a reverse circulation ("RC") drilling program and metallurgical testwork was completed on the Baraka 3 Prospect, aimed at extending the recently discovered drilled mineralization towards the north and south. Subject to finalizing metallurgical tests on the Baraka ore, it should satisfy the Group's strategy at Douta to delineate an initial 500,000 oz oxide resource at the start of the mine life. The Group continued to progress the final workstreams for the Douta Pre-Feasibility Study ("PFS"), which it aims to release in Q4 2025. Thor announced the signing of a binding sale and purchase agreement with International Mining Company SARL ("IMC") to acquire the remaining 30% interest in Douta for a total consideration for the acquisition is a payment of US$3.0 million in cash with 50% payable on signing and 50% payable at completion and a 1.25% average Net Smelter Royalty capped at US$60.0 million. The Group also announced that it acquired an initial 65% interest in the Bousankhoba Exploration Permit, an early-stage gold exploration permit located contiguous to the east of the Company's Douta West permit. Bousankhoba contains several continuous soil geochemical anomalies, some of which have had historical early-stage drilling with encouraging results, including 10 m at 3.6 g/t Au and 2 m at 52 g/t Au.   Cote D'Ivoire exploration projects   During the Quarter, Thor completed an initial RC drilling program at the Guitry Project, comprised of 4,604 m in 41 holes. The drilling campaign successfully intersected several high-grade mineralized lodes which remains open. At the Marahui Project mapping and rock sampling progressed during the Quarter, with more than 250 samples collected. Further exploration drilling activities are planned at Guitry and Marahui and scheduled to continue for the next eight months during the dry season.     If you have any questions for Segun regarding Thor Explorations, then please email them into me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Thor Explorations at the time of this interview.   Click here to follow the latest news from Thor Explorations   For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/     Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

How are you fostering a love for giving and generosity in your heart and home?In this episode, Jeff, Jeff, and Bob discuss: The transformative power of the Bible.Transitioning business skills into managing charitable donations.Capping your EBITDA and using additional revenue for generosity.Collaborative giving for a greater impact.  Key Takeaways: Giving generously starts with a heartfelt desire to bless others.Bringing your children on a generous path can be a journey that looks different for every family.The richness in relationships and purpose is greater than the richness of a large bank account.Sometimes what feels like moving backwards in life is the first step in the better path that God has prepared for you.  "If you're at that crossroads where you're trying to choose between full consumption and generosity, I can guarantee you you will not regret choosing the generous path." —  Bob Collins Episode References: National Christian Foundation: https://www.ncfgiving.com/Every Tribe Every Nation: https://eten.bible/ About Bob Collins: Prior to TrustBridge, Robert served for 16 years with the National Christian Foundation, an organization that has facilitated over $10 billion in charitable giving in the U.S. to more than 50,000 charities in over 100 countries. Prior to that, he was Managing Director and Co-Chief Investment Officer of Goldman Sachs Asset Management (Equity Investment Management), where he led a 54-person team responsible for investing $36 billion in European and Global equities portfolios. Connect with Bob Collins:Website: https://www.trustbridgeglobal.com/LinkedIn: https://www.linkedin.com/in/collinsrobert/  Connect with Jeff Thomas: Website: https://www.arkosglobal.com/Podcast: https://www.generousbusinessowner.com/Book: https://www.arkosglobal.com/trading-upEmail: jeff.thomas@arkosglobal.comTwitter: https://twitter.com/ArkosGlobalAdvFacebook: https://www.facebook.com/arkosglobal/LinkedIn: https://www.linkedin.com/company/arkosglobaladvisorsInstagram: https://www.instagram.com/arkosglobaladvisors/YouTube: https://www.youtube.com/channel/UCLUYpPwkHH7JrP6PrbHeBxw

If you're a roofing or home service owner thinking about selling in the next 1–5 years, this is required viewing. Tim and Gregg Schonhorn (Business Development Advisor, SF&P Advisors) unpack the real story behind platform roll-ups, the Minnesota Rusco / Nucco situation, AirPros, and why roofing is still 5+ years behind HVAC, plumbing, and electrical on the private equity curve.You'll hear why some buyers are rock-solid long-term partners… and others are ticking time bombs built on ugly debt structures and bad covenants.In this conversation, you'll learn:How roofing PE platforms are actually structured (and where they make their money)Why deals like Minnesota Rusco and AirPros went sideways – and what warning signs you can spot earlyHow storms, demand cycles, and “one huge year” really factor into your valuationThe difference between real platforms and “let's bundle 10 shops and flip” con jobsHow to vet a buyer's debt, covenants, and capital stack so you don't get wiped out by their financingWhy integration (systems, CRMs, chart of accounts, handbooks, compensation) is what creates real enterprise valueHow culture, community reputation, and referrals quietly drive higher multiples for roofing businessesPractical steps to add 3–5% net and hundreds of thousands of EBITDA before you go to marketIf you want to protect your people, your brand, and your upside when you sell, this episode will give you the questions to ask and the traps to avoid.

Keith Santangelo joins Wil in-studio to trace his journey from growing up in a Cajun-Italian butcher/grocery family in Baton Rouge to owning New York City restaurants, leading major restaurant groups, and now serving independents through AccessWave. They reminisce about Keith being one of Schedulefly's earliest customers, talk about the magic of independent restaurants as “third places” (with Seinfeld's diner as a touchstone), and unpack how the industry's resilience showed up during COVID. Keith walks through selling his Hell's Kitchen spots before the pandemic, stewarding scratch-kitchen concept Jose Tejas/Border Café through the shutdowns, then running operations and finance for Serafina's global group and navigating licensing vs franchising abroad. From there, he explains why he pivoted from opening more restaurants to building an insurance and benefits solution specifically for hospitality, bringing a “unreasonable hospitality” mindset to a traditionally cold, transactional world. Throughout, they dig into tech overload, the adoption gap between shiny features and what teams actually use, the power of real implementation support, and why everyone should work in a restaurant at least once. The episode lands on family, balance, and why serving independent restaurants still sits at the center of Keith's life and work. 10 Takeaways Hospitality in the DNA – Keith's love for small, family businesses started in his grandfather's meat market and grocery stores, where he quickly gravitated to the front-of-house and guests. Independent restaurants as “home base” – From Seinfeld's diner to neighborhood spots like Pie's Eye, they're the community living rooms where people gather, talk, and feel known. Early Schedulefly believer – Keith adopted Schedulefly around 2008 at Planet Hollywood, brought it to his own restaurants, and has stayed connected to Wil and the brand ever since. Owning and selling in NYC – He co-owned Bourbon Street Bar & Grill and Brazen Tavern in Hell's Kitchen, later selling—partly to be more present with family—and, unknowingly, just ahead of COVID. How deals actually get done – Restaurant valuations often center on a multiple of EBITDA plus lease/liquor-license realities, but in practice many sales hinge on relationships and trusted partners. COVID as a resilience test – At Jose Tejas/Border Café, a 100% dine-in scratch concept with zero to-go, the team reimagined operations from the ground up and came out stronger. Scaling with Serafina – Running ops and finance for a 22-unit, $100M+ Italian group taught Keith the complexity of global growth, including why international licensing can beat franchising. The tech adoption gap – Many operators pay for enterprise tools but use a fraction of the features; if you're only using 20% of the value, you shouldn't be paying 100% of the bill. Hospitality belongs in “boring” sectors – With AccessWave, Keith is importing restaurant-style hospitality into insurance and benefits, aiming to be a true partner, not just a broker. Family as the why – Behind all the big roles and decisions is Keith's desire to provide for and be present with his wife and four kids—while still serving an industry that “saved” so many lives.

Want a quick estimate of how much your business is worth? With our free valuation calculator, answer a few questions about your business, and you'll get an immediate estimate of the value of your business. You might be surprised by how much you can get for it: https://flippa.com/exit -- If you're an entrepreneur wondering when to raise capital, how to scale through acquisition, or what really drives valuation multiples, this conversation delivers tactical advice you can actually use. In this episode of The Exit Podcast, James Rose, Founder and CEO of Inflective Group, unpacks the strategic decisions that determine whether a business exits successfully or stalls out. James shares hard-won lessons from his journey building and selling businesses across Eastern Europe, spending over a decade in the startup world, and now helping agency founders navigate their own exits. What You'll Learn On Common Founder Mistakes: Why raising money too early can make your business less acquirable The hidden execution risks that come with rapid scaling How hiring the wrong people costs you 18 months and momentum Why one A-player delivers what five B-players struggle to achieve On Exit Timing and Preparation: Why the best businesses get bought, not sold The truth about "exit prep" and when it becomes a distraction How to know if you're actually ready to scale or should stay focused What life-changing money really means at different stages On Scaling and Valuation: Why small operational improvements won't significantly change your multiple The three paths to scale: raising capital, acquiring competitors, or joining a larger group How to think about EBITDA multiples and what actually moves the needle Why scale is the ultimate multiplier, not process optimization On M&A and Deal Structure: How to create competitive tension in negotiations (and why you need it) The "longest list" negotiation strategy that actually works Why most founders focus on the wrong deal terms Red flags to watch for in private equity deals and earnout structures How minority investments can empower founders instead of limiting them On Growing Through Acquisition: The financial commitment calculation: when will you actually see ROI? Managing the distraction of M&A while protecting your core business Why leverage matters more than scale in acquisitions How to ensure people stay and remain motivated post-acquisition -- James Rose is Founder & Director of Rose Equity Partners and also leads as Founder & Group CEO of Inflectiv Group, bringing over two decades of entrepreneurial leadership in launching, scaling and advising high-growth media, marketing and technology ventures. He has driven commercial strategies and go-to-market execution for private-equity-backed companies while taking revenues from early stage through to £7M+ outcomes. With a deep passion for partnering with ambitious entrepreneurs and creating sustainable value, James combines operational expertise, investor insight and strategic vision to help founder-led businesses navigate growth inflection points and deliver meaningful impact. Website - https://www.inflectivgroup.com/ LinkedIn - https://www.linkedin.com/in/jamesroseequitypartners/ -- The Exit—Presented By Flippa: A 30-minute podcast featuring expert entrepreneurs who have been there and done it. The Exit talks to operators who have bought and sold a business. You'll learn how they did it, why they did it, and get exposure to the world of exits, a world occupied by a small few, but accessible to many. To listen to the podcast or get daily listing updates, click on flippa.com/the-exit-podcast/

Interview with Richard Young, Chief Executive Officer of i-80 GoldOur previous interview: https://www.cruxinvestor.com/posts/i-80-gold-tsxiau-pitch-perfect-november-2025-8431Recording date: 19th November 2025i-80 Gold (TSX: IAUX) is executing a methodical three-phase development plan designed to transform the company from a marginal Nevada gold producer into a profitable mid-tier operator generating 200,000 ounces annually by 2028 with projected EBITDA of $200 million to $300 million. The company's third quarter 2025 results marked a critical inflection point, delivering the strongest financial performance in company history whilst completing permanent dewatering infrastructure that had previously constrained access to higher-grade mineralisation at the flagship Granite Creek underground mine.President and CEO Richard Young confirmed that permanent dewatering systems installed during Q3 2025 will enable accelerated underground development over the next six months into zones where "grades get better, ground conditions get better, and we expect mining rates to rise." A 47-hole infill drilling programme scheduled for completion in mid-December 2025 is yielding results that Young characterised as "consistently solid. Very good grades over very good widths," with a feasibility study incorporating these results expected at the end of Q1 2026 showing "materially better" economics than previous assessments.Construction of the Archimedes underground mine commenced in Q3 2025, providing the second production centre necessary to justify the strategic refurbishment of i-80 Gold's Lone Tree autoclave facility. The autoclave refurbishment represents the pivotal value creation opportunity in management's development thesis. With current toll milling costs ranging between $1,000 and $1,500 per ounce, i-80 Gold is effectively surrendering $200 million to $300 million in annual EBITDA at the 2028 production target of 200,000 ounces. Young stated unequivocally: "Strategically and economically, that refurbishment is very important for us to move forward with."Engineering firm Hatch has largely completed engineering work on the approximately $400 million autoclave refurbishment, with the board approving a $25 million limited notice to proceed authorising detailed engineering, long-lead equipment orders, and permitting initiation. The company expects to commence pouring gold through the refurbished autoclave before the end of 2027, creating an 18 to 24 month payback period on the capital investment at current gold prices.Beyond Granite Creek and Archimedes, i-80 Gold completed infill drilling at its Cove underground project during Q3 2025, with results showing the total mineralised envelope up between 10 and 20 percent compared to previous estimates. A feasibility study is scheduled for Q1 2026, with permitting targeted for completion before the end of 2028. The company will release three major feasibility studies between Q1 2026 and Q1 2027 covering its core underground operations, each expected to show material improvements over preliminary economic assessments.Management has received six term sheets from financing partners and is advancing toward recapitalisation completion by Q2 2026 to fund both phase one and phase two of the development plan. The company has successfully recruited experienced technical teams across mining engineering, metallurgy, and geology disciplines, a critical leading indicator of execution capability as i-80 Gold transitions from single-asset operator to multi-mine producer.For investors evaluating Nevada-focused gold producers, i-80 Gold offers substantial leverage to successful execution and higher gold prices, with the 2028 target of 200,000 ounces production and $200-300 million EBITDA generation providing a concrete benchmark for measuring management's progress toward transformational value creation.Learn more: https://cruxinvestor.com/companies/i-80-goldSign up for Crux Investor: https://cruxinvestor.com

NIO reports Q3 2025 earnings on November 25, 2025, just two days away, with the entire market watching whether the company can achieve its first quarterly profit in Q4 2025. This episode examines how Cathie Wood's foundational EV investment thesis is being tested by current lithium carbonate price surges and what it means for NIO's path to profitability.Cathie Wood and ARK Invest built their entire EV bull case on Wright's Law, which states that battery costs decline 28 percent for every cumulative doubling of production volume. This is not time-based like Moore's Law but volume-based, meaning more units produced equals predictably lower costs. In ARK's Big Ideas 2024 report published February 2024, Cathie Wood predicted electric vehicles would reach 74 million units annually by 2030, up from 10 million in 2023, representing a 33 percent compound annual growth rate. The key driver is falling battery costs making EVs cheaper than gasoline vehicles, with ARK projecting 1.4 trillion dollars in annual EV revenue by 2030 and 140 billion dollars in industry EBITDA.However, lithium carbonate prices have surged to 100,000 yuan per ton in November 2025, up 70 percent from 58,500 yuan in June 2025. The most-active lithium carbonate futures contract on Guangzhou Futures Exchange jumped 9 percent in a single session to 95,200 yuan on November 17. Ganfeng Lithium Chairman Li Liangbin predicted that if demand growth exceeds 30 to 40 percent in 2026, supply cannot be balanced in the short term and prices may reach 150,000 to 200,000 yuan per ton, effectively doubling from current levels.Four factors are driving the lithium price surge: First, China's purchase tax exemption for EVs ends December 31, 2025, causing consumers to rush purchases before year-end with domestic lithium carbonate consumption surging to 135,000 metric tons in November, up over 40 percent year-over-year. Second, energy storage demand is stealing automotive supply with China's energy storage lithium battery shipments reaching 430 GWh in the first nine months of 2025, exceeding 30 percent of all 2024. Energy storage uses the same lithium iron phosphate chemistry as mass-market EVs. Third, supply is stalling with China's lithium carbonate output growth slowing to 1.4 percent in November and the Jiangxiawo mine producing 65,000 tons annually or 6 percent of global supply shut down since August. Fourth, social lithium carbonate inventories declined for 13 consecutive weeks to a record low of 28.1 days turnover versus healthy levels of 45-60 days.In October 2025, Cathie Wood's ARK Autonomous Technology and Robotics ETF purchased 124,523 shares of BYD valued at 1.7 million dollars. BYD now represents 1.06 percent of ARK's combined portfolio at 14.5 million dollars. This is significant because BYD overtook Tesla in global battery electric vehicle deliveries with Q4 2024 deliveries of 595,000 units versus Tesla's 496,000 units. BYD's revenue outpaced Tesla's in 2024 and BYD recently unveiled chargers four times more powerful than Tesla's capable of 5-minute charging. Critically, BYD vertically integrates battery production by manufacturing their own Blade batteries in-house, meaning when lithium prices spike BYD controls their entire supply chain unlike Tesla or NIO who rely on external suppliers.The central question is whether Wright's Law breaks under lithium price pressure. The answer is no but it bends temporarily for four reasons: First, lithium is one input not the entire battery pack which includes cells, battery management systems, thermal management and housing, so even if lithium doubles overall pack costs might only increase 30-40 percent while other components continue declining. Second, oversupply is temporary with global lithium supply projected at 1.7 million tons versus 1.55 million tons demand leaving a 200,000 ton surplus, and as prices rise idle

In this episode the hosts dissect a $23 million asking‑price acquisition of a Miami‑based specialty contractor with $41 M revenue, $4.7 M EBITDA, a $52 M backlog—and dig into its contract structure, accounting risks and deal suitability.Business Listing Link – https://businessesforsale.nuwireinvestor.com/business-opportunity/specialty-contractor-with-long-term-contracts-and-62mm-backlog/2395873/?J=ANWelcome 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.

What happens when you build a company around one niche, listen obsessively to customers, and never stop improving? In this episode, host Trace Blackmore finally sits down for a full-length conversation with Frank Lecrone, Founder, President, and CEO of AquaPhoenix Scientific. What started in a small 60' x 60' space in Hanover, Pennsylvania, with three employees, maxed-out credit cards, and endless Staples runs has grown into a 300+-person organization serving industrial water professionals around the world.   Frank shares how AquaPhoenix became "the booth everyone wants to be next to" at AWT, why they built their entire business around industrial water treatment instead of trying to be everything to everyone, and how a simple continuous improvement system now generates hundreds of ideas a year from frontline team members. He also pulls back the curtain on acquisitions and private equity, explaining EBITDA in plain language, how to think about "add-backs," and what owners should understand long before they think about selling. Whether you're leading a growing company, running a route, or thinking about your own "second chapter," this conversation is a masterclass in culture, courage, and caring deeply about the people you serve. Stay engaged, keep learning, and continue scaling up your knowledge!    Timestamps   02:20 - Trace Blackmore shares a recap from the recent 2025 AWT Conference, The Hang, and a Blood Donation Story   14:02 - Water You Know with James McDonald  15:20 - Upcoming Conference for Water Professionals  18:16 – Introduction of Frank Lecrone, CEO of AquaPhoenix Scientific (eight years in the making)  24:52 – Why Hanover?   26:59 – Supporting AWT  37:38 – Color-coded caps & QR Codes  42:30 – Learning from mistakes  45:31 – Core Values   48:26 – Acquisitions and Culture   1:03:32 – Valuations and EBITDA    Quotes  "We didn't grow by doing everything for everyone. We grew by doing exactly what one market needed and wanted—and then doing it better every year."  "The lack of information is almost always interpreted negatively. That's why you have to over-communicate, especially during acquisitions."  "EBITDA equals freedom. The more EBITDA you have, the less anybody can tell you what to do with your own company."  "We're not perfect. We screw things up like everyone else—but we fix it, and we fix it quickly, and we make doing business with us as easy as possible."  "I don't want to be the smartest person in the room. I want great people around me, giving ideas and pushing things forward, so I'm not the bottleneck."  "Business is like standing in a bathtub while the water rises. It feels fine until it reaches your mouth. The trick is noticing when it's at your knees and fixing the bottleneck then."  "We give a darn. We have 'GAS'—Give a #$%@—and if we can make it right and do it better, we absolutely will."    Connect with Frank Lecrone Email: frank@aquaphoenixsci.com   Website: Water Quality Testing Products | AquaPhoenix Scientific  LinkedIn:  Frank Lecrone | LinkedIn       Guest Resources Mentioned   AquaPhoenix Scientific   Aliquot – AquaPhoenix's Water Management Software  QR-coded Custom Test Kits (AquaPhoenix EndPoint® ID)    Scaling UP! H2O Resources Mentioned  AWT (Association of Water Technologies)  Scaling UP! H2O Academy video courses  Submit a Show Idea  The Rising Tide Mastermind  American Red Cross    Water You Know with James McDonald  Question: What industrial water treatment word is derived from the Greek word meaning "claw?"    2025 Events for Water Professionals  Check out our Scaling UP! H2O Events Calendar where we've listed every event Water Treaters should be aware of by clicking HERE.   

In episode #331, Ben breaks down the true financial and economic differences between a SaaS company and an AI company. Inspired by a tweet claiming that “SaaS metrics are broken” and that AI companies generate more absolute profit per customer, Ben puts the theory to the test using real financial modeling. This episode walks through detailed revenue, gross margin, EBITDA, pricing power, TAM dynamics, and unit economics scenarios to determine whether AI companies actually outperform SaaS businesses. What This Episode Covers Why investors are questioning traditional SaaS metrics when evaluating AI companies The importance of recurring revenue fundamentals, whether the company is SaaS or AI A side-by-side comparison of a $1M SaaS company versus a $1M AI company Gross margin profiles: 80 percent SaaS vs. 55 percent AI How EBITDA changes when OpEx is held constant The revenue scale required for an AI company to match SaaS gross profit The revenue scale required for an AI company to match SaaS EBITDA Why AI companies need a TAM that is 6x larger How pricing power tied to labor displacement can shift AI unit economics Modeling ARPA increases to see when AI gross profit matches SaaS Why the underlying P&L structure does not change, but the inputs do How founders should think about forecasting and financial strategy when building AI-native products Why This Matters Founders embedding AI into SaaS products AI-native startups modeling their financial future CFOs and FP&A leaders forecasting revenue, cash, and margins Investors evaluating early-stage AI companies Operators building long-term company valuation strategies Ben emphasizes that the P&L, revenue streams, cost structure, and core KPI's still apply. What changes are the inputs—gross margin profile, pricing power, TAM, ACV, and scalability assumptions. Resources Mentioned Full blog post with financial modeling examples: https://www.thesaascfo.com/the-real-economics-of-saas-versus-ai-companies SaaS metrics course: https://www.thesaasacademy.com/the-saas-metrics-foundation

How One Practice Grew EBITDA by 300% with Expert Consulting Guest: Lisa Lickstein — Award-Winning Practice Owner & Visionary Leader Host: Terri Ross, Founder & CEO of Terri Ross Consulting Guest Spotlight: Lisa Lickstein, MSW, MBA Co-owner, Lickstein Plastic Surgery & Medical Spa Founder, Women in Business Mentorship Academy Certified Coach + Speaker in Unreasonable Hospitality Lisa Lickstein is the co-owner of Lickstein Plastic Surgery and Medical Spa, with two locations in South Florida and a thriving team of 40. With dual degrees in social work and finance, Lisa brings a rare mix of emotional intelligence and business acumen to her leadership. Their practice was recently named 2024 Business of the Year by the Palm Beach North Chamber of Commerce — but even with that level of success, Lisa knew something had to shift behind the scenes and she was not above seeking out expert help from TRC. Episode Overview: In this transparent and insightful episode, Lisa opens up about the real challenges aesthetic practices face as they grow — especially when rapid success exposes operational blind spots. She shares: How a failed acquisition deal became a turning point. Why the non-surgical side of their practice needed TRC's expertise.  The tension between managing day-to-day operations and planning for scale. And ultimately, why she chose to work with Terri Ross Consulting to course-correct and accelerate growth. Lisa and Terri dive into the mindset shift that must happen when a practice is struggling or outgrows its existing systems — and how expert consulting gave her the tools, clarity, and partnership she needed to align both sides of the business for future success. Key Takeaways: Success Without Strategy Creates Stagnation Even top-tier practices with strong culture and revenue can stall if they're not built for scale. Lisa shares how, despite earning just over 8 figures annually, her practice had room to grow — and needed expert guidance to help her achieve this Leadership Doesn't Mean Doing It Alone Lisa reveals the decision to seek outside help wasn't a weakness, but a strategic strength. Working with TRC signaled to her team, partners, and potential buyers that she was serious about intentional growth. Realized 300% ROI from TRC on EBITDA Growth, Realigned Teams, and a Profitable Exit Through TRC's Business Evaluation and ongoing consulting, The Medical Spa team at Lickstein Plastic Surgery saw EBITDA increase by $300,000 – a massive 300% return on their investment with TRC — while realigning internal teams, improving treatment planning, and setting the foundation for a major acquisition. Collaboration, Not Replacement Lisa applauds TRC's collaborative approach — working seamlessly with existing consultants and ensuring every partner brought their best to the table. The Emotional Side of Business Describing the consulting experience as "business therapy," Lisa shares how TRC helped restore balance between the surgical and non-surgical sides of the practice — keeping both teams valued and aligned. The Results:

From the acquisition of a tiny refrigeration business, Linh Tran has built an enterprise that earns millions annually.Register for the webinar: What a Good Investor Pitch Looks Like -TODAY!! - https://bit.ly/3LYM4H2Topics in Linh's interview:The "Three Rs" search criteriaBeing an undercover owner for 18 monthsEliminating 70-hour workweeks for his techsStruggling with work-life balanceImplementing value-based pricing80% rule for delegationWhy he doesn't want to exitFostering deep employee loyaltyCorporate philanthropy and legacyWhat money can't buyReferences and how to contact Linh:info@apexfundgroup.comLinkedInApex Fund GroupLearn more about Walker Deibel's done-with-you buy-side advisory:The Acquisition LabGet complimentary due diligence on your acquisition's insurance & benefits program:Oberle Risk Strategies - Search Fund TeamGet a free review of your books & financial ops from System Six (a $500 value):Book a call with Tim or hello@systemsix.com and mention Acquiring MindsConnect 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

This episode features an in-depth conversation with business advisor and author Jason Hendren about his extraordinary exit journey. Jason shares the raw, real-life experiences behind his book, detailing how he scaled his energy-efficient lighting company, ILP, from a small venture to a highly valuable asset. The discussion covers: The initial risk of buying out his original partners using personal assets in 2009. The power of partnering with private equity, which provided capital, operational expertise (continuous improvement), and mentorship that accelerated his company's growth far beyond what he could have achieved alone. The crucial difference between being an "add-on" versus a "platform" investment in the eyes of PE. The financial nuances of "taking multiple bites of the apple"—selling the company twice to different PE firms for increasing valuations. His biggest regrets and lessons learned, including wishing he had better utilized leverage (debt) to maximize his personal proceeds in the second sale. Timestamps 00:09,"Introduction: Host Vince Perri introduces Jason Hendren and his influential book, Things I Wish I Knew Before I Sold to Private Equity." 03:22,Company Origin: Jason details his background in manufacturing and starting the energy-efficient lighting business. 05:12,First Buyout (Recapitalization): Jason explains the decision and risk of buying out his original partners in 2008/2009 using personal assets. 09:03,Value of Mentorship: How his advisor helped structure the complex debt financing for the initial buyout. 19:58,First Big Lesson: Jason's regret about being too debt-averse and not using money to invest in growth earlier. 25:27,The Growth: Company grew from $7M in sales (2008) to almost triple that by 2012. 28:08,First PE Approach: The phone starts ringing with investment bankers and PE groups. 30:45,Add-on vs. Platform: Jason learns the crucial difference after the first PE prospect backs out. 34:37,The First PE Deal Closes (2012): The anti-climactic nature of the closing process. 43:03,Life with Private Equity: Jason describes the relationship and the deep operational resources and mentorship provided by the PE firm. 46:17,"""Winning is Fun"": Jason reflects on how the PE partnership accelerated growth (quadrupled EBITDA) through strategic investment and continuous improvement." 53:19,Deciding to Stay: The conversation about whether Jason would stay on as CEO for the second sale. 56:51,"The Equity Structure: Explanation of how the reinvestment and multiple ""bites of the apple"" (multiple exits) work financially." 59:46,The Final Exit: Jason discusses stepping away from the company after the second PE deal. 01:03:16,Final Lesson: Jason's biggest takeaway: wishing he had used more leverage in the first PE deal to maximize the proceeds in the second. 01:04:11,Current Practice: Jason highlights his current role as an exit advisor at Hendren Business Advisors. Thank you for being a vital part of our channel

Chris & Gemma built a 7-figure agency by saying NO to 90% of clientsChris walked into a client meeting. Got the job brief. Then said "No way."The client looked at him like he was insane."You haven't shown me the office. I don't know your team. I can't work on this job."She'd just told him they were more expensive than every other agency.He didn't care.This is how Chris and Gemma built Mixos - a husband-and-wife recruitment agency that operates completely backwards.They REFUSE to take briefs over email. They WON'T work with clients who rush them. They'd literally rather go bankrupt than cut their fees.And somehow? Rookies from retail are billing £50k+ quarters. They've grown to 15 people in 18 months. Their LinkedIn DMs are full of warm leads.In this episode:Why they lost one job last month and Chris "felt like someone stuck a knife in him"The cocktails-in-Mallorca conversation that merged two agencies during a pandemicHow they got a psychology graduate with zero experience to £53k in 90 daysBuilding a 400-person local community that makes cold calling irrelevantWhy they walked away from their biggest client (and replaced it with 5 better ones)The "blueprint everything first" strategy that stops quality diluting as you scaleWhat happens when you tell a client, "I can't help you" in the first meetingThis isn't about growth hacks or AI tools or scaling fast.This is about two people who set impossible standards, refuse to compromise, and somehow built an agency where saying NO is their superpower.For every recruiter who's tired of competing on price and wondering if there's another way.__________________________________________Episode Sponsor: AtlasAdmin is a massive waste of time. That's why there's Atlas, the AI-first recruitment platform built for modern agencies.It doesn't only track CVs and calls. It remembers everything. Every email, every interview, every conversation. Instantly searchable, always available. And now, it's entering a whole new era.With Atlas 2.0, you can ask anything and it delivers. With Magic Search, you speak and it listens. It finds the right candidates using real conversations, not simply look for keywords.Atlas 2.0 also makes business development easier than ever. With Opportunities, you can track, manage and grow client relationships, powered by generative AI and built right into your workflow.Need insights? Custom dashboards give you total visibility over your pipeline. And that's not theory. Atlas customers have reported up to 41% EBITDA growth and an 85% increase in monthly billings after adopting the platform.No admin. No silos. No lost info. Nothing but faster shortlists, better hires and more time to focus on what actually drives revenue.Atlas is your personal AI partner for modern recruiting.Don't miss the future of recruitment. Get started with Atlas today and unlock your exclusive RAG listener offer at https://recruitwithatlas.com/therag/__________________________________________Episode Sponsor: HoxoEvery recruitment founder is investing in LinkedIn.Spending thousands on Recruiter licences.Building connections. Posting content. Growing networks.But here's the question almost no one can answer:How much revenue is LinkedIn actually bringing into your business?Most founders have thousands of connections but no clear process to turn that attention into cash.That's the problem we solve.At Hoxo, we help recruitment founders build predictable revenue systems on LinkedIn, not just noise or vanity metrics.Our clients are turning LinkedIn into...

Send us a textStop trying to be the hero who carries everything. We dig into how Kasim built one of the most respected performance marketing agencies by mastering people, not platforms—then sold it for eight figures without ever being the technician. If you've felt stuck doing “all the things,” this conversation hands you a different operating system.We start with the mindset flip: a real business distributes weight through systems and talent. Kasim explains why paying 10% above the top of market attracts peak performers who deliver nonlinear results, and how a single great vendor can multiply margins by eliminating chaos. We unpack when to hire vendors versus employees, why your first hire should be an executive assistant, and how to move from commodity thinking to a culture that values craftsmanship and autonomy.Traffic fuels everything, so we break down the YouTube strategy that drove seven to eight‑month sales cycles with low CAC and high trust. Daily long‑form videos, no gatekeeping, retention over clickbait, and titles/thumbnails that promise exactly what the content delivers. Authenticity beats production value; useful content compounds authority and doubles as a recruiting magnet for elite talent. Then we get tactical on delegation: define the output and inputs, stay out of the middle, correct only what's objectively wrong, and preserve authorship so ownership can flourish.We zoom out to exits and wealth creation: why real estate is where money goes after it's made, how multiples expand as EBITDA grows, and why a deliberate path to an exit is the most reliable route to life‑changing capital. Along the way, we touch on purpose after liquidity, clearing your slate to chase nine‑figure potential, and the discipline to choose opportunities that can truly move the needle.If you're ready to trade hustle for leverage—hire the best, build authority you own, delegate outcomes, and aim for a multiple that changes your life—this one's for you. Enjoy the conversation, share it with a founder who needs it, and subscribe so you never miss new episodes.To Learn more about Kasim Aslam: Linkedin: https://www.linkedin.com/in/kasimaslam To Reach Jordan:Email: Jordan@Edwards.Consulting Youtube:https://www.youtube.com/channel/UC9ejFXH1_BjdnxG4J8u93Zw Facebook: https://www.facebook.com/jordan.edwards.7503 Instagram: https://www.instagram.com/jordanfedwards/ Linkedin: https://www.linkedin.com/in/jordanedwards5/ Hope you find value in this. If so please provide a 5-star and drop a review.Complimentary Edwards Consulting Session: https://calendly.com/jordan-edwardsconsulting/30min

In this episode of The Fractional CMO Show, Casey Stanton speaks directly to women in the marketing world who want to step into the fractional CMO role but often hold themselves back. Drawing from coaching over 200 women inside the Accelerator, Casey highlights the recurring patterns he sees — undercharging, over-justifying, second-guessing their expertise, and hesitating to bring in outside specialists. He walks through the dangers of discounting, the importance of choosing clients who can afford real marketing investment, and how to step into a CEO-level mindset where you orchestrate talent rather than trying to do everything yourself. From understanding EBITDA constraints to leveraging micro-experts on Upwork, Casey gives women a roadmap for charging premium rates and positioning themselves as strategic leaders. Whether you're a marketer trying to break out of "doer" mode or a fractional CMO struggling to own your value, this episode offers the mindset, frameworks, and permission you need to finally step into the role with confidence. Key Topics Covered: - Why Casey recorded this message specifically for women fractional CMOs - The pricing gap: why women tend to undercharge and overexplain - How to set rates based on the life you want, not what clients expect - The difference between declaring your price vs. justifying your price - How money stories and morality distort pricing decisions - Why you should only work with clients who can afford both you and a real marketing budget - The dangers of taking on low-EBITDA or discount clients - Leadership vs. strategy vs. implementation — and why implementation traps women - Why hiring experts is not a threat, but a superpower - How confidence is created through intention, not credentials - Using Upwork and micro-experts to multiply your effectiveness - Selling future outcomes instead of tactical deliverables - When to walk away from clients who cannot support growth

Episode Overview In this episode, Scott Landis and Jeff Jacob dive deep into a powerful yet often misunderstood concept in business valuation—recasting EBITDA. Using a live client example, Jeff explains how a company's valuation jumped from under $1M to over $3M simply by cleaning up the books, recasting discretionary expenses, and improving operational efficiency. The conversation blends humor, practical insight, and step-by-step financial strategy that any founder can follow to increase the market value of their company—without working more hours.  Key Takeaways Recasting EBITDA can dramatically change how your business is valued. Many business owners understate profitability on taxes, which hurts their valuation. Cleaning up your books and removing “owner perks” (cars, travel, etc.) paints a truer—and higher—financial picture. Each industry has its own valuation multiplier based on demand, operations, and risk. The Business Health Diagnostic (BHD) helps founders uncover value leaks and position for scalable, sellable growth. Resources Mentioned TriMetric Quiz: trimetricquiz.com BHD Lite Inquiry: Send your latest P&L and balance sheet to the BFA team. FAQ: Q: What does “EBITDA” stand for? Earnings Before Interest, Taxes, Depreciation, and Amortization—a key measure of a company's operational profit. Q: What is “recasting EBITDA”? It's the process of adjusting your financials to remove personal or non-recurring expenses, showing a truer picture of the company's profitability for potential buyers. Q: Why does recasting matter? Because it can triple your business's value by revealing the profit a new owner would actually experience. Q: How can I get a Business Health Diagnostic (BHD)? Start by taking the TriMetric Quiz. From there, Jeff and the BFA team can provide a BHD Lite or full Business Health Diagnostic. Q: What documents do I need for a BHD Lite? Just last year's Profit & Loss Statement and Balance Sheet.

In this episode of Run the Numbers, CJ Gustafson sits down with Vanna Krantz, former CFO of Disney+ and Grindr, to explore what it takes to lead finance through massive inflection points. Vanna reflects on building Disney+'s subscription model from scratch under Bob Iger's leadership and the pressure of launching a global product with no precedent. She discusses forecasting as both science and art, and the importance of appreciating high-stakes moments amid chaos. Shifting to Grindr, Vanna breaks down how the company went public with remarkable efficiency—boasting 40% EBITDA margins and under 200 employees—and how she modeled for a user base that consistently churns and returns. She also opens up about career longevity, work-life balance, and helping women find sustainability and acceleration in leadership.—LINKS:Vanna on LinkedIn: https://www.linkedin.com/in/vannakrantz/CJ on LinkedIn: https://www.linkedin.com/in/cj-gustafson-13140948/Mostly metrics: https://www.mostlymetrics.com—RELATED EPISODES:Monetizing Community Engagement: The Business of Fitness with Strava CFO Lily Yanghttps://youtu.be/zlLb5yZDKQE“Let's Just See What Breaks” — Intuit's CFO on Being a Disruptor When You're Already the Incumbenthttps://youtu.be/Le1D9HXHvGI—TIMESTAMPS:00:00:00 Preview and Intro00:03:02 Sponsors – Aleph, Fidelity Private Shares, and Metronome00:06:09 Meeting at A16z and Disney Plus Discussion00:07:13 Interviewing with Bob Iger and Joining Bamtech Media00:10:43 Forecasting the Unknown at Disney Plus00:13:01 Launch Strategy – Mandalorian and Retention00:15:15 Sponsors – Mercury, RightRev, and Tipalti00:19:23 Forecasting, Retention Curves, and the Art vs. Science Balance00:22:20 Lessons in Art and Science of Finance at Disney00:25:08 Launch Day Chaos and the Disney Plus CDN Outage00:26:24 Celebrating the 10 Million Subscriber Milestone00:27:21 Grindr IPO and Financial Discovery00:32:42 Active User Metrics and Reactivation Trends00:34:29 Seasonality and Human Behavior in App Usage00:36:02 Free vs. Paid Users and Revenue Optimization00:38:21 Pricing Strategy and Global Monetization00:40:23 Women in Leadership and Staying in the Game00:43:30 Work–Life Balance and Career Seasons00:46:12 Wisdom, Experience, and Staying in the Game00:50:08 Finance Stack, Craziest Expense, and Closing Remarks—SPONSORS:Aleph 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/runFidelity Private Shares is the all-in-one equity management platform that keeps your cap table clean, your data room organized, and your equity story clear—so you never risk losing a fundraising round over messy records. Schedule a demo at https://www.fidelityprivateshares.com and mention Mostly Metrics to get 20% off.Metronome is real-time billing built for modern software companies. Metronome turns raw usage events into accurate invoices, gives customers bills they actually understand, and keeps finance, product, and engineering perfectly in sync. That's why category-defining companies like OpenAI and Anthropic trust Metronome to power usage-based pricing and enterprise contracts at scale. Focus on your product — not your billing. Learn more and get started at https://www.metronome.comMercury is business banking built for builders, giving founders and finance pros a financial stack that actually works together. From sending wires to tracking balances and approving payments, Mercury makes it simple to scale without friction. Join the 200,000+ entrepreneurs who trust Mercury and apply online in minutes at https://www.mercury.comRightRev 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.Tipalti automates the entire payables process—from onboarding suppliers to executing global payouts—helping finance teams save time, eliminate costly errors, and scale confidently across 200+ countries and 120 currencies. More than 5,000 businesses already trust Tipalti to manage payments with built-in security and tax compliance. Visit https://www.tipalti.com/runthenumbers to learn more.—#RunTheNumbersPodcast #CFOInsights #DisneyPlus #GrindrIPO #Leadership This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit cjgustafson.substack.com

Want a quick estimate of how much your business is worth? With our free valuation calculator, answer a few questions about your business, and you'll get an immediate estimate of the value of your business. You might be surprised by how much you can get for it: https://flippa.com/exit -- In this episode of The Exit Podcast, host Steve sits down with Lee Smith, an acquisition entrepreneur at Verdani Capital with 12 years of M&A experience. Lee shares hard-won lessons from acquiring 20+ businesses and reveals what buyers really look for when evaluating companies for acquisition. KEY TOPICS COVERED: The #1 Red Flag Buyers See (And How to Fix It) Lee reveals why owner-dependency kills deals and how to build transferability into your business 2-3 years before exit Inside the Valuation Process Real multiples for blue-collar businesses (2-4x true profit, not EBITDA) and why adjusted earnings can backfire Deal Structure That Works How Lee structures acquisitions to align incentives: buying 60-80% stakes with future upside potential that often doubles the founder's payday The Biggest Deal Mistakes From buying distressed companies to discovering hidden equity agreements 30 minutes before closing—lessons learned the hard way The £1 Business Acquisition Strategy How Lee has purchased 20 businesses for just one pound, including a remarkable turnaround that saved a founder from £500K in debt When Concentration Risk Isn't a Deal-Breaker Strategic approaches to handling clients that represent 60-70% of revenue, including key customer clauses in SPAs Building Trust in M&A Deals Why "two ears, one mouth" matters more than spreadsheets when structuring successful acquisitions The EOS Framework for Integration Using simple systems to manage acquired businesses without disrupting teams or culture -- Lee Smith is a values-driven entrepreneur and dealmaker with more than 25 years of experience and a respected track record in UK M&A. After completing his first acquisitions in 2014, he went on to buy and turn around nine underperforming companies before founding Verdani Capital, where he continues to acquire and scale larger UK businesses. To date, Lee has completed 26 acquisitions across sectors such as Manufacturing, Professional Services, Construction, HVAC, and IT Services, supported by training from leading M&A mentors in the UK and US. His current portfolio generates over £2M in annual profit with a clear path toward £10M, strengthened by three strategic exits in 2024. Grounded in spirituality and conscious leadership, Lee combines substance, strategy, and long-term thinking in every partnership. Website - https://www.leeasmith.co.uk/ -- The Exit—Presented By Flippa: A 30-minute podcast featuring expert entrepreneurs who have been there and done it. The Exit talks to operators who have bought and sold a business. You'll learn how they did it, why they did it, and get exposure to the world of exits, a world occupied by a small few, but accessible to many. To listen to the podcast or get daily listing updates, click on flippa.com/the-exit-podcast/

La Commissione riconosce all'Italia l'avvio di un percorso virtuoso sui conti, ma registra un rallentamento della crescita, aprendo la questione dell'impatto della Manovra. Gli emendamenti alla legge di bilancio sono circa 5.500, di cui 1.600 della maggioranza. FdI propone la riapertura della sanatoria edilizia del 2003; Forza Italia e Lega chiedono di cancellare l'aumento della cedolare secca al 26% e puntano sulla tassa sull'oro. Si attende il vertice tra Meloni, Salvini, Tajani e Lupi prima del voto sugli emendamenti in Senato. Approfondiamo con Alberto Orioli, editorialista de Il Sole 24 Ore e con Maurizio Lupi, presidente di Noi Moderati e membro della Camera dei deputati.Lo scontro diplomatico Cina-Giappone pesa sul NikkeiLa nuova premier giapponese Sanae Takaichi ha aperto una crisi diplomatica con la Cina definendo un'eventuale offensiva su Taiwan una "minaccia esistenziale", ipotizzando una risposta militare. Pechino ha reagito duramente, riaffermando la futura "riunificazione" e diffondendo messaggi minacciosi. La Cina ha sconsigliato ai cittadini di recarsi in Giappone e inviato navi vicino alle Senkaku/Diaoyu. Intanto l'economia giapponese si è contratta per la prima volta in sei trimestri (-1,8% annualizzato; -0,4% trimestrale), sostenendo il piano della premier per un pacchetto di stimoli oltre 17 trilioni di yen. Le tensioni si sono riflesse sul mercato: forti cali per titoli turistici, retail e cosmetics, compresi Japan Airlines, Ana, Isetan Mitsukoshi, Muji, Uniqlo, Shiseido e Oriental Land. Il Nikkei ha chiuso in lieve flessione (-0,10%), ma un boicottaggio cinese potrebbe pesare per 14,23 miliardi di dollari e ridurre il Pil dello 0,36%. Il commento è di Marco Masciaga, Il Sole 24 Ore New Delhi.Commissione Ue: crescita Eurozona 2025 rivista al rialzo, ma l'Italia resta in difficoltàLa Commissione europea prevede per il 2025 una crescita dell'Eurozona dell'1,3% (contro lo 0,9% di maggio). Per l'Italia, invece, stime riviste al ribasso: +0,4% nel 2025, +0,8% nel 2026, +0,8% nel 2027, con performance tra le più basse dell'area euro. Dombrovskis richiama la necessità di azioni per sbloccare la crescita interna: competitività, semplificazione regolatoria, completamento del mercato unico, innovazione. L'economia europea ha retto meglio del previsto anche all'arrivo di Trump e alla sua strategia commerciale. Per l'Italia il rallentamento del prodotto è attribuito a esportazioni nette negative (-0,7 punti) e fine degli incentivi immobiliari, con consumi frenati dall'incertezza. Sul fronte dei conti, la Commissione certifica un deficit al 3% nel 2025, con volontà del governo di scendere sotto soglia per uscire dalla procedura per disavanzo eccessivo. Parliamone con Alberto Orioli, editorialista de Il Sole 24 OrePer siderurgia ancora contrazione nel 2025, ripresa nel 2026L'evento evidenzia che dopo il rallentamento successivo al "biennio magico" 2021-2022, nel 2024 la siderurgia italiana registra un calo generalizzato: fatturato -9%, valore aggiunto -15%, utili -30%, Ebitda -29%. Le imprese prevedono un'ulteriore contrazione nel 2025: il 53% si attende un calo del fatturato e una riduzione dell'incidenza dell'Ebitda; il 47% un decremento del risultato economico. Le criticità principali restano costi dell'energia, ridotto valore aggiunto dei prodotti, costi di materie prime e semilavorati; sul fronte strategico pesano politiche green Ue, perdita di competitività e concorrenza sleale. Morandi sottolinea che Ebitda sotto pressione e filiera frammentata richiedono consapevolezza dei numeri, visione e coraggio di innovare. Lo studio "Bilanci d'Acciaio 2025" analizza i bilanci 2022-24 di 1.764 imprese e include un sondaggio sulle prospettive 2025. Ne parliamo con Paolo Morandi, amministratore delegato Siderweb, la community dell'acciaio.

A strategic acquirer is a company buying to advance its own roadmap, distribution, or capabilities—unlike financial buyers (private equity, family offices) who buy primarily for cash flow. To a strategic, value may sit in what you've built, not what you've earned.  Chris Hutchins' story makes the point. He co-founded Milk, acquired by Google, and later founded Grove, acquired by Wealthfront. Both saw assets they could plug in—product, team, IP—even when revenue and EBITDA weren't impressive.  If you want a strategic acquirer to pay for what you've built rather than how much money you make, this episode of Built to Sell Radio is for you. You'll discover how to:  • Define and prioritize the assets a strategic may value now (team, product, customer list, roadmap, even your lease) • Reframe your pitch so a distribution-rich buyer may see an immediate lift from your assets • Run a fast, momentum-led process that invites quick noes and surfaces real interest • Split assets across buyers when it improves the overall outcome • Protect employees and customers while you move quickly toward a decision  If a strategic exit is on your radar, this playbook helps you create options when EBITDA won't carry the deal. 

Nick shares his past struggles as a CEO being overwhelmed by too many metrics, which led to poor decision-making and a difficult board meeting. He argues that most CEOs drown in "vanity metrics" that don't actually reflect a business' true value.  To combat this, he introduces The Ultimate CEO Dashboard, detailing the five most crucial numbers that private equity operating partners consistently demand and that truly determine a business' enterprise value and potential for a premium exit KEY TAKEAWAYS Stop tracking dozens of "vanity metrics" and focus only on the five crucial numbers that determine if your business is building or destroying value. Private Equity values the ability to accurately forecast revenue (pipeline coverage) and profitability (EBITDA margin) more than just raw revenue growth. Wildly inaccurate forecasts, even if positive, can be penalised. Cash runway is the oxygen of your business, which must be tracked weekly. However, EBITDA growth (profit) is the metric that determines your exit multiple and creates real financial value. Customer concentration (when a few clients drive a large percentage of revenue) is the number one silent deal killer and can instantly drop a business's valuation by 30% to 50%. BEST MOMENTS "The board partner at the time said, 'Nick, I don't care about your NPS score, your net promoter score. He said, do we have cash or not?'" "More metrics can sometimes mean worse decisions." "You can't cost-cut your way to a premium exit. You need growth plus margin expansion." "If you're only looking at revenue, you're driving by looking in the rearview mirror." VALUABLE RESOURCES Want a one-pager that breaks down The Ultimate CEO Dashboard — the exact 5 metrics that determine your company's enterprise value? DM Nick with the words "CEO Dashboard" on LinkedIn, and he or his team will send you a copy of the cheat sheet so you can start applying it in your business right away. To get your copy of Nick's new book, go to https://www.amazon.co.uk/Exit-Millions-Private-Blueprint-Business/dp/1068243902 Exit Your Business For Millions - Download This Guide: ⁠go.highvalueexit.com/opt-in ⁠ Nick's LinkedIn: ⁠https://highvalueexit.com/li⁠ Nick Bradley is a world-renowned author, speaker, and business growth expert, who works with entrepreneurs, business leaders, and investors to build, scale and sell high-value companies. He spent 10+ years working in Private Equity, where he oversaw 100+ acquisitions, 26 exits, and over $5 Billion in combined value created. He has one of the top-ranked business podcasts in the UK (with over 1m downloads in over 130 countries). He now spends his time coaching and consulting business owners in building and scaling high-value business towards life-changing exits. This Podcast has been brought to you by Disruptive Media. ⁠https://disruptivemedia.co.uk/

In this episode I sit down with Ben Kelly, a former Army intelligence officer who learned inside JP Morgan how real wealth is built and then applied that blueprint to small-business acquisitions. We break down using other people's money with SBA 7(a) loans, what lenders really underwrite, and why accounting firms trade at 1x revenue but can exit at 10 to 12x EBITDA in a rollup. Ben shares how AI increases margins without replacing CPA signatures, plus his own alternative cash-flow plays—from luxury assets and short-cycle supercar deals to semi-truck fleets with powerful tax write-offs. We finish with the hard truth most founders miss: build the foundation as fast as you build the portfolio, and anchor the whole thing to purpose and faith. About Ben KellyBen Kelly is a former U.S. Army Intelligence Officer turned entrepreneur and acquisition specialist. After transitioning from the military into JP Morgan's Private Bank, Ben discovered the strategy ultra-wealthy clients used to grow net worth: business acquisitions. Today, he runs a small business acquisition company focused on rolling up accounting firms to build a 9-figure exit. He also shares real-world insights through his newsletter Acquisition Ace and is launching Alternative Ace to spotlight passive-income strategies beyond Wall Street. Connect with Ben KellyWebsite: https://BenKelly.coInstagram: @BenKellyoneX / Twitter: @BenKellyone About Justin: After investing in real estate for over 18 years and almost 3000 deals done, Justin has created a business that generates 7 figures in active income through wholesaling and fix and flipping as well as accumulating millions of dollars of rental properties including 5 apartment buildings, 50+ single family homes, and 1 storage facility Justins longevity in real estate is due to his ability to look around the corners, adapt to changing markets, perfecting Raising private capital, and focusing on lead generation which allows him to not just wholesale and fix & flip, but also accumulate wealth through long term holds. His success in real estate led him to start The Entrepreneur DNA podcast and The Science Of Flipping podcast and education company, and REI LIVE where he's actively doing deals with members. He has coached and mentored thousands of aspiring and active investors over the last decade. Connect with Justin: Instagram: @thejustincolby YouTube: Justin Colby TikTok: @justincolbytsof LinkedIn: Justin Colby Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Live from Future Proof, I sat down with Jason Early, Founder and CEO of RISR — an AI platform that's helping financial advisors rethink how they serve business-owner clients.Here's the truth: for most entrepreneurs, their business is their biggest asset — but most advisors just ask, “What's it worth?” jot down a guess, and move on. Jason and his team built RISR around a simple belief: business owners deserve better advice, and the advisors who serve them need better tools to give it.RISR connects directly to a company's financials, uses AI to generate real-time valuations, and gives advisors the insights they need to guide clients through growth, succession, and exit planning. It helps advisors have the right conversations — earlier — so they're there long before the liquidity event, not chasing it after the fact.In this conversation, Jason shares how top advisors are using RISR to win business-owner clients, deepen relationships, and deliver the kind of advice that builds lasting trust.3 of the biggest insights from Jason Early…#1.) How Top Advisors Are Using RISR to Stand OutAdvisors aren't just running valuations, they're using RISR to open doors, deepen trust, and win business-owner clients long before a liquidity event. By showing up with real data on what the client's business is worth, advisors shift the conversation from “asset management” to “business strategy.” It's helping them justify planning fees, spark succession discussions, and position themselves as the quarterback for every major decision that impacts the owner's wealth and legacy.#2.) The Truth About Business Valuation (and Why It's Usually Wrong)Most business owners miscalculate what their company is worth — often by millions. Jason breaks down why, from owner dependency and client concentration to “country club math” and non-normalized EBITDA. He also explains how objective valuation data brings alignment between partners and families, turning tough money talks into clarity.#3.) What Every Advisor Should Know About Succession & Exit PlanningBusiness owners rarely plan their exits well. Jason explains how advisors can use valuation insights to build readiness conversations, prevent conflict between partners, and even influence deal outcomes. These are high-trust, high-value planning opportunities that position advisors as long-term strategic partners — not just investment managers.SHOW NOTEShttps://bradleyjohnson.com/142FREE GIFT + JOIN THE DBDL INSIDER CREWToday's Gift: 30 minute 1:1 coaching call with BradAre you a financial advisor who feels stuck, needs help, or simply wants to have a conversation with Brad? Text “Coaching” to 785-800-3235 to apply for a 30 minute Zoom coaching session and we'll send you a link to Apply. That will also make you a DBDL Insider with VIP access to future resources and exclusive content. *Message and data rates may apply. Reply STOP at any time to opt-out of receiving text messages.FOLLOW BRAD JOHNSON ON SOCIALTwitterInstagramLinkedInFOLLOW DBDL ON SOCIAL:YouTubeTwitterInstagramLinkedInFacebookDISCLOSURE DBDL podcast episode conversations are intended to provide financial advisors with ideas, strategies, concepts and tools that could be incorporated into their business and their life. No statements made in the episode are offered as, and shall not constitute financial, investment, tax or legal advice. Financial professionals are responsible for ensuring implementation of anything discussed related to business is done so in accordance with any and all regulatory, compliance responsibilities and obligations. The Triad member statements reflect their own experience which may not be representative of all Triad Member experiences, and their appearances were not paid for. Triad Wealth Partners, LLC is an SEC Registered Investment Adviser. Please visit Triadwealthpartners.com for more information. Triad Wealth Partners, LLC and Triad Partners, LLC are affiliated companies. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this inspiring episode of The Money Mondays, host Dan Fleyshman sits down with serial entrepreneur, speaker, and visionary Sean Callagy, a legally blind attorney on the verge of becoming the first self-funded unicorn founder with a billion-dollar valuation based on EBITDA.Sean shares how he went from broke and going blind to running a portfolio of thriving companies, including Callagy Law, Callagy Recovery, and the cutting-edge ActEye AI platform, all driven by his mission to elevate human potential through integrity and influence.Together, Dan and Sean dive deep into:✅ Building multiple 8- and 9-figure businesses with integrity and heart✅ Why influence is the only human attainable superpower✅ How to scale teams using the “three loyalties” framework✅ The future of AI and why Sean believes it can change the world for good✅ Real talk on money, lifestyle creep, and living below your means✅ The mindset behind sustainable giving and purpose-driven leadershipSean also shares powerful insights from his work with Tony Robbins, lessons from overcoming blindness, and the philosophy that drives his “Unblinded” movement, proving that success isn't about what you see, but what you believe.