Podcasts about ebitda

Nous sommes aujourd'hui avec Pierre Doublet et Quentin Garreau de Labarre, les fondateurs de Fuga, l'une des marques d'hospitality les plus ambitieuses de la scène parisienne. Le groupe compte aujourd'hui 8 adresses, près de 300 collaborateurs et organise plus de 600 événements par an. Pour co-animer ce nouvel épisode de Business of Bouffe, Philibert est accompagné d'Elisa Gautier, la fondatrice du restaurant Kiosk et de la newsletter Chaleur Tournante.À travers cet épisode, nous cherchons à comprendre comment Pierre et Quentin ont transformé une promesse, sortir de Paris à Paris, en une marque d'hospitality qui dépasse largement la restauration.Pour cela, Pierre et Quentin remontent le fil de deux parcours que rien, au départ, ne semblait réunir. Quentin part à 16 ans en école hôtelière à Glion, enchaîne dix ans en Asie, puis gravit les échelons du George V jusqu'à en diriger toute l'offre restauration, avec au passage une tentative entrepreneuriale ratée et un retour au palace négocié à une condition, garder sa barbe. Pierre, lui, monte sa première boîte à 22 ans, en revend une seconde et découvre la bouffe à New York. Avant de s'associer, les deux amis s'imposent un an de discussions sur l'argent, la famille et les soirées, une préparation au mariage dont naît l'idée de Fuga en 2019.Pierre et Quentin nous racontent ensuite comment l'intuition devient réalité. Laïa ouvre en janvier 2020 dans une ancienne distillerie planquée au fond d'une cour du 11e : Méditerranée latine, cuisine au feu de bois, potager sur le toit et un décorateur volontairement non parisien, pour garder un regard naïf. La communauté est bâtie avant l'ouverture, à coups de vidéos de chantier et d'une carte des vins votée à la bougie. Suivent des déjeuners cataclysmiques, le Covid, un pivot gnocchi, puis Francette au pied de la Tour Eiffel et Riviera Fuga au Port des Invalides, et une vision de l'hospitality où l'évasion est le premier des luxes.Enfin, Pierre et Quentin déroulent le changement d'échelle : cinq concepts originaux réunis rue de Monceau, l'événementiel devenu pilier stratégique, et une organisation sans bureaux assumée depuis cinq ans. Ils ouvrent ensuite grand les livres, avec la transparence qu'on aime ici : ticket moyen, ratios, croissance et EBITDA, jusqu'à ce seuil des 20 millions d'euros de chiffre d'affaires en dessous duquel ils estiment qu'on ne construit pas un groupe. Ils nous dévoilent aussi la suite : la Brasserie Fougue à Beaupassage, un concept bakery-coffee, et un rêve assumé, l'hôtellerie. Hébergé par Acast. Visitez acast.com/privacy pour plus d'informations.

Nous sommes aujourd'hui avec Pierre Doublet et Quentin Garreau de Labarre, les fondateurs de Fuga, l'une des marques d'hospitality les plus ambitieuses de la scène parisienne. Le groupe compte aujourd'hui 8 adresses, près de 300 collaborateurs et organise plus de 600 événements par an. Pour co-animer ce nouvel épisode de Business of Bouffe, Philibert est accompagné d'Elisa Gautier, la fondatrice du restaurant Kiosk et de la newsletter Chaleur Tournante.Dans ce 3ème et dernier chapitre, Pierre et Quentin déroulent le changement d'échelle : cinq concepts originaux réunis rue de Monceau, l'événementiel devenu pilier stratégique, et une organisation sans bureaux assumée depuis cinq ans. Ils ouvrent ensuite grand les livres, avec la transparence qu'on aime ici : ticket moyen, ratios, croissance et EBITDA, jusqu'à ce seuil des 20 millions d'euros de chiffre d'affaires en dessous duquel ils estiment qu'on ne construit pas un groupe. Enfin, ils dévoilent la suite : la Brasserie Fougue à Beaupassage, un concept bakery-coffee, et un rêve assumé, l'hôtellerie. Hébergé par Acast. Visitez acast.com/privacy pour plus d'informations.

accesso Technology Group PLC (LSE:ACSO, OTC:LOQPF, FRA:LQG) CEO Lee Cowie spoke with Proactive's Stephen Gunnion about the company's interim results, the improvement in cash EBITDA, its move towards a connected software ecosystem, and growth opportunities from accesso Intelligence and accessoPay. Cowie explained that while revenue was broadly flat, cash EBITDA rose almost 50%, reflecting cost action taken in January. He said Accesso had been "very judicious on our costs," with those measures now flowing through and driving the improvement. The CEO also discussed accesso's shift from individual products towards a connected software ecosystem, aiming to serve venues more effectively across the customer journey, including the points where money changes hands between guests and venues. Cowie highlighted the potential of accesso Intelligence following the Dexibit acquisition, describing the acquired platform as "AI first" and positioned on top of Accesso's existing ecosystem to add further value for customers. accessoPay represents another opportunity. accesso processes around $5 billion of gross transaction volume through its platforms, with Cowie estimating $1-2 billion of that could be addressable within its existing customer base, at a margin of around 40 to 100 basis points. Looking ahead, Cowie reiterated 2026 guidance, highlighting the importance of October trading around Halloween and around $1 million of milestone payments in Saudi Arabia. Visit Proactive's YouTube channel for more interviews and market updates. If you found this video useful, give it a like, subscribe to the channel and enable notifications for future content. Read Proactive's Editorial Policy here: https://www.proactiveinvestors.co.uk/pages/editorialPolicy #Accesso #AccessoTechnology #AccessoTechnologyGroup #LeeCowie #AccessoPay #AccessoIntelligence #Dexibit #ArtificialIntelligence #AI #Payments #Fintech #Technology #Software #ThemeParks #AttractionsTechnology #InvestorNews #AIMStocks #GrowthStocks #InterimResults #Proactive

hVIVO PLC (AIM:HVO) chief executive Yamin 'Mo' Khan spoke with Proactive's Stephen Gunnion about the company's results for the first half of 2026, its record order book, full-year guidance and the expansion of its clinical research services. Khan said hVIVO generated around £16.3 million in revenue in H1, alongside an EBITDA loss of £4.5 million, ending the period with £13 million in cash, a performance in line with the company's previous guidance that 2026 would be weighted towards the second half. A key focus was the order book. Three sizeable human challenge trial contracts, including hVIVO's first pivotal Phase 3 trial with ILiAD, took it to £65 million at the end of June, rising to £72 million including CRS Berlin, acquired in Q3. "This is the highest record order book in the company's history," Khan said, noting it was calculated using a stricter, more conservative methodology and provides visibility into the rest of 2026 as well as 2027 and 2028. For the full year, hVIVO expects second-half revenue to almost double versus H1, targeting £47 million and a low single-digit EBITDA loss, with the company expecting to turn EBITDA positive during H2. Khan also discussed hVIVO's evolution beyond its core human challenge trial business into a more integrated CRO offering spanning consulting, laboratory services and non-human challenge Phase 1 and 2 trials, with the acquisitions of CRS Mannheim, Kiel and Berlin adding capacity and therapeutic expertise, including dermatology and women's health. Watch the full interview to hear more about hVIVO's outlook and strategy. Visit Proactive's YouTube channel for more videos, and don't forget to like the video, subscribe to the channel and enable notifications for future content. Read Proactive's Editorial Policy here: https://www.proactiveinvestors.co.uk/pages/editorialPolicy #hVIVO #HVO #ClinicalTrials #ClinicalResearch #CRO #HumanChallengeTrials #Biotech #Biotechnology #Pharma #DrugDevelopment #Phase1 #Phase2 #Phase3 #LifeSciences #Investing #AIMStocks #ProactiveInvestors

During my tenure as CEO at CS Energy, we took EBITDA from $17m to $441m: we more than doubled the company's earnings for four consecutive years.Along the way, I had to dig deep into two distinct toolkits: my business acumen, and my leadership capability. When it comes to career advancement, there's no substitute for building a strong track record of achievement. Performance is the undeniable resume builder. So, in the search for elite performance, what role does each capability play?In this episode, I compare my Magnificent 7 areas of business acumen with the seven pillars of high-performance leadership from my WSJ bestselling book, No Bullsh!t Leadership, and I tell you how important I think each one is.⭐️⭐️⭐️LEADERSHIP BEYOND THE THEORYIf this episode landed, you already know where the 60% sits. Leadership Beyond the Theory is where we build it: 9 weeks, the 7 pillars, applied to your team and your situation rather than the textbook version. Have a look here:https://go.leadershipbeyondthetheory.com/And if you listen right to the end of the episode, there's a sneaky coupon code in there for the hardcore listeners! ⭐️⭐️⭐️Links mentioned in this episode:No Bullsh!t Leadership episodes:Ep.335: Is the MBA Dead?Ep.336: Maximising Your Career Development ROIAmazon link:No Bullsh!t LeadershipLBT link:Leadership Beyond the TheoryYou're still doing the work your team should own. And you can't see a way to stop.Leadership Beyond the Theory is 9 weeks of practical reps that get you out of the weeds and hand delivery back to your team.Taught by Martin Moore, who ran a multi-billion dollar company before he taught any of this. 3,000+ leaders from 150+ organisations. 99% would recommend.Join the October cohort: https://go.leadershipbeyondthetheory.com/ Hosted on Acast. See acast.com/privacy for more information.

What is EBITDA, and why does it matter so much when building, financing, or selling a home service business?John Wilson and Jack Carr break down EBITDA in simple terms, including how it differs from net income and SDE, what a healthy EBITDA margin looks like, and why buyers, banks, and lenders pay so much attention to it.They also explain how EBITDA impacts business valuation, why maximizing profit doesn't always maximize company value, and the other financial metrics buyers look at during an acquisition.Plus, John shares the 50/30/20 framework used at Wilson: 50% gross margin, 30% SG&A, and 20% EBITDA.━━━━━━━━━━━━━━In This Episode━━━━━━━━━━━━━━• What EBITDA means and why it matters• EBITDA vs. net income and SDE• Healthy EBITDA margins for home service businesses• How EBITDA impacts business valuation• Using strong financials to access capital• Why higher EBITDA doesn't always mean a better business• The 50/30/20 framework━━━━━━━━━━━━━━Sponsors━━━━━━━━━━━━━━Quick StaffersHire trained HVAC and plumbing CSRs without the overhead of traditional hiring. Save $500 on your first placement with Quick Staffers:https://www.quickstaffers.com/Service ScalersGet more high quality leads with marketing built for home service companies. Book a free strategy call with Service Scalers and see what's driving real jobs: https://os.servicescalers.com/go/oao_podcast/referral/podcast━━━━━━━━━━━━━━Connect━━━━━━━━━━━━━━John Wilsonhttps://www.linkedin.com/in/johnbwilson1/Jack Carrhttps://x.com/thehvacjackSend Us Mail!More Ways To Connect with OAOStart HereOwned and Operated Newsletter Bonus Videos From JohnLeave a ReviewJohn Wilson, CEO of Wilson CompaniesJack Carr, CEO of Rapid HVAC

Getting the work done is only half the battle—getting paid for it is another. In this episode of Restoration Today, Carlos Ramirez, Doug Weatherman, and Max Pena, from JSTFYD, dive into one of restoration's biggest pain points: the gap between what contractors document and what carriers actually pay.They discuss:How AI is being used on both sides of the claims processHow restoration companies can fight back against denials and carrier tacticsHow automating collections can improve efficiency, profitability, and even EBITDA..and MORE!

Getting the work done is only half the battle—getting paid for it is another. In this episode of Restoration Today, Carlos Ramirez, Doug Weatherman, and Max Pena, from JSTFYD, dive into one of restoration's biggest pain points: the gap between what contractors document and what carriers actually pay.They discuss:How AI is being used on both sides of the claims processHow restoration companies can fight back against denials and carrier tacticsHow automating collections can improve efficiency, profitability, and even EBITDA..and MORE!

In this episode of The Private Equity Podcast, Alex Rawlings speaks with Brian Bishop, an electrical engineer and experienced Chief Executive with a background in embedded systems, product development, business building, and successful company exits.Brian shares lessons from leading businesses through seven- and eight-figure exits, including the importance of structuring deals to align the interests of owners, employees, and acquirers.They explore Brian's approach to leadership and why the most effective business plans are shared plans—not simply strategies created by a CEO and communicated downwards.Brian also discusses his move into the startup world and the significant differences he has observed between startup and private equity environments. While private equity typically maintains a strong focus on financial performance and EBITDA, startups can face competing non-economic priorities, technological milestones, and investor expectations.The conversation also covers practical ways executives can improve EBITDA. Brian explains why businesses must look beyond unit costs and understand the total lifecycle cost of a product, including the opportunity cost of engineering and product-development resources.Finally, Brian explains how his engineering background has shaped his leadership style, particularly his habit of repeatedly asking one fundamental question: “What is the problem we're trying to solve?”Key Highlights00:00 – Brian Bishop's BackgroundBrian discusses his engineering career, embedded systems expertise, product development experience, and seven- and eight-figure exits.01:26 – Lessons From M&A and Liquidity EventsStructuring acquisitions, managing earn-outs, retaining critical employees during transitions, and aligning stakeholder interests.03:18 – Getting Teams Aligned With the StrategyWhy great leaders build a shared plan rather than simply communicating their own vision.04:29 – Moving From Private Equity Into StartupsBrian explains what attracted him to startups and the surprising influence of non-economic considerations.07:23 – Burn Rate vs. Financial PerformanceHow startup expectations around growth and product development can conflict with customer needs and profitability.08:40 – What Startups Can Learn From Private EquityPreparing businesses for the point where margins and EBITDA become more important than technological milestones.09:58 – Advice for PE Portfolio LeadersBridging the gap between employees motivated by purpose and investors focused on financial returns.11:53 – Improving EBITDA and MarginWhy understanding total lifecycle costs and the opportunity cost of engineering resources can transform profitability.13:45 – Getting Engineers and Accountants on the Same PageHow cross-functional understanding can improve decision-making, margins, and customer outcomes.14:38 – Engineering as a Leadership AdvantageBrian explains the power of returning teams to the fundamental question: “What is the problem we're trying to solve?”16:01 – What Brian ReadsFrom the Wall Street Journal to engineering content, Brian discusses how reading broadly helps him connect ideas across disciplines.16:49 – Connecting With BrianBrian shares how listeners can reach him following the episode.Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

In this episode of the Jake & Gino Podcast, hosts Jake Stenziano and Gino Barbaro sit down with Kevin Bassett, CPA and founder of Bassett & Associates, PA. Kevin specializes in helping business owners and real estate investors with over $1 million in EBITDA or NOI maximize profitability while minimizing their tax burden.They dive into the difference between tax evasion and legal tax avoidance, exploring how high-net-worth investors can lower their effective tax rates over the lifetime of their investments.Key topics covered in this episode:State Tax Trends & Relocation: Why entrepreneurs are leaving high-tax states for low-tax jurisdictions like North Carolina, Tennessee, and Florida.Basic vs. Advanced Structures: Starting with single-member LLCs, partnerships, and S-Corporations before moving into advanced strategies.Cost Segregation & Bonus Depreciation: How to time deductions to shelter real estate cash flow.Offset Strategies Beyond Real Estate: Exploring Section 181 film credits and other vehicles to offset ordinary income when real estate deals are tight.Market Insights: Current trends in industrial real estate, warehousing, self-storage, and the challenges facing the multifamily sector.Whether you're just getting started or already in the "Two Comma Club," this discussion offers actionable insights to help you build and protect your wealth.

Send us Fan MailHow can Agile and Lean transform productivity in advanced manufacturing?In this episode of the Enterprise Excellence Podcast, Brad Jeavons speaks with Matt Oakley, Head of Operations at Ferra Group Australia, about how Ferra has combined Agile at Scale, Lean Manufacturing, Scrum, Six Sigma and continuous improvement to transform the way it operates.Over approximately four years, Matt explains that Ferra achieved around 25% average annual growth, approximately 220% EBITDA growth, doubled revenue while increasing staff by only around 30%, and roughly doubled the value generated per employee.In this episode, Brad and Matt explore:

What makes a brand so good that customers keep coming back?In this episode, we sit down with Sarah Holt, CMO of Center Parcs UK & Ireland, to unpack the thinking behind one of the UK's most loved experience brands, her approach to marketing leadership, customer experience, commercial growth and the rapidly changing world of AI.Sarah shares how Center Parcs achieved record revenue of £758 million, record EBITDA of £323.9 million and its highest ever occupancy of 97.5%, while revealing why the real secret to the brand's success isn't advertising.It's the experience customers have once they're there.We explore why Sarah would choose investing in customer experience over increasing the marketing budget, how she approached her first 90 days as CMO, why she deliberately spent her first 100 days learning rather than fixing, and how she identified three key areas for transformation - brand, personalization and capability.

The episode highlights the ongoing consolidation of the MSP sector, driven by acquisition-focused entities like Evergreen Services Group. This structural mechanism centers on long-term acquisition strategies and the operational integration of MSPs, with Evergreen positioning itself as a permanent holder rather than a market aggregator intent on short-term profit. The discussion underscores how private equity-backed firms operate within multi-market IT services, spanning managed services, application support, and specialized government contracts.Evergreen Services Group reports completing 47 acquisitions in the previous year, now owning 135 MSPs and 171 companies overall, with stated revenues of $1.5 billion and $250 million EBITDA. According to Craig Fulton, the company's standard acquisition model typically offers 90% of enterprise value in cash at closing, with a remaining 10% tied to a one-year earnout dependent on 15% EBITDA growth. Quality of earnings assessments and customer renewal health are described as primary factors that can stall or terminate deals, particularly if financial accounts lack clarity or significant customer dissatisfaction emerges.A recurring operational gap identified by Evergreen in acquisition targets is the absence of a dedicated growth leader within firms, which raises post-sale continuity risks. While questions were raised about the possibility of acquisitions inadvertently generating new competition in local markets—through staff departures and new businesses—no substantive evidence was cited that this has impacted consolidation effectiveness or market saturation. The dialogue also explored Evergreen's investor structure and commitment to transparency about backend ownership and fund relationships with sellers, with claims of a high earnout payment rate and seller satisfaction.For MSPs and IT leaders, the practical implications involve heightened scrutiny of operational maturity, especially in finance and client management roles, to realize sustained valuation and minimize deal-related risk. Vendor dependency deepens post-acquisition, as Evergreen leverages consolidated contracts to meet earnout targets. Owners not seeking to sell are advised to reassess account management practices, explore targeted AI integration for client engagement, and maintain competitive EBITDA performance, as independently managed firms continue to demonstrate strong profitability metrics. Supported by: GuardzTimeZest

In this episode, Howard Farran sits down with Jim Glidewell — the man he calls his idol, mentor, and the GOAT of crown and bridge — for a conversation nearly 1,800 episodes in the making. Jim traces his improbable path from a one-room Kentucky schoolhouse with a coal stove and no electricity, to returning from Vietnam, selling insurance at 21, and stumbling into dental technology after visiting a friend at his lab bench. He explains the philosophy that shaped everything since: like Henry Ford, Sam Walton, and Southwest Airlines, the winner isn't whoever charges the most, it's whoever delivers the most value for the dollar — and why he's always built for the working man rather than the "Neiman Marcus of dentistry." From there the conversation covers an enormous amount of ground on technology and the trade, including AI trained on 45 million archived crown designs that can match a crown shape in 8 to 10 seconds, the "Lego partial" that prints frame, teeth, and tissue simultaneously for a four-hour turnaround, and the surprisingly brutal engineering behind diamond-coated burs for milling sintered zirconia. Jim predicts chairside-printed dentures within three to five years and the decline of metal partials, reflects on how introducing zirconia in 2007 ended the gold and PFM markets overnight, and notes an industry that has consolidated from 17,000 labs down to just over 4,000. The back half turns candid and personal. Jim weighs in on open versus closed systems, why scanner prices are collapsing, and what actually keeps customers loyal — not the hardware, but someone picking up the phone on the first ring. He offers blunt advice to indebted young dentists about whether dentistry was ever the right fit, predicts DSO penetration could reach 70%, and shares his distaste for exit-strategy thinking and EBITDA-driven ownership, noting that most dentists he meets who sold to private equity wish they hadn't. He also talks about his management philosophy of staying out of employees' way, the AI avatars now handling customer calls, his son leaving college to learn in-house, and his near-death experience with COVID, when he was intubated at 32 pounds down with less than a 10% chance of survival. Asked why he's still first in the door at 81, his answer is simple: this isn't a business he's building to sell. His exit strategy is death. For more information on Glidewell TV: https://glidewelldental.com/company/tv    Episode #1736 : Dentistry Uncensored with Howard Farran, Howard sits down with his longtime idol and mentor — Jim Glidewell, founder of Glidewell Dental and, in Howard's words, "the GOAT" of crown and bridge. From a one-room Kentucky schoolhouse with no electricity, to the largest private employer in Orange County with a million square feet of space. From selling insurance at 21 to building an empire on a simple belief: the winner is whoever delivers the most value for the lowest price.

Welcome back to The Entrepreneur's Journey. In this episode, Jason Gabrieli is joined by Vince Capone, Senior Vice President with SES ESOP Strategies, and Sean Matthew, shareholder at Stevens & Lee, to discuss employee stock ownership plans, or ESOPs, as an alternative exit strategy for business owners. They explain how ESOP transactions work, how they are financed, and why they can help owners receive fair market value while preserving company culture and creating wealth-building opportunities for employees. The conversation also covers tax advantages, seller financing, valuation, employee engagement, and how ESOPs compare with private equity and strategic buyers.Tune into this episode to also learn:● How an ESOP allows business owners to sell some or all of their company while maintaining greater control over the transition.● How ESOP transactions are financed through third-party debt and seller financing.● Why employee ownership can create stronger alignment, retention, and long-term wealth-building opportunities for employees.● How ESOP valuations and tax advantages can compare with other exit options such as private equity or strategic acquisitions.What we discussed● [00:02:11] Vince explains how SES ESOP Strategies helps middle-market companies plan, structure, finance, and implement ESOP transactions.● [00:03:13] Sean describes the legal process behind an ESOP transaction and the regulatory requirements that come with employee stock ownership plans.● [00:04:51] Vince explains the different roles an ESOP can play as a business succession tool, corporate finance tool, and wealth creation tool for employees.● [00:06:40] Sean walks through the basic ESOP transaction process, from determining fair market value and owner liquidity needs to selecting a trustee and negotiating the transaction.● [00:10:47] Vince explains how employees receive shares over time and how an independently appraised stock price can help employees think more like business owners.● [00:12:08] Sean discusses how communication, financial transparency, and an ownership culture can help companies make the most of employee ownership.● [00:13:44] Vince explains how an ESOP transaction analysis models proceeds to the seller, company cash flow, debt sustainability, and potential employee benefits.● [00:15:00] Vince breaks down how ESOP transactions are commonly financed through bank debt and seller financing, including the potential role of warrants.● [00:19:24] Vince explains that an ESOP cannot pay more than fair market value but can pay fair market value, and compares that with strategic and financial buyers.● [00:20:30] Vince discusses potential capital gains tax deferral when qualifying C-Corporation stock is sold to an ESOP and proceeds are placed into qualified replacement property.● [00:22:09] Vince addresses the misconception that selling to an ESOP necessarily means accepting a discounted valuation.● [00:23:10] Sean explains that ESOPs can be viable for a broader range of companies than many owners assume, including some businesses with approximately $1 million of EBITDA and around 20 employees.● [00:26:21] Jason compares the structure of an ESOP sale with private equity transactions, noting that many traditional deals also involve holdbacks, earnouts, or continued owner involvement.● [00:28:41] Sean discusses the evolving employee ownership market and how new capital sources can create additional options for owners with shorter exit timelines.● [00:29:24] Vince emphasizes the importance of considering every available exit option before making what may be the largest financial transaction of a business owner's life.3 Things To RememberAn ESOP can provide business owners with a flexible succession option that allows them to sell some or all of their company while helping preserve the company's identity, culture, and operations.Employees generally do not purchase the company stock out of pocket; shares are allocated to them over time as part of the ESOP benefit, creating an opportunity for long-term wealth creation.Business owners evaluating an exit should compare the total economics of each option, including valuation, taxes, financing, continued involvement, and control over the transition—not simply the headline sale price.Useful LinksLike what you've heard…Learn more about HFM HERE:https://hfmadvisors.com/working-with-hfmSchedule time to speak with us HERE:https://calendly.com/builtwealth-hfmadvisors/60minEditing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

In this Simple CFO Case Files episode, Christina Gutierrez sits down again with CFO Lee Vlcek to tackle a question most owners never plan for: how do you actually exit your business? Whether you want to sell, pass it to family, or just step back into a passive role, real estate can be a tough business to exit, and the prep work starts years before the handoff.Lee walks through two very different case studies, a father transitioning a decades-old business to his son and an owner preparing a portfolio for private equity, and shows why both hinge on the same fundamentals. He and Christina dig into owner dependency and valuation, why predictability is what buyers pay for, and how reliable financials, KPIs, and cash flow determine whether you get a premium multiple or a discount. If you've ever wondered what your business is really worth, this one delivers.Timeline Summary[2:08] – Lee opens with the first question every owner should ask before an exit[2:43] – Owner dependency and why valuation is inversely correlated with how much rides on you[3:38] – Why building toward CEO instead of employee is the real goal, exit or not[5:19] – The emotional hurdle of giving up the reins after building the business[7:18] – Common pushback: "they can't do it as well as me" and what it reveals[7:58] – Case study one: a father transitioning his business to his son[8:41] – Why a 40-year owner's vendor and banker relationships have to transfer in person[9:13] – Using AI to document face-to-face meetings and turn institutional knowledge into protocols[11:14] – Putting in the work up front to eventually earn "mailbox money"[11:36] – Identifying the true economic engine of the company so the team can protect it[13:49] – Structuring the father's phase-out over 18-plus months with real checkpoints[16:10] – Why no transition happens overnight, even a sale[18:15] – Reframing the whole process as due diligence, the same rigor you'd give a property[18:40] – Case study two: preparing a portfolio for private equity interest[19:08] – Why organization of the business drives the multiple as much as EBITDA[20:02] – What buyers actually pay for: predictability of revenue and profit[21:27] – Why comparing your sale to the guy down the street rarely holds up[22:29] – How the most organized owners consistently earn the highest multiples[23:20] – The through-line: both cases live or die on reliable financials[24:12] – The four pillars: reliable financials, KPIs, leadership beyond the owner, predictable cash flow[25:35] – The nightmare scenario of handing your son a business that runs out of cash[26:20] – Book value versus sellable value and the things that move the number5 Key TakeawaysValuation Is Inverse To Owner Dependency — The more the business relies on you for sales, relationships, and decisions, the harder it is to exit and the less it's worth. Building yourself out of the day-to-day raises the value.Exit Planning Starts Years Early — Whether passing to a son or selling to private equity, no handoff happens overnight. The real work is the two to four years of documenting relationships, knowledge, and processes beforehand.Buyers Pay For Predictability — Two businesses with identical EBITDA can be worth very different amounts. Consistent revenue, strong retention, low customer concentration, and predictable cash flow command the premium multiple.Reliable Financials Are Non-Negotiable — Both case studies hinged on the same thing. Without financials you can trust, no son knows where to focus and no buyer can assign a value.Cash Flow Is How You Survive The Transition — The worst outcome is handing over a business that runs out of cash months later. Building predictable cash flow well ahead of the exit is what lets you take your foot off the pedal safely.Links & ResourcesSimple CFO — https://simplecfo.comProfit First for Real Estate Investing Free Workbooks — https://pfreiworkbook.comProfit First for Real Estate Investing by David Richter — https://profitfirstrei.comEnjoyed This Episode?If Lee's breakdown of owner dependency made you realize how much of your business still lives in your head, that's the first thing worth fixing, exit or not. Share this episode with an owner who's never thought about how they'll eventually step away, and follow the show and leave a rating and review so more investors can find these Case Files.

Many founders spend decades building a company they hope to one day exit only to discover that the deal they dreamed about leaves them feeling lost, lonely, and full of regret. Today's guest, Jerome Myers of Exit to Excellence, has studied more than 3,500 founder conversations, 400+ podcast interviews, and over $2.5 billion in exit value to answer a question the exit industry rarely asks: what happens to the founder when the business they built no longer needs them? In this episode of Marketer of the Day, Jerome introduces the “Founders Exit Paradox” and shares why an estimated 75% of founders regret their exit, even when they get the money they were aiming for. He explains how a business quietly organizes every part of an owner's life calendar, income, relationships, and even identity and why selling that business without a personal plan can feel like falling off a cliff. Using his powerful mountain expedition analogy (ascent, summit, and descent), Jerome highlights that the most dangerous part isn't building or selling the business; it's what happens after the liquidity event when the structure disappears but the money, time, and opportunity suddenly expand. Jerome also breaks down the concept of business maturity asking whether your company is “acting its age” or if it's still a “baby” that can't function without you. He shows why founders who remain the catch‑all problem solvers get trapped, and how building a self‑sustaining, independent business is essential not just for a successful exit, but for a healthy life after the deal. Instead of treating exit planning as a dry financial exercise focused on EBITDA and GAAP, he uses story and parable, drawn from his audiobook “The Exit Expedition,” to make the emotional and psychological side of exiting both practical and deeply relatable. You'll learn the real reasons founders regret selling from loss of identity and sudden loneliness to getting 40–60 hours a week back with no meaningful way to use it, and how a structured process can help you define who you are, who you spend time with, and what truly matters beyond your company. Jerome shares why being intentional before the exit is the key to avoiding lottery-winner-style meltdowns, and how to design a new “filter” for opportunities so you don't say yes to everything just because you finally can. https://youtu.be/Zo8hzbPO_48?si=QOe77a1TH2Bi55tF If you're thinking about selling your business someday or simply want to build a company that doesn't depend on you for every decision, this conversation will change how you think about exit strategy. Jerome recommends starting with his Exit Risk Assessment at exittoexcellence.com/era, a complimentary diagnostic that reveals your highest‑risk areas, hidden dependencies, post‑exit vulnerabilities, and 90‑day action items to reduce risk. Whether an exit is five months or fifteen years away, you'll see why a good exit strategy is really just good business strategy and how to prepare not only your company, but yourself, for the next chapter. Quotes: "Most owners are the catch-all whatever the problem is, if it doesn't fit in one of the employees' job descriptions, it is my problem, and I must go solve it." "Exit strategy is just good business strategy. You'll enjoy your business more the better you are prepared for an exit." "The reason so many founders regret their exit is not the money. It's that they don't know how to introduce themselves anymore and they struggle with who they are without the business." Contact Details: Ready For What Comes After the Exit? Explore Exit to Excellence Today You Built It. Now What? Discover What Comes After The Exit: Take the Red Pill Assess your Exit Readiness: Start your Successful Transition Connect with Jerome Myers on LinkedIn → Discover what's possible beyond the exit. Discover What's Next: Listen to Your Next Today on Apple Podcast Exit to Excellence: A Journey to Your N.E.X.T. on Amazon

How to Prepare Your Physical Therapy Practice for a Successful Exit What is happening in the physical therapy M&A market right now, and what does it mean for practice owners thinking about selling? In this episode of the Private Practice Owners Club, Nathan Shields sits down with Paul Martin of Martin Healthcare Advisors, who has spent 27 years helping physical therapy practice owners navigate mergers, acquisitions, valuations, and exit strategies. Paul breaks down what is happening in the current M&A market, why buyers are becoming more selective, and why practice owners need to start preparing well before they are ready to sell. They also discuss what actually increases the value of a practice, how EBITDA affects valuation, why clean financials matter, the importance of leadership teams and documented systems, and why owners should think carefully about culture and deal structure before accepting an offer. In this episode, you'll learn: What the current physical therapy M&A market looks likeWhy there may be more sellers than buyers over the next few yearsHow EBITDA and valuation multiples affect your potential sale priceWhy owners should know the value of their business todayHow charge capture, schedule management, and provider productivity can increase valueWhy clean and credible financials matter to acquirersHow leadership teams can make a practice more attractive to buyersWhy owner-dependent practices can be harder to sellHow documented systems reduce dependence on individual employeesHow long owners may be expected to stay after a transactionWhy culture fit should come before structure and priceWhy structure can matter more than the headline sale priceHow multiple offers can give sellers more leverageThe two questions every owner should answer before preparing for an exit The biggest takeaway: you don't want to wait until you're ready to sell before you start building a valuable business. Know where you are today. Know what you want from a transaction. Then build the roadmap that gets you there. Connect with Paul Martin Learn more about Martin Healthcare Advisors and their work with physical therapy practice owners at martinhealthcareadvisors.com. Paul also hosts The Next Level Owner podcast for physical therapy business owners. Connect with the Private Practice Owners Club Learn more about the Private Practice Owners Club and explore additional resources for growing and improving your practice.Want to talk about how we can help you with your PT business, or have a question you want to ask? Book a call with Nathan - https://calendly.com/ptoclub/discoverycallLove the show? Subscribe, rate, review, and share! https://ptoclub.com/

Send us Fan MailAmazon Solution Provider Portal account termination can block agency access, client invites, and SPN visibility without warning. This video covers Amazon SPP access issues, Service Provider Network rules, domain-name concerns, support limits, and a practical account reset path. It also covers agency valuation multiples, private equity deals, EBITDA targets, cash rollovers, and why agency owners may want to protect profit.Put the Amazon SPP problem in front of an Amazon specialist and work through a recovery plan before client access starts slipping: https://bit.ly/4jMZtxu#AmazonSeller #AmazonAgency #AmazonSPP #AmazonServiceProviderWant free resources? Dowload our Free Amazon guides here:Your $1M Roadmap is here!: https://bit.ly/3SBO7VkDownload the 2026 Amazon AI Operating Manual: https://bit.ly/3SLmusPAmazon Receiving Delay Guide: https://hubs.ly/Q04cdD4c0Amazon Catalog Spring Cleaning: https://hubs.ly/Q046BVfp0Amazon Proft Margin Defense 2026: https://hubs.ly/Q042trRH0Amazon SEO Toolkit 2026: https://bit.ly/4oC2ClTAmazon Seller Strategy Report 2026: https://bit.ly/3YN1RME2026 Ecommerce Website & SEO Readiness Checklist: https://hubs.ly/Q04btghf0Amazon 2026 PPC guide: https://bit.ly/4lF0OYXTimestamps00:00 – Amazon Solution Provider Portal Account Termination00:41 – Why Written Amazon Permission Can Still Fail01:18 – Amazon SPP Domain and Directory Rules02:07 – What to Do When Amazon Support Stalls02:44 – Marketing Agency Valuation Multiples in 202603:27 – Private Equity Rollovers and 6x EBITDA Targets04:04 – Why Agency Owners Should Keep More Cash-----------------------------------------------------------------------------------------Follow us:LinkedIn: https://www.linkedin.com/company/28605816/Instagram: https://www.instagram.com/stevenpopemag/Pinterest: https://www.pinterest.com/myamazonguys/Twitter: https://twitter.com/myamazonguySubscribe to the My Amazon Guy podcast: https://podcast.myamazonguy.comApple Podcast: https://podcasts.apple.com/us/podcast/my-amazon-guy/id1501974229Spotify: https://open.spotify.com/show/4A5ASHGGfr6s4wWNQIqyVwSupport the show

Ismael Valdez built NexGen Air Conditioning & Plumbing from $0 to $108 million in just 6.5 years. Now he's back on Owned and Operated to share the blueprint for his next $100M home service company.John Wilson and Ismael break down what worked at NexGen, the mistakes he would never repeat, why most HVAC and plumbing contractors stall below $2M, and why sales and marketing are the real engines behind rapid growth.Ismael also shares what he's building next. After investing more than $22 million of his own money into Nuve, generating $15.2 million in first-year sales, and selling more than 110,000 units, he's turning his attention back to home services.His vision: an AI-powered, hyper-efficient HVAC and plumbing company with almost no traditional back office, lower prices, higher close rates, and the potential for 40%+ EBITDA margins.In This Episode:• How Ismael Valdez built NexGen from $0 to $108M• What he learned from a nine-figure home service exit• Building Nuve to $15.2M in first-year sales• Why most contractors stall below $2M• NexGen's biggest wins and mistakes• Why sales and marketing drive growth• Building an AI-powered home service company• Ismael's blueprint for his next $100M companyConnectJohn Wilsonhttps://www.linkedin.com/in/johnbwilson1/Ismael Valdezhttps://www.instagram.com/nuveceo/Owned and Operatedhttps://www.ownedandoperated.com/SponsorsQuick StaffersHire trained HVAC and plumbing CSRs without the overhead of traditional hiring. Save $500 on your first placement with Quick Staffers:https://www.quickstaffers.com/AvocaSee how Avoca helps home service companies book more jobs with AI that handles calls, texts, follow ups, and dispatching without adding more chaos. Book a demo:https://www.avoca.ai/partners/oaoSend Us Mail!More Ways To Connect with OAOStart HereOwned and Operated Newsletter Bonus Videos From JohnLeave a ReviewJohn Wilson, CEO of Wilson CompaniesJack Carr, CEO of Rapid HVAC

Send us Fan MailIn this episode of the WTR Small Cap Spotlight, WTR Managing Director for Natural Resources Jeff Robertson joins Tim Gerdeman to assess the second half of 2026 and early 2027 budget outlooks for the U.S. energy sector. The conversation covers how producers are managing continued oil price volatility driven by the Iran conflict and Strait of Hormuz disruptions, with WTI averaging $81.25 in Q3 and futures pointing toward the low $70s through 2027.Robertson walks through WTR's oilfield services coverage, addressing Select Water Solutions' water infrastructure margin expansion story, DNOW's MRC integration progress and path to $350 million EBITDA, and international opportunities for National Energy Services Reunited and Forum Energy Technologies across the Middle East, Argentina, and Venezuela.The episode also covers WTR's U.S. producer universe, including Riley Exploration Permian, Ring Energy, HighPeak Energy, Evolution Petroleum, Prairie Operating, and W&T Offshore, as well as Africa-focused Meren Energy and VAALCO Energy, where development drilling campaigns in Nigeria, Gabon, and Cote d'Ivoire are positioned to drive production growth into 2027.Robertson closes with takeaways from the EnerCom Conference and a preview of the WTR Virtual Insights Conference on September 22 to 23. For additional content, visit www.watertowerresearch.com.

-Find the book on Amazon: Canada- https://a.co/d/02I5HrPi USA- https://a.co/d/06XTDVRJ UK- https://amzn.eu/d/07SzLcXa Learn about the bulk purchase promos here: https://www.investlocalbook.com/2026/09/business-and-asset-values-new-book.html **New Video Alert! What is a business really worth? The answer isn't always one number. My new book, Business and Asset Values, is designed for business owners, buyers, sellers, lenders, accountants, lawyers, advisors, and anyone who wants to better understand how businesses and their assets are valued. In this video, I introduce the ideas behind the book, including fair market value, liquidation value, business valuation methods, SDE and EBITDA, cash flow, debt, working capital, goodwill, transferability, and why buyers and sellers can look at the same business and reasonably reach different conclusions about its value. #BusinessValuation #BusinessValue #SmallBusiness #BuyABusiness #SellABusiness

Nous sommes aujourd'hui avec Romain Taieb, le fondateur de Doki Doki, le premier hand roll bar de la capitale. Serveur, puis manager et directeur de restaurant chez Paris Society, où il participe à la création du Piaf et de Bambini, il vole de ses propres ailes en 2021 pour importer en France un concept découvert à New York. Quatre adresses parisiennes plus tard, la marque vise les 5 millions d'euros de chiffre d'affaires et prépare ses premières ouvertures à l'étranger. Pour co-animer ce nouvel épisode de Business of Bouffe, Philibert est accompagné d'Elisa Gautier, la fondatrice du restaurant Kiosk et de la newsletter Chaleur Tournante.À travers cet épisode, nous cherchons à comprendre comment Romain Taieb a transformé une intuition new-yorkaise en un modèle de restauration rentable, pensé dès le premier jour pour être dupliqué partout dans le monde.Pour cela, Romain remonte le fil d'un parcours qui n'avait rien d'écrit. Une enfance en Afrique de l'Ouest, une arrivée à Paris à sept ans, la perte prématurée de ses parents, puis huit années à vivre du poker avant de tout reprendre à zéro. Il entre alors dans la restauration par la plus petite porte, en brasserie, et y découvre un métier de courage qui le passionne. Manager, puis directeur, il enchaîne les univers jusqu'au coup de fil de Laurent de Gourcuff qui le mène chez Paris Society, et jusqu'à ce comptoir new-yorkais où tout se joue.Ainsi, on évoque la manière dont l'intuition devient réalité. Romain trouve son local au rez-de-chaussée de la Poste du Louvre, sans extraction ni fonds de commerce, et lance le projet avec 350 000 euros. Il détaille ce qui fait le concept : un sourcing obsessionnel, une carte courte, un grand bar en béton coulé et un service sans serveur où tout se prépare devant le client. Ouvert en janvier 2022, Doki Doki trouve son public immédiatement, et il l'assume : tout était pensé dès le départ pour être dupliqué.Enfin, Romain déroule l'enchaînement des ouvertures, du flagship de la rue Marbeuf aux adresses de la rue des Martyrs et de Neuilly, sans masquer les mois de doute traversés. Il ouvre ensuite grand les livres, avec la transparence qu'on aime ici : chiffre d'affaires, EBITDA, ratios et levée de fonds. Il évoque une concurrence qu'il juge stimulante et son choix de mener le marché plutôt que de le suivre. Il dévoile enfin la suite : Genève, Nice, les franchises à Sofia, Marrakech et Abidjan, un coffee shop, et une ambition assumée, devenir le leader mondial du hand roll. Hébergé par Acast. Visitez acast.com/privacy pour plus d'informations.

Interview with David Wolfin, CEO of Avino Silver & Gold MinesOur previous interview: https://www.cruxinvestor.com/posts/avino-silver-gold-tsxasm-record-revenue-powers-three-mine-expansion-strategy-8753Recording date: 4th September 2026Avino Silver & Gold Mines Ltd. (TSX:ASM) enters the second half of 2026 in the strongest financial position in its 57-year history, and that strength is now being deployed toward a decision that could reshape the company's production profile. Q2 2026 revenue reached $26.8 million, up 23% year-on-year, driven by higher realised silver prices at $68.90/oz and increased throughput from La Preciosa development material. Net income of $10.9 million and EBITDA of $12.6 million both grew strongly year-on-year, and the company closed the quarter debt-free with $144.2 million in cash and $140.8 million in working capital.That balance sheet strength underpins the company's most consequential near-term decision: whether to build a standalone processing plant at La Preciosa, its silver development project 19 kilometres from the existing Avino mill. Management estimates a facility comparable to Avino's current 2,500-tonne-per-day mill would cost $200-300 million, roughly half of which the company already holds in cash. A pre-feasibility study now underway with an independent engineering firm is expected within 8-10 months, after which Avino could move directly to a construction decision.The case for going standalone rests on both economics and optionality. Trucking material 19 kilometres at a much larger scale would strain logistics and community relations at the volumes a full La Preciosa operation would require, and CEO David Wolfin has been explicit that a standalone plant is the better use of capital once the study confirms it. Recent drilling supports that confidence: intercepts including 7.9 metres of 1,600 g/t silver and 2 g/t gold, and a further 6 metres at 550 g/t silver, suggest underground mining grades could exceed the diluted, open-pit-based resource model inherited from the project's previous owner, Coeur Mining.Underpinning this is Avino's first mineral reserve in company history, published in April 2026 after the company crossed the $90 million trailing-revenue threshold required under NI 43-101 to report reserves. The combined 127 million silver equivalent ounces in proven and probable reserves, alongside 301 million ounces of measured and indicated resources, gives the growth story a formal technical foundation it lacked a year ago. Average reserve mine life across the portfolio comfortably exceeds the roughly 8-year average among primary silver peers, a comparison management uses to argue for a valuation re-rating as the company de-risks.Risks remain concentrated in execution. Costs rose alongside the cash build, with all-in sustaining costs of $38.75 per silver equivalent ounce in Q2, reflecting the expense of developing a new mine rather than deterioration at Avino itself. Copper production fell 50% year-on-year as the company processed oxidised material from historical open-pit walls, a sequencing decision expected to reverse over the next six to eight months. Investors should also note that much of the grade upside management points to remains in step-out drilling not yet reflected in the reserve model; an updated estimate is expected in Q1 2027.For investors, Avino offers a rare combination: an operating, cash-generating mine funding a second high-grade asset, a debt-free balance sheet providing genuine optionality, and two concrete near-term catalysts: the La Preciosa pre-feasibility study, and the Q1 2027 resource update against which to track execution.View Avino Silver & Gold's company profile: https://www.cruxinvestor.com/companies/avino-silver-gold-mines-ltdSign up for Crux Investor: https://cruxinvestor.com/subscribe

Ryan Pineda and Brian Davila sit down with fractional CFO Shelby Ashley to break down why profitable businesses can still struggle with cash flow and the financial systems owners need to better manage, forecast, and scale their money.⁣⁣Connect with Ashley - ⁣https://optimizedfinancialsolutions.com/⁣https://www.linkedin.com/in/shelby-ashley-mba-a72903b9/⁣shelby@shelbyoptimizedsolutions.com⁣__________⁣If you'd like my team to run your marketing & sales department to scale your business apply here https://www.pinedapartners.com⁣⁣Join our private mastermind for elite business leaders who golf. https://www.mastermind19.com⁣⁣Want to be featured on the Wealthy Way Podcast? Apply here https://www.wealthyway.com⁣⁣If you want to start your real estate investing business, we'll give you 1:1 coaching, seller leads, software, & everything you need. https://www.wealthyinvestor.com⁣⁣Tired of paying so much in taxes every year? We'll give you strategy, tax prep, and accounting all in one place. https://www.taylor-tax.com⁣⁣Join free Bible studies and workshops for Christian business leaders. https://www.tentmakers.us⁣__________⁣Chapters: ⁣00:00 - Cash vs. P&L⁣01:05 - Where Cash Gets Tied Up⁣06:44 - Real Estate Cash Flow & Owner Pay⁣15:01 - Partnership Opportunity⁣15:35 - Owner Pay & Cash Reserves⁣20:22 - Fractional CFOs & Forecasting⁣30:03 - Success & Profitability⁣32:37 - Valuations & EBITDA⁣36:50 - Bookkeeping & Forecasting⁣45:05 - E-Commerce Cash Flow⁣48:59 - Payment Terms & Billing⁣56:16 - Prepaid Revenue Strategy⁣1:00:23 - Gift Card Accounting⁣1:01:56 - Intercompany Loans & Draws⁣1:07:34 - Marketing & Scaling Ads⁣1:15:10 - Expenses & Break-Even⁣1:16:51 - Business Expenses & Marketing⁣1:18:42 - CFOs & Scaling⁣1:30:11 - Paying for Expert Help⁣1:30:53 - Domains & Mastermind Talk

Most owners have never put a number on the business they have spent their life building. This episode puts one there.Jimmy Nicholas and Dustin Burleson take apart what a business is actually worth, what changes that figure, and what an owner can do about it long before a sale is on the table. Jimmy sold his agency to private equity in 2019, and he walks through the parts nobody warned him about. Dustin has bought, sold, and advised on the other side of the table, and he brings the buyer's view of what makes a business worth paying up for.**In this episode:**- Why the consultants Jimmy paid tens of thousands of dollars were wrong about a personality-based business being unsellable- The question that tells you whether you own a business or a high-paying job: if you were gone tomorrow, does it tank in 90 days- **Recastable expenses** and the owner salary add-back, and why the math changes once EBITDA crosses one million dollars- Why recurring revenue commands a different class of multiple, and how consumer brands get valued on revenue rather than earnings- The **Rule of 40**, and the third, third, third formula Jimmy ran as guardrails without knowing it had a name- Dustin's three rules of negotiation: who you are dealing with, never negotiating under duress, and going one year further back in due diligence than you think you need to- Why the best negotiating position is not needing the deal**Timestamps**- 00:00 Intro- 00:18 Why this topic, and the four kinds of owner listening- 02:18 Small business as a wealth generation vehicle- 03:18 Addressing the skeptic: what the consultants got wrong- 08:18 What building it to sell actually changes about running it- 10:18 Exit strategy: why are you getting off the highway- 13:18 The 90 day test- 16:18 Jimmy's 2019 sale, and what the buyer could give his team that he could not- 20:18 EBITDA, recastable expenses, and the owner salary line- 23:18 Multiples by industry, and revenue multiples versus earnings multiples- 26:18 The Powerball whiteboard exercise- 30:18 Creating your own luck, and the room where Jimmy raised his hand- 32:18 Due diligence, and why it is worth going through- 35:18 What a bad negotiation looks like- 40:18 The liability line, and the question Jimmy asked his attorney- 44:18 What each of them wishes they had known- 48:18 The Rule of 40- 54:18 What is coming next month**A note on the numbers.** The multiples in this episode are not one range. Jimmy speaks generally about businesses under one million dollars in EBITDA. Dustin's four, seven, and ten times figures are scoped to orthodontics specifically, and his Uber, Airbnb, and DoorDash figures are multiples of revenue rather than earnings. Know which one applies to you before you anchor on it.**Get the resources.** The valuation worksheet for this episode, along with the full transcript and everything referenced, is at [MomentumInsiders.com](https://momentuminsiders.com). Free to join.**Next month:** owning your assets versus renting them, and the things in your business you may think you own but do not. Get additional resources, scorecards, and working frameworks at WealthyMomentumPodcast.comSubscribe on YouTube: YouTube.com/@WealthyEntrepreneurHQLearn more: WealthyEntrepreneur.com Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

En esta ocasión contamos con Javier Campos, socio y miembro del reconocido equipo de análisis de la firma de gestión de activos Azvalor. En este nuevo episodio de Tu Dinero Nunca Duerme, el primer programa de cultura financiera de la radiodifusión española en esRadio, Luis Fernando Quintero da la bienvenida a una nueva temporada junto a Domingo Soriano y Manuel Llamas. En esta ocasión, el espacio cuenta con la participación especial de Javier Campos, socio y miembro del reconocido equipo de análisis de la firma de gestión de activos Azvalor. Durante la tertulia, Javier Campos detalla el excelente comportamiento de los fondos de la gestora en la primera mitad del año 2026. Todos sus vehículos de inversión registran rentabilidades de doble dígito, destacando especialmente su fondo bandera, el Azvalor Internacional, que acumula una revalorización cercana al 30%. Campos recalca la importancia de analizar estos resultados con una perspectiva de largo plazo, señalando que en sus once años de trayectoria han logrado multiplicar por 3,7 veces el capital de sus coinversores. Los analistas analizan también la situación de la cartera ibérica, a través de su fondo Azvalor Iberia, el cual cuenta actualmente con un potencial de revalorización estimado de un 60%. Según explica Campos, la cercanía con las empresas cotizadas en España y Portugal y el profundo conocimiento de sus negocios reducen drásticamente la posibilidad de cometer errores de bulto, lo que les permite mantener posiciones históricas muy rentables como Repsol, que casi ha doblado su precio en bolsa en el último año. Uno de los conceptos clave abordados en el programa es la forma en la que la gestora valora los negocios, priorizando el análisis de la generación de caja real frente a los beneficios contables o el Ebitda. Javier Campos sostiene que su trabajo consiste en escudriñar los balances de los últimos veinte años para identificar cuánto dinero genera realmente una compañía, abstrayéndose de las modas del mercado y de las métricas superficiales que suelen confundir a los inversores novatos. Como ejemplo práctico de rotación de activos y generación de valor, se expone el caso de Elecnor. Esta empresa de ingeniería, adquirida inicialmente por debajo de los 10 euros por acción, llegó a superar los 40 euros tras la venta de su filial de energía renovable, Enerfín, lo que permitió el reparto de un dividendo extraordinario de 9 euros. Este tipo de operaciones refleja cómo la gestión activa vende los activos que se han encarecido para reinvertir en aquellos que cotizan con un descuento significativo. El debate también se adentra en el terreno de la tecnología y la inteligencia artificial, un sector caracterizado actualmente por valoraciones extremas que no ofrecen margen de seguridad. Campos analiza el caso de Nvidia y advierte de que, con su actual capitalización bursátil, la compañía necesitaría generar unos beneficios anuales sostenibles de 500.000 millones de dólares para justificar su precio actual, un escenario sumamente improbable dada la enorme competencia que existe en este mercado. Frente a la irracionalidad de ciertos sectores tecnológicos, la gestora propone alternativas mucho más aburridas pero altamente rentables como Prosegur Cash. Esta firma de transporte de efectivo capitaliza 1.000 millones de euros y genera beneficios estables de hasta 150 millones al año. Al tratarse de un negocio familiar donde los competidores se están retirando, se consolida como el líder absoluto del sector, representando una oportunidad de valor extraordinaria. Para concluir, el analista de Azvalor expone la tesis de inversión de Suzano, el mayor productor mundial de celulosa de eucalipto. Tras detallar la historia de su fundador, Leon Feffer, destaca que las condiciones climatológicas de Brasil permiten que el eucalipto madure en un periodo de 5 a 7 años, frente a los 50 años que requiere el pino en Finlandia, lo que otorga a la firma el coste de producción más bajo del mundo. Campos subraya que el equipo de la gestora se desplazó físicamente a Brasil para recorrer los bosques y puertos, confirmando sobre el terreno el valor real del activo.

Build your business like you're going to sell it, even if you have no plans to sell anytime soon. In this episode of Blue Collar Millionaire, Kevin and Chris sit down with an entrepreneur who built and acquired 26 companies before eventually packaging and selling them for $62.5 million. But the road there was anything but easy. After early success, he lost multiple businesses, went through bankruptcy, divorce, and even a period of homelessness. Those failures forced him to learn what actually makes a business survive, scale, and ultimately become valuable to someone other than the owner. They break down why every business owner should think about their exit long before they're ready to leave. Because when burnout, health problems, family changes, or an unexpected opportunity hits, that's the worst time to start figuring out what your company is worth. They also get into the difference between simply growing revenue and truly scaling, why owner-dependent businesses are difficult to sell, how increasing EBITDA can change your valuation, and why acquiring other businesses can sometimes be a faster path to growth than trying to do everything organically. The goal isn't necessarily to sell your business tomorrow. It's to build a company that gives you the choice. In this episode: • Why you should build with an exit in mind from day one • Going from operator to investor • What makes a business attractive to buyers • Why cash flow and EBITDA matter more than revenue alone • Using acquisitions to accelerate growth • Building systems that reduce owner dependence • How price, timing, and terms impact a business sale • Why selling from a position of need kills your leverage • Lessons from building, buying, turning around, and selling businesses If your business relies entirely on you, you are one bad day away from losing everything. Learn how to protect your future by treating your company as an asset meant to be sold. Jason Sisneros joins us to discuss his journey from building and selling 26 companies for $62.5 million to hitting rock bottom with bankruptcy and homelessness. He explains that a strong business valuation is not just about top-line revenue; it is about creating a model that can function without your constant input. We break down why creating a clear exit strategy is the best insurance policy for any entrepreneur. You will learn the difference between growing revenue and actually scaling, how to improve your EBITDA, and why removing owner dependence is the difference between having a job and owning a sellable company. True building wealth requires systems that work even when you are not there. Subscribe to the Blue Collar Millionaire Podcast for more conversations on growing and scaling your business, and tell us in the comments what step you are taking to make your company more independent today. 0:00 From Criminal Past to Business Success 0:56 Blue Collar Grit and Business Grind 1:47 The Misunderstood Concept of Scale 5:50 Learning the Trade from the Ground Up 7:47 The Hard Lessons of Bankruptcy 12:02 Taking Responsibility for Your Destiny 28:56 The Blueprint for Scaling and Selling If you're building a blue-collar or service business, this episode will change the way you think about what you're actually building. Subscribe to Blue Collar Millionaire for real conversations about building, scaling, buying, and selling businesses.

Scott Plantenberg of Professional Transition Strategies joins host Angie to reveal where dentists most commonly lose value in a practice transition, and why nearly every mistake traces back to one thing: not knowing your true number. From EBITDA calculation tricks that can swing a valuation by hundreds of thousands of dollars, to a real case study where competitive bidding raised an offer by 1.5x EBITDA, this episode makes the case for getting an independent, unbiased practice valuation years before any offer arrives. Contact Scott at scott@theptsgroup.com Book a complimentary Practice Growth Audit with Ekwa. Most dental practices are losing patients online without knowing it. You walk away with a comprehensive online analysis report tailored to your practice, market, and competition. Claim Your Complimentary Practice Growth Audit If you want to improve how your team presents treatment and communicates value to patients, book a complimentary Practice Breakthrough Session with Gary Takacs, one conversation, and a personalized action plan. One conversation with Gary has helped practices recover thousands in unscheduled treatment. Book Your Complimentary Practice Breakthrough Session

This episode is brought to you by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Oberle Risk Strategies⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: Insurance Broker and Insurance Due Diligence Provider for Search Funds and Other Small-to-Medium-Sized Businesses⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠*This episode is brought to you by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kilpatrick, a leading global law firm with a dedicated search fund team that works with searchers from inception, to acquisition, to exit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.*This episode is brought to you by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Boulay, the industry standard for Quality of Earnings, tax, and audit services, serving search fund entrepreneurs for 20+ years⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠*⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Click Here to Subscribe to the In The Trenches YouTube Channel⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠*Today's guest is Chris Hillier, an entrepreneur, investor, author, and longtime operator in the world of small and mid-sized businesses. He was the co-founder of a company called Benefit Health Advisor, which he started with his brother and father in the midst of the Great Recession. Over the subsequent sixteen years, he grew revenue at a staggering rate of 30% annually, and grew EBITDA by more than 40% annually over that same period.Along the way, Chris acquired a struggling insurance underwriting business that was nearing shutdown, helped grow it nearly fifteenfold, and ultimately sold both businesses in 2018, after which he spent five years inside of the larger organization that had acquired him. Today, Chris invests in and advises entrepreneurs, teaches at the University of Denver, and is the author of "It's About Time" and "Built Different".Our conversation today covers growth, the benefits of specialization, the revenue growth vs profitability trade-off, time management at both a personal and professional level, and how his views on ambition, family, and success have evolved after his exit.

Andy Schwartz CEO, OnePoint BFG Wealth Partners  |  Kevin Spahn Founder, Spahn Financial (now OnePoint BFG) Two former Northwestern Mutual advisors, two very different paths. Andy Schwartz and Kevin Spahn share what it takes to build, grow, merge, and create lasting enterprise value. In Summary What separates a successful advisory practice from an enterprise with the ability to grow well beyond its founders? Andy Schwartz and Kevin Spahn offer two different perspectives on that question. Both spent decades at Northwestern Mutual, but their paths eventually diverged. Andy left to help build what is now OnePoint BFG Wealth Partners, an $18B+ firm expected to surpass $20B by year-end. Kevin built one of Northwestern Mutual's top practices before deciding to merge his business into OnePoint and become an equity partner. Louis talks with Andy and Kevin about the decisions behind both journeys: creating a true firm rather than an aggregation of practices, transitioning advisors from 1099 to W-2, using outside capital without relinquishing control, rethinking succession, and determining when equity in a larger enterprise can offer greater opportunity than continuing to build alone. Underlying it all is a factor that's much harder to quantify: trust. The Storyline Andy Schwartz and Kevin Spahn have known each other for roughly 30 years. They met while both were building careers at Northwestern Mutual, where Andy became an important mentor to Kevin as Kevin transitioned from practicing law and estate planning into wealth management. After roughly 30 years at Northwestern Mutual, Andy and his partners left in 2015 with approximately $3B in assets to launch independently. What began as Bleakley Financial eventually became OnePoint BFG Wealth Partners, an $18B+ enterprise that Andy expects will surpass $20B by the end of 2026. That kind of growth required more than attracting assets. Andy describes the evolution from a predominantly 1099 structure into a firm where more than 85% of advisors and AUM are now W-2. The shift created a more cohesive enterprise, gave advisors access to equity, and ultimately positioned OnePoint to bring in minority capital from Joe Duran's Rise Growth Partners. Andy makes an important distinction about that relationship: OnePoint is “private equity invested,” not “private equity owned.” The structure gave the firm capital and expertise while allowing its partners to retain control. Kevin faced a different decision. After more than 30 years at Northwestern Mutual, his practice had grown to 18 people and approximately $2B in assets. He was happy at the firm, but his clients had evolved, his business had become increasingly complex, and the internal succession plan he once envisioned carried risks he could no longer ignore. He could have built an independent firm himself. Instead, he chose to merge with OnePoint. The decision wasn't driven by the largest possible check. Kevin saw the opportunity to become an equity partner in a larger enterprise, give his team and clients a more durable future, and leverage infrastructure he didn't want to recreate himself. For both men, the story ultimately comes back to the same principle: The right economics matter, but sustainable partnerships require trust, shared philosophy, and the belief that everyone involved can create more value together than separately. Topics Covered Building an enterprise versus building a practice Northwestern Mutual and the path to independence OnePoint BFG Wealth Partners' growth from ~$3B to $18B+ Organic growth versus M&A Creating a growth-oriented advisor culture Moving from a 1099 model to a predominantly W-2 structure Equity ownership and advisor alignment Minority private equity investment Rise Growth Partners and Joe Duran Internal succession versus an external merger Selling versus merging an advisory business Merging versus teaming versus going it alone Evaluating equity versus cash in a transaction The economics of leaving a captive firm Centralization versus advisor autonomy Trust as a factor in partnerships and transactions > Download a transcript of this episode… Listen and Learn Highlights for Advisors How did Andy and Kevin's 30-year relationship ultimately lead to a transaction? (04:11)Kevin explains how Andy helped him transition from attorney and estate planner into wealth management, beginning a professional relationship that would eventually make their partnership possible decades later. Why did Andy leave Northwestern Mutual after roughly 30 years? (08:45)Andy describes wanting greater flexibility, a multi-custodial platform, and more optionality for clients and the business—a decision that ultimately led to the creation of OnePoint BFG. Why did Kevin decide his longtime Northwestern Mutual practice needed something different? (15:49)Kevin explains how his clients, service needs, and business evolved over time, while concerns about his original internal succession plan led him to consider a different path. What has driven OnePoint's growth from approximately $3B to $18B+? (21:41)Andy outlines the firm's emphasis on client experience, advisor experience, organic growth, and carefully selected inorganic growth—and why helping advisors grow is fundamental to the model. Why does Andy say OnePoint is a firm rather than an aggregator? (23:54)The distinction comes down to alignment, shared responsibility, centralized resources, equity, and a partnership structure in which advisors are accountable to one another. How did OnePoint convert a predominantly 1099 advisor base into a W-2 enterprise? (29:26)Andy explains why capital and equity became necessary to build the next stage of the business and why trust was essential to bringing advisors into a more integrated structure. Why did OnePoint choose minority private equity investment? (33:13)Andy shares why Rise Growth Partners offered something previous potential buyers had not: a structure designed to benefit the broader advisor partnership while preserving control. Why did Kevin merge with OnePoint rather than shop his practice broadly? (36:43)For Kevin, maximizing price wasn't the objective. His decision centered on trust in Andy, confidence in OnePoint's infrastructure, and creating a strong future for clients and employees. Why did Kevin choose equity in the larger firm instead of simply cashing out? (40:57)Kevin explains why he believes participating in the future growth of a larger enterprise offers a compelling alternative to relying solely on the future growth of his own practice. How should advisors evaluate the “golden handcuffs” that can make leaving difficult? (46:42)Andy argues that the analysis needs to compare what an advisor gives up with the potential growth, economics, equity, and leverage available on the other side. How much conformity does a true enterprise require? (49:06)Andy explains why OnePoint sits somewhere between complete advisor autonomy and complete centralization, seeking enough consistency to create enterprise value without eliminating entrepreneurial flexibility. What would Andy and Kevin tell their younger selves? (52:06)Kevin emphasizes surrounding yourself with the best people possible, while Andy reflects on having the courage to make a difficult change after a successful 30-year run. Key Takeaways Building enterprise value requires more than asset growth. OnePoint's evolution included changing its ownership structure, integrating advisor practices, creating equity opportunities, and investing in centralized capabilities. Organic growth remains central even in an M&A-driven market. OnePoint targets approximately 10% organic growth and evaluates prospective partners partly on whether they are growth-oriented and whether the firm can meaningfully help them grow. A collection of successful advisors does not automatically make a firm. Andy sees shared ownership, alignment, accountability, infrastructure, and centralized services as critical distinctions between an enterprise and an aggregator. Outside capital does not have to mean giving up control. OnePoint chose a minority investment from Rise Growth Partners that provided capital and strategic support while leaving control with its operating partners. Succession can expose risks that growth may obscure. Kevin began reconsidering his internal succession strategy when he recognized its dependence on his continued production, key employees, and the future economics of an aging client base. The highest purchase price isn't always the most valuable transaction. Kevin prioritized equity participation, infrastructure, continuity for his employees and clients, and confidence in his future partners over broadly shopping his business for the highest bid. Trust can determine whether structural change is possible. From OnePoint's 1099-to-W-2 conversion to Kevin's decision to merge, both guests repeatedly point to established trust as the foundation that allowed significant business decisions to happen. https://youtu.be/jkIoynpZj6Y Quotable Moments “The biggest mistake advisors make is they buy their own bullshit.”— Andy Schwartz “We're not an aggregator, we're a firm.”— Andy Schwartz “The biggest issue is trust. Either they trust you or they don't.”— Andy Schwartz “I wasn't looking to sell my business. I was looking to merge it.”— Kevin Spahn “You have to trust them. You have to see that they provide value. And you need to be on the same page philosophically.”— Kevin Spahn “Associate yourselves with the best people you can… It accelerates your trajectory in ways that you can't do on your own.”— Kevin Spahn FAQs Why did Andy Schwartz leave Northwestern Mutual? After approximately 30 years at Northwestern Mutual, Andy and his partners wanted greater flexibility, the ability to operate on a multi-custodial basis, and more optionality for clients and the business. They left in 2015 with approximately $3B in assets and launched the independent firm that ultimately became OnePoint BFG Wealth Partners. How large is OnePoint BFG Wealth Partners? At the time of the interview, Andy says OnePoint manages more than $18B and expects to exceed $20B by the end of 2026, even without additional organic growth. What has driven OnePoint's growth? Andy points to three priorities: client experience, advisor experience, and growth. The firm targets approximately 10% organic growth while also expanding through acquisitions and partnerships with advisors it believes fit the OnePoint model. Why did OnePoint move advisors from 1099 to W-2? The firm wanted to evolve from a platform supporting individual practices into a more integrated enterprise. That required creating firm-level economics and equity that could be used to attract, retain, and align advisors. Today, Andy says more than 85% of OnePoint's advisors and AUM are W-2. What does “private equity invested, not private equity owned” mean? Rise Growth Partners holds a minority, non-controlling interest in OnePoint. The investment provides capital, expertise, and strategic support while the operating partners retain majority ownership and control of the business. Why did Kevin Spahn leave Northwestern Mutual? Kevin says he remained happy at Northwestern Mutual, but his practice and clients had evolved. His work had shifted increasingly toward investments and complex high-net-worth planning, while he also began identifying risks in his intended internal succession plan. Why did Kevin merge with OnePoint rather than launch his own independent RIA? OnePoint already had the infrastructure, people, and capabilities Kevin would have needed to build himself. The merger allowed him to focus on clients while becoming an equity partner in a larger enterprise he believed could grow faster than his standalone practice. Why didn't Kevin shop his practice to multiple buyers? Kevin says his decision was driven primarily by trust. He had known Andy and other OnePoint partners for decades and believed the firm offered the right future for his clients and employees. His choice ultimately came down to staying at Northwestern Mutual or joining OnePoint. How do Andy and Kevin suggest advisors evaluate a potential partner? Their discussion points to three fundamental considerations: trust, demonstrable value, and philosophical alignment. Economics matter, but both argue that a sustainable partnership depends on confidence in the people and business on the other side of the transaction. After approximately 30 years at Northwestern Mutual, Andy and his partners wanted greater flexibility, the ability to operate on a multi-custodial basis, and more optionality for clients and the business. They left in 2015 with approximately $3B in assets and launched the independent firm that ultimately became OnePoint BFG Wealth Partners. At the time of the interview, Andy says OnePoint manages more than $18B and expects to exceed $20B by the end of 2026, even without additional organic growth. Andy points to three priorities: client experience, advisor experience, and growth. The firm targets approximately 10% organic growth while also expanding through acquisitions and partnerships with advisors it believes fit the OnePoint model. The firm wanted to evolve from a platform supporting individual practices into a more integrated enterprise. That required creating firm-level economics and equity that could be used to attract, retain, and align advisors. Today, Andy says more than 85% of OnePoint's advisors and AUM are W-2. Rise Growth Partners holds a minority, non-controlling interest in OnePoint. The investment provides capital, expertise, and strategic support while the operating partners retain majority ownership and control of the business. Kevin says he remained happy at Northwestern Mutual, but his practice and clients had evolved. His work had shifted increasingly toward investments and complex high-net-worth planning, while he also began identifying risks in his intended internal succession plan. OnePoint already had the infrastructure, people, and capabilities Kevin would have needed to build himself. The merger allowed him to focus on clients while becoming an equity partner in a larger enterprise he believed could grow faster than his standalone practice. Kevin says his decision was driven primarily by trust. He had known Andy and other OnePoint partners for decades and believed the firm offered the right future for his clients and employees. His choice ultimately came down to staying at Northwestern Mutual or joining OnePoint. Their discussion points to three fundamental considerations: trust, demonstrable value, and philosophical alignment. Economics matter, but both argue that a sustainable partnership depends on confidence in the people and business on the other side of the transaction. Related Resources Rise and Reinvent: Joe Duran on Building and Rebuilding World-Class Firms From Insurance Sales to $8B RIA: A Northwestern Mutual Breakaway Story The 4th Annual Advisor Transition Report Andy SchwartzCo-Founder, Managing Partner, and Chief Executive Officer Andy Schwartz is the Co-Founder, Managing Partner, and Chief Executive Officer of OnePoint BFG Wealth Partners, where he also serves as a Wealth Management Advisor. A CERTIFIED FINANCIAL PLANNER® with more than 40 years of experience, Andy has built his career around helping clients make confident, well-informed financial decisions at every stage of life. He works extensively with physicians and business owners on wealth building, retirement planning, and tax-efficient asset transfer across generations. A 2026 finalist for Wealth Management Awards CEO of the Year (under $25B AUM), Andy brings the same discipline to leading the firm that he brings to client relationships: comprehensive planning, long-term thinking, and an unwavering commitment to independence and integrity. Beyond his client work, Andy is deeply invested in the advisory profession itself. He co-hosts The Advisor’s Compass podcast, offering candid, practical guidance on the business and responsibilities of being an advisor. His mentorship philosophy is straightforward: pass the ladder back down. His industry recognition spans more than a decade, including Top 1,200 Advisor by Barron’s (2018–2024), Top 250 Wealth Advisor and Best-In-State Wealth Advisor by Forbes (2018–2024), Top 400 Financial Advisor by the Financial Times (2018–2020), and Top 100 Independent Advisor (2020–2023). He was named Executive of the Year by NJBIZ in 2019 and was a finalist for the Invest in Others Lifetime Achievement Award for more than 20 years of service with NJ SEEDS. Andy holds a B.S. in Finance and Marketing from Rowan University and is actively involved with Nourish NJ, the Navy SEAL Foundation, the Jewish Federation of Greater MetroWest NJ, and JSDD. Outside the office, he enjoys golf, reading, and time with his family at the beach.   Kevin SpahnPartner and Wealth Advisor Kevin Spahn is a Partner and Wealth Advisor at OnePoint BFG Wealth Partners, bringing more than three decades of experience in comprehensive financial planning to his clients and the firm. Kevin’s path to wealth management is rooted in the law. After earning degrees from the University of Notre Dame and the University of Wisconsin, he began his career as a practicing attorney before making a deliberate pivot toward financial planning in 1993. He joined Northwestern Mutual, then founded Spahn Financial, building a practice centered on thoughtful, holistic planning for families and business owners. That practice joined OnePoint BFG Wealth Partners in 2025. His approach has remained consistent throughout: help clients build and protect wealth not just for themselves, but for the generations that follow. Kevin works with clients on comprehensive financial plans that account for the full picture, understanding that the impact of good planning extends well beyond an individual portfolio to families, businesses, employees, and the broader community. Kevin is based in the greater Chicago area.   NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. View the transcript of this episode… Build, Grow & Transact: Making the Leap from Northwestern Mutual to a $20B Enterprise A conversation between Louis Diamond, Andy Schwartz, CEO of OnePoint BFG Wealth Partners and Kevin Spahn, Founder of Spahn Financial (now OnePoint BFG). Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Build, Grow & Transact: Making the Leap from Northwestern Mutual to a $20B Enterprise. It’s a conversation with Andy Schwartz, CEO of OnePoint BFG Wealth Partners, and Kevin Spahn, founder of Spahn Financial, now OnePoint BFG. I’m Louis Diamond, and this is The Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. Each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education-driven and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions, and more, inspired us to create our annual Advisor Transition Report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: There’s a big difference between building a successful practice and building an enterprise. I think Andy Schwartz and Kevin Spahn offer a unique perspective on that distinction from two very different sides. Both spent decades in the Northwestern Mutual system. Andy ultimately left to build what became OnePoint BFG Wealth Partners, taking the firm from roughly three billion to nearly 20 billion and transforming just about every aspect of the business along the way. Kevin built one of Northwestern Mutual’s top practices before reaching a different inflection point, deciding what he wanted the next phase of his career and business to look like. Rather than go independent on his own or simply monetize what he had built, he chose to become part of Andy’s growing enterprise. That makes their story particularly relevant for our Build, Grow, and Transact series. Andy can speak to what it takes to build a firm capable of becoming an acquirer, from converting advisors from 1099s to W-2s, to creating equity opportunities, to bringing in outside capital while remaining very deliberate about being private equity-invested rather than private equity-owned. And Kevin brings the seller’s perspective, how you evaluate the economics, the trade-offs, and ultimately the people you’re trusting with the business you spent more than 30 years building. Because whether you’re building, buying, or considering a transaction of any kind, the numbers are only part of the equation. As you hear from both Andy and Kevin, trust may be the most important currency of all. So let’s get to it. Andy and Kevin, thank you so much for both joining us today. Andy Schwartz: Great to see you again, Lewis. Thank you for having us. Louis Diamond: I’ve been excited about this interview for a bunch of reasons. One, our Build, Grow, Transact series has become a real staple of our show and we got lots to talk about there. But also, the friendship, the relationship that you two have had for over 30 years really stood out to me. So before we get into the nuts and bolts, talk about your relationship. How’d you guys meet, and how did your career stay so intertwined together when you’re in different geographies and at different firms, and have each been very successful in your own rights? Andy Schwartz: Sure. Kevin, do you want to start with that? Kevin Spahn: Sure. I started in this career in 1994 and met Andy sometime after that. He was a more advanced financial planner. I was an attorney, and then I transitioned into this business. So when I first joined Northwestern Mutual, which is my first broker dealer, I didn’t really have a background in investments. At the time, a lot of Northwestern Mutual reps were learning the investment business because they maybe originally started with Northwestern Mutual focusing more on insurance planning. My background was more estate planning. At the time, if you think early ’90s, if you did estate planning, insurance often went hand in hand with that. The estate exemption in early 1990s was about $600,000. So if you pass more than $600,000 to your children, there was a 55% tax. One way around it was to put insurance in an irrevocable trust, help cover the tax that way. So it really was a popular common strategy back then, and it’s really what got me into the business. But I quickly realized that I didn’t want my future to be insurance and estate planning. And there was a conflict if you acted as someone’s attorney and sold insurance. So I had to pick one way or the other. I decided long-term it would be better for me to move into the wealth management space. But with that little background in that, I had a lot of work to do. So took a lot of tests, became a certified financial planner. But the person that helped me the most along the way was Andy. We became friends, we sat on committees together. That’s really how we met, I would say. So we worked side by side interacting with our home office and representing the field, bringing issues to the home office that we thought were beneficial to the field. As we did that together, I got to know Andy. And then separately, I learned from him how he built his business and how they would review clients’ portfolios and come up with solutions. So I really credit Andy with helping me more than anyone else to transition from attorney, financial planner doing more estate planning insurance to wealth management. Louis Diamond: Very cool. Hey, I would say, maybe I’m a little biased, that, Kevin, you picked the right path in hanging up the law shingle and coming into wealth management. Kevin Spahn: I tell a lot of people I’m a reformed attorney. Andy Schwartz: Great. Louis Diamond: Exactly. My dad would say the exact same thing. Very common at dinner tables in the Diamond households. Andy Schwartz: I was always grateful that I wasn’t smart enough to be an attorney. Louis Diamond: There we go. Andy Schwartz: That’s where my gratitude lies. Yeah. Louis Diamond: There we go. Andy Schwartz: Some would say he’s too smart. Louis Diamond: There we go. Andy, question for you. I mean, anyone who is at or was at Northwestern Mutual, I mean, you’re like Elvis to them. It’s absolutely crazy the amount of fanfare and brand recognition that you and your brother Scott have. But for those who maybe missed your first podcast appearance with us a number of years ago, or aren’t or weren’t within the Northwestern Mutual system, or haven’t been familiar with Bleakley and now OnePoint BFG, just give us the cliff notes, the origin story, how you got into the business, and how’d you get from here to there? Andy Schwartz: Yeah. So the origin is probably pretty common, probably by accident. Going into my senior year in college, I was working in a restaurant, had a falling out with my boss. I happened to be dating a woman who was living with a general agent with Fidelity Union Life. No one will have ever heard of Fidelity Union Life, but their secret sauce was they sold life insurance to college seniors on a note. So if you can get a $10 money order, because where I went to school, nobody had a checking account, then you could basically get a note signed and they would buy insurance. And then when they graduate, hopefully they’d pay for it. I started selling life insurance my senior year in college. And then my twin brother Scott, who is my partner, and has been for over 40 years, he took an interview with what was the nucleus of our present firm actually. I just went up to Northern New Jersey in May of 1984 because I was an expert. I had been selling life insurance to college kids for six months, so I knew everything you had to know. We met with these guys, and we both ended up joining them. So that was a Northwestern Mutual district agency, and that was 1984. We got licensed right away. I got my CFP in ’86. We always knew that it was going to be about planning. So I think we had the right idea. We were a little ahead of the curve because there weren’t a lot of CFPs in ’86. We got securities license immediately. So before Northwestern had securities license, we got securities license with US Life actually. And then it was really a volume business, a client-building business. We always tried to act as a firm and share resources. We were small, but like a lot of people, we started out selling A shares and B shares and C shares, doing financial planning, selling insurance, and then we made a lot of really good hires along the way. And then after 30 years at Northwestern Mutual, which was a great experience for me, and I have nothing but respect for the institution and certainly the advisors that are there, Kevin certainly was one of them, and I know he feels the same way, but we just wanted to have a little more flexibility. We went independent about 11, almost 12 years ago. We wanted to be able to be multi-custodial. We wanted to have a little bit more optionality for our clients and for ourselves. We left Northwestern at three billion or so in assets, and that was in 2015. It’s in March of 2024, I get introduced to this guy with a crazy accent named Joe Duran. Funny, probably the only person in the industry that had no idea who Joe Duran was me. I’d never heard of Joe Duran. I don’t pay attention. I worry about our firm. I don’t worry about what’s going on outside. So I get introduced to Joe by a mutual friend, and we had an interesting conversation, and it took us probably about four or five months to figure out what we wanted to do. And then in August of ’24, myself and my three partners, we rolled in. And then in ’85, the rest of the firm rolled in. And we can talk a little bit more about that. Today we’re 18-plus billion, growing quite a bit. We’ve been very lucky that we’ve made some very good decisions along the way. We’ve made some bad ones too. But most of the decisions had to do with the people that we hired, the people that we brought on to help us, because I think it’s really important. I always say that the biggest mistake advisors make is they buy their own bullshit, and I try not to, and I realize that I’m smart enough, but I’m certainly not the smartest guy. I’m rarely the smartest guy in the room. So what we try to do is hire lots and lots of really smart people. And we’ve done that. They’ve been loyal to us, we’ve been loyal to them. Yeah, so we’re blessed to have a really great team and lots of good partners. Yeah. Louis Diamond: Yeah, we’ll definitely get into more of the nuts and bolts of the decision to take on capital, partner with Joe Duran’s Rise, but that’s an amazing background. Andy, I have to give you credit because your style, and I think I’m sure there’s business benefits, but it comes from a good place, I’m sure. But the coaching and consulting and just assistance that I’ve heard you provide to so many past and current Northwestern Mutual advisors through sports camps is absolutely incredible. It’s very near and dear to my heart because we always try to lead with education and helping people. So I just wanted to call that out, that your reputation for just providing amazing guidance and coaching to advisors is unparalleled. Andy Schwartz: And it’s been the best part of our journey. We’ve been able to help so many people. We get way too much credit by the way. So everybody gives us way too much credit. But the way I look at it is, I’ve been able to leverage my life because I’ve been able to build a great life for myself and my family, but we’ve been able to leverage that, and that’s where the real gift is. So yeah, it’s been a joyful journey for us. Louis Diamond: Amazing. Kevin, question for you. You walked through your little bit unorthodox background to get into Northwestern. Can you talk about where your personal practice is today? And then I want to ask you about the decision to leave Northwestern and sell and team up with Andy and team. Kevin Spahn: Well, I have to go back to the beginning. What was attractive to me about this business is I went from a career which was confrontational adversarial. I was a trial attorney for six years, and every day I would fight with people over things I didn’t necessarily have a personal interest in and I didn’t really believe in always. But the adversarial confrontational nature wasn’t really my personality, and I would take it too personally. So sometimes I’d go home in a bad mood because I was fighting with somebody taking a deposition. At night, after so many years as a trial attorney, I started going to people’s houses and doing wills and trusts. And that’s where the dynamic of working with a client or a potential client, feeling that you helped them and walking out of the meeting where they would appreciate what you did for them, and you build a relationship and actually all of a sudden have a friend, that dynamic was attractive to me. That’s really what got me to transition into the business. So I think it was really helpful to me at the beginning of this career. As Andy said, we all grew our businesses one client at a time. There’s a lot of doors closed, phones hung up on. There’s many people that don’t want to talk to you. There’s many people that don’t call you back. There’s many people that you think you’re getting somewhere with and you don’t. And that’s difficult for people because people often, young reps take that as personal rejection. I had the benefit of comparing what I was dealing with as a young financial planner to what I had dealt with as an attorney in litigation. I think it just was perspective that I knew I didn’t want to do that anymore. So the negatives to this business didn’t seem that bad to me. I loved the independence. I loved all the relationships that I was building. And that part of it is to this day my favorite part of the business. When you ask about the present, what basically happens is you start out taking anybody and everybody as a potential client or as someone that you would be willing to work with. And then over time you work with more successful people. So where I’m at today is working with pretty successful people, but they’re all the same, meaning we like working with nice people. If people are nice, we work with them. I feel we can help anybody. Over the years, one client at a time. The thing that I probably, if I could go back, would change is I think Andy and I are both good at meeting people and building trust and providing value, so that’s why they work with us. So I think that’s just something we’ve both been able to do. He’s much better than I am at building an organization. So I built an organization basically hiring people, that whenever we got too busy, I hired another person. Drawback in terms of that is, anybody that I interview I think is great, and I think they’d be great to join the organization. I like them all. In spite of that, I’ve also brought in many good people that I love. At this point, my firm has 18 people. We’re a little subset of Andy’s larger firm. I think one of the most attractive things to me about joining Andy’s firm is what Andy mentioned before: the people. As opposed to me having to build this all out myself, going independent, Andy already did that. And he has the infrastructure that would allow me to just merge right into that and not have to go through the pain of figuring all that out, which I don’t even think I’m capable of, to be honest with you. Louis Diamond: You’re probably selling yourself short because the way I understood it, you had one of the top practices within the entire Northwestern Mutual systems, and it’s a firm filled with very successful advisors. For you, Kevin, what was the driving force to leaving NM after all these years? What was bothering you or frustrating you that indicated to you that it was time to do something different? Kevin Spahn: To be honest with you, I was pretty happy at Northwestern Mutual. I love the company and the people. I still have many good friends there that I truly miss. The big thing for me, I don’t know if it was any one thing, to be honest with you, is Andy said there’s optionality, especially on the investment side. I think one of the things that happened to me is, when I first started, I was 31 years old, and most of the potential clients that I would meet and work with, they weren’t what I would call today great investment clients. They didn’t have a lot of money. They had great futures. They might’ve been earning significant income or on the way to earning significant income. So what did they need at that point in their life? They needed planning. They needed protection. They didn’t really need investment management because most of their investments were going into their 401(k). But a lot of those clients that we would take on, and I think that’s the big advantage of Northwestern Mutual, you take on clients that a lot of the investor firms don’t want because they don’t have large investment portfolios. But at some point down the road, all of a sudden you wake up and they do have large investment portfolios. So you bring them in as clients that might buy life insurance from you or disability insurance or something like that. And then you help them, and you give them advice, and you build a relationship with them. Down the road, they make more and more money. They leave jobs, they roll 401(k)s, they have the ability to invest money, stock options, things like that. Next thing you’re doing more comprehensive planning that incorporates investments. As that progresses even further, you work with larger and larger clients, much more significant net worth, more complexity, bigger tax issues. Some of the strategies and opportunities that we now have at this independent RIA are very attractive for these high-net-worth clients. Along the same lines, less of what I do at this point in my career is insurance, mostly because a lot of the people that I meet are older, they already bought insurance, they’re looking more for investment advice as opposed to insurance. So one of the things that most attracted me to Northwest Mutual was their strong insurance products, which helped me for many years. As time went on, I was doing less of that. Louis Diamond: Makes complete sense. So it was a changing of what clients wanted and just the circumstances of your clients where you said, “What got me here when I was 31 was insurance planning, and that’s what my clients needed. But as my practice has evolved, I’ve aged, my clients are older, have more money, the focus shifted from insurance to investments.” And then the distinction was, am I at the best place to run investments in addition to insurance planning, et cetera? It’s a very interesting dynamic. Just the shift in basically your legacy clients was what drove you to consider change. Kevin Spahn: That was a big factor. I think the second big factor was I had my own firm with 18 people. My succession plan was that at some point I would shift ownership of the firm to people that worked with me. So as they owned more of the firm, they would have revenue that was currently at the time being paid to me. In my mind, as it shifted to them, they would buy me out using revenue from the clients that we already had. And I realized that there were some issues with that. In our business, as you get older, in your client’s age, they start taking money out of their portfolios. So everyone understands that in our business, the younger average age client you have makes your book more valuable. I was the biggest driver of new business at my firm, and I started to see that there were some problems with my succession plan. They included, if something happened to me during this succession, that would be a real problem for the people that were buying my business from me if I went that way. If something happened to some of my key people, that would’ve been a problem as well. So it was really attractive to me to… I wasn’t looking to sell my business, I was looking to merge it. So I merged it with Andy’s business. I believe that Andy and what he’s put together and the actual idea of having partners. So I never really had partners, but now I do. Having partners that we’re all on the same page, we all have similar backgrounds, we all bring something different to the table, and we can learn and benefit from working with each other. But also, owning a little piece of a much larger firm was, number one, it put me in a better position in terms of the potential risk of something happening to me or one of my key people. But secondly, I just think it’s more likely to grow at a greater pace than my firm would’ve as I aged from my 60s to my 70s. Louis Diamond: Very interesting. It’s a great realization. I think it’s one that probably every firm owner grapples with at some point, is the romanticism or the ease, some would say, of an internal succession plan. Rewarding those who have helped you build the firm is something I think everyone is interested in. But once that’s put into practice, whether it’s because of capital or sky-high valuations or right people on the bus or risk, et cetera, nowadays oftentimes leads to a firm owner looking at a transaction, whether it’s a merger, a sale, a private equity, capital infusion as a means to solve for succession. So it’s a very interesting way you framed it. Andy, I want to turn it over to you for a little bit. So you mentioned when you launched Bleakley Financial, which was the old name of your firm, out of Northwestern, you’re about three billion. I think I read that you’re about 10 billion or so when Joe Duran and Rise invested you in 2024. You just said you’re at 18 billion now in the middle of 2026. That is absolutely incredible and amazing. Andy Schwartz: We’ll be well over 20 by the end of the year without any additional organic growth. Louis Diamond: That’s absolutely incredible. Andy Schwartz: We’ve got a lot going on right now. Louis Diamond: What’s actually driven that? What’s been the playbook? Andy Schwartz: The three areas that are most important for us, and we had our town hall this morning, and we always talk about the things we focus on as a group, the first and most important is the client experience. I always say to people, if you are their advisor, then that means someone else isn’t. These people, they all deserve to be really well taken care of. They deserve the best service, they deserve the best advice. So that’s something we take really personally. So client experience first. Then we also understand that we don’t just work for clients, we work for our advisors. So I have two jobs. I have, I don’t know, 500 clients I service with my team, and I work for Kevin and 36 other partners and all of our employees. Because again, I recognize that the decision Kevin made… We’re in the middle of a transition out with another advisor, and we pretty much talk to her every day, and I know how hard this is. A transition is so difficult. When you come from a good place, because any of the Northwestern advisor who joins, they’re coming from a good place, it’s not like they have to go anywhere, it’s difficult. So we have the massive responsibility that three or four or five or 10 years from now, that there better be hugs around that this was the best decision ever made or otherwise. That’s the kind of thing that keeps me up at night. So we’ve got to take care of our client experience, we’ve got to take care of our advisor experience. And then obviously, we’ve got to grow the firm so the firm grows organically. So part of this whole idea of serving our advisors is we have to help our advisors grow. I talk to a lot of people on the acquisition side, and if I’m talking to an advisor, it doesn’t matter how big they are, we kind of think of it as a OnePoint way. There’s flexibility in the OnePoint way. But if I can’t help them grow, I don’t want them, because I say it all the time, I’m not the mafia. I’m not here to get a taste. Louis, if you weren’t interested in joining us, if I thought that we could help you grow by doing that, then I want you bad. If I don’t think I can help you grow because we’re so different, or because you’re not going to adapt what we do, or there’s no leverage in it, or you’re already better than we are, I don’t want it. So for us, organic growth, number one, and I think you know the industries well enough, that’s got to be the key. We shoot for 10% organic growth. We’re at a little over 5% so far halfway through the year. So assuming we have the similar second half of the year, we’ll hit our 10. Last year we’re at 7.5%. The second is the inorganic growth. If you truly build a platform, if you truly build a firm that advisors know that they’ll be supported, that they’ll be loved, and you’ll help them grow their businesses, it does make it easier for us. We’re not the highest bidder typically. We can’t. We respect our client’s capital, we respect their equity, so therefore we’re not going to go out there. We’re not an aggregator, we’re a firm. But I think that if we can get that message across, and I think we have, then advisors join us. So that’s been a big part of the growth. And then the market’s helped. Obviously, over the last two years, the market’s been helpful. So that’s how we’ve gone from 10 to 18 and on our way to 22 by year-end. Louis Diamond: This is absolutely incredible. Any advisor or firm owner would say organic growth is important, but just saying it’s important doesn’t mean it’s going to happen. So what are the ways in which you help your advisors or your own practice grow organically? What is it that OnePoint is doing for your advisors? Andy Schwartz: Starting with bringing on growth-oriented advisors. I mean, look, Kevin Spahn and I come from the same place. We learned how to sell. The great thing about coming out of whether they’re broker dealers or out of the different insurance BDs is, these are people that know how to sell. These are people that don’t think that selling is a bad word. A lot of times you go to the wirehouses and they’re not necessarily sales guys. They’re really smart. They think that they’re investment mavens and investment geniuses. I’m not interested in investment geniuses. I’m interested in people that want to take care of their clients, provide everything they can, clients first, do the proper planning, be good advisors, but they’re growth-oriented. So as long as we’re talking with the right advisors. Again, if I’m talking to advisor and they might have a big practice, if they’re not growers, we’re not interested. There’s a sense of responsibility for all the partners because we are a true partnership. It’s not an aggregation. This is a firm. I’m responsible for Kevin. Kevin’s responsible to me. All of our partners are responsible to each other, because if we’re going to do a 10% organic growth target, and if some partner is negative 3%, we don’t put them through the spanking machine, but everybody is very aware of where everybody is and nobody wants to let their partners down. I think either you’re a growth-oriented advisor or you’re a zoo-fed bear. There’s another expression that I got from another Rise Growth Partner or Rise Growth firm. We all kind of communicate and talk to each other. And I was talking about zoo-fed bears, and he said, we call them house cats that think they fight. So they’re house cats, but they have no claws. But I think if you’re careful about who you bring on as partners, and if they are workers, growers, they understand that their job in life is to serve the people. We talk about referrals, we do lots of training to help on referrals. We work on organic growth strategies from the firm, but a lot of it comes from the advisors themselves. Louis Diamond: Makes sense. So it sounds like, to boil it down, it’s being really selective and having a really clear sense of who’s the right fit for your firm. Not that there’s not amazing advisors out there, but just because you’re an amazing advisor, doesn’t mean you’re the right fit to join OnePoint. Andy Schwartz: I think the one big distinction and difference is other than the fact that we are minority-owned with private equity. So we own our business. I mean, I’m the CEO of the firm. I also have the biggest book in the firm. At least for right now, I mean, Kevin was transitioning, so I’m sure next year he’ll be the leading advisor. But I lead the firm, because as far as I’m concerned, you have to lead by example. We are completely aligned. I know exactly what Kevin does every day because I do the same thing. I’m not some attorney or accountant or private equity boss that’s saying, “Oh, I’ve got an idea for growth. We’ll just raise our fees by 5%.” Brilliant. Yeah, we are completely aligned, all of us. I think that makes us a little bit unique, and it really helps us, I think, in our growth trajectory. Louis Diamond: I would agree. The challenge that a lot of advisors-turned-firm-owners or turned-enterprise-builders have is the tug of war between the client work, which either is their ultimate passion and driving force, or it’s something they’re really good at minimum, versus being the owner, the operator, et cetera. I resonate very much, Andy, with the way you handle it. I do the same thing running a company, but also working with advisors. To me, I need to do both in order to do my job well. But that tug of war is tough. So I’m curious, your firm is very large now, you’re a steward of external capital, and you have a $3 billion book yourself. How do you do it? How do you balance the two? Andy Schwartz: Well, fortunately, my kids are grown, so I’m not coaching sports anymore. So I do have a little more time than most. Look, we have a great team. So the idea that I run the firm… I mean, I lead the firm, I don’t run the firm. We have great partners. We have great… Our manager team is fantastic. So I mean, they really run the firm. But this is where my passion is for now. So I don’t mind. Days are typically pretty long. I don’t play golf during the week. Mara and I don’t travel probably as much as we should. Vacations are always a little bit mixed. There’s always room for calls and meetings and whatever. But to me, I mean, I’m grateful to be in this situation. I’m enjoying it. This is such a privilege to be the person that people recognize as the leader of this bunch, of this group. I mean, it is the honor of my life. So I don’t think of it so much as work. It’s my advocation. It does get busy. There are some times where I have to remind myself, “Just enjoy the ride.” I get a little overwhelmed, but I get lots of help and that makes it possible. Louis Diamond: Yep. If you’re not doing the job of the folks that you’re encouraging and leading to do, how do you have fodder to train them, to teach them, to empathize with that? Andy Schwartz: Exactly, you don’t have the credibility. I can ask them to do almost anything because they know I do it myself, and I think that helps. Louis Diamond: Yep. So moving more into the decision to bring on private equity capital, what I thought was probably the most interesting component of your announcement that you took on PE investment was that you completely restructured or reoriented your firm prior to Joe Duran coming in 2024. Correct me if I’m wrong, but Bleakley Financial Group was almost all 1099 contractors. So everyone owned their own books of business, paid Bleakley a fee or an override for certain services. But now, today, over 85% of your advisors and your AUM are W-2 employees, meaning you converted them from 1099 to acquiring them or merging with them. To me, that’s the dream. It’s had to have been very, very, very hard and challenging because there’s so many aggregator firms or platforms that support independent advisors, but the value that they’ve created is fairly minimal relative to one cohesive firm. So can you just talk about that decision, a very big and brave decision to go down the path of acquiring or merging with the practices rather than letting them continue to operate independently? Andy Schwartz: Well, look, we had to… It’s funny because we had been having conversations for years with consultants, and they kept telling us what we had to do. Again, we’re not that smart, so we just kept thinking, “No, we don’t have to do that.” But we were told 10 years earlier that the only way that this thing has any value to the world is you’ve got to have EBITDA for the firm. We talked to all the smart people, we ignored all of them. But what happened was we needed capital and we needed equity in order to bring people on, because people aren’t just joining us just because we can help them grow a bigger business. So the reason we went in the direction we went initially was we just needed capital. We wanted to grow the firm, and the only way we were going to get to is… What’s the old saying? What got us here is not going to get us there. So we needed capital. But we also realized that I had to have something I could sell in the marketplace. And people want equity. So they want cash, but they also want equity, because we’re talking to entrepreneurs. Kevin owned his own firm. He has $2 billion of assets. He wasn’t interested in being someone’s employee, but he was interested in being able to get leverage and be a partner and share equity in a larger firm that had the chance to grow even more. So what the gift that Joe Duran, the Rise folks gave us was that gift of structure and understanding. So that was really helpful, and that’s been a big part of our success. Louis Diamond: Yeah, it’s an amazing journey. Again, I think you could probably write a book or a case study on how that happened. I’m sure there were some downfalls, some people that weren’t all that excited about it, but the results speak for itself. Andy Schwartz: I think people ask all the time because I do get phone calls. People are trying to do this, and they’re struggling. It took us 90 days to basically do it. People say, “I’ve been at this for two years.” And the biggest issue is trust. Either they trust you or they don’t. At the end of the day, I always went to the advisor here, we were a firm for 30-plus years prior, and these guys knew that we always did what we said we were going to do, and we always did. If your people trust you, then you can do it. If your people don’t trust you, it isn’t going to work. Louis Diamond: In other words, your firm added immense value to the advisors as well. Aside from trust, if you weren’t providing a service or services that they found a value that they couldn’t access on their own, it would’ve been 85/15 going the other way for sure. Andy Schwartz: Yeah, 100%. I know it’s not easy, but it wasn’t that hard for us. Louis Diamond: Good. It’s well-earned. So I believe you were Rise Growth Partners’ first investment. Andy Schwartz: We were. Louis Diamond: That’s cool. It’s exciting. You get to be someone’s first, but did it make you uncomfortable that you were the first investment or did you see that as a positive? Andy Schwartz: I actually saw it as a positive. Well, one, because I recognized immediately that Joe Duran and his team were way smarter than we were certainly, and certainly with what we were trying to do. And I figured that it’s almost like the first child. They were so excited to have somebody, and there was so much time and energy, so they just really doted on us. They were really able to help us. Now they’ve got four or five groups that they work with, and obviously we’ve been launched. So the younger babies are getting more time and attention, although we get everything that we need from them. But yeah, that never concerned me. I always thought that would be our advantage. It actually turned out that way. Louis Diamond: Interesting. In thinking through a sale or a minority sale, did you entertain other types of capital, whether it was a family office or a multitude of other private equity sponsors or selling the firm outright? Andy Schwartz: Yeah, we probably had four or five very, very serious conversations. Actually, some got pretty close to the end where we basically just made the decision not to do it. One was a much larger firm, good people. But the problem always was… I was always going to get rich out of the deal because it was going to be 100% sale, but there was really no lift or leverage from the advisors. So the principals, they were willing to pay me a big multiple and my partners a big multiple, and pay these guys basically an average multiple. So we had always told our guys, “Let’s stay together, and someday, this thing, whatever it’s going to turn into be, will benefit everyone.” So with the Duran situation and the deal with Rise did, it gave everybody a chance to benefit from what we were doing. But what was good about all of those false starts was, it taught me a lot because I had… I know you’re involved in this, so you know better than I do, but we’d start conversations, somebody would reach out to me, I would be very specific about what I needed. They would say, “Yep, we can do that.” And then you get to the finish line, and it’s almost like, I started out, I wanted a tomahawk steak and a baked potato, and I ended up getting a two-day-old hamburger with some cold French fries. It’s like, I know I’m not that smart and I know you’re the PE guys, but for God’s sakes, we’re not stupid. So it was funny because in January of ’24, I told my partners, “I don’t want to have any more of these conversations. It was a waste of time and energy. I’m sick of talking to these people. Let’s just put our heads down, and then let’s grow the firm a little bit more, and then we’ll see what the world looks like.” And then I get introduced to Duran. Louis Diamond: Perfect. Makes sense. Yeah, so you were well-educated on the market, the types of buyers, and I always say it’s almost more important to understand what you don’t want more than what you do want. The only way oftentimes to understand what you don’t want is to experience it and touch and feel it and really get into the weeds on it. I like too, Andy, I saw in an article, you said that “we’re private equity invested, we’re not private equity owned,” which is a very cool dynamic. I could imagine why that was important to you to retain majority control. Kevin, I want to bring you back into the conversation. Thank you for being patient here. But I mean, I would imagine you had some real choices. I mean, you could have stayed at Northwestern and been very successful, gone through with your internal succession plan. You could have gone to an independent BD, monetized, figured out succession later. You could have sold the business to a strategic acquirer. You were big enough to take on an investor in some capacity on your own. So options wasn’t your problem. Maybe just walk us through. Did you consider any other pathways? And what were the pros and cons in your mind that led you to doing a transaction with Andy? Kevin Spahn: I’m a little different, I think, than most people in this industry. Even as you grow your business at a certain percentage, none of that stuff has ever really meant anything to me. All I know is I like what I do. So when I came into the business, because I like it, I enjoy it, I spend time doing it, I’ve tried to get better at it. But it comes naturally because it’s something that I don’t look at Monday mornings as, “Oh, no, it’s Monday morning.” I’m excited to go to work. My entire career, once I left law, my business has just grown over the years naturally. But you said something before, Louis, and I think this applies to me. I love to work with the clients. I don’t like what I have to do in terms of running the firm. I never have. It’s never been my cup of tea, but you have to do it if you run a firm. So number one, the thought of all the due diligence that I would have to do to research all the firms out there, I wasn’t really all that interested in doing that. At the end of the day, it comes down to this word trust. I trust Andy. I trust the other partners here too, because I’ve known not just Andy, but I’ve known Scott and many of the other partners for years. So I knew what I was getting myself into. At the end of the day, I knew what they built. I was very comfortable with it, and I was either going to stay at Northwestern Mutual or I was going to come here, but I wasn’t going to go anywhere else. I will say, since I’ve gone, it’s been exactly like I thought. I thought I trusted Andy. And if something happened along the way with the transition, everything that he said has been true, thing that he promised is real. As you deal with more complexities with a bigger book and more and more employees, I knew that I was almost at the breaking point in terms of my own organization and to merge into this organization that, as I said before, he’s already built out. I don’t have to do it. And to benefit from these great people that he has as part of his organization, that’s all been a real blessing for me and my team. So I didn’t shop the marketplace really, but I knew what I was getting into, and it’s worked out clear as I thought it would. Louis Diamond: That’s amazing. I think that’s what most people would covet. But it is a decision in and of itself to not shop the marketplace. I mean, from representing buyers or prospective buyers, I know the pricing leverage or the negotiation leverage and the valuation lift that comes from having an open market, having multiple bids, et cetera. It sounds like that wasn’t the… Obviously you wanted to get fair value for your firm, but for you, it was more, it’s trust, “I’m either going to just stay at Northwestern, which is the devil I know or it’s what I’ve known where I’ve been successful, or I’m going to go to the individual that I trust and forget about all the other noise.” Kevin Spahn: Well, Andy says things, but I know they’re true because I’ve seen him at work. I’ve seen how he’s acted. I’ve seen how he interacts with people. But here’s an example. He cares about the people that are at his firm. He says that, but I know it’s true because I see it. I’m the same. I really care about the people in my firm. So as I think about, well, what about the future of two groups, my clients, but also the people that work in my firm? They’re going to be around long after I am. Well, I don’t want myself to retire someday, get a big check, because there’s all sorts of options to get a check. If I get a check and then my client’s scatter to the wind, and my employees don’t really have a future and they just have to go and find their own way, that wasn’t attractive at all to me. So one of the things that I really appreciate about this opportunity is that there is a plan for both my clients and my employees or the younger team members at formerly Spahn Financial, where I feel very good about the fact that they have a solid, secure future in an industry that they’ve all grown to love without them having to go out and make their own way. Louis Diamond: Makes sense to me. We noted a couple of times in this interview, you talked about equity, partnership, both of you have. So Kevin, for you, what did it mean differently for you to become a partner and get equity in a larger firm rather than, we’ll say, the less risky move of just taking everything in cash? Why was that an important distinction for you? Kevin Spahn: For many years, when I left law and came into this business, I didn’t have any money at the time. I was just starting to make money as a lawyer. It takes a while. I started low. I got trial experience working for the government, so they didn’t pay much. That was three years. Then I was at a firm, and I was just starting to make more money. Then I made this big shift into a career tha

Your business might be profitable and still be worth less than you think. In this episode, Jason Miller and Makenzie Ragland continue their Foundations of Transition series with value creation, protection and risk awareness. They explore how business owners can begin viewing their company through the eyes of an outside buyer or ESOP trustee, focusing on what drives enterprise value, where value may be quietly leaking, and what risks could impact a future transaction. Other factors include adjusted EBITDA, management depth, customer concentration, working capital, financial reporting, key-person dependency and reputational risk. Ultimately, this episode encourages owners to identify and address potential risks before entering a transaction, while there is still time to strengthen the business, protect its value, and prepare for a successful ownership transition.

Garmin Health's Andy Beckman joins hosts Eric Malzone, Juliet Starrett, and Alex Alimanestianu for the quarterly roundtable, talking wearables and the Training Peaks acquisition before the group digs into a full quarter of fitness industry earnings. Andy Beckman explains what Garmin Health actually does, from employee wellness and insurance underwriting to military fatigue tracking and the pilot study that flagged COVID cases 48 hours before symptoms appeared. Juliet Starrett and Alex Alimanestianu then break down the numbers: Garmin posted a record quarter with revenue up 11% to $2 billion and its fitness segment growing 25% to $757 million, Lifetime grew revenue 13.7% to $866 million while deliberately shrinking its membership base toward higher-paying clients, and Peloton logged its first full year of net profitability even as subscriptions fell 9%. Xponential Fitness comes up as the quarter's cautionary tale, with a new leadership team and a debt-to-EBITDA ratio the hosts call unsustainable. The episode closes on Procter & Gamble's acquisition of supplement brand Thorn, New York City's new click-to-cancel law, and a widely shared article questioning the accuracy of Blue Zones longevity data. Andy Beckman leads Garmin Health, the division that connects Garmin's wearables to partners in corporate wellness, insurance, clinical research, and remote patient monitoring, after joining the company in 2008. Website: https://www.garmin.com/en-US/health/ | LinkedIn: linkedin.com/in/beckmanandy Get Eric's weekly industry newsletter: https://futureoffitness.co Watch full episodes on YouTube: https://www.youtube.com/@futureofofitnesspod OUR SPONSORS:

In this episode, Howard Farran sits down with Anthony "Tony" Gedge, who has spent 24 years in dentistry focused on the one thing most systems overlook: trust. His route into the profession was anything but conventional — he moved from running nightclubs into dentistry, where he built a pain-free movement around anxious patients and the fear of the injection, founded the Pain-Free Dentistry Institute, and co-founded Dental Mavericks, a charity that has now helped more than 180,000 children. He also took John Lennon's tooth and Elvis Presley's crown on tour to raise mouth cancer awareness — a campaign with fresh urgency given that UK deaths have climbed from roughly seven a day when he started to closer to ten today, with cases up nearly 50% over the past decade. The conversation then turns to Tony's current work with Dental Group Signal, an evidence-led benchmarking platform studying how dental groups actually show up to patients, clinicians, investors, and the wider market. He walks through the twelve public signals the platform measures — from leadership and recruitment to patient trust, telephone access, review response, pricing visibility, digital journey, brand coherence, governance, and seller and investor signals — and shares findings from the May 2026 US DSO CEO Visibility benchmark, where only one of twenty leaders scored as a meaningful visibility leader and fifteen were rated underdeveloped. Howard and Tony explore what the US DSO market can learn from public-evidence benchmarking, why CEO and recruitment visibility have become commercial signals rather than marketing activity, and the crucial difference between simply being a large dental group and being a trusted, visible, coherent one.   Episode #1733 : Dentistry Uncensored with Howard Farran, Howard sits down with Anthony "Tony" Gedge — a genuine dental maverick whose path ran from nightclubs to needles to benchmarking the entire industry. Over 24 years, Tony founded the Pain-Free Dentistry Institute, co-founded Dental Mavericks (which has helped 180,000+ children), toured John Lennon's tooth and Elvis Presley's crown to raise mouth cancer awareness, and now leads Dental Group Signal, measuring the public trust signals behind dental group growth.

We're heading back to Vista Consulting Team's "A Seat at the Table" event for one of the best conversations Conrad and Gyi had there, and it's been sitting in the vault for a reason. Josh Porte, Partner and M&A Attorney at Holland & Knight, joins the guys to break down the ethics and mechanics of MSO deals, and with private equity continuing to move into law firms, this one's more relevant now than when it was recorded. Josh co-leads Holland & Knight's legal services transactions team and works both sides of these deals, buyers and sellers. He breaks down Rule 5.4 and Rule 5.3, the two rules that actually shape how an MSO can be structured and how money is allowed to move between the MSO and the law firm; plus transfer pricing, AI-native law firm structures, rollover equity instead of non-competes, and how EBITDA multiples drive valuation. Whether or not you're interested in dancing with the PE people, Josh makes the case for running your firm as if it's always ready to be sold. The News: Turns out a lot of the internet isn't written by people anymore: How Much of the Internet Is Written With AI? Morgan & Morgan gets blocked from the Harvard body-parts case over an old AI citation sanction:  Morgan & Morgan Atty Barred From Harvard Suit Over AI Error And a Georgia arbitrator hits Morgan & Morgan with $4.3M for settling a case without the client's permission: Marietta man wins $4.3M in fight against Morgan & Morgan Your rank tracker is about to get a lot less reliable: Google confirms deploying goto URL redirects to search results links Want to hear more about what we learned from ‘A Seat at the Table'? There's a place for that: Tidbits - Lunch Hour Legal Marketing  Hey, you! Send us a question and we might just feature it on the show.  Ask us a question!  On the road again… We'll be joining our good friends at Case Status CX Summit for a live episode! CX Summit 2026 | The Legal Client Experience Conference A special thanks to our supportive sponsors: Juvo Leads, Lawmatics, CallRail, Eve, and ALPS Insurance!

Nous sommes aujourd'hui avec Romain Taieb, le fondateur de Doki Doki, le premier hand roll bar de la capitale. Serveur, puis manager et directeur de restaurant chez Paris Society, où il participe à la création du Piaf et de Bambini, il vole de ses propres ailes en 2021 pour importer en France un concept découvert à New York. Quatre adresses parisiennes plus tard, la marque vise les 5 millions d'euros de chiffre d'affaires et prépare ses premières ouvertures à l'étranger. Pour co-animer ce nouvel épisode de Business of Bouffe, Philibert est accompagné d'Elisa Gautier, la fondatrice du restaurant Kiosk et de la newsletter Chaleur Tournante.Dans ce 3ème et dernier chapitre, Romain Taieb déroule l'enchaînement des ouvertures, du flagship de la rue Marbeuf aux adresses de la rue des Martyrs et de Neuilly, sans masquer les mois de doute traversés. Il ouvre ensuite grand les livres, avec la transparence qu'on aime ici : chiffre d'affaires, EBITDA, ratios et levée de fonds. Il évoque une concurrence qu'il juge stimulante et son choix de mener le marché plutôt que de le suivre. Enfin, il dévoile la suite : Genève, Nice, les franchises à Sofia, Marrakech et Abidjan, un coffee shop, et une ambition assumée, devenir le leader mondial du hand roll. Hébergé par Acast. Visitez acast.com/privacy pour plus d'informations.

In this Very Dental (Dental Hacks) Classic throwback from the 2018 Voices of Dentistry meeting, Alan captures an impromptu, high-energy conversation right from the after-party. Dr. Peter Boulden and Dr. Craig Spodak (hosts of the Bulletproof Dental Practice Podcast) sit down with DSO attorney Brian Colao of Dykema for a candid debate on the shifting landscape of dentistry.  Brian lays out a blunt reality check on consolidation, private equity, and the mechanics of DSOs, explaining why traditional practice transitions are facing unprecedented disruption. Together, they break down EBITDA multiples, rollover equity, and what the rapid rise of multi-specialty group practices means for solo practitioners navigating the future of the profession. Plus, Alan and Jason cover their favorite hacks of the week, ranging from live streaming software to dental photography essentials. Some links from the show: The Bulletproof Dental Practice podcast Dykema Join the Very Clinical Facebook group!  Join the Very Dental Facebook Group using one of these passwords: Timmerman, Paul, Bioclear, Hornbrook, Gary, McWethy, Papa Randy, or Lipscomb!  The Very Dental Podcast network is and will remain free to download. If you'd like to support the shows you love at Very Dental then show a little love to the people that support us! We're proud to be supported by the folks at Net32! I'm a big fan of the Bioclear Method! I think you should give it a try and I've got a great offer to help you get on board! Use the exclusive Very Dental Podcast code VERYDENTAL8TON for 15% OFF your total Bioclear purchase, including Core Anterior and Posterior Four day courses, Black Triangle Certification, and all Bioclear products. Crazy Dental has everything you need from cotton rolls to equipment and everything in between and the best prices you'll find anywhere! If you head over to verydentalpodcast.com/crazy and use coupon code "VERYSHIP" you'll get free shipping on your order! Go save yourself some money and support the show all at the same time! The Wonderist Agency is basically a one stop shop for marketing your practice and your brand. From logo redesign to a full service marketing plan, the folks at Wonderist have you covered! Go check them out at verydentalpodcast.com/wonderist! Enova Illumination makes the very best in loupes and headlights, including their new ergonomic angled prism loupes! They also distribute loupe mounted cameras and even the amazing line of Zumax microscopes! If you want to help out the podcast while upping your magnification and headlight game, you need to head over to verydentalpodcast.com/enova to see their whole line of products! CAD-Ray offers the best service on a wide variety of digital scanners, printers, mills and even  their very own browser based design software, Clinux! CAD-Ray has been a huge supporter of the Very Dental Podcast Network and I can tell you that you'll get no better service on everything digital dentistry than the folks from CAD-Ray. Go check them out at verydentalpodcast.com/CADRay!

India's alcohol beverage industry is worth around ₹5 lakh crore, and spirits make up roughly three-fourths of the market. But building a successful alcohol brand in India involves much more than making a good drink.00:00 Introduction01:21 How Big Is India's Alcobev Industry?02:13 Why Spirits Dominate India04:00 The Alcobev Ecosystem & Jobs07:00 India vs Global Alcohol Markets10:00 How the Indian Whisky Market Has Changed14:00 Premiumisation & Changing Consumer Preferences18:00 Building Premium Indian Alcohol Brands24:54 How Radico Kaitan Built Categories27:46 Are Alcohol Companies Profitable?29:05 What Does It Take to Launch an Alcohol Brand?35:00 Building a Brand Beyond a Great Product40:00 Distribution, Retail & Getting on Shelves45:00 Why Every Indian State Is a Different Market50:00 Regulation, Excise & Government Control55:00 How Alcohol Brands Scale Across India1:00:00 Indian Whisky vs International Brands1:10:00 The Future of Premium Indian Spirits 1:18:29 Ankur's Favourite Spirits 1:21:52 Final ThoughtsAnkur Sachdeva has spent around 25 years in the Alcobev industry, with stints at William Grant & Sons, Radico Kaitan, the Kajaria Group and Allied Blenders & Distillers. He was also involved in bringing Glenfiddich and The Balvenie to India, and today is building premium Indian whisky brands of his own.In this episode of the Prime Venture Partners Podcast, Jerome Manuel sits down with Ankur Sachdeva, Co-founder & CEO of Uppal Brewers and Distillers to understand an industry that most people consume, but few understand as a business.They start with the scale of the Indian market. Ankur explains why India's alcohol industry looks very different from global markets, where beer is the largest category, while spirits dominate India and account for around three-fourths of the market.The conversation then moves into the rise of premium Indian spirits. Ankur discusses brands such as 8PM, Magic Moments, Jaisalmer, Rampur, Indri and Royal Ranthambore, and how Indian companies have identified gaps in the market and built brands around them.But a good product is only the beginning.Ankur explains what it actually takes to launch an alcobev brand: from having a clear idea and building the product to manufacturing, capital, distribution and getting consumers to pick it off the shelf. He also talks about why a clever bottle or an unusual flavour may make an interesting product, but that alone does not necessarily make a successful brand.The episode also gets into the economics of the industry, including why established Alcobev businesses can operate at strong EBITDA levels, and what makes the category attractive once a business has established its model.For anyone interested in consumer brands, whisky, premiumisation, distribution, regulation or building businesses in India, this conversation gives a detailed look at how the alcobev industry actually works.Connect with Ankur SachdevaLinkedIn: https://www.linkedin.com/in/asachdeva/ Instagram: https://www.instagram.com/ankursachdevaind?igsi=MTdwNGljOGZ2dWtudg==Follow Jerome ManuelX (Twitter):https://x.com/JeromeAndManuelLinkedIn: https://www.linkedin.com/in/jeromermanuelRead the transcript for the entire podcast here - https://bit.ly/Prime-Venture-Partners-And-Uppal-Brewers-And-Distillers About Prime Venture PartnersPrime Venture Partners is an early-stage venture capital firm backing exceptional founders building category-defining technology companies across SaaS, fintech, AI, healthcare, consumer internet and enterprise software.Learn more: https://www.primevp.in/Follow Prime Venture Partners:LinkedIn: https://www.linkedin.com/company/2780448/admin/dashboard/X (Twitter): https://x.com/Primevp_inInstagram: https://www.instagram.com/primevp_in/Learn more about:LinkedIn: https://www.linkedin.com/company/uppal-brewers-distillers/Website: https://soorahi.com/#IndianStartups #Alcobev #Whisky #ConsumerBrands #Entrepreneurship

Stephen Grootes speaks to Shoprite CEO Pieter Engelbrecht about the retailer’s strong full-year results, which saw sales, earnings and dividends rise, driven by growth across its supermarket brands, the rapid expansion of Sixty60, strategic acquisitions, and continued investment in customer value, job creation and shareholder returns. In other interviews, Dr Richard Stewart, CEO of Sibanye-Stillwater talks about the group's latest results, which come as stronger gold and platinum-group metal prices, stable operational delivery and disciplined capital allocation bolster earnings and cash generation. Sibanye reported a 111% surge in first-half adjusted EBITDA to R31.8 billion, alongside a 20% reduction in gross debt and a 201 SA cents per share interim dividend. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape.    Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa     Follow us on social media   702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702   CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

Send us Fan MailOne day, you will exit your private practice.You may sell it, pass it on, or simply decide you are ready for something different. The goal is not to rush that decision. The goal is to build a practice that gives you options.In this episode of the EntreMD Podcast, Dr. Una sits down with Emily Stubbs, Esq., of Visibility CFO Deal Advisors to talk about how physicians can prepare their practices for an eventual exit on their own terms.They discuss owner dependence, EBITDA, financials, legal risk, what buyers look for, and why preparing years in advance can make your practice stronger and more valuable.Whether you plan to sell someday or simply want to build a business that can thrive without depending entirely on you, this conversation will help you think differently about what you are building.Tune in!Additional Resources:Learn more about my 12-month program. Interested in 1-on-1 coaching? Apply here.Grab a copy of the "The 7-Figure Physician CEO" book. When you are ready to work with us, here are three ways: The Profitable Private Practice Movement - If you want to build a thriving private practice that serves a lot of patients, while creating time and financial freedom for you, come join us here. EntreMD Business School Grow - This is our year-long program with a track record of producing physician entrepreneurs who are building 6, 7 and 7+ figure businesses. They do this while building their dream lives!EntreMD Business School Scale - This is our high-level mastermind for physicians who have crossed the seven figure milestone and want to build their businesses to be well oiled machines that can run without them.To get on a call with my team to determine your next best step, go here ...

On today's episode, Dr. Mark Costes welcomes back Brannon Moncrief of McLerran & Associates for a timely conversation about the current dental transition market, DSO consolidation, and how practice owners should evaluate their exit options. Brannon breaks down why the DSO market has shifted since the white-hot acquisition years of 2021 and 2022, how higher interest rates and more disciplined buyers have changed valuations and deal structures, and why alignment between sellers and DSOs matters more than ever.  He also compares DSO affiliations with private doctor-to-doctor sales, explaining how revenue, EBITDA, cash at close, work-back expectations, equity risk, and operational support all factor into the decision. Together, Mark and Brannon discuss when a private sale may make more sense, when a DSO deal may be worth exploring, and why understanding both the economics and the "why" behind a sale is essential for making the right transition decision. Be sure to check out the full episode from the Dentalpreneur Podcast! EPISODE RESOURCES https://dentaltransitions.com https://www.truedentalsuccess.com Dental Success Network Subscribe to The Dentalpreneur Podcast

Courtney and Jonathan Dunn bought a fast-growing SaaS at 3-4x ARR, doubled it, then merged for a life-changing exit.Register for the webinar: Architecture of an Entrepreneurial Roll-Up - TOMORROW!! - https://bit.ly/4gXkwPtTopics in Jonathan & Courtney's interview:Their background in oil & gasTurning down an offer from AppleImproving their investor pitchTraveling extensively to searchAcquiring a niche healthcare software company Using all equity, no debt, for the dealUsing an earn-out to resolve valuation disagreements Having a baby during the acquisition processThe hire they wish they'd made sooner Advice for couples considering building a business together.References and how to contact Jonathan & Courtney:Jonathan's LinkedInCourtney's LinkedInCerboNed Tomasevic spelling on Acquiring Minds: How to 4x EBITDA in 3 Years Without Growing SalesGet 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 MindsGet a complimentary IT audit for acquisition diligence or post-close transition.Visit inzotechnologies.com/eta.Connect with Acquiring Minds:See past + future interviews on the YouTube channelConnect with host Will Smith on LinkedInFollow Will on TwitterEdited by Anton Rohozov and produced by Pam Cameron

Excellent trip. Everything is in very good shape for a fully funded restart of Caribou being feed by the high grade Murray Brook open pit. CEO Simon Quick adds colour to what's coming as we ramp up over the next 18 months toward production.Production in 2028, fully financed. Offtake sold by Ocean Partners, deep water port nearby, govt support, local workforce, power and water. At current spot it'll do approximately $150-$160 million CAD in Ebitda on $280 million CAD in Rev, 57% Ebitda margin, mine will payout in 3-4 months.On macro we have forecasted Cu, Ag deficits into 2035 , zinc moving into a small deficit 2027-28Annual Production profile plus +13 years47 million lbs zinc (20% of Canada's zinc production)8 million lbs copper783,000 ozs silver10 million lbs leadMC is $134 million CADEV (net of OR stream cash $31.5 million +$17 million cash, $1 million in investments and $10 million cash from warrant exercises) = $74.5 million CAD.Trades at 0.4 EV to steady state Ebitda vs peers in production of 4-8X …. That's the upside in 18-24 months with zero financing risk. Total cash liquidity +$100 million cad including Ocean Partners off-take agreementTotal cap ex from PEA net of $6 million to acquire Caribou which has been paid to put MB into commercial production = $58 million CADLiquidity to cap ex ratio 1.9Xwe could build it twice. Zero dilution risk to achieve commercial production.Then exploration upside, govt funding grants upside, cost cut upside from critical metal govt rebates on 30% of equipment, potential $5 million in cash from sale of non-essentials that came with Caribou, M&A upside of local stranded deposits upside. The risk is execution but this team has proven many times they have the ability to stay in budget and deliver on time. If not under budget and under time. https://canadiancopper.com/Very Good trip!

Motheo Khoaripe speaks to Marthinus Stander, CEO of Rainbow Chicken, about the poultry producer’s exceptional full-year performance, which saw headline earnings surge more than 130%, EBITDA double to over R2.1 billion, and the declaration of both a final and special dividend, as lower feed costs, higher chicken sales volumes, firmer pricing and improved operational efficiencies drove a sharp improvement in profitability. In other interviews, Ishak Kula, CFO at Stadio Holdings talks about the group’s latest results, with revenue up 13% to R1.08 billion and student numbers growing 10% to 56,171. Core headline earnings increased 18%, profit rose 14% to R209.2 million and cash generation climbed 13% to R416 million, while the group continues investing in new campuses and targeting 80,000 students by 2030. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape.    Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa     Follow us on social media   702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702   CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

Is your ERP dashboard actually built on data that matters — or is it just a chart of accounts dressed up to look useful? In episode #386, Ben Murray breaks down why traditional ERP dashboards are losing ground to AI-generated, prompt-built SaaS reporting and what that means for CFOs and finance leaders right now. If your team is still relying on static dashboards anchored to your general ledger, you're missing three out of four key SaaS data sources before you even start the analysis. The gap between what ERP dashboards can show and what modern AI-native metrics engines can produce is widening fast and the CFOs who close that gap first will be the ones driving the board conversations. Why ERP dashboards are fundamentally limited to chart-of-accounts data — and the three additional SaaS data sources (HRIS, bookings, and customer/revenue data) that actually drive metrics like CAC payback, LTV to CAC, NRR, and Rule of 40. How Ben vibe-coded a full SaaS metrics dashboard in minutes using Claude — covering ARR trajectory, EBITDA margin, gross margin, revenue per FTE, and cash balance — and why a prompt-built report on a deterministic engine beats any canned dashboard. Why controlling the period of measurement matters: the example of setting CAC payback on a six-month sales cycle basis — something a standard ERP dashboard simply can't do. Where AI actually belongs in the FP&A process: not at the beginning, but at the end — writing board narratives, flagging dormant customers ripe for expansion via a RevIntel engine, and generating insights that traditional FP&A could never surface. Why agent-friendly APIs matter: how Saster's API grading tool surfaces whether your SaaS stack is actually exposing the data AI needs to take action — not just technically having an API. Tune in to understand exactly where your ERP dashboard ends and where a closed-loop, AI-powered metrics engine takes over — before your next board meeting. Resources Mentioned Ben's LinkedIn post (vibe-coded SaaS metrics report): https://www.linkedin.com/posts/benrmurray_saas-activity-7498039803582689280-7Ckt?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAOOEO8Bf5aRLyU0jjrGXvPD2odJNDer6KU Ben's deterministic SaaS metrics engine: https://softwaremetrics.ai Ben's Five Pillar SaaS Metrics Framework: https://www.thesaasacademy.com/saas-metrics-implementation-sprint-sept-2026

In "The Collision of Capital, Technology & Logistics", Joe Lynch speaks with Founder & Managing Partner of Gamma Point Advisory, Joey Milstein, about how the intersection of private equity, artificial intelligence, and operational execution is reshaping the future of supply chain M&A. About Joey Milstein Joey Milstein has spent more than 35 years inside the machinery of global trade, leading commercial organizations for ocean carriers, freight forwarders, and venture-backed logistics technology companies before moving to the advisory side. Having built businesses, sold technology, raised capital, and led growth from inside the industry, he brings an operator's perspective to every transaction. As Founder & Managing Partner of Gamma Point Advisory, Joseph advises founders on sell-side M&A and guides private equity firms, institutional investors, and strategic acquirers on buy-side strategy, growth, and logistics technology. He is known for connecting the worlds of operations, innovation, and capital, helping clients identify opportunities others miss and navigate one of the world's most complex industries with clarity and conviction. Joseph holds both Bachelor's and Master's degrees from New York University and serves as a strategic advisor to multiple logistics technology companies. About Gamma Point Advisory Gamma Point Advisory is a boutique M&A and strategic advisory firm focused exclusively on transportation, supply chain, and logistics technology. Unlike generalist investment banks or consultants, Gamma Point combines deep operating experience with transaction expertise, giving clients advice grounded in how the industry actually works. The firm advises founder-led businesses on sell-side M&A, capital formation, and strategic growth, while providing buy-side advisory to private equity firms, institutional investors, and strategic acquirers sourcing, evaluating, and executing investments across the logistics ecosystem. Gamma Point also works closely with emerging logistics technology companies to accelerate commercialization and market adoption. Gamma Point sits at the intersection of three worlds that rarely speak the same language: operators who move freight, innovators building the future, and the capital that funds it. Key Takeaways: The Collision of Capital, Technology & Logistics In "The Collision of Capital, Technology & Logistics", Joe Lynch speaks with Founder & Managing Partner of Gamma Point Advisory, Joey Milstein, about how the intersection of private equity, artificial intelligence, and operational execution is reshaping the future of supply chain M&A. The Intersection of Three Disconnected Worlds: Capital markets, technology providers, and logistics operators routinely "talk past each other" at industry conferences. Sustainable progress requires a "translator" who understands the nuances of operational realities, deal structures, and true software utility. The "Silver Tsunami" Driving Consolidation: Hundreds of healthy, lower mid-market logistics companies (drayage, family-owned forwarders, customs brokers) are reaching an inflection point. Owners in their 60s and 70s without generational succession plans are seeking capital infusions, mergers, or buyouts to exit. Prep Work Directly Impacts Valuations: Founders often lose millions in prospective sale value by going to market unprepared. Spending 3–6 months to audit operations, clean up balance sheets, remove unutilized assets ("dead wood"), and document institutional knowledge transforms potential multiples from 4x to 6x EBITDA. Private Equity's "Buy-and-Build" Playbook: Private equity interest in logistics—especially freight brokerage—is accelerating. PE firms look for established "platform" companies to serve as a base, then execute a "buy-and-build" strategy by acquiring smaller complementary add-ons to build scale rapidly over a 3-to-5-year horizon. Adopting Technology to Boost Valuations: Tech adoption is no longer optional for legacy operators. Implementing scalable, transferable software or modern AI tools directly increases a firm's exit valuation multiple, whereas sticking to outdated manual processes or disconnected legacy tech depresses market interest. Evaluating "Real AI" vs. Expensive Demos: With capital drying up for speculative "digital brokers" that subsidized freight rates without long-term profitability, investors and buyers now focus on technology that delivers measurable operational productivity, security, and lower overhead rather than slick, superficial software demos. Culture and Team Depth Outweigh Simple Financials: Successful acquisitions require balancing human dynamics and cultural fit alongside pure financial metrics. Founders must build institutional depth rather than centralizing all sales, financial, and operational expertise within a single leader. Learn More About The Collision of Capital, Technology & Logistics Joey Milstein | Linkedin Gamma Pint Advisory | Linkedin Gamma Point Advisory Gamma Point Podcast AI In Logistics | What works and what doesnt The Logistics of Logistics Podcast If you enjoy the podcast, please leave a positive review, subscribe, and share it with your friends and colleagues. The Logistics of Logistics Podcast: Google, Apple, Castbox, Spotify, Stitcher, PlayerFM, Tunein, Podbean, Owltail, Libsyn, Overcast Check out The Logistics of Logistics on Youtube

Building active income is great, but how do you create real enterprise value? The group analyzes how life insurance agencies are bought and sold at tech-like multiples. Featuring a deep dive into Patrick Bet-David's $250M sale of PHP to Integrity Marketing, this section breaks down how recurring renewal revenue, proprietary tech IP, and team overrides drive high 10x–15x EBITDA exit valuations.

Frank LaRosa is literally getting a text about this exact scenario while recording this episode. Frank opens with a real client story, an advisor in his mid to late sixties who has spent a year and a half weighing a full sale against a transition. The multiples sound incredible on paper, ten, twelve, even fourteen times EBITDA but once junior partners, payout structures and sell and stay scenarios come into play, the math gets a lot more complicated than the headline number suggests. Stacey brings in the psychology most advisors never plan for. She explains why so many get stuck at the altar right before retirement, not because the numbers do not work but because their identity and purpose are tied up in the business and they are not ready to let that go. That is where Frank's trademarked concept, dual monetization, comes in. Instead of selling outright, an advisor can transition to a new firm today to unlock a major payout, then set up a succession plan or sale into that same firm years later. Stacey adds important context here, pointing out that transition deals sitting at twenty to sixty percent of trailing twelve just a few years ago are now regularly exceeding one hundred percent. Frank also explains how this same strategy applies to advisors who want to pass their practice down to a son, daughter, or longtime junior partner without forcing them to come up with cash out of pocket and shares a blunt piece of advice about not letting attachment to a specific custodian cost you millions of dollars. The episode closes with a story that sticks with you, a friend of Frank's who left ten million dollars on the table because his junior partners were not willing to do the work required to make one last move. Stacey wraps things up with the reminder that the hardest part of any transition is rarely the mechanics, it is figuring out who will actually take over your clients the way you have for your entire career.   Questions answered in this episode include: What is a one last move for a financial advisor nearing retirement? What is dual monetization and how does it apply to a transition instead of a sale? Why do many financial advisors struggle to actually retire? How much have financial advisor transition deals grown in the last few years? Can a financial advisor pass their practice to a child or junior partner without a traditional loan? Should switching custodians affect a financial advisor's decision to move firms? What is the biggest hurdle for financial advisors thinking about succession?   Chapters: 00:00 Introduction: The One Last Move 01:33 What Is the One Last Move 03:39 Redefining Retirement and Purpose 05:37 Introducing Dual Monetization 11:33 Passing the Business to the Next Generation 19:16 Think Before You Sign 20:19 The Ten Million Dollar Lesson 25:20 How to Reach Frank and Stacey   Learn more about Elite and our resources: - Elite Consulting Partners: https://eliteconsultingpartners.com - Elite Marketing Concepts: https://elitemarketingconcepts.com - Elite Advisor Successions: https://eliteadvisorsuccessions.com - JEDI Database Solutions: https://jedidatabasesolutions.com - Elite Wealth Management Insights Report: https://eliteconsultingpartners.com/insight-report - Listen to more: https://eliteconsultingpartners.com/podcasts/ - LinkedIn: https://www.linkedin.com/company/elite-consulting-partners/

Industrial Talk is onsite at SMRP 2026 and talking to Joe Anderson, Partner/COO with ReliabilityX about "Industrial knowledge acquisition and practical application". The conversation emphasizes the importance of cybersecurity, marketing, and leadership in various industries. Speaker 1 promotes the Barcelona Cybersecurity Congress from November 3-5, 2023, and the SMRP conference in Fort Worth, Texas. Joe Anderson discusses the critical need for skilled professionals in manufacturing, highlighting the gap between knowledge acquisition and practical application. He advocates for a shift from a focus on metrics to one on leadership and culture, aiming to build an army of problem solvers. Anderson's company, ReliabilityX, aims to improve organizational reliability and culture through practical, quick-win solutions. Outline Barcelona Cybersecurity Congress Announcement Scott introduces the Barcelona Cybersecurity Congress, emphasizing its importance for cybersecurity professionals.The event is scheduled for November 3-5 in Barcelona, with networking opportunities and expert discussions.Scott plans to attend and broadcast the event, encouraging listeners to mark their calendars.The event is organized by FIRA, and Scott assures listeners they will not be disappointed. Scott Mackenzie's Career Insights Scott shares his experience of taking responsibility for marketing and sales efforts in his other businesses.He admits to being lazy in engaging on social platforms and generating necessary content.Emphasizes the importance of pushing out meaningful content to tell one's story effectively.Encourages listeners to go to Industrial Talk for help in improving their content strategy and storytelling. Introduction to Industrial Talk Podcast Speaker 1 thanks listeners for joining and mentions this is the 17th conversation at SMRP.Announces the interview with Joe Anderson, a renowned professional at SMRP in Fort Worth, Texas.Encourages listeners to put SMRP on their calendar and highlights the opportunity to meet professionals like Joe. Joe Anderson's Passion for Helping Companies Succeed Scott praises Joe Anderson's passion for helping companies succeed and his desire to make an impact.Joe shares his goal of having some sort of impact on the many manufacturers out there.Discusses the urgency of establishing a different culture and the challenges of trade shortages.Scott and Joe express concerns about the industry's readiness and the need for a renaissance. Challenges in the Industry and the Importance of Leadership Joe compares the current situation to a meme where a dog claims to be fine despite a fire around it.Emphasizes the importance of practitioners in keeping the world running and the neglect of their role.Discusses the bureaucracy and the shrinking skills, highlighting the need for leaders to focus on the right things.Scott and Joe talk about the flow of capital and the lack of preparedness among technical colleges. Builders vs. Destroyers and the Importance of Action Joe explains the concept of builders and destroyers, emphasizing the need for people who take action.Discusses the Pareto principle and how a small percentage of people do the majority of the work.Highlights the importance of focusing on reliability as a behavior rather than just an outcome.Scott and Joe discuss the challenges of changing culture and the need for consistent action. The Role of Metrics and Best Practices Joe explains the misconception that metrics are best practices and the importance of focusing on the right behaviors.Discusses the impact of teaching people to focus on outcomes rather than inputs.Highlights the role of consulting companies and the need for trust in their business models.Scott and Joe discuss the importance of leadership and the need to focus on developing people. Developing an Army of Problem Solvers Joe shares his vision of building an army of 10,000 problem solvers to address the issues in the country.Discusses the importance of developing people at all levels of the organization.Emphasizes the need for continuous development and support to ensure long-term success.Scott and Joe talk about the challenges of maintaining momentum and the importance of quick wins. The Impact of ReliabilityX on Organizations Joe explains the disruptive approach of ReliabilityX and the need for organizations to be open to change.Discusses the challenges of engaging the entire organization and the importance of having a champion.Highlights the success of ReliabilityX in raising EBITDA and the importance of quick wins.Scott and Joe discuss the ongoing nature of change and the need for continuous support. Final Thoughts and Contact Information Joe emphasizes the importance of developing robust systems to ensure long-term success.Discusses the challenges of maintaining momentum and the importance of continuous development.Scott and Joe talk about the importance of building relationships and supporting people.Joe provides his contact information and encourages listeners to reach out for more information. If interested in being on the Industrial Talk show, simply contact us and let's have a quick conversation. Finally, get your exclusive free access to the Industrial Academy and a series on “Why You Need To Podcast” for Greater Success in 2025. All links designed for keeping you current in this rapidly changing Industrial Market. Learn! Grow! Enjoy! JOE ANDERSON'S CONTACT INFORMATION: Personal LinkedIn: https://www.linkedin.com/in/joeanderson-entrepreneur/ Company LinkedIn:  https://www.linkedin.com/company/reliabilityx/posts/?feedView=all Company Website:  https://reliabilityx.com/ PODCAST VIDEO: https://youtu.be/T1KxsIxRA84 THE STRATEGIC REASON "WHY YOU NEED TO PODCAST": OTHER GREAT INDUSTRIAL RESOURCES: NEOM: https://www.neom.com/en-us Hexagon: https://hexagon.com/ Arduino: https://www.arduino.cc/ Fictiv: https://www.fictiv.com/ Hitachi Vantara: https://www.hitachivantara.com/en-us/home.html Industrial Marketing Solutions:  https://industrialtalk.com/industrial-marketing/ Industrial Academy: https://industrialtalk.com/industrial-academy/ Industrial Dojo: https://industrialtalk.com/industrial_dojo/ We the 15: https://www.wethe15.org/ YOUR INDUSTRIAL DIGITAL TOOLBOX: LifterLMS: Get One Month Free for $1 – https://lifterlms.com/ Active Campaign: Active Campaign Link Social Jukebox: https://www.socialjukebox.com/ Business Beatitude the Book Do you desire a more joy-filled, deeply-enduring sense of accomplishment and success? 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Yoni Assia is the CEO and co-founder of eToro. In this conversation, we break down agentic trading and how AI is reshaping the platform, why bitcoin remains digital gold, eToro's move into tokenized equities, SpaceX IPO, and why eToro trades for less than 10x EBITDA.====================Arch Public is an agentic trading platform that automates investment strategies across Stocks, Commodities, ETFs and Crypto. Whether you're rotating into AI & Gold, allocating to the S&P 500, or accumulating Bitcoin, Arch Public executes your plan 24/7 without ever taking custody of your assets or funds. Sign up today at https://www.archpublic.com, and start your FREE automated trading strategy! ====================Looking for a better place to trade? BloFin gives traders access to deep liquidity, advanced futures products for crypto AND TradFi assets, fast execution, and a clean, intuitive interface—all in one platform. To celebrate their partnership with us, they're giving away $100,000 in Deposit & Trade Rewards. Deposit, trade, and earn rewards based on your activity during the campaign. Check them out at ( https://partner.blofin.com/d/Pomp ).====================0:00 - Intro0:54 - Agentic trading: can AI manage your portfolio?7:37 - Tokenization & the Space-X IPO11:50 - Is crypto losing its ethos to Wall Street?13:51 - Bitcoin as digital gold14:58 - Why finance is moving to 24/7 blockchain markets19:26 - Trade Zero acquisition & going after active traders23:00 - Why eToro trades under 10x EBITDA28:10 - Building a financial super app30:25 - Tori: eToro's AI agent & collective intelligence