Podcast appearances and mentions of john warrillow

What do you need to know before selling your business to an ETA buyer? Most owners have received the email. It usually starts with something flattering: "I love what you've built…" Then comes the ask: a quick call to learn more about your business. Increasingly, those emails are coming from ETA buyers — entrepreneurs using entrepreneurship through acquisition as their path into business ownership. Instead of starting a company from scratch, they look to buy an existing business and run it themselves. In this episode of Built to Sell Radio, John Warrillow talks with Will Smith, host of Acquiring Minds, one of the leading podcasts covering entrepreneurship through acquisition. Will has interviewed hundreds of ETA buyers and brings rare insight into how they think, how they finance deals, and where deals fall apart. What You'll Learn in This Episode Whether you're actively considering selling your business or just exploring your options, this conversation covers what every owner should understand before entertaining an offer from an ETA buyer: How to tell the difference between a funded searcher and a self-funded buyer — and why it matters for your deal structure Why some ETA buyers use heavy debt to acquire a business — and what that means for you as a seller How to spot the hidden risk in a seller note — a key piece of most ETA transactions How to evaluate whether a young buyer has the leadership experience to run your company after you exit How to protect your employees from a buyer who may not fit your culture Better questions to ask before signing a letter of intent (LOI) with an ETA buyer How to judge whether a buyer can actually close — not just sign Are ETA Buyers Right for Your Business? ETA buyers can be a great fit for owners of profitable niche businesses that may not attract private equity or a strategic acquirer. They're often motivated, passionate, and willing to pay fair value for the right business. But they come with real risks. A buyer may need your financing — in the form of a seller note — to get the deal done. They may still need to raise money after you sign an LOI. And they may look great on paper but struggle to lead the team you've built over years. That's why this conversation is worth your time. Before you take the next call from someone who says they "love what you've built," listen to this episode. About Will Smith Will Smith is the host of Acquiring Minds, a podcast dedicated to entrepreneurship through acquisition. He has interviewed hundreds of search fund entrepreneurs and self-funded searchers, making him one of the most knowledgeable voices on the ETA buyer landscape. About Built to Sell Radio Built to Sell Radio is hosted by John Warrillow, author of Built to Sell: Creating a Business That Can Thrive Without You. Each week, John interviews business owners who have navigated the process of selling their company — sharing what worked, what didn't, and what every owner should know before they sell. Keywords: ETA buyer, entrepreneurship through acquisition, selling your business, search fund, seller note, business acquisition, how to sell a business, Built to Sell Radio, Will Smith Acquiring Minds, exit strategy, business exit planning

Did you like the episode? Send me a text and let me know!! Productized Services: The Hourly Trap Debunked | Pi & Piette 2.0 | Business Conversations Episode Summary: Is charging by the hour slowly killing your business before it even starts? In this episode of Business Conversations with Pi and Piette 2.0, AI voices PI and Piette tackle one of the most critical decisions every founder faces: should you charge hourly or package your skills into a productized service from day one? Spoiler — the data says ditch the hourly model immediately. Drawing from John Warrillow's Built to Sell, Paul Jarvis' Company of One, a Journal of Business Research academic paper, and a raw interview with agency founder Brad Martin, this episode gives you a complete roadmap for building a service business that generates predictable revenue, eliminates scope creep, and ultimately doesn't need you in the room to run. What You'll Learn: Why the hourly billing model traps you in a revenue-for-effort death spiralThe three mandatory traits of a true productized service: specified, branded, pricedWhat the LUX Hotels Cinema Paradiso experience teaches us about mental tangibilityHow Brad Martin's Google Doc discovery process doubled his efficiency overnightThe "Jam Session" method for eliminating scope creep without damaging client relationshipsWhy retainers and recurring revenue are NOT the same thing — and which one actually builds business valueThe one question that forces you to stop thinking like an employee of your own companyTimestamps: [00:00:00] – Introduction & Today's Listener Question[00:01:30] – The Menu-Less Chef: Why the Custom Hourly Model Is Broken[00:03:00] – Brad Martin's Story: Giving Away the Farm Before the Contract[00:04:30] – The Hourly Trap: Why Your Business Becomes Unsellable[00:05:30] – Bespoke vs. Productized: Why the Tailor Analogy Actually Proves Our Point[00:06:30] – What Is a Productized Service? The Academic Definition[00:07:00] – The Cinema Paradiso Framework: Specified, Branded, Priced[00:08:00] – Mental Tangibility: Why Packaging Makes Clients Feel Safe[00:09:30] – Minimum Viable Profit: Paul Jarvis' Day-One Strategy[00:10:00] – Brad Martin's Google Doc Epiphany[00:11:30] – The Embarrassment Test: Launch Ugly, Launch Now[00:12:00] – Jam Sessions: The Genius Fix for Scope Creep[00:13:00] – Retainers vs. Recurring Revenue: A Critical Distinction[00:14:30] – Final Verdict & The Blank Check Thought Experiment[00:15:30] – Submit Your Question & Wrap-UpResources Mentioned:

In this episode of the Grow A Small Business Podcast host Troy Trewin interviews Michèle Hecken shares how she built Alpha Translations into a global business serving top law firms while raising two young children after moving from Germany to Canada. She explains how creating systems and empowering her team allowed her to work just 4–10 hours a week for 15 years. Michèle reveals how her company was building early large language models long before today's AI boom and why she chose to sell instead of reinventing the business. She discusses the challenges of surviving the 2008 financial crisis, rebuilding stronger, and creating a company that could run without her involvement. Listeners will learn valuable lessons on leadership, delegation, mindset, business exits, and designing a business that supports the life they truly want. The Art of Offboarding: How to Transform Your Business to Run Without You by Michèle Hecken is a practical guide for entrepreneurs aiming to move away from day-to-day operations and create a business that runs independently. It focuses on the power of intentional delegation and structured exit from daily tasks to unlock greater freedom, focus, and sustainable growth. Why would you wait any longer to start living the lifestyle you signed up for? Balance your health, wealth, relationships and business growth. And focus your time and energy and make the most of this year. Let's get into it by clicking here. Troy delves into our guest's startup journey, their perception of success, industry reconsideration, and the pivotal stress point during business expansion. They discuss the joys of small business growth, vital entrepreneurial habits, and strategies for team building, encompassing wins, blunders, and invaluable advice. And a snapshot of the final five Grow A Small Business Questions: What do you think is the hardest thing in growing a small business? According to Michèle Hecken, the hardest thing in growing a small business is cash flow. She explains that even when a business appears successful, owners constantly face decisions about where to invest money, whether new initiatives will generate returns, and how to maintain enough cash reserves to navigate uncertainty. Michèle believes that managing consistent cash flow is critical because it gives business owners the flexibility to experiment, survive challenges, and continue growing without putting the company at risk. What's your favorite business book that has helped you the most? Michèle Hecken's favorite business book is Fierce Conversations by Susan Scott. She says the book had a significant impact on how she led her business, particularly in the areas of communication, feedback, and team culture. Michèle values its practical approach to having honest conversations, addressing issues early, and giving constructive feedback effectively. The book influenced her so much that she referenced some of its concepts and tools in her own book about helping entrepreneurs build businesses that can run without them. Are there any great podcasts or online learning resources you'd recommend to help grow a small business? Michèle Hecken recommends learning from a variety of sources rather than relying on a single resource. One podcast she particularly enjoys is the The Mel Robbins Podcast, praising Mel Robbins for her practical insights on mindset and personal growth. She also highly recommends John Warrillow and his podcast Built to Sell Radio, which features valuable lessons from business owners who have successfully scaled and exited their companies. Beyond podcasts, Michèle emphasizes continuous learning through books, coaching, entrepreneurial communities, and implementing what you learn, noting that the real value comes not from consuming information but from applying it to your business. What tool or resource would you recommend to grow a small business? Michèle Hecken shares that the number one tool to grow a small business is your mindset. She believes that without the right mindset, even the best tools and strategies will fail you. She also highly recommends Fierce Conversations by Susan Scott for building honest communication and a strong team culture. Above all, she encourages every entrepreneur to trust themselves and filter every resource through the lens of what truly works for their own business. What advice would you give yourself on day one of starting out in business? Michèle Hecken shares that the advice she would give herself on day one of starting out in business is to trust yourself because you already know what the right thing is to do. She reflects that even though everyone told her she was crazy for doing things differently, her instincts always led her in the right direction. She also emphasizes giving yourself permission to be courageous and not spending too much money on consultants who may not always know your business better than you do. Book a 20-minute Growth Chat with Troy Trewin to see if you qualify for our upcoming course. Don't miss out on this opportunity to take your small business to new heights! Enjoyed the podcast? Please leave a review on iTunes or your preferred platform. Your feedback helps more small business owners discover our podcast and embark on their business growth journey.     Quotable quotes from our special Grow A Small Business podcast guest: Success means having the freedom to choose how I want to live my life, who I want in it, and having the financial means to go after my dreams — Michèle Hecken Don't wait till you exit — exit yourself from your business so it can run without you and you can enjoy your life — Michèle Hecken If you're doing all the work, it's not a business, it's a job that pays you well — Michèle Hecken      

We have another Practice Growth Deep Dive for you! In this episode, Steve Jensen talks with Dr. Kartik Antani about the journey from dental school to ownership, what it takes to scale (and when it can be smarter to scale back), and how strong systems and mentorship drive both performance and well-being. Dr. Antani also shares how sleep dentistry and medical billing fit into a modern general practice, plus his vision for more connected, tech-enabled dental and medical care.Listen in to hear about:Building your support systemEarly-career advice: DSO vs private vs ownershipScaling practices: What people do not talk about enoughWhat actually drives practice performanceClinical focus in Dr. Antani's practiceSleep apnea workflow and medical billing…and so much more!Resources MentionedSleep Apnea Resources:Transform Dental Sleep by Jason Tierney: https://www.amazon.com/Transform-Dental-Sleep-Step-Step/dp/B0C524116R.AADSM: https://www.aadsm.org/Email Dr. Antani: kantani@gmail.comBusiness Books:Built to Sell by John Warrillow: https://www.amazon.com/Built-Sell-Creating-Business-Without-ebook/dp/B004IYISQWThe Automatic Customer by John Warrillow: https://www.amazon.com/Automatic-Customer-Creating-Subscription-Business-ebook/dp/B00LFYXDNQThe Art of Selling Your Business by John Warrillow: https://www.amazon.com/Art-Selling-Your-Business-Strategies-ebook/dp/B08NTSFMJLSmall Giants by Bo Burlingham: https://www.amazon.com/Small-Giants-Companies-Instead-10th-Anniversary/dp/014310960XTraction by Gino Wickman: https://www.amazon.com/Traction-Get-Grip-Your-Business/dp/1936661837The 10X Rule by Grant Cardone: https://www.amazon.com/10X-Rule-Difference-Between-Success/dp/0470627603See a demo of DI and get a $50 gift card: https://get.dentalintel.net/podcast.

What if the reason your investment decisions feel so hard isn't the market -- it's how you're wired to think about outcomes? Annie Duke spent years as a professional poker player winning over $4 million in tournaments, then devoted the next chapter of her career to understanding why smart people consistently make bad decisions. The answer has nothing to do with intelligence and everything to do with how we confuse results with quality. She brings the full framework down to the basement today.What You'll Walk Away WithWhy certainty is the enemy of good decision making -- and the mindset shift that makes uncertainty feel like an advantage instead of a threatThe Pete Carroll problem: how tying the outcome of a decision to the quality of the decision is quietly wrecking how you evaluate your investmentsWhy being smarter actually makes this bias worse -- and how intelligent people spin data to confirm what they already believe more effectively than anyone elseThe difference between wanting to be right and wanting to be accurate -- and why that single distinction changes everything about how you process new informationHow to hold your beliefs as "works in progress" rather than positions to defend -- and why that opens you up to information that actually improves your decisionsWhy the stock market's short-term volatility is almost never the signal investors treat it as -- and what a 40-year Berkshire Hathaway chart actually tells youThe poker table parallel to long-term investing -- and why you can make all the right moves and still lose, which means a bad outcome never proves a bad decisionWhat the Philly Special play reveals about how we reward boldness only when it works -- and what that tells you about how you judge your own financial choicesA listener question on market-cap weighted index funds -- why the s and p is built the way it is and what you'd actually need to do to weight it differentlyThe best personal finance and business books the crew is reading right now -- including picks from OG that go well beyond the usual recommendationsWhy This Matters NowFor Stackers in their 40s watching a volatile market and second-guessing decisions that were perfectly sound six months ago, this episode is a direct intervention. The temptation to call a good decision bad because the market moved against you -- or to abandon a long-term strategy because of a short-term result -- is exactly the bias Annie Duke has spent her career studying. The framework she brings today doesn't just apply to poker. It applies to every financial decision you'll make for the rest of your life.From the BasementAnnie Duke joins Joe and OG to walk through the decision-making framework behind her book Thinking in Bets -- including the Super Bowl story that reframes how most people evaluate every financial move they've ever made. The headline segment tackles parents spending six figures on kids' extracurriculars and what the trade-off actually looks like for retirement savings. Doug arrives with poker-themed trivia about the all-time tournament earnings leader, gets it mostly right, and declares victory anyway. Whether the basement poker tournament ended in anyone's favor is a matter of some dispute.Resources MentionedThinking in Bets by Annie Duke -- available wherever books are soldAnnie Duke's website and weekly newsletter -- annieduke.comAnnie Duke on Twitter -- @AnniedDukeThe Truth About Money by Ric Edelman -- recommended by JoeSet for Life by Scott Trench -- recommended by JoeBroke Millennial by Erin Lowry -- recommended by JoeHow to Be a Financial Grownup by Bobbi Rebell -- recommended by JoeThe Behavior Gap and The One-Page Financial Plan by Carl Richards -- recommended by OGFooling Some of the People All of the Time by David Einhorn -- recommended by OGBuilt to Sell by John Warrillow -- recommended by OGThe E-Myth by Michael Gerber -- recommended by JoeThe Goal by Eliyahu Goldratt -- recommended by JoeStacking Benjamins Community -- stackingbenjamins.com/basementSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Most founders approach a sale with one goal: get the highest price possible. But Mark Ferrer argues that focusing only on price can lead to the wrong deal, the wrong partner, and a painful transition after closing.  In this episode of Built to Sell Radio, John Warrillow talks with Ferrer about what he has learned after moving from founder to buyer, and why every owner needs to know whether they are a transactional, transitional, or transformative seller before they go to market. In this episode, you discover how to identify your seller type before a buyer does it for you.  You'll learn:  Why a transactional founder who insists they just want the money often turns out to be something else entirely — and why getting that wrong poisons the deal  What a buyer learns about you when they ask whether you would sell to your biggest competitor for the same price  Why the multiple is just the starting point, and how cash at closing, seller financing, and rolled equity can swing the real outcome by more than most founders expect  How Mark lost 8 to 14 percent of his own deal proceeds not because of bad faith, but because he did not ask the right questions about his rolled equity  Why pushing for agreement after a sale closes is the fastest way to destroy a partnership — and what to focus on instead  What working capital and normalized earnings actually mean, and why founders who gloss over both almost always regret it  How to clarify the role you want after closing before it becomes the source of tension no one saw coming 

In this episode of the Grow A Small Business Podcast, host Troy Trewin interviews Daniel McDonnell co-founder of Maple Movement, shares how severe gut health issues during his professional Ironman career led him to discover the power of maple syrup as a natural fuel source and launch Maple Movement. What began as a house-deposit gamble quickly evolved into a fast-growing gut-friendly energy gel brand now stocked in 125+ stores across Australia and New Zealand. Daniel opens up about bootstrapping the business, learning margins from scratch, managing rapid growth from his living room, and transitioning to a 3PL. He dives into brand positioning, organic content strategy, subscription revenue, and building a lean, aligned team. It's a raw, practical story of turning personal pain into a scalable FMCG business with purpose and momentum. Why would you wait any longer to start living the lifestyle you signed up for? Balance your health, wealth, relationships and business growth. And focus your time and energy and make the most of this year. Let's get into it by clicking here. Troy delves into our guest's startup journey, their perception of success, industry reconsideration, and the pivotal stress point during business expansion. They discuss the joys of small business growth, vital entrepreneurial habits, and strategies for team building, encompassing wins, blunders, and invaluable advice. And a snapshot of the final five Grow A Small Business Questions: What do you think is the hardest thing in growing a small business? According to Daniel McDonnell, the hardest part of growing a small business is keeping up with rapid growth before scalable systems are fully in place, especially during big sales months when demand spikes beyond operational capacity. He shared how he and his wife were packing nearly 95 orders a day from their living room while trying to maintain a personal brand touch, highlighting that the real challenge wasn't generating sales but managing growth sustainably while building the right infrastructure to support it. What's your favorite business book that has helped you the most? Daniel said his favorite business book that's helped him the most is "Built to Sell" by John Warrillow — a practical guide about structuring and scaling a business so it's not dependent on the founder and becomes sellable. He's mentioned it shaped how he thinks about systems, value creation, and building something that can run beyond him. Are there any great podcasts or online learning resources you'd recommend to help grow a small business? According to Daniel McDonnell, one podcast he highly recommends for small business growth is Chew the Fat by the Greive brothers, where they share real, relatable stories after building and exiting Realbase. He values listening to founders who have scaled and exited businesses, as their practical lessons help avoid costly mistakes. Daniel also emphasizes learning directly from experienced mentors and operators rather than figuring everything out the hard way. For him, real-world business conversations and founder-led insights have been the most impactful learning resources. What tool or resource would you recommend to grow a small business? Daniel McDonnell would point to a tool that helps you systemize and scale without chaos, and one he personally recommends is Notion — it's where he organizes products, SOPs, content calendars, order processes, and more in one place so nothing slips through the cracks. He also emphasizes tools for automating the parts of your business that don't need manual work, like Mailchimp or Klaviyo for email automation, and Shopify + a good 3PL integration to handle orders cleanly as volume grows. For analytics and ads, basic dashboards like Google Analytics and Facebook/Meta Business Suite help you make smarter decisions instead of guessing. The key, he says, isn't having every tool under the sun — it's picking the ones that actually save you time and help you standardize your processes so the business can scale. What advice would you give yourself on day one of starting out in business? According to Daniel McDonnell, on day one he would tell himself to raise far more capital than he thinks he needs, understand margins and cash flow from the start, and build scalable systems early—because growth can come fast, but without enough cash and structure, it becomes far more stressful than it needs to be. Book a 20-minute Growth Chat with Troy Trewin to see if you qualify for our upcoming course. Don't miss out on this opportunity to take your small business to new heights! Enjoyed the podcast? Please leave a review on iTunes or your preferred platform. Your feedback helps more small business owners discover our podcast and embark on their business growth journey.     Quotable quotes from our special Grow A Small Business podcast guest: Solve a real problem and the market will pull you forward - Daniel McDonnell When the team wins in their own lane the whole brand moves faster - Daniel McDonnell Build systems early because growth exposes every weakness - Daniel McDonnell      

Five practical reasons your small business will sell and how to intentionally build long-term exit value. Show Notes Page: https://www.thehowofbusiness.com/597-why-your-business-will-sell/   Most business owners say they want to sell one day but very few actually build a business someone would want to buy. In this episode, Henry Lopez outlines five practical reasons your business will sell and the disciplines required to build exit readiness long before you're ready to exit. A sellable business isn't created at the moment you decide to sell - it's built over years through intentional design. Henry shares the five core elements that dramatically increase sellability: A scalable, repeatable offer Predictable and recurring revenue Documented systems Owner independence A credible growth story Visit the show notes page for this episode to download the Business Sellability Scorecard. Referencing ideas from Built to Sell by John Warrillow, Henry reinforces the principle that "a sellable business is a productized business" - one with clearly defined and standardized offerings instead of highly customized one-off projects. Whether you plan to sell or not, building a sellable business creates greater freedom, stronger profitability, and more control over your future. This episode is hosted by Henry Lopez. The How of Business podcast focuses on helping you start, run, grow and exit your small business. The How of Business is a top-rated podcast for small business owners and entrepreneurs. Find the best podcast, small business coaching, resources and trusted service partners for small business owners and entrepreneurs at our website https://TheHowOfBusiness.com

If you're feeling a little queasy about the pace of change, you're not alone. AI is accelerating competition in almost every market, and it's making some business models feel irrelevant almost overnight.  In this episode of Built to Sell Radio, John Warrillow talks with Ryan O'Leary, who saw a similar wave coming in payments when Shopify started bundling merchant processing into its plans. O'Leary chose to sell before the shift crushed margins, structuring a deal that put most of his cash in hand up front. In this episode, you discover how to  • Decide whether to raise capital, hire a CEO, roll equity, or sell • Spot the early signals that a platform is about to "bundle" you into irrelevance • Run a tight sale process with a short target list and still generate multiple LOIs fast • Negotiate for deal structure that protects you, not just a higher multiple • Limit earnout risk by keeping the earnout short and the rules hard to game • Separate emotion from the numbers so you can negotiate clean • Keep your team aligned through the transition by sharing upside, including the earnout 

In this episode of Built to Sell Radio, John Warrillow sits down with Ujwal Arkalgud, who built the same company twice. Chapter one was a classic problem: a profitable, founder-heavy services firm with impressive EBITDA but a ceiling on valuation. Chapter two began when he turned that service into a productized offering, transformed how customers bought his work, and ultimately sold for more than 15x EBITDA — roughly three times the offer he received as a simple service provider. 

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

If you've ever noticed those ads inside a mobile game, you have Zain Jaffer to thank. He co-founded Vungle and helped popularize rewarded video ads—the ones that revive your character or hand you in-app currency after you watch.  In this Built to Sell Radio episode, Zain explains how he rode the smartphone wave to a $780M all-cash exit to Blackstone—and why he personally took home more than $100M. Then he gets candid about what came next. 

Most cities have a problem: what to do with cars that get towed and never picked up. They pile up in impound lots—taking up space and tying up cash. Stan Markuze helped solve that problem by co-founding Joyride Auto, an online auction platform where repair shops, scrap dealers, and car enthusiasts can buy those abandoned vehicles directly from the lot.  In this episode, Stan shares how he and his co-founders built a cash-flow-positive business that turned a clunky, paper-based process into a digital marketplace—and sold it to a private-equity firm for seven times revenue in just two years. 

Ever dreamed of owning your own business? In this episode of Making Cents of Money, UIUC professor Mark Smith discusses Entrepreneurship Through Acquisition (ETA). Join us as we learn about the benefits of buying a business instead of starting it from scratch. Show Notes: Professor Smith's Instructor Profile: https://giesbusiness.illinois.edu/profile/mark-smith U of I's Entrepreneurship Through Acquisition class: https://giesbusiness.illinois.edu/news/2023/06/12/entrepreneurship-through-acquisition-gies-grad-puts-coursework-into-action Deibel, W. (2018). Buy then build. LionCrest Publishing. ISBN: 978-1-5445-0113-0. ISBN: 978-1-5445-0113-0 Ruback, R., & Yudkoff, R. (2017). HBR guide to buying a small business. Harvard Business Review Press. ISBN: 978-1-63369-250-3. Warrillow, J. (2010). Built to sell: Creating a business that can thrive without you. Penguin Group. ISBN: 978-1591845829. Recommended Podcasts: • Built to Sell with John Warrillow: https://builttosell.com/podcast/ • Let's Buy a Business with Ryan Condie: https://ryancondie.libsyn.com/

Today's episode of Built to Sell Radio is part of our Inside the Mind of an Acquirer series. John Warrillow interviews Lee McCabe, a former Meta and Alibaba executive turned private equity investor—now an advisor helping PE firms modernize how they create value.  McCabe argues the old model of buying cheap, piling on debt, and hoping for multiple expansion is over. Interest rates are up, LPs are demanding more, and the firms that win will need to act more like operators than bankers. If you're planning to sell, and private equity is your natural buyer, you'll want to hear this. 

Dave Sifry has founded nine companies, including Technorati and Linuxcare, raising more than $170 million along the way. In this episode of Built to Sell Radio, he reveals how he went from being worth more than $100 million on paper to watching that value disappear — and what he'd do differently if he had the chance again.  Despite those scars, Sifry has built an extraordinary career. He has founded nine companies and today is founder and CEO of Warmstart, a platform that helps entrepreneurs turn old contacts into new business. 

Ronan Berder built Wiredcraft to 140 people, then sold to Publicis for a reported 67 million euros. This Exit Story traces the moment he walked away from Techstars and a product dream to double down on services—and why that decision paid off. 

Most owners want 100% cash at closing. Most acquirers want the opposite—they try to hold back as much as possible and tie it to future results. That tug-of-war defines the negotiation.  In this week's episode of Built to Sell Radio, you discover how to turn common transition structures from potential pitfalls into opportunities for upside. 

What happens when it's time to sell? Every acquirer looks at your business differently. In this special episode of Built to Sell Radio, John Warrillow breaks down the four most common buyer profiles and explains how each thinks about acquiring a company. Along the way, you'll hear clips from past guests from our Inside the Mind of an Acquirer series. 

Dan Berger built Social Tables into a SaaS success story with $20M in recurring revenue and more than 6,000 customers. He sold the business for $100 million.  But after raising $27M in venture funding and navigating liquidation preferences, his personal payout was just under $20M.  In this week's episode of Built to Sell Radio, Dan reveals the surprising math behind his deal and shares the emotional highs and lows of walking away from his company. 

In this episode, Danielle is joined by Nicole, one-half of the dynamic sister duo behind Fantasy Fangirls Podcast, to talk about her leap from running a professional coaching business to building a wildly successful podcast brand that's taken the book world by storm. This isn't a story about going viral overnight (although that did happen). It's a story of personal growth. It's a story about making intentional, informed decisions and trusting yourself enough to pivot when you find what lights you up. Nicole shares how a chance reading of a fantasy novel sparked an idea, how she and her sister went “all in” on creating a show they loved, and what it took to turn that passion project into a full-time career. Key Takeaways:  Pivoting Can Be the Smartest Move You Make: Nicole's shift from coaching to podcasting wasn't a step backward, it was a leap toward something that energized her every day. Strategic Investments Pay Off—If You Actually Implement: The importance of acting on what you learn from courses and mentors, instead of staying in “forever student” mode. Passion and Profit Can Go Hand-in-Hand: The Fantasy Fangirls Podcast proves that you can build a sustainable business around what you genuinely love when you combine your passion with taking an honest look at your numbers.  Entrepreneurship Doesn't Have to Be Lonely: Whether you're going it solo or have a team, you don't have to white knuckle it to success. Don't be afraid to create a support system and rely on others along the way.   Make Space for Hobbies and Discovering Your Spark: Choosing projects that light you up can be the key to longevity and fulfillment in business. Topics Discussed: (00:00 – 04:32) Intro: Nicole's Mission with Fantasy Fangirls Podcast (04:37 – 10:32) From Professional Coaching to Full-Time Fantasy Podcasting: Nicole's Unexpected Career Shift - How a Single Book Sparked a Whole New Business (10:32 – 14:14) Lessons from Investing in Your Education and Actually Implementing What You Learn (14:15 – 18:41) Making the Emotional and Financial Leap Into a New Industry (18:43 – 18:56) Rate & Review Break (19:01 – 28:42) How Nicole Used Numbers to Build a Team and Grow the Podcast (28:42 – 32:35) The Loneliness Factor in Entrepreneurship and the Importance of Having Support   (32:37 – 35:00) What's Next for Nicole and Fantasy Fangirls Podcast in the Future (35:01 – 37:30) Nicole's Piece of Advice for Entrepreneurs Who Are Struggling to Grow or Are In Growth Season   Connect with Nicole: Fantasy Fangirls Podcast Website | https://www.fantasyfangirls.com/  Watch Fantasy Fangirls on YouTube | https://www.youtube.com/@fantasyfangirls  Follow Fantasy Fangirls on IG and TikTok | @fantasyfangirlspod   Mentioned in the Episode: Built to Sell by John Warrillow | https://builttosell.com/the-books/  Grow the Show with Kevin Chemidlin | https://growtheshow.com/    Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book    Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks  Facebook | https://www.facebook.com/kickstartaccountinginc  

In this episode, Danielle is joined by Nicole, one-half of the dynamic sister duo behind Fantasy Fangirls Podcast, to talk about her leap from running a professional coaching business to building a wildly successful podcast brand that's taken the book world by storm. This isn't a story about going viral overnight (although that did happen). It's a story of personal growth. It's a story about making intentional, informed decisions and trusting yourself enough to pivot when you find what lights you up. Nicole shares how a chance reading of a fantasy novel sparked an idea, how she and her sister went “all in” on creating a show they loved, and what it took to turn that passion project into a full-time career. Key Takeaways:  Pivoting Can Be the Smartest Move You Make: Nicole's shift from coaching to podcasting wasn't a step backward, it was a leap toward something that energized her every day. Strategic Investments Pay Off—If You Actually Implement: The importance of acting on what you learn from courses and mentors, instead of staying in “forever student” mode. Passion and Profit Can Go Hand-in-Hand: The Fantasy Fangirls Podcast proves that you can build a sustainable business around what you genuinely love when you combine your passion with taking an honest look at your numbers.  Entrepreneurship Doesn't Have to Be Lonely: Whether you're going it solo or have a team, you don't have to white knuckle it to success. Don't be afraid to create a support system and rely on others along the way.   Make Space for Hobbies and Discovering Your Spark: Choosing projects that light you up can be the key to longevity and fulfillment in business. Topics Discussed: (00:00 – 04:32) Intro: Nicole's Mission with Fantasy Fangirls Podcast (04:37 – 10:32) From Professional Coaching to Full-Time Fantasy Podcasting: Nicole's Unexpected Career Shift - How a Single Book Sparked a Whole New Business (10:32 – 14:14) Lessons from Investing in Your Education and Actually Implementing What You Learn (14:15 – 18:41) Making the Emotional and Financial Leap Into a New Industry (18:43 – 18:56) Rate & Review Break (19:01 – 28:42) How Nicole Used Numbers to Build a Team and Grow the Podcast (28:42 – 32:35) The Loneliness Factor in Entrepreneurship and the Importance of Having Support   (32:37 – 35:00) What's Next for Nicole and Fantasy Fangirls Podcast in the Future (35:01 – 37:30) Nicole's Piece of Advice for Entrepreneurs Who Are Struggling to Grow or Are In Growth Season   Connect with Nicole: Fantasy Fangirls Podcast Website | https://www.fantasyfangirls.com/  Watch Fantasy Fangirls on YouTube | https://www.youtube.com/@fantasyfangirls  Follow Fantasy Fangirls on IG and TikTok | @fantasyfangirlspod   Mentioned in the Episode: Built to Sell by John Warrillow | https://builttosell.com/the-books/  Grow the Show with Kevin Chemidlin | https://growtheshow.com/    Book a Call with Kickstart Accounting, Inc.: https://kickstartaccountinginc.com/book-a-call/    Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks  Facebook | https://www.facebook.com/kickstartaccountinginc  

Adam Rossi built a 250-employee software company serving law enforcement and intelligence agencies. They routinely beat Lockheed Martin in head-to-head bids.  Then a banker came back with five acquisition offers — each at the “absurd” number Adam and his wife had thrown out as a hypothetical. The winning bid came from SRA International, a publicly traded defense contractor, for a price that created generational wealth for his family. Adam took all cash and walked away with no earn-out.  But as Adam discovered, the hard part wasn't negotiating the deal — it was figuring out what to do after it closed.   

Unlike most tech founders, Josh Payne never dreamed of a billion-dollar valuation.  His goal was simpler—and harder. He wanted his equity stake to be worth $50 million.  To get there, he skipped the usual playbook. No blitzscaling. No VC treadmill. He raised a small seed round, built a profitable company, and avoided dilution. By the time he sold StackCommerce, Payne still owned 75%—and hit his number. 

Most founders measure success by the price they get for their company.  David Hauser did that—he built Grasshopper to $30M Annual Recurring Revenue (ARR) and sold it for $175M – almost 6 times revenue. He and his partner owned the majority of the shares so the deal was life-changing for Hauser. But what makes this interview different is what Hauser did next: he crossed the table to become an investor and now acquires businesses through Durable Capital.  It's a study in contrasts. As a founder, Hauser chased growth. As an investor, he's ruthlessly disciplined. He mocks the PE herd chasing home services roll-ups and avoids auction-driven deals. Drawing on his experience founding Grasshopper and Mark Cuban-backed Chargify, he outmaneuvers ETA buyers and first-time acquirers with quiet, direct, close-ready offers. This is a rare window into how someone who's built and sold a business thinks about buying one—and what makes a deal attractive from the other side. 

In this follow-up to Episode 200: How to Build a Sellable Business, Mark sits down with Ben Manley to unpack the next phase—what happens after you sell.Ben opens up about the emotional rollercoaster, the lessons he learned from structuring the deal, and the surprising challenges that come with handing over your business. From choosing the right buyer to creating SOPs, setting expectations, and navigating post-sale training, this episode gives a full behind-the-scenes look at what selling a business really looks like.Whether you're deep in the sales process or just dreaming about an exit someday, this is essential listening for any founder who wants to sell smart—and stay sane.

After selling When Rich Galgano was 25, he left a sales job in wire distribution to start Windy City Wire. Within nine months, he was doing over $1 million in sales—while fighting a lawsuit from his former employer. Fast forward 30 years, and Galgano had built the dominant low-voltage cable distributor in the U.S., sold it for just under half a billion dollars, and stayed on as CEO. 

In this episode of Grow a Small Business host Troy Trewin interviews Kerry Boulton from Exit Strategy Group, who shares her incredible journey of buying a freight business doing $16M and growing it to $50M with the same 63 staff. Kerry reveals how she executed a strategic exit after seven years, then went on to build and sell multiple ventures. Now through The Exit Strategy Group, she mentors owners on being “always exit ready,” balancing business, financial, and personal goals. She discusses the power of systems, the Value Builder tool, and finding your “Alan Bond moment.” Kerry's story is a masterclass in scaling, cash flow, people, and creating true freedom. Other Resources: An easy way to measure if your customers love you in 21 minutes – use the Net Promoter Score (NPS). And it's FREE. Maximise Your Business Sale Price To Meet Your Expectations! How to Exit Your Business Feeling Fulfilled Personally Satisfied and Have the Biggest Pay Day of Your Life Why would you wait any longer to start living the lifestyle you signed up for? Balance your health, wealth, relationships and business growth. And focus your time and energy and make the most of this year. Let's get into it by clicking here. Troy delves into our guest's startup journey, their perception of success, industry reconsideration, and the pivotal stress point during business expansion. They discuss the joys of small business growth, vital entrepreneurial habits, and strategies for team building, encompassing wins, blunders, and invaluable advice. And a snapshot of the final five Grow A Small Business Questions: What do you think is the hardest thing in growing a small business? According to Kerry Boulton, the hardest thing in growing a small business is managing cash flow. Growth eats up cash faster than most owners expect, and many don't realize how easily they can run into a squeeze. She says you've got to keep a constant eye on cash, plan ahead, and understand that scaling up often means funding gaps you need to prepare for. What's your favorite business book that has helped you the most? Kerry shares that her favorite business book is “The Seven Habits of Highly Effective People” by Stephen Covey, which she says gave her a rock-solid foundation for both business and life. She also loves “The Great Game of Business” by Jack Stack for teaching how to build financial literacy and an ownership mindset in your team. Are there any great podcasts or online learning resources you'd recommend to help grow a small business? For podcasts and learning resources, Kerry highly recommends “Built to Sell Radio” by John Warrillow, which dives into making your business more valuable and sellable. She also likes “Business Lunch” with Roland Frasier & Ryan Deiss, plus the Exit Planning Institute's podcast. And of course, she's a fan of Troy's Grow Small Business Podcast, which she appeared on. What tool or resource would you recommend to grow a small business? When it comes to tools, Kerry swears by the Value Builder System, which helps owners see their business through a buyer's eyes, score it across key value drivers, and figure out exactly where to improve to maximize value and exit readiness. What advice would you give yourself on day one of starting out in business? If she could give herself advice on day one of starting out in business, Kerry laughs and says she'd simply tell herself to “buckle up,” because it's going to be a hell of a ride—full of challenges, personal growth, and ultimately the chance to create freedom and live life on her own terms. Book a 20-minute Growth Chat with Troy Trewin to see if you qualify for our upcoming course. Don't miss out on this opportunity to take your small business to new heights! Enjoyed the podcast? Please leave a review on iTunes or your preferred platform. Your feedback helps more small business owners discover our podcast and embark on their business growth journey.     Quotable quotes from our special Grow A Small Business podcast guest: Always run your business as if you'll sell it tomorrow — that's how you build something truly valuable — Kerry Boulton Buckle up — because business is the best roller coaster ride you'll ever take — Kerry Boulton Cash is the oxygen of your business; ignore it and you'll suffocate — Kerry Boulton      

When Ryan Atkinson sold CORE Resources to 24 Seven, it wasn't his first exit. After selling Redwood Global in 2014, Ryan played a different role in his next venture—injecting $2 million of his own capital while his partner ran the business day-to-day.  The model worked. They grew CORE Resources into a go-to firm for specialized technology talent solutions and ultimately sold the company to 24 Seven—one of the largest privately held marketing, creative, and digital talent firms in North America—in an eight-figure exit.  In this week's episode of Built to Sell Radio, Ryan shares how they structured the deal, avoided resentment, and nearly lost the sale in the final hours. 

You've built a valuable company. Maybe you're even thinking about selling. But what happens after the wire hits?  In this episode of Built to Sell Radio, Alex Bean, co-founder of Divvy, shares what it felt like to sell his company for $2.5 billion—and why the real challenges began after the deal closed.  This conversation will help you think more strategically about what you're really building—and how to avoid the regrets that often follow a big payday.

In this episode of Grow a Small Business, host Troy Trewin interviews Dean Mathews, the founder of On The Clock. Dean shares his evolution from a solo software developer in 2004 to leading a team of 23 professionals, supporting 170,000 to 280,000 active users. Originally launched as a time-tracking app, On The Clock has expanded to include employee scheduling and payroll services, with ambitious goals of reaching $10 million in revenue and one million monthly active users. Dean discusses the critical role of consistency, hiring the right talent, and leveraging tools like Asana for effective project management. He also emphasizes the importance of understanding customer needs and fostering a culture that prioritizes growth and team development. Other Resources:  When should a growing small business have a Board of Directors or Advisors? Get a return from an effective Chairperson of a Board An easy way to measure if your customers love you in 21 minutes – use the Net Promoter Score (NPS). And it's FREE. Why would you wait any longer to start living the lifestyle you signed up for? Balance your health, wealth, relationships and business growth. And focus your time and energy and make the most of this year. Let's get into it by clicking here.   Troy delves into our guest's startup journey, their perception of success, industry reconsideration, and the pivotal stress point during business expansion. They discuss the joys of small business growth, vital entrepreneurial habits, and strategies for team building, encompassing wins, blunders, and invaluable advice.   And a snapshot of the final five Grow A Small Business Questions: What do you think is the hardest thing in growing a small business? According to Dean Mathews, the hardest thing in growing a small business is shifting from doing everything yourself to empowering others by building systems and trusting your team. He highlights the importance of moving from working in the business to working on the business, emphasizing that true growth comes from hiring the right people, clearly defining roles, and creating an operating structure that allows others to thrive. You can't scale alone, and recognizing that earlier can make a significant difference. What's your favorite business book that has helped you the most? Dean Mathews' favorite business book that has helped him the most is Scaling People by Claire Hughes Johnson. He found it especially valuable because it offers practical frameworks and structures for growing teams and building an internal operating system. The book resonated with him as it closely aligned with the challenges he faced while scaling OnTheClock, particularly around leadership, processes, and team development. He even conducted a book club at work based on it, applying its lessons to enhance how his company operates. Are there any great podcasts or online learning resources you'd recommend to help grow a small business? Dean Mathews recommends several great podcasts and online learning resources to help grow a small business, especially in the SaaS space. His top pick is the SaaStr Podcast, which features insights from successful SaaS founders and is packed with growth strategies. He also expressed strong interest in exploring content by Alex Hormozi, particularly his books $100M Offers and $100M Leads, and his podcast focused on data-driven business scaling. Additionally, Built to Sell Radio by John Warrillow was recommended for its focus on recurring revenue and building sellable businesses, while Nathan Latka's Podcast was noted for its sharp focus on SaaS metrics like ARR, MRR, CAC, and churn—making it a valuable listen for any growth-minded founder. What tool or resource would you recommend to grow a small business? Dean Mathews recommends using a project management tool like Asana to grow a small business, as it helps teams stay organized, track progress, and manage both projects and processes effectively. He believes every business boils down to three core elements—people, projects, and processes—and Asana helps align them in a structured way. Additionally, he highlights creating an internal operating system (built in tools like Google Slides), which outlines company values, goals, job roles, meeting structures, and key metrics. Together, these tools support scalable growth and team alignment. What advice would you give yourself on day one of starting out in business? Dean Mathews' advice to himself on day one of starting out in business would be to “buckle in, you're in for a ride” and to understand early on that scaling a business is all about people. He emphasizes that success doesn't come from doing everything yourself, but from hiring the right people, trusting them, and building systems that empower them to thrive. He reflects that if he had learned earlier how to let go of control and focus on developing others, his business could have grown even faster. Surrounding yourself with people who are smarter than you in their areas is key to building something truly sustainable. Book a 20-minute Growth Chat with Troy Trewin to see if you qualify for our upcoming course. Don't miss out on this opportunity to take your small business to new heights! Enjoyed the podcast? Please leave a review on iTunes or your preferred platform. Your feedback helps more small business owners discover our podcast and embark on their business growth journey.     Quotable quotes from our special Grow A Small Business podcast guest: Trusting others with your vision is the first step to real growth — Dean Mathews A strong culture starts with clearly defined and lived values — Dean Mathews Leadership is less about control and more about enabling success  — Dean Mathews  

Most acquirers want you to stick around. Roll equity. Hit targets. Train your replacement.  But there's a different kind of buyer out there. One who wires 100% of the money at closing—and lets you walk.  Dan Mytels represents this type of buyer. Through his firm, Salt Creek, he's acquired 100 businesses—most of them mature, profitable, niche companies where the owner was ready to move on. They don't always offer the highest multiple, but they do offer something many founders value more: a clean break. 

Chang Kim—friends call him CK—sold his company Tapas for more than $500 million and walked away without an earn-out. Instead of jumping into his next venture, he did something few founders have the nerve to do: he took a year off.  In this episode of Built to Sell Radio, CK opens up about what life looks like when work becomes a choice, not a requirement. From cross-continental travel to difficult conversations with his kids about wealth, this is a rare, candid look at what happens after the wire hits. 

Private equity firms are the most likely buyers for your business—and some do a fine job preserving what makes a company great. But many are financial engineers. They offer a generous multiple, then lever up the business, cut costs, and flip it within a few years. Longtime employees get let go. Culture erodes. You walk away with a check, but it can feel like selling out. 

In this episode of Payrollin', Matt Vaadi explores how AI, automation, and outsourcing are transforming payroll and business operations. He discusses how ADP and Justworks are using these technologies to boost efficiency and reduce costs, and introduces his new business venture, Outsourced Scale, which is revolutionizing operations with virtual assistants and automation.Matt also shares insights from 100 Million Leads by Alex Hormozi and Built to Sell by John Warrillow, offering strategies for scaling businesses and refining messaging during tough economic times. Tune in to learn how these tools and lessons can help businesses not just survive, but thrive, even in challenging conditions.

Most stories we cover involve eye-popping multiples or headline-making exits. They're fun—but not always realistic.    Jeff DeGarmo's story is different. No private equity windfall. No tech hockey stick. Just a well-run, 20-person service business built over 16 years and sold for a solid 5.5x EBITDA. 

Greg Alexander sold SBI, his 30-person consulting firm, for $162 million. Since then, he's had a front-row seat to 50 other service firm exits through his peer group, Collective 54. In this episode of Built to Sell Radio, Greg breaks down what separates firms that sell from those that stall.  This is a Mastering the Deal episode of Built to Sell Radio—designed to help you punch above your weight in a negotiation to sell your business. 

Sean McAuliffe didn't invent anything. He was a distributor.  If you lost your car keys and went to a locksmith to cut a new set, chances are your locksmith got the replacement key from Sean's business. He bought cheap keys from Asia and sold them to locksmiths. Nothing fancy. Like so many businesses, Sean was a middleman. He'd never really thought about selling—didn't think anyone would want to buy it—but when a private equity group offered him millions, Sean realized he was sitting on a potential goldmine. 

When Garren Hilow helped start Abveris, he didn't have much—just a background in sales, a co-founder with a Harvard PhD, and a stock option representing 16% of the company.  Eight years later, he bought out his co-founder, bootstrapped the company with bank debt (collateralized by his house), and sold it in a stock deal that peaked at $190 million. 

A new generation of buyers trained in Entrepreneurship Through Acquisition (ETA) is looking for businesses like yours. Unlike private equity firms focused on roll-ups, ETA buyers are often searching for a single business to own and operate—making them a legitimate option for certain sellers. 

For the first time ever, we recorded a Built to Sell Radio episode in front of a live audience at the Value Builder Summit—a gathering of mission-driven advisors dedicated to helping founders level the playing field as they approach their exit.  Rob Walling has started, built, and sold multiple companies. As an investor and conference organizer, he's seen hundreds of founders exit—some thriving, others struggling. He teamed up with Dr. Sherry Walling, a clinical psychologist specializing in supporting entrepreneurs, to codify what separates a successful exit from one that leaves an owner adrift. Their insights culminated in their new book Exit Strategy. 

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

Selling your business to a Fortune 500 company is a dream for many founders. Strategic acquirers often pay the most because they can integrate your business into their larger ecosystem. It's rare to pull off even once—Brock Weatherup has done it three times.  In this episode of Built to Sell Radio, Brock reveals the strategies that helped him attract Fortune 500 buyers like PetSmart and Petco. This episode is a roadmap for anyone who wants to sell their business to a strategic acquirer. 

John Warrillow is the founder of the Value Builder System, a software program that helps thousands of businesses build more value for customers and investors. He is also the bestselling author of three books, Built To Sell, The Automatic Customer, and his latest, The Art of Selling Your Business, which came out in January 2021. He is also the host of Built To Sell Radio. John joined host Robert Glazer on the Elevate Podcast to talk about how to build a business that attracts lifetime customers and create your exit strategy. Learn more about your ad choices. Visit megaphone.fm/adchoices

This week on Built to Sell Radio, John Warrillow interviews Blake Hutchison, CEO of Flippa, the world's largest marketplace for buying and selling digital businesses. With experience overseeing thousands of real transactions, Blake offers a unique window into the minds of today's acquirers. 

Ben Landers built Blue Corona, an 8-figure digital marketing agency focused on home service businesses, into a data-driven powerhouse. When it came time to sell, Ben achieved something extraordinary: a clean exit with no earn-outs, a rare feat in the service business world where earn-outs are practically the norm.

Adam Kerrigan started as the owner of a managed service provider (MSP) business, which he built and eventually sold. After his exit, he joined the acquiring company to lead its M&A group, where he completed 16 deals and helped build a private equity-backed organization.  In this episode of Built to Sell Radio, Adam pulls back the curtain on how acquirers often push for cashless deals, offering equity instead of cash—and how sellers can negotiate to ensure they get the deal they deserve. 

Blue Thumb, Australia's largest art marketplace, spawned SmartrMail—a SaaS business that grew to $2 million in annual recurring revenue (ARR). When George Hartley decided to sell SmartrMail, he faced a major setback: the buyer he signed an LOI with didn't have the funds to close.  In this week's Built to Sell Radio, George shares the lessons he learned when his first deal fell apart and how he ultimately salvaged the sale. 

In this week's episode of Built to Sell Radio, John Warrillow interviews Kaelon Egan, the founder of AccelaSchool, who successfully sold his company to PowerSchool—a giant in the K-12 education technology space.  For most founders, the ultimate dream is to sell to a strategic acquirer: a well-funded, industry leader with deep pockets. Egan shares exactly how he positioned his company to become a natural acquisition target, avoiding common pitfalls along the way.