Insights by Candor Advisors: Recent Episodes
Kirk Michie
Advice and insights about selling your business by Kirk Michie and his network to guide successful founders to a better outcome.
Selling a business comes with a range of costs that aren’t always discussed. Depending on the size of the deal, transaction costs typically fall between 1.5% and 5% of the total value. For larger deals, the percentage may be lower, but the dollar amount can still be significant.
Key contributors to these costs include:
Transaction advisors: Usually compensated as a percentage of the sale price.
Legal fees: High-quality M&A counsel is necessary and often expensive.
Accounting and tax support: Buyers want clean, reliable financials.
Additional consultants: Specialists may be brought in for diligence or post-sale planning.
The real takeaway is this: these aren’t “nice-to-haves.” They’re essential services that protect the deal and ensure you walk away with the outcome you intended. Understanding and planning for these costs early can help avoid surprises and allow you to enter the process with clarity.
What happens to your team after you sell? It’s not always up to you—but there are smart ways to protect your people. In this 3-minute video, Kirk explains how buyers view staffing and what you can do about it.
When it comes time to sell your business, buyers aren’t just looking at how much you make—they’re looking at how well you run. EBITDA, or earnings before interest, taxes, depreciation, and amortization, serves as a common metric for deal valuation, but what truly boosts that number is operational efficiency.
A business with solid margins, clear KPIs, and professionalized systems often sells for more than a larger but poorly run competitor. Why? Because efficient operations signal less risk, faster growth potential, and better returns on investment.
Strategic and private equity buyers want transferable economics. If you can show strong profitability, solid customer metrics, and sector-leading performance indicators, your business becomes a safer—and more valuable—bet. It’s not about cutting corners; it’s about building smarter.
Founders often feel tempted to announce a sale early. But telling customers or employees too soon can jeopardize the deal. Here’s when—and how—to share the news.
Sure, the money matters—but it’s not the whole story. In this quick video, we explain why understanding your personal motivation is the most important part of your exit plan. Whether it’s freedom, purpose, or something else, your “why” will guide every decision that follows.
Kirk Michie breaks down the key adjustments that can impact your sale price, timing, and terms. Watch this short video to get clear, tactical guidance before you go any further.
Before you sign a Letter of Intent, make sure you understand the deal behind the deal. From EBITDA adjustments to working capital pegs, these hidden levers can change your payout—and your future.
Kirk Michie breaks down the key adjustments that can impact your sale price, timing, and terms. Watch this short video to get clear, tactical guidance before you go any further.
Before the deal is done, there’s still work to do. In this video, Kirk Michie shares practical steps founders should take before and after closing to avoid problems that can disrupt operations, damage relationships, or hurt the legacy they’ve built. If you’re preparing to sell—or already deep in a deal—this is the checklist you didn’t know you needed.
Cultural fit can make or break your deal
A good financial offer isn’t enough—if the buyer’s culture doesn’t align with yours, the deal may unravel post-sale.
Private equity buyers are usually hands-off—but not always
While PE firms often let businesses run independently, cost-cutting or vendor changes can quietly erode your company’s culture.
Strategic buyers can cause deeper disruption
Acquirers in your industry may integrate your team into their systems—changing reporting lines, HR processes, and more.
Your people will feel the impact—especially if they weren’t part of the decision
Post-sale culture clashes can lead to morale issues, turnover, and regret from team members who trusted your leadership.
Legacy isn’t just about ego—it’s about protecting what you built
Preserving your company’s values, team, and customer relationships requires more than a good contract; it requires cultural awareness.
If you’re thinking about selling your business, or just getting prepared,it’s important to understand the CIM (Confidential Information Memorandum). It’s the document that helps you tell your story, highlight your value, and shape how buyers see your company. This quick article breaks down what a CIM includes, why it matters, and how it helps you stay in control during the sale process.
When it comes time to sell your business, buyers won’t just look at your numbers in a vacuum. They’ll compare them to companies like yours—especially if those companies have sold recently.
In this episode, I break down how comparable sales and competitor data influence valuation, what buyers really pay attention to, and how to prepare your business to stand out.
If you’re approached by a non-U.S. buyer interested in your company, it’s not business as usual. Cross-border deals can come with unexpected challenges—from regulatory reviews to ownership restrictions. In our latest piece, we cover what founders should understand before engaging in a conversation with an international acquirer.
Learn how to negotiate a stronger exit, protect your interests, and maximize your payout in this insightful conversation with Kirk Michie.
Selling your business can be a complex process, especially when dealing with financial buyers like private equity firms. These buyers often request an overwhelming amount of information during due diligence, leaving business owners wondering how to manage it all. Understanding the key differences between financial buyers and operators is crucial for navigating these requests. In this guide, we provide practical tips on how to take control of the due diligence process, focus buyer attention on what really matters, and ensure a successful sale for both parties. Learn how to outsmart financial buyers and streamline the sale of your business.
Get more information at https://candor-advisors.com
Key Highlights:
1.Confidentiality Agreement (NDA): Ensure all potential buyers sign an NDA before receiving sensitive information about your business. This protects your intellectual property, financials, and customer data.
2.Business Valuation: Familiarize yourself with industry-standard multiples of EBITDA, revenue, or discretionary earnings to understand what your business might be worth in the current market. You don’t need a formal valuation, but it’s important to have a benchmark.
3.Showcasing Your Business: Create materials that highlight your business’s performance, key employees, and growth opportunities. This is critical for presenting your company in the best light to potential buyers.
4.Buyer Universe: Identify potential buyers, including private equity firms, strategic buyers, and competitors. Reach out to all of them simultaneously to generate interest and competition.
5.Driving Value: By running a well-organized process, you can create competition among buyers to secure the highest price, best terms, and the ideal outcome for your business’s future.
Get more information at https://candor-advisors.com
Key Highlights:
1.Confidentiality Agreement (NDA): Ensure all potential buyers sign an NDA before receiving sensitive information about your business. This protects your intellectual property, financials, and customer data.
2.Business Valuation: Familiarize yourself with industry-standard multiples of EBITDA, revenue, or discretionary earnings to understand what your business might be worth in the current market. You don’t need a formal valuation, but it’s important to have a benchmark.
3.Showcasing Your Business: Create materials that highlight your business’s performance, key employees, and growth opportunities. This is critical for presenting your company in the best light to potential buyers.
4.Buyer Universe: Identify potential buyers, including private equity firms, strategic buyers, and competitors. Reach out to all of them simultaneously to generate interest and competition.
5.Driving Value: By running a well-organized process, you can create competition among buyers to secure the highest price, best terms, and the ideal outcome for your business’s future.
Get more information at https://candor-advisors.com
Guest podcast by David King: discussing Private Equity Today, Search Funds and Other Financial Buyers.
Key Highlights:
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Understanding Search Funds: Search funds are a newer type of buyer often led by individuals with limited experience in acquisitions. Unlike traditional private equity firms, search fund leaders may lack experience in deal execution and due diligence.
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Challenges with Search Funds: A significant issue with search funds is their inability to close deals. Many search fund leaders have never bought a business before, making it difficult for them to secure financing and complete transactions. This can lead to broken LOIs, where deals fall apart after months of due diligence, wasting valuable time for sellers.
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The Risk of Broken LOIs: According to recent data, most broken LOIs result from buyer behavior during due diligence. Sellers must be cautious about entering into exclusivity agreements with buyers who may not have the resources or experience to close the deal.
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Importance of Buyer Evaluation: Sellers should thoroughly vet potential buyers before accepting an LOI. Ensuring that the buyer has the necessary experience, financial backing, and ability to conduct due diligence is crucial to avoid disruptions in the sale process.
Get more information at https://candor-advisors.com
Key Highlights:
-
Understanding Search Funds: Search funds are a newer type of buyer often led by individuals with limited experience in acquisitions. Unlike traditional private equity firms, search fund leaders may lack experience in deal execution and due diligence.
-
Challenges with Search Funds: A significant issue with search funds is their inability to close deals. Many search fund leaders have never bought a business before, making it difficult for them to secure financing and complete transactions. This can lead to broken LOIs, where deals fall apart after months of due diligence, wasting valuable time for sellers.
-
The Risk of Broken LOIs: According to recent data, most broken LOIs result from buyer behavior during due diligence. Sellers must be cautious about entering into exclusivity agreements with buyers who may not have the resources or experience to close the deal.
-
Importance of Buyer Evaluation: Sellers should thoroughly vet potential buyers before accepting an LOI. Ensuring that the buyer has the necessary experience, financial backing, and ability to conduct due diligence is crucial to avoid disruptions in the sale process.
Get more information at https://candor-advisors.com
When the time comes to sell your business, one of the most critical decisions you’ll make is whose advice to follow. The process of selling a company is complex, and the right guidance can make all the difference. However, with so many voices offering opinions, it’s essential to discern which advice truly adds value.
Get more information at https://candor-advisors.com
Recently watching #masterclass with Lewis Hamilton, reading Build the Life You Want by Oprah Winfrey and Arthur Brooks, and regular doses of Daily Stoic with Ryan Holiday, we noticed some common themes with successful founder sales. Gave us a few minutes and we might save or make you $Millions!
Find out more at https://candor-advisors.com
Find out more at the show page linked below:
https://beyond8figures.com/podcast_episode/the-6-key-steps-to-selling-a-business-with-kirk-michie-candor-advisors/
When a buyer tells you they know the market and they've done lots of deals, and the value of your business is X to Y or that it would trade in a range of A to B times EBITDA, be skeptical. They're rarely as savvy as they project and, in any case, they definitely don't have your best interests in mind.
Find out more at https://candor-advisors.com
Kirk Michie talks about economic private & public sentiment, buying behavior trends he’s keeping his eye on, the importance of focusing on purpose over profit, & more.
When a buyer tells you they know the market and they've done lots of deals, and the value of your business is X to Y or that it would trade in a range of A to B times EBITDA, be skeptical. They're rarely as savvy as they project and, in any case, they definitely don't have your best interests in mind.
Find out more at https://candor-advisors.com
First, cue the sound tires screeching to a halt! Second, don't provide anything else. Next, pause, and let's review your leverage, your options, and your WHY. These few minutes could save or make you $Millions. Maybe more.
Find out more at https://candor-advisors.com
We have dozens, if not hundreds of growth equity, structured finance, and traditional private equity firms in our network that are set up specifically to provide capital to solve these dilemmas.
We can help!
Find out more at https://candor-advisors.com
Founders are busy! They need us to be clear, quick, and specific when they ask, how can you help my business? Candor Advisors works with one kind of client in 3 specific ways...
We build a deal team if you’re ready to go to market.
If you want to transition or sell your company in the next two to three years,
We can maximize sales price, deal terms, legacy, and more typically a combination of those things
We help with misaligned shareholder interests or dealing with the wrong partner.
Find out more at https://candor-advisors.ocm