Preparing for Sale: Oliver Cone on What Buyers Are Actually Buying

Preparing for Sale: Steven Pivnik on the Number He Refused to Move

Episode Overview Most founders think the leverage in a deal comes from the number they name. Steven Pivnik's story says otherwise. He spent 26 years building a technology company from a custom application shop into a multi-country software business of more than 200 employees, then sold it to a $4 billion competitor. Three years before that sale, he and a buyer had already agreed on a number, gone into diligence, and reached the moment the buyer tried to reprice. Steven refused, they walked, and three years later the same buyer paid 30 percent more. This episode is the whole arc: the build, the disciplines that made the number defensible, the deal that walked away and came back, the closing day that lasted 48 hours, and what he does now to help other founders do it better than he did. What the Episode Explores * Why Steven built for 20 years with no exit in mind, and what changed when he surrounded himself with the right advisors * Why 60% of his leadership team turned over in the lead-up to the exit, and why that was the right decision * ABC: Always Be Closing your books, and why financials closed within seven days of month end change how buyers perceive you * Why a data room ready for due diligence tomorrow is a competitive advantage today * How customer concentration and trailing growth are evaluated by buyers, and how Steven navigated a Microsoft concentration * The deal that fell apart after two months of diligence, and why the same buyer paid 30% more three years later * Why estate and tax planning should happen years before a potential sale, not weeks before * How the Ironman World Championship became Steven's off-ramp from the founder identity question Lessons That Stay With You * Defend a number you can prove, not one you hope is fair. Preparation is what turns a price into a position you can hold. * Always be closing your books. Financials closed within seven days of month end signal to every counterparty that this business is run with precision. * A data room ready for due diligence tomorrow is not premature. The founder who can hand over credentials immediately sends a signal no pitch deck can replicate. * They will find everything. Surface the uncomfortable things yourself, early, before they become leverage against you. * Surrounding yourself with people who have been in your shoes is not optional. Suffering is. Moments That Linger * "We said this is the number we agreed to. Do not reprice it." * "They will find everything. Get that information out early so it's not used against you later." * "Surround yourself with at least one person that has been in your shoes. Suffering is optional." About the Guest Steven Pivnik is a recovering entrepreneur, endurance athlete, and author of Built to Finish, an Amazon number one bestseller. Over 26 years he founded, scaled, and sold a technology company that grew to more than 200 employees across 12 countries before a strategic exit to a $4 billion competitor. He now advises founders navigating the same journey, using an eight-category assessment to identify where a business sits today and what moves will produce the largest valuation gains in the next 12 to 24 months. Resources & Links * Built to Finish (book): amazon.com [https://amazon.com] * Steven Pivnik: stevenpivnik.com [https://stevenpivnik.com] * Connect with Steven Pivnik: linkedin.com/in/stevenpivnik [https://linkedin.com/in/stevenpivnik] About the Host Kevin Bonfield is a strategy advisor and operator with more than twenty years of experience helping mid-market companies scale through complexity, transition, and growth. As the founder of Concentre, Kevin works with founders and private equity-backed companies to strengthen operating models, leadership capability, and organizational readiness ahead of critical growth and transition events. Resource and Links: * LinkedIn: Kevin Bonfield | LinkedIn [https://www.linkedin.com/in/kevinbonfield/] * Concentre: Concentre.net [https://concentre.net/] * The Mid-Market Edge: midmarketedge.com [https://midmarketedge.com/] | https://www.linkedin.com/company/109369119/ [https://www.linkedin.com/company/109369119/]

Preparing for Sale: Oliver Cone on What Buyers Are Actually Buying

Episode Overview Most of Oliver Cone's clients have never sold a business before. They have built something over twenty or thirty years, and now it is time to figure out what comes next. Oliver has spent more than two decades as an M&A advisor at Bulkley Capital, quarterbacking that process from the first conversation to the money in the bank. His perspective is unusually clear-eyed about what actually drives an outcome: not the pitch, not the spin, but how well a founder has prepared the business and themselves for the questions a buyer is going to ask. What the Episode Explores • Why most founders selling a business have never done a transaction before, and what that means for how the process needs to be run • The difference between conserving wealth and building wealth, and why most sellers have reached that turning point • Why a seller-side quality of earnings report changes the trust equation with a buyer before diligence even begins • What buyers are actually pricing when they evaluate owner dependency, customer concentration, and management depth • Why strategic buyers and financial buyers offer fundamentally different futures, not just different price tags • How management teams can end up with real ownership stakes through a well-run process • Why so many owners regret selling, and why it is almost never about the money Lessons That Stay With You Most owners selling a business have never done it before. The process should be built around that reality, not around how quickly a deal can close. A buyer is not just pricing your earnings. They are pricing the risk that those earnings disappear without you in the room. Exit planning happens at the kitchen table, the boardroom table, or the hospital. Choosing the first one is the only one you control. The owners who regret selling are rarely unhappy about the money. They are unhappy because they never answered the question of what comes next. When you think something is going to be a problem in diligence, it usually is. Address it before the market does. Moments That Linger "Exit planning happens either at the kitchen table, with the family business around a conference table, or it happens in a hospital, or even worse, at the funeral home." "If I've paid an owner a ton of money and he no longer owns the controlling position in the company, even if he sticks around, is he really going to be motivated to help me grow this business?" "When you think something is going to be a problem, it usually is in the market." About the Guest Oliver Cone has 25 years of experience planning and executing targeted sell-side M&A processes for founder- and family-owned businesses at the lower end of the middle market, typically with annual revenues of $20 million to $100 million. He has led transactions involving both corporate and private equity buyers across multiple industries, with significant experience in technician-based services, engineering, manufacturing, and distribution. Oliver holds BA and MA degrees from the University of Oxford and an MBA from the University of Texas at Dallas. Resources & Links • Bulkley Capital: bulkleycapital.com [https://bulkleycapital.com] • Connect with Oliver Cone: linkedin.com/in/oliver-cone-58469b [https://linkedin.com/in/oliver-cone-58469b]/ About the Host Kevin Bonfield is a strategy advisor and operator with more than twenty years of experience helping mid-market companies scale through complexity, transition, and growth. As the founder of Concentre, Kevin works with founders and private equity-backed companies to strengthen operating models, leadership capability, and organizational readiness ahead of critical growth and transition events. Through The Mid-Market Edge Podcast, Kevin brings forward practical conversations focused on the realities of leadership, scale, integration, and value creation inside mid-market organizations. Resource and Links: * LinkedIn: Kevin Bonfield | LinkedIn [https://www.linkedin.com/in/kevinbonfield/] * Concentre: Concentre.net [https://Concentre.net] * The Mid-Market Edge: midmarketedge.com [https://midmarketedge.com] | https://www.linkedin.com/company/109369119/ [https://www.linkedin.com/company/109369119/]

Preparing for Sale: Nickie Froiland on Why Most Founders Go to Market Too Soon

Episode Overview Nickie Froiland thinks about preparing for sale the way a lighting designer thinks about a building. If you bring them in too late, you will get some version of the result you wanted. Just not the best one. Most founders go to market when they are tired, when circumstances force them, or when an offer arrives. Very few go to market when they are actually ready. Nickie is the co-founder of Motus9, and her work is about closing that gap: getting founders aligned, detached, operationally clear, and personally prepared long before a deal conversation begins. What the Episode Explores • Why preparing for sale is like lighting design: the earlier you start, the better the outcome • The 12 valuation checkboxes and why most founders show up with only four ticked • What it actually takes to detach your identity from the business before a sale • Why business moves at the rate you make decisions, and what happens when founders are misaligned • The Elephant Workshop: how to surface what everyone is avoiding before it surfaces in diligence • The three tables where a sale begins: the kitchen table, the boardroom table, and the operating table • Why preparing to sell is the same discipline as writing a will, and why most people wait too long Lessons That Stay With You You need one and a half to three years to prepare for an exit if you want to optimise the outcome. Going to market because you are tired is not a strategy. Detaching your identity from the business is not a metaphor. It is operational work. You have to remove your fingerprint from the things that no longer need your fingerprint on them. Business moves at the rate at which you make decisions. And your rate of decision-making is entirely dependent on how aligned you are with the people around you. There are three tables where a sale can begin: the kitchen table, the boardroom table, and the operating table. Which one you are sitting at when the conversation starts determines almost everything about the outcome. Preparing to sell your business is really the same as creating a will. If you wait until you are done, you will get what you get. Moments That Linger "Do not go to market just because you are ready to sell. Just because you are tired and ready to sell is not your first move. It is a terrible idea." "Preparing to sell your business is really the same as creating a will. If you wait until you're done with your business, you're going to get what you get." "Everything they love in their business is because of them. And everything they hate in their business is because of them. Let's work with all of it." About the Guest Nickie Froiland is a growth strategist, speaker, and co-founder of Motus9, where she works with founders and executive teams to build aligned, high-performing organizations. She specializes in helping leaders see what they cannot see by unlocking clarity, accountability, and sustainable growth. Her approach blends strategic rigor with deep human insight to create lasting impact. About the Host Kevin Bonfield is a strategy advisor and operator with more than twenty years of experience helping mid-market companies scale through complexity, transition, and growth. As the founder of Concentre, Kevin works with founders and private equity-backed companies to strengthen operating models, leadership capability, and organizational readiness ahead of critical growth and transition events. Through The Mid-Market Edge Podcast, Kevin brings forward practical conversations focused on the realities of leadership, scale, integration, and value creation inside mid-market organizations. Resources & Links * Motus9: motus9.com [https://motus9.com] * LinkedIn: linkedin.com/in/nickiefroiland/ [https://linkedin.com/in/nickiefroiland/] * LinkedIn: Kevin Bonfield | LinkedIn [https://www.linkedin.com/in/kevinbonfield/] * Concentre: Concentre.net [https://Concentre.net] * The Mid-Market Edge: midmarketedge.com [https://midmarketedge.com] | https://www.linkedin.com/company/109369119/ [https://www.linkedin.com/company/109369119/]

Preparing For Sale: Lynn Anstett on How to Build a Business That Runs Without You

Episode Overview Lynn Anstett built Stett Transportation from a folding table in her basement into one of Inc. Magazine's 5,000 fastest-growing companies in America. She went through a sale process, got two weeks from close — and walked away. Not because the deal fell apart. Because she realised what she was about to hand over, and it did not match what she had actually built. This episode is about what that process revealed, and what founders need to understand about owner dependency, leadership readiness, and identity long before they ever talk to a buyer. What the Episode Explores • How Lynn built Stett Transportation from a basement cold-calling operation to an Inc. 5000 company over 31 years • Why she walked away from a deal two weeks before close and what she learned from the experience • How to place the right people in the right seats and actually step back far enough that it sticks • Why announcing a leadership transition is not the same as making one, and how to make it real • The identity question every founder eventually faces: who are you without the business? • What Lynn looks for in the founders she coaches today: the difference between a lifestyle business and a sellable asset • Why removing fear-based decision making is the most important thing she would do differently Lessons That Stay With You You can put the leadership team in place and be clear on the roles. But until you step out and say no, I cannot make that decision, it is not real. You remain the node. Getting the right people in the right seats is not a one-time event. You will outgrow managers, and the process happens more than once as the business scales. The identity that was tied to the company does not disappear when the company changes hands. That work has to happen before the close, not after. Once you cross the threshold from closing your first deal to building a real business, it is time to think about your exit strategy. Not at the end. Now. Remove fear-based decision making. Trust the values. Course-correct when it is wrong. That is the whole game. Moments That Linger "It was never about the money for you. If you get the right people in the right seat, you do the right stuff, you walk the walk, the money comes." "You continue to be the node until you push it back into the organisation. You create confusion the longer you stay engaged." "I would remove fear-based decision making. I would guess to my gut. I'm a good human. If you operate with values, remove the fear and just go." About the Guest Lynn Anstett is the founder of Stett Transportation, a chemical freight brokerage she built over 31 years from a folding table in her basement into one of Inc. Magazine's 5,000 fastest-growing companies in America. She went on to serve as Global Chair of the Entrepreneurs' Organization, a network of 18,000 or more founders across 75 countries, and is a graduate of MIT's Entrepreneurial Master's Program. Today, through Stett Leadership, Lynn coaches founders on removing owner dependency, placing the right people in the right seats, and building the systems that drive predictable, sustainable growth. Resources & Links • Stett Leadership: stettleadership.com [https://stettleadership.com] • Stett4Kids: stett4kids.com [https://stett4kids.com] • Email: lynn@stett.net [lynn@stett.net] About the Host Kevin Bonfield is a strategy advisor and operator with more than twenty years of experience helping mid-market companies scale through complexity, transition, and growth. As the founder of Concentre, Kevin works with founders and private equity-backed companies to strengthen operating models, leadership capability, and organizational readiness ahead of critical growth and transition events. Through The Mid-Market Edge Podcast, Kevin brings forward practical conversations focused on the realities of leadership, scale, integration, and value creation inside mid-market organizations. About the Host Kevin Bonfield is a strategy advisor and operator with more than twenty years of experience helping mid-market companies scale through complexity, transition, and growth. As the founder of Concentre, Kevin works with founders and private equity-backed companies to strengthen operating models, leadership capability, and organizational readiness ahead of critical growth and transition events. Through The Mid-Market Edge Podcast, Kevin brings forward practical conversations focused on the realities of leadership, scale, integration, and value creation inside mid-market organizations. Connect with Kevin Bonfield: concentre.net [https://concentre.net] | midmarketedge.com [https://midmarketedge.com] | https://www.linkedin.com/in/kevinbonfield/ [https://www.linkedin.com/in/kevinbonfield/] | https://www.linkedin.com/company/109369119/ [https://www.linkedin.com/company/109369119/]

Preparing for Sale: Adi Klevit on The Knowledge That Walks Out the Door When You Sell

Episode Overview Documented processes are not a compliance exercise. They are the difference between a business a buyer can trust and a business a buyer discounts. Adi Klevit has spent her career extracting institutional knowledge from founders, operators, and long-tenured employees, and turning it into something transferable. Her central insight is straightforward and uncomfortable: if the process lives in someone's head, it is not a business asset. It is a personal liability. What the Episode Explores • Why undocumented processes are a valuation risk, not just an operational inconvenience • The three levels of process documentation and how to know which level your business needs • How to extract knowledge from founders and employees who resist giving it up • What private equity buyers find when they acquire a company with no documented processes • Why process documentation is the foundation that makes AI automation possible • How connecting strategy to process changes what gets written down and why it gets followed • What Adi would do differently if she were starting her career again today Lessons That Stay With You When you buy a company, you are buying the knowledge. If the knowledge is not documented, the knowledge is in people's heads. And people leave. A process that is well documented but never followed is worth nothing. Implementation is the work that documentation makes possible. The feeling that everything is constantly changing is often a symptom of undocumented processes, not actual change. Before you can automate anything, you have to understand what you are actually doing. That has been true since the semiconductor plants of the 1990s. It is still true now. Stability is not the absence of change. It is having a process for how to manage it. Moments That Linger "When you are buying a company, you are buying the knowledge. You're buying the people. You're buying the processes. If the processes are not documented, the processes are in people's heads, and that is where the problem begins." "We can't just create agents without having a process there. We are working with more companies that are AI consultants, because we are creating the processes before that so they can automate." "If you remain stable, if you remain doing what you are doing, you will be able to continue to move forward. If you get swept away by the wind of change, you are going to feel all the time that there is change." About the Guest Adi Klevit is the CEO and founder of BizSuccess Consulting Group, with more than 30 years of experience as a process consultant, executive, and entrepreneur. She works with fast-growing companies and founders preparing for transition, helping them bring order to their operations through process documentation and systems that actually get followed. Known for making a notoriously dry topic genuinely practical, Adi has a gift for extracting institutional knowledge from the people who hold it and turning it into something a business can run on without them. Her work sits at the intersection of operational readiness and exit preparation — and she has seen firsthand what happens when that work is skipped. Adi hosts The Systems Simplified Podcast, publishes a weekly blog, and has been featured in Inc.com and on numerous podcasts and stages. She regularly delivers workshops and webinars on systematising businesses, and offers free process mapping sessions for founders ready to take the first step. About the Host Kevin Bonfield is a strategy advisor and operator with more than twenty years of experience helping mid-market companies scale through complexity, transition, and growth. As the founder of Concentre, Kevin works with founders and private equity-backed companies to strengthen operating models, leadership capability, and organizational readiness ahead of critical growth and transition events. Through The Mid-Market Edge Podcast, Kevin brings forward practical conversations focused on the realities of leadership, scale, integration, and value creation inside mid-market organizations. Connect with Adi Klevit: linkedin.com/in/adiklevit | bizsuccess.com Connect with Kevin Bonfield: concentre.net | midmarketedge.com | https://www.linkedin.com/in/kevinbonfield/