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

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/

Preparing for Sale: Dave Parker on What Founders Get Wrong Before They Sell

Episode Overview Dave Parker has founded six companies, sold three, and watched the exit process blindside founders at every turn. Not because the process is complicated, but because so much of it is invisible until you are already in the middle of it. His thesis is direct: founders should run the private equity playbook on their own businesses before a buyer ever arrives. Extract the value yourself. Then present it. What the Episode Explores • Why the revenue model you choose can dramatically change your enterprise value before you ever talk to a buyer • The four primary exit paths, IPO, strategic buyer, private equity, and ESOP, and which ones apply to which kinds of businesses • How to run two playbooks simultaneously: strategic value and financial value • Why pricing models, subscription structures, and recurring revenue reframe how buyers calculate what your company is worth • The five product-market fit factors that determine whether your financial model will hold up in a deal • Why founders should track enterprise value metrics on a quarterly dashboard, the same way they track revenue and EBITDA • What Dave would do differently if he were starting his first company today Lessons That Stay With You So much of the exit process is opaque until you are in the middle of it. By then, it is too late to fix the things that matter. The private equity firm will run the playbook on your business after they buy it. The question is whether you run it first. How you price your product is not just a go-to-market decision. It is a valuation decision. Enterprise value metrics belong on your board deck. Not just operational KPIs. Customer concentration is not just a risk flag. It is a deal structure risk that affects how much you walk away with. Moments That Linger "From the founder's perspective, so much of this process is opaque until you're in the middle of it. And then when you're in the middle of it, you're like: how come I didn't know this?" "You want to run the private equity playbook for yourself, extract as much of that value as possible, and then present to a private equity or a strategic buyer." "I went from having somebody in my corner to having nobody in my corner. And I think that's really our only mission, helping founders get great exits." About the Guest Dave Parker is a six-time founder with three exits, and a three-time venture capitalist with more than 80 investments. After more than 25 exits as a founder, operator, board member, and advisor, he founded Get Trajectory — a firm with one mission: great exits for founders. Dave is a board member, keynote speaker, non-profit professional, and published author of Trajectory: Startup. gettrajectory.com 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 Dave Parker: gettrajectory.com [https://gettrajectory.com] | dave@gettrajectory.com [dave@gettrajectory.com] | https://www.linkedin.com/in/daveparker/ [https://www.linkedin.com/in/daveparker/] Follow The Mid-Market Edge: https://www.linkedin.com/company/mid-market-edge-podcast/ [https://www.linkedin.com/company/mid-market-edge-podcast/] | www.midmarkedge.com [https://www.midmarkedge.com] Connect with Kevin Bonfield: concentre.net [https://concentre.net] | https://www.linkedin.com/in/kevinbonfield/ [https://www.linkedin.com/in/kevinbonfield/]

Preparing for Sale: Patrick O'Connell on What Buyers Know Before You Do

Episode Overview Most sellers go to market thinking they know what their business is worth. The number in their head is built on years of ownership, not on what a professional buyer sees when they open the books. Patrick O'Connell has worked on hundreds of deals from both sides of the table, and the pattern is consistent: the sellers who arrive prepared control the process. The ones who don't hand that control to the buyer team the moment diligence begins. What the Episode Explores • The difference between reported EBITDA and defensible EBITDA • Why a sell-side quality of earnings shifts negotiating leverage back to the seller • How buyer type — strategic versus private equity — shapes valuation multiples • What happens when a business goes to market with declining earnings, and how to recover • Why investment bankers who skip the sell-side QoV become the finance function of the deal • Where AI fits in deal-making, and where human judgment still decides outcomes Lessons That Stay With You Buyers are not buying your history. They are buying their confidence in the future. A quality of earnings report is not a compliance exercise. It is a diagnostic that tells you what to fix before buyers find it. The trailing twelve months is the most important number in your deal. Recency matters more than the story you tell about it. Leverage in a transaction belongs to whoever controls the numbers first. Building a great business and building a sellable business are related disciplines. They are not the same one. Moments That Linger "Fire yourself from being the finance and accounting function of your deal." "You don't want a buy-side due diligence team to dictate valuation. You want to start with your own work conducted." "When we step into a target company and they don't prepare this, we have significant leverage over their deal team." About Patrick O'Connell Patrick O'Connell is the founder of O'Connell Advisory Group (OAG), a financial due diligence firm serving entrepreneurs, private equity groups, and independent sponsors navigating lower middle market M&A transactions. A serial entrepreneur since childhood with deep roots in traditional transaction advisory, Patrick built OAG around a belief that smaller business owners deserve the same rigor and diligence quality typically reserved for large-cap deals. His firm provides Quality of Earnings (QoV), transactional tax, and valuation advisory, working on both the buy side and the sell side to help clients understand what their numbers actually say before a buyer does. About the Host: Kevin Bonfield 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 Patrick O'Connell: LinkedIn [https://www.linkedin.com/in/patrick-o-connell-3b235177] | OAG Website [https://oconnelladvisorygroup.com/] If you'd like to copy of OAG's 2026 Independent Sponsor Market Report: Email [%20contact@oconnelladvisorygroup.com] Subscribe to The Mid-Market Edge: Youtube [https://www.youtube.com/@Mid-MarketEdgePodcas]t | Apple Podcast [https://podcasts.apple.com/us/podcast/the-mid-market-edge/id1846931727] | LinkedIn Page [https://www.linkedin.com/company/mid-market-edge-podcast/] Connect with Kevin Bonfield: concentre.net [https://concentre.net] | midmarketedge.com [https://www.midmarketedge.com/] | LinkedIn [https://www.linkedin.com/in/kevinbonfield/]