50: The Exit Readiness Mistake Most Founders Make Before Selling Their Business

50: The Exit Readiness Mistake Most Founders Make Before Selling Their Business

Building a company is hard. Exiting successfully is even harder. In this episode of From Angel to Exit, Ana Chaud shares the remarkable story behind Garden Bar and the lessons she learned scaling, selling, and transitioning beyond founder life. Born and raised in Brazil, Ana spent over a decade as a business consultant working closely with entrepreneurs before launching her own company. Following a major life transition and frustration with the lack of healthy lunch options in Portland, Oregon, she founded Garden Bar, a fast-casual salad concept inspired by brands like Sweetgreen and Chopt. What started as a personal need quickly evolved into a rapidly growing business. Ana discusses how Garden Bar expanded from one location to nine locations in just three and a half years by focusing relentlessly on operational efficiency, customer experience, and financial performance. She explains how understanding throughput, labor costs, food costs, and unit economics allowed the business to scale sustainably while creating strong brand recognition. The conversation explores the acquisition process in detail, including how a Seattle-based competitor approached Garden Bar, the negotiation process, and the importance of having experienced advisors during M&A transactions. Ana shares how investor alignment, valuation expectations, and clean financial reporting played a critical role in achieving a successful outcome. One of the most valuable parts of the discussion focuses on exit readiness. Ana emphasizes that founders should prioritize financial hygiene long before considering a sale. Accurate reporting, strong investor communications, clear cap table management, and a thoughtful funding strategy can dramatically improve both valuation and deal execution. The episode also explores founder identity after an exit. Ana reflects on navigating life beyond her role as CEO, the emotional aspects of letting go, and how her experience ultimately led her back to helping founders as a fractional CFO and strategic advisor. For founder-CEOs preparing to scale, raise capital, or pursue an eventual acquisition, this conversation offers practical guidance on growth strategy, financial leadership, and building a company that is truly exit-ready.   Key Takeaways: * Financial discipline creates leverage during growth and acquisition discussions. * Founder communication and team buy-in directly impact execution success. * Clean financial records simplify due diligence and increase buyer confidence. * Understanding unit economics is critical for multi-location scaling. * Funding strategy should align with long-term exit objectives. * Investor transparency builds trust and strengthens acquisition outcomes. * Founders should prepare emotionally for life after an exit. * Financial literacy is a leadership skill every founder must develop.   Timestamps: 00:00 Exit Planning Intro 00:50 Meet Ana Chaud 01:27 From Brazil to Consulting 03:12 Founder Do's and Don'ts 05:18 Divorce to Salad Idea 08:06 Launching and Scaling Fast 09:10 Designing for Exit 11:15 Restaurant Numbers That Matter 14:00 Culture and Frontline Team 16:23 Exit Options Before Competition 19:03 Evergreens Acquisition Talks 20:39 Deal Priorities and Valuation 24:03 Valuation and goodwill 25:13 Deal terms and earn-out 26:01 COVID wipes revenue 26:58 Life after acquisition 27:54 Founder identity shift 30:58 Post-exit consulting return 33:22 What to do differently 36:19 Advice know your numbers 41:04 Finance hygiene timeline 43:19 Current work and programs 45:04 Starting again and closing   Links & Resources * Ana Chaud * LinkedIn: https://www.linkedin.com/in/anachaud/ [https://www.linkedin.com/in/anachaud/] * Website: https://sankalpaleadership.com/ [https://sankalpaleadership.com/] * Subscribe to the Podcast: * Find From Angel to Exit on Apple Podcasts, Spotify, Google Podcasts, or wherever you listen. Be sure to hit “Subscribe” so you never miss an episode. * Newsletter & Exclusive Content: * Sign up for the free newsletter at eckfeldt.com/podcast [https://eckfeldt.com/podcast] for episode transcripts, bonus insights, frameworks, and community updates. * Connect with Bruce & the Community: * LinkedIn: Bruce Eckfeldt [https://www.linkedin.com/in/beckfeldt] * Instagram: @bruce_eckfeldt [https://www.instagram.com/bruce_eckfeldt/] * Email: * podcast@eckfeldt.com * bruce@eckfeldt.com [http://admin5.podbean.com]

49: The Leadership Hiring Strategy That Helped Scale and Successfully Exit Twice with Carl Kutsmode

In this episode of From Angel to Exit, host Bruce Eckfeldt sits down with executive recruiting entrepreneur Carl Kutsmode to discuss the realities of scaling, leading, and exiting businesses in the recruiting and talent acquisition industry. Carl shares how his entrepreneurial journey began after transitioning from management consulting into recruiting during the early days of online hiring. Recognizing the opportunity created by internet-based recruiting before most competitors adapted, he helped build one of the earliest outsourced recruiting models long before Recruitment Process Outsourcing (RPO) became mainstream. Throughout the conversation, Carl explains how disruption became the core growth driver behind both of his businesses. From the dot-com crash to the 2008 financial crisis and healthcare reform, Carl consistently identified emerging talent gaps and repositioned his companies to meet rapidly changing market demands. He details how scalable recruiting solutions, recurring revenue streams, and niche specialization created strong enterprise value and ultimately led to successful acquisitions. Carl also offers candid insight into the emotional and operational realities of mergers and acquisitions. He discusses lessons learned from earn-outs, rollover equity, founder employment agreements, and post-acquisition integration challenges. One of the biggest takeaways is the importance of cultural alignment during acquisitions, especially when protecting employees and maintaining long-term leadership continuity. The discussion also explores founder self-awareness and leadership evolution. Carl explains how recognizing his strengths in business development—and hiring experienced operational leadership around him—allowed the company to scale more effectively. He highlights the role of CEO peer groups like Vistage, mentorship, and fractional leadership in accelerating growth. Today, Carl leads B2B VIP Executive Alliance [https://b2b-vip.com/?utm_source=chatgpt.com], a network-first executive search and career transition platform exclusively focused on recruiting and coaching growth-oriented transformational leaders fo. His latest venture emphasizes relationship-building, executive networking, and a more human-centered approach to executive recruiting in today’s AI-driven hiring environment.  Key Takeaways: * Recurring revenue models create stronger enterprise value than project-only consulting businesses. * Market disruption often creates the best opportunities for scalable business growth. * Founder-CEOs must align revenue goals with clear exit timelines early. * Cultural fit matters as much as valuation during acquisition negotiations. * Earn-outs and rollover equity increase risk when founders lose operational control. * Self-awareness helps founders hire leadership talent that accelerates scaling. * Fractional executives provide experienced leadership without full-time executive overhead. * Executive recruiting is shifting toward relationship-first, human-centered networking models.   Chapters: 00:00 Exit Planning Intro 00:50 Meet Carl Cutsmode 01:51 Consulting to Recruiting Pivot 03:47 Building Tiburon Group 04:57 Big Goals and Mentors 08:25 Scaling Through Downturns 11:16 First Exit Opportunity 12:49 Choosing the Right Buyer 14:37 Earn Out Lessons Learned 18:20 Post Deal Reality Check 19:46 Founder Control After Sale 20:14 Consulting During Noncompete 21:06 Launching TalentRise Again 22:34 Scaling With Right Team 26:11 Fractional Talent Advantage 28:01 Go To Market Through Disruption 30:29 Second Exit Deal Terms 32:02 Comparing Exit Experiences 33:53 Building The Next Venture 37:28 Messaging Pivots And Focus Groups 40:20 Where To Connect Next   Links & Resources * Carl Kutsmode * LinkedIn: https://www.linkedin.com/in/carlkutsmode/ [https://www.linkedin.com/in/carlkutsmode/] * Website: B2B VIP Executive Alliance [https://b2b-vip.com?utm_source=chatgpt.com] * Subscribe to the Podcast: * Find From Angel to Exit on Apple Podcasts, Spotify, Google Podcasts, or wherever you listen. Be sure to hit “Subscribe” so you never miss an episode. * Newsletter & Exclusive Content: * Sign up for the free newsletter at eckfeldt.com/podcast [https://eckfeldt.com/podcast] for episode transcripts, bonus insights, frameworks, and community updates. * Connect with Bruce & the Community: * LinkedIn: Bruce Eckfeldt [https://www.linkedin.com/in/beckfeldt] * Instagram: @bruce_eckfeldt [https://www.instagram.com/bruce_eckfeldt/] * Email: * podcast@eckfeldt.com * bruce@eckfeldt.com [http://admin5.podbean.com]

48: What Jeff Corn Learned About Co-Founders, Exit Strategy, and Who You Are After the Deal

Building a scalable business is rarely a straight line—and exiting one is even more complex. In this episode, Jeff Corn, founder of Virtuance, shares a candid look into his entrepreneurial journey, from early hustle to eventual acquisition. Jeff began with a simple insight: real estate photography was inefficient, expensive, and outdated. By combining creative expertise with operational efficiency, he built a company designed to streamline the process. However, like many founders, Jeff underestimated the complexity of scaling. What started as a scrappy operation quickly evolved into a multi-market business requiring technology, systems, and leadership growth. A major turning point came when founder misalignment surfaced. Differences in vision, risk tolerance, and personal motivations led to a multi-year process of restructuring ownership. This highlights a critical lesson for founders: alignment early on is essential to long-term success and exit readiness. As Virtuance scaled, Jeff transitioned from working in the business to working on it—seeking peer networks, coaching, and strategic clarity. These shifts were key to preparing the company for acquisition. The exit process itself proved far more challenging than expected. Jeff shares the emotional rollercoaster of M&A, emphasizing the importance of maintaining optionality and not becoming overly attached to a single outcome. Strategic decisions—like avoiding earn-outs—played a crucial role in protecting value. Ultimately, the exit was successful, but Jeff emphasizes that the biggest lessons were personal. Post-exit, he navigated identity shifts, rediscovered purpose, and redefined success beyond financial outcomes. This episode is a must-listen for founder-CEOs considering scaling or exiting, offering real-world insights into business growth, M&A strategy, and life after exit. Key Takeaways: * Founder misalignment can significantly delay growth and complicate exit strategy decisions * Bootstrapping builds control but limits access to strategic guidance and capital * Scaling requires shifting from execution to strategic leadership and team development * Peer groups and coaching accelerate founder growth and decision-making clarity * Exit processes are unpredictable—maintaining optionality improves negotiation leverage * Avoiding earn-outs can protect founders from post-acquisition performance risk * Personal readiness is as important as business readiness in successful exits * True fulfillment post-exit requires redefining purpose beyond financial success   Timestamps: 00:00 Show Intro Guest Setup 00:33 Jeff Origin Story 01:01 From TV To Real Estate 03:40 Founding Virtuance 04:04 Clueless Early Scaling 06:16 Market Problem Thesis 09:22 Early Objections Resistance 10:21 Basement Grind Days 12:46 Second City Expansion 14:22 Founder Role Peer Support 17:26 Bootstrapped Cap Table 19:05 Co Founder Alignment Breaks 22:20 Exit Conversations Begin 24:18 Secondary Sale Personal Push 27:16 Aligning on Selling 28:03 Going to Market Reality 29:44 Exit Rollercoaster Mindset 32:57 Maintaining Optionality 34:49 Negotiating Without Panic 36:19 No Earnout Strategy 38:50 Funding Surprise Middeal 40:10 Life After the Exit 41:29 Engineering Small Phase 44:22 Freedom Versus Impact 49:12 No Destination Lesson 50:32 Where to Connect Links & Resources * Jeff  Corn * www.virtuance.com [http://www.virtuance.com] * https://www.linkedin.com/in/jeffcorn/ * Subscribe to the Podcast: * Find From Angel to Exit on Apple Podcasts, Spotify, Google Podcasts, or wherever you listen. Be sure to hit “Subscribe” so you never miss an episode. * Newsletter & Exclusive Content: * Sign up for the free newsletter at eckfeldt.com/podcast [https://eckfeldt.com/podcast] for episode transcripts, bonus insights, frameworks, and community updates. * Connect with Bruce & the Community: * LinkedIn: Bruce Eckfeldt [https://www.linkedin.com/in/beckfeldt] * Instagram: @bruce_eckfeldt [https://www.instagram.com/bruce_eckfeldt/] * Email: * podcast@eckfeldt.com * bruce@eckfeldt.com [http://admin5.podbean.com]

47: Unprepared for a Business Exit? Use Strategic Planning to Maximize Valuation Outcomes

What happens when a “bluebird” acquisition offer arrives—and you’re not ready? Laurie Barkman, Founder and CEO of Business Transition Sherpa, joins the show to unpack her journey from corporate marketing leader to CEO of a $100M division, and ultimately through a billion-dollar company sale that reshaped her career. Laurie shares how she stepped into a CEO role within a third-generation family business, navigating internal resistance, leadership alignment challenges, and operational complexity. Just 18 months into her tenure, an unexpected acquisition offer triggered a high-stakes M&A process. While maintaining business performance, Laurie and her executive team simultaneously supported due diligence and positioned the company for a successful sale. The conversation dives deep into what founders often overlook: exit readiness. Laurie explains how most entrepreneurs fail to plan proactively, relying instead on chance opportunities—what she calls the “bluebird effect.” The problem? Buyers act on their timeline, not yours. Drawing from her experience and insights from over 120 podcast interviews, Laurie introduces the concept of strategic transition planning—focusing on building transferable value, aligning leadership teams, and creating optionality. She emphasizes that exit planning isn’t about selling—it’s about preparing a business to be sellable at any time. Key themes include: * The importance of building a leadership bench and reducing founder dependency * Why transferability drives valuation in M&A * Common pitfalls that reduce exit outcomes * The role of clarity in overcoming fear-based decision-making * How founders can reverse-engineer their exit strategy for maximum value Laurie’s “Built Method” framework reinforces a structured approach to scaling and exiting, helping founders move from reactive decision-making to intentional, value-driven outcomes. This episode is a must-listen for founder-CEOs aiming to scale strategically, increase enterprise value, and exit on their terms. Key Takeaways: * Most founders delay exit planning, reducing valuation and limiting strategic options * Transferability—not revenue—is the key driver of M&A attractiveness * Build leadership teams early to reduce dependency and increase buyer confidence * Strategic planning aligns teams and minimizes internal resistance during growth * “Bluebird” buyers act on their timeline—founders must be proactively prepared * Exit planning creates optionality, not obligation, for founders * Clarity reduces fear-driven decisions and improves long-term outcomes * Integration planning and leadership retention are critical in large acquisitions Timestamps: 00:00 Exit Planning Intro 00:50 Meet Laurie Barkman 02:07 From Big Co to Startups 04:06 Landing the CEO Role 05:52 The Bluebird Acquisition 07:36 CEO Challenges and Politics 10:21 Building Team Alignment 14:57 Sale Decision and Strategy 17:53 Closing Day and Payouts 20:02 Running Diligence as a Team 21:31 Deal Closing Conditions 22:32 Post Merger Integration 23:23 Leadership Highs Lows 25:58 Choosing Entrepreneurship 26:43 Launching Succession Stories 30:13 Strategic Transition Planning 32:42 Exit Planning Pitfalls 33:36 Regret Fear Clarity 38:53 Built Method Programs 41:20 Where To Connect   Links & Resources * Laurie Barkman * Email: laurie@btsherpa.com [laurie@btsherpa.com] * Website: btsherpa.com * * Subscribe to the Podcast: * Find From Angel to Exit on Apple Podcasts, Spotify, Google Podcasts, or wherever you listen. Be sure to hit “Subscribe” so you never miss an episode. * Newsletter & Exclusive Content: * Sign up for the free newsletter at eckfeldt.com/podcast [https://eckfeldt.com/podcast] for episode transcripts, bonus insights, frameworks, and community updates. * Connect with Bruce & the Community: * LinkedIn: Bruce Eckfeldt [https://www.linkedin.com/in/beckfeldt] * Instagram: @bruce_eckfeldt [https://www.instagram.com/bruce_eckfeldt/] * Email: * podcast@eckfeldt.com * bruce@eckfeldt.com [http://admin5.podbean.com]

46: Struggling to Maximize Exit Value? Master Buy-Side M&A Strategy for Higher Valuations

Selling a business is one of the most important—and complex—decisions a founder will make. Yet many enter the M&A process without understanding how buyers actually think. In this episode, Clay Risher, Investment Banker and Managing Director at True North Capital Partners, offers a rare behind-the-scenes look at buy-side M&A strategy and what drives acquisition decisions. Clay explains the asymmetry in M&A: for founders, it’s often a once-in-a-lifetime event, while for buyers, it’s routine. This imbalance makes preparation critical. He breaks down the differences between strategic buyers—focused on long-term growth and synergies—and private equity firms, which prioritize financial engineering, operational improvements, and exit timelines. A key theme is exit-readiness. Clay emphasizes the importance of being “Q of E -ready” (Quality of Earnings Verified), maintaining clean financials, and separating personal and business expenses. He highlights how poor accounting practices, tax issues, or unclear financial reporting can quickly derail deals or reduce valuation multiples. The conversation also dives into valuation mechanics—EBITDA multiples, comparable transactions, and discounted cash flow models—while stressing that positioning ultimately determines where a business lands within a valuation range. Founders are advised to reduce customer concentration risk, build diversified revenue streams, and align their business with buyer demand trends. Clay also shares insights into the buy-side sourcing process, where investment bankers identify targets, build relationships, and uncover opportunities before companies formally go to market. For founders, this underscores the value of being proactive rather than reactive when considering an exit. Ultimately, this episode reinforces a critical principle for founder-CEOs: begin with the end in mind. By aligning strategy, financial discipline, and growth with exit objectives early, founders can dramatically increase their chances of achieving a successful and lucrative exit. Key Takeaways: * Start exit planning early to align growth strategy with long-term M&A outcomes * Maintain clean, QV-ready financials to avoid deal delays or valuation discounts * Reduce customer concentration to mitigate perceived buyer risk * Understand differences between strategic buyers and private equity motivations * EBITDA margins and financial discipline heavily influence valuation multiples * Position your business to fit buyer strategy, not just internal growth goals * Build relationships early—many deals originate before formal sale processes * Treat your business as a sellable asset from day one to maximize exit value Timestamps: 00:00 Exit Planning Promo 00:50 Meet Clay Risher 01:54 Clay Personal Journey 05:08 Lessons From Dad 08:01 First Deal Exposure 11:18 What Bankers Do 13:31 Industry Focus Areas 15:45 Buy Side Versus Sell Side 17:35 Why Buyers Acquire 22:03 How Targets Get Picked 23:53 Founder Empathy Outreach   Links & Resources * Clay Risher * Email: crisher@truenorthcp.com [crisher@truenorthcp.com] * Phone: 914-426-1109 * Subscribe to the Podcast: * Find From Angel to Exit on Apple Podcasts, Spotify, Google Podcasts, or wherever you listen. Be sure to hit “Subscribe” so you never miss an episode. * Newsletter & Exclusive Content: * Sign up for the free newsletter at eckfeldt.com/podcast [https://eckfeldt.com/podcast] for episode transcripts, bonus insights, frameworks, and community updates. * Connect with Bruce & the Community: * LinkedIn: Bruce Eckfeldt [https://www.linkedin.com/in/beckfeldt] * Instagram: @bruce_eckfeldt [https://www.instagram.com/bruce_eckfeldt/] * Email: * podcast@eckfeldt.com * bruce@eckfeldt.com [http://admin5.podbean.com]