You’ve probably heard that business valuation is more art than science. But what if the art is just smoke and mirrors—and the science has been hiding in plain sight all along? 

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In this episode, I’m joined by Graham Stephen and Kyle McCulloch, the team behind Bizval, a company that’s quietly building a tool that may completely disrupt how business owners understand valuation. What makes it so revolutionary? Instead of retrofitting a formula to outdated tax returns or jargon-filled reports, they’re prompting you—the owner—to answer operational questions you already know, then reverse-engineering a legit three-statement model and discounted cash flow (DCF) valuation from that data. 

Most valuation tools ignore cash flow and future risk. Bizval centers it. Instead of proxies, you're getting clarity. If you’ve ever been told your business is worth “4–6x EBITDA” and felt like that answer didn’t mean anything—you’re going to love this conversation. 

We go deep into: 

 
Graham Stephen is a former banker and chartered accountant turned entrepreneurial strategist. After witnessing firsthand how the traditional financial system fails owner-operators, he co-founded Bizval to bring clarity, simplicity, and first-principles thinking to the messy world of valuation. His work helps owners understand their true worth—not just on paper, but in cash terms they can act on. 

Kyle McCulloch brings a rare combination of global macro risk analysis, cyber strategy, and operational grit. From trading floors to turnaround jobs in small businesses, Kyle has built a toolkit that allows him to connect the dots between world events, business systems, and cash flow forecasting. He now helps Bizval clients tie strategy to risk-adjusted value so they can play the right game—and win. 

Chapters:  

Resources: 
 
Graham Stephen https://www.linkedin.com/in/graham-stephen/ 
Kyle McCulloch https://www.linkedin.com/in/kylemcculloch1/
Ryan Tansom Website https://ryantansom.com/ 

Sound Bites 

“Cash is gravity—no matter what the market says, your business lives or dies by its future cash flow.” 

“Most valuation tools measure history. Bizval helps you predict what matters: will I have any f***ing money in 12 months?” 

“Owners already know what matters—they just need someone to ask the right questions and make it make sense.”