Most advice treats all owners the same. The reality? There are two different games.

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For the 98% (smaller, tightly owner‑dependent companies), the job and the asset are commingled. Generic “exit planning” advice often creates noise: the math, buyers, and timelines rarely line up.

For the 2% (true middle‑market owners with durable EBITDA and a management team), the game shifts to the boardroom. It’s about capital allocation—protecting value, preserving options, and making decisions across time, cash flow, and wealth.

That’s the conversation in this panel debate with Mike Finger (Exit Oasis), moderated by Graham Stephen and Kyle McCulloch. Mike advocates for pragmatic guidance that helps the 98% make real progress. I argue for a clear line between the two games—and for ownership thinking when you’ve crossed into the 2%.

We dig into:

Bottom line: Know which game you’re in. Filter the advice accordingly. If you’re in the 98%, focus on cash flow, dependability, and de‑risking. If you’re in the 2%, think like an allocator and run from the boardroom.

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.

Mike Finger is the founder of Exit Oasis, where he helps small business owners understand what it really takes to sell a company. After successfully selling three of his own businesses, Mike now focuses on guiding owners who want to create transferable companies — businesses that can run without them and deliver value to a buyer. Through Exit Oasis, he provides education and coaching designed to help owners move beyond wishful thinking and toward realistic transition strategies.

Chapters: 

Resources:
Graham Stephen LinkedIn
Kyle McCulloch LinkedIn
BizVal
Mike Finger LinkedIn
Exit Oasis
Ryan Tansom Website https://ryantansom.com/