Branching Out: A TreeFork Strategies Podcast

Pat Sheridan, former co-founder of Modus Create, unpacks his journey from bootstrapping a remote-first startup to building a 450-person global company, partnering with private equity in 2021, and ultimately growing Modus to roughly 700 people through five acquisitions. He chats with Elizabeth about how they built their distinctive company culture, why rapid growth created the need for a growth partner, and how trusted advisors helped them navigate their options and understand their value in the market. The conversation also explores Modus’ “M&A Bingo board” approach to acquisitions, the growing pains that came with scaling, and Pat’s transition from founder to board member to finally stepping away from the company he built.

Elizabeth Shea chats with Sharon Heaton, founder & CEO of sbLiftOff and author of LIFT OFF: 12 Things to Know Before You Sell Your Company, to unpack the nuances of selling a middle-market company in the GovCon sector. Sharon explains how sellers can demonstrate future opportunity rather than historical performance alone, why owner dependency can diminish enterprise value, and why GovCon companies require a specialized M&A approach. She also shares why waiting to sell might be the best advice you can get, how reducing buyer risk can strengthen valuation, and the importance of assembling a trusted team of advisors.

Elizabeth Shea chats with Mark Mills OBE – a serial entrepreneur, exit advisor, and author of Making Your Mark – to unpack the disciplines that turn a promising business into one buyers will compete to own. Drawing on his experience with several exits, Mark challenges founders to ruthlessly examine their business model, build a sales engine capable of winning customers beyond their personal network, and gradually make themselves less essential to daily operations. He also emphasizes the value of creating competitive tension, having a realistic outlook on earnouts, clearing problems before diligence exposes them, and setting a specific exit date and valuation goal rather than relying on a vague three-to-five year plan. His advice aligns with our philosophy at TreeFork: exit readiness isn’t a final step, it’s an ongoing discipline that strengthens the business every day.

Elizabeth Shea chats with Sara Evans, founder of Sara G. Evans Consulting and an industrial-organizational psychologist, to discuss one of the most overlooked aspects of selling a business: preparing yourself for life after the exit. Drawing on her experience leading succession planning for Marriott's executive team and coaching founders through major transitions, Sara explains why so many business owners achieve the financial outcome they wanted yet still struggle with a loss of identity and purpose. She shares how she helps owners prepare years in advance by strengthening both their organizations and their personal vision for what's next. Through compelling client stories, Sara also reveals why understanding what truly motivates you— not just what you think you enjoy doing —can make all the difference after a sale. This episode is for founders who want to prepare not only their business for an exit, but themselves as well. 

Elizabeth Shea chats with Hunter Jensen, founder and CEO of Barefoot Labs and author of The Killer Use Case. Hunter shares his journey from becoming a self-taught programmer to bootstrapping Barefoot Labs over two decades, funding early growth with little more than determination and a handful of zero-interest credit cards before building a thriving company. When growth plateaued, a chance introduction led to a strategic acquisition that allowed him to diversify his personal risk while remaining actively involved in the business. Hunter offers anecdotes about navigating an international transaction, the importance of having trusted advisors by your side, and the challenges that emerged after the deal closed as two organizations with different cultures learned how to work together. He also reflects on why maintaining equity proved valuable and how strategic buyers can exponentially accelerate growth. If you’re a founder considering a strategic partnership, partial exit, or international transaction, this episode is for you.

Elizabeth Shea chats with David Tobin, Managing Partner of TobinLeff LLC, about how founders can best prepare themselves and their businesses for a successful exit. Drawing on his experience as both a former agency owner and longtime M&A advisor, David explains what buyers are prioritizing in today’s market, including sustainable growth, strong margins, leadership continuity, recurring revenue, and reduced founder dependency. The discussion dives into the realities of adjusted EBITDA, client concentration risk, due diligence, and how AI readiness is increasingly becoming part of buyer evaluations. David also breaks down the differences between strategic and private equity buyers, including platform acquisitions, rollover equity, and earnout structures, while emphasizing why deal terms often matter just as much as valuation. Throughout the episode, he offers practical insight into creating competitive buyer dynamics, choosing the right advisor, and navigating the intensity of the M&A process. 

Elizabeth Shea sits down with Salman Husain, co-founder and managing director of Monument Capital Partners, to discuss the evolving M&A landscape for founder-owned government services companies. Salman shares his journey from government consulting into investment banking and explains how his experiences in this sector have shaped his perspective on mission-driven businesses and the founders behind them. He offers insight into what buyers are really looking for in today’s market, including strong leadership teams, scalable growth pipelines, and reduced owner dependency. Salman also discusses why preparation matters years before a sale, the importance of surrounding yourself with experienced advisors, and how deal terms can impact outcomes just as much as valuation.

Elizabeth Shea sits down with Sue Keith, co-founder of Ceres Talent, to share her story of building a specialized recruiting firm and navigating an unexpected path to exit. Sue discusses her unconventional career journey, how she and her partner grew the business organically by reaching key inflection points, and how a chance meeting at a conference led to a successful acquisition by Landrum HR. She offers candid insights into the realities of the deal process: from timelines and negotiations to identifying non-negotiables and protecting employees. Sue also reflects on life after the sale and the importance of cultural fit and shared values in choosing the right partner.

Elizabeth Shea sits down with Chris Mechanic, co-founder and former CEO of Web Mechanics, to share the story of building and exiting a successful digital agency. Chris reflects on his entrepreneurial beginnings, from an early online venture to launching Web Mechanics and growing it organically over 15 years. He discusses how an unexpected opportunity led to the sale of the business and offers candid insight into negotiating deal terms, navigating due diligence, and transitioning post-acquisition. Chris also shares lessons learned about founder identity, recognizing his personal strengths, and why he ultimately returned to the founder role launching a new AI-driven venture. This episode is for founders thinking about the full lifecycle from startup to exit and beyond.

Elizabeth Shea talks with Houston Goodwin, CEO of Better Impact, about a different approach to growth: entrepreneurship through acquisition. Houston shares how he stepped into Better Impact through a private equity partnership and led the strategic acquisition of Galaxy Digital to expand the company’s impact in the volunteer management space. He walks through the realities of the acquisition process from diligence to integration, emphasizing the value of operational readiness, cultural alignment, and clear communication. Houston also discusses how the two companies built a “better together” strategy rooted in shared mission and values. This episode is for operators and founders exploring acquisition as a path to growth and what it takes to execute it successfully.