What does it really take to sell your business for the best possible price—or to buy one without getting burned?

In this episode of Built to Sell | Built to Buy, I sit down with Nathan Hulls, a seasoned business broker and exit advisor with Link Business Brokers. Nathan’s journey spans from starting his first lawn mowing business at 12, to running companies across tech, retail, and fitness, and now guiding business owners and buyers through the high-stakes world of acquisitions.

With his unique blend of real-world business ownership and brokerage expertise, Nathan reveals:

• Why being “exit ready” matters more than wanting to exit—and how to prepare your business years before you sell.
• The psychology of the deal: how motivation, storytelling, and empathy shape both buying and selling outcomes.
• The biggest mistakes sellers make (and how to avoid becoming a “dumpster fire” listing).
• How buyers can protect themselves—from red flags in due diligence to spotting when emotions cloud judgment.
• Why culture and fit can outweigh the financials in making a business sale stick.
• The one surprising sale that smashed expectations—going from a $5M appraisal to a $12M deal.

Whether you’re a business owner eyeing an exit or a buyer chasing your dream acquisition, Nathan breaks down the numbers, systems, and human factors that truly drive value.

👉 If you’re planning to sell in the next 12 months, his number one piece of advice could save you years of regret.
 👉 If you’re buying your first business, his due diligence checklist will keep you from making an emotional mistake.

🔑 Key Takeaways

• Exit success starts with preparation—years before you plan to sell.
• Buyers don’t just buy profit; they buy confidence in the future.
• Culture, systems, and owner-independence drive valuation far beyond the P&L.
• The right broker doesn’t just list a business; they connect people, stories, and strategies.

📬 Connect with Nathan Hulls

• LinkedIn: Nathan Hulls

• Email: [email protected]

If you want to work directly with Sam, head to sampenny.com/action

Buying a business isn’t just about reviewing a P&L and signing a contract. Too many investors discover after settlement that they’ve inherited hidden problems—missing systems, staff departures, or a culture that doesn’t fit. In this episode, Sam Penny (aka The Impossible Guy) breaks down the biggest risks buyers face, how to spot them early, and the safeguards you need to put in place so you don’t get burned.

Sam shares real-world deal stories, the key questions every buyer should be asking, and the practical protections that separate smart acquisitions from costly mistakes.

If you’re planning to buy a business in the next 12 months—or you’ve got one on the radar right now—this session will give you the foresight and tools to take ownership with confidence.

What You’ll Learn in This Episode

• The four core risks that derail business purchases: overstated performance, key person departures, undocumented systems, and cultural mismatch.
• How to test assumptions during due diligence instead of discovering problems post-settlement.
• The questions that reveal hidden weaknesses, including:
  • “What are your biggest operational vulnerabilities right now?”
  • “Who are the three most critical people in the business and what keeps them here?”
  • “What would a worst-case first 90 days look like?”
• Red flags in seller behaviour that signal deeper problems.
• How to protect yourself with smart deal structures: transition plans, retention clauses, escrow/earn-outs, and SOP handover.
• A real-world example of a buyer who uncovered undisclosed staff resignations—and saved six figures by renegotiating.

Resources & Next Steps

• 📋 Download the DealSafe Toolkit – includes a due diligence checklist, key buyer questions, and a transition plan template.
• 🎯 Book a Strategy Session with Sam – review your deal and test assumptions before you sign: sampenny.com/chat
• 🎙️ Keep building your skills with the Built to Sell | Built to Buy Podcast – practical lessons from real-world deals.

Podcast Exclusive!
If you want to work 1:1 with Sam, a small number of spots are available for his loyal podcast listeners. Visit sampenny.com/action to take up this great offer.

Next Episode Teaser

In the next session, Sam dives into one of the most overlooked aspects of acquisitions: intangible assets. Learn how to identify, value, and leverage intellectual property, brand equity, customer data, and proprietary processes—the hidden drivers of valuation and growth.

Click here to view the episode transcript.

Selling your business isn’t something you decide on Monday and complete by Friday — it’s a strategic, multi-step process that can take 12 months, 18 months, or even years to get right. In this episode of Built to Sell | Built to Buy, host Sam Penny sits down with returning guest Sally Stuart, one of Australia’s top business brokers specialising in healthcare, allied health, aged care, and NDIS businesses.

Together, they go list-to-list, comparing their Top 10 Must-Do Items before taking a business to market. From the broker’s vantage point to the business coach’s perspective, you’ll hear where they agree, where they differ, and how each point can significantly impact your sale price.

What You’ll Learn in This Episode:

• Why defining your reason to sell should be the very first step.
• The role of professional valuations — and why “what you think it’s worth” isn’t enough.
• How to clean up your financials and avoid scaring off buyers.
• Legal and compliance essentials that can derail a sale if ignored.
• Documenting your SOPs to increase value and reduce risk.
• The dream team of advisers you need before you go to market.
• Marketing materials that make your business irresistible — including the IM and pitch deck.
• Identifying and resolving key person and operational risks.
• Why removing owner dependency opens the door to more buyers.
• Managing employee and customer impact for a smooth transition.

Why Listen?
If you’re a business owner even thinking about selling in the next 2–3 years, this episode could be worth hundreds of thousands of dollars to you. Sam and Sally unpack practical, actionable strategies you can start implementing today to boost your valuation and make your business irresistible to the right buyer.

Connect with Sally Stuart:

• LinkedIn: Sally Stuart
• Email: [email protected] | [email protected]
• Phone: 0437 082 045

Resources & Links:

• Follow the podcast so you don’t miss the next episode.
• Download both Sam’s and Sally’s checklists from this episode to start preparing your own sale-ready blueprint -> CLICK HERE
• Want to work 1:1 with Sam? Exclusive coaching for podcast listeners: CLICK HERE

Too many business owners confuse burnout with readiness. Feeling exhausted after a tough year doesn’t mean your business is ready to sell—and waiting too long for the “perfect moment” can be just as costly. In this episode, Sam Penny breaks down how to know whether you’re truly exit ready or just tired, and the steps you can take to avoid one of the most expensive mistakes an owner can make.

Sam draws on his own experience building and selling seven-figure businesses, plus his work alongside brokers and buyers, to give you a clear, no-nonsense framework for exit success.

What You’ll Learn in This Episode

• The difference between burnout and readiness—and why mistaking one for the other can cost you millions.
• The two layers of readiness: emotional and structural—and why both must align.
• The five core drivers of exit readiness every buyer looks for:
  1. Three-year financial stability
  2. Owner independence
  3. Documented systems and processes
  4. A clear growth story
  5. Strong market positioning
• Signs you’re just tired (not ready to sell): no succession plan, dependence on your role, rapid growth still underway.
• The hidden costs of selling too early—lower multiples, seller’s remorse, and leaving growth for the buyer.
• The dangers of waiting too long—declining performance, market shifts, and negative buyer perception.
• The self-check framework: 4 brutally honest questions to assess if your business could survive without you and appeal to buyers.
• How to prepare your deal room, leadership team, and transition plan before going to market.
• Sam’s Exit Readiness Action Plan—a step-by-step approach to maximise valuation and sell on your terms.

Links & Resources

• Want my to be in your corner? I have a small number of coaching spots available: sampenny.com/action
• Listen to more episodes of Built to Sell | Built to Buy: sampenny.com/podcast
• Download your free Business Sale Readiness Report: sampenny.com/readiness

What really makes a business sellable — and what will turn buyers away?

In this episode of Built to Sell | Built to Buy, I sit down with Sherryn Deetlefs, a LINK business broker who’s walked in the shoes of both sellers and buyers. Before moving into broking, Sherryn built and sold multiple businesses across hospitality, textiles, health, and design — giving her a unique, hands-on perspective of what it takes to close a successful deal.

We dive deep into:

• Why you should get a market appraisal well before you plan to sell
• How to prepare your business so buyers can’t say no
• The mistakes that sink deals before they start
• How cultural and operational fit can outweigh the highest offer
• Creative deal structuring that keeps negotiations alive
• Red flags for buyers during due diligence
• Why storytelling matters just as much as numbers in attracting the right buyer

Whether you’re a business owner planning your exit or a buyer hunting for the right fit, this conversation is packed with practical strategies, real-world stories, and behind-the-scenes insights from someone who’s been on both sides of the table.

Connect with Sherryn Deetlefs:
🔗 LINK Business: linkbusiness.com.au/business-broker/sherryn-deetlefs
💼 LinkedIn: linkedin.com/in/sherryn-deetlefs-a33483b9
📸 Instagram: instagram.com/sherryndeetlefs_businessbroker

Listen & Subscribe:
🎧 Apple Podcasts: Built to Sell | Built to Buy on Apple Podcasts
🎧 Spotify: Built to Sell | Built to Buy on Spotify
📺 More Episodes: sampenny.com/podcast

Most buyers fixate on the numbers—revenue, profit, multiples. But here’s what they miss: the seller’s exit plan is the X-ray. It reveals the true condition of the business, the handover risk, and whether you're about to inherit clarity or chaos. In this episode, Sam Penny pulls back the curtain on why a seller’s exit strategy—or lack of one—can make or break your acquisition.

Whether you’re actively negotiating or just sizing up your first opportunity, this episode will teach you how to interpret what sellers say… and what they don’t. From vague timelines to emotional hesitations, you'll learn how to decode the clues that reveal a seller’s readiness, reliability, and the operational depth of the business they’re leaving behind.

📌 What You’ll Learn:

• The 5 signals hidden inside every seller’s exit story
• Red flags that signal a risky handover (before it’s too late)
• How to ask tough questions without spooking the deal
• Why vague exit timelines often hide deeper issues
• What a well-structured exit plan tells you about the systems, team, and culture
• Real-life case study of a ‘clean’ deal that nearly turned disastrous
• Tools and templates to assess the true handover risk

🛠 Free Tools Mentioned:

• 🧠 Exit Readiness Scorecard: Quickly assess how prepared the seller really is
  → sampenny.com/readiness
• 🧾 Transition Questions Guide: Ask the questions that uncover hidden risks
  → sampenny.com/readiness
• 📋 Deal Debrief Template: Reflect and spot gaps post-conversation
  → sampenny.com/readiness
• 📅 Book a Strategy Call: Get 1:1 clarity on your deal before you commit
  → sampenny.com/chat

💡 Big Takeaway:

You don’t just buy a business. You buy the first 90 days after takeover. If the seller’s exit plan is vague, reactive, or emotional, it’s a preview of what you’re walking into. And that chaos will cost you time, money, and momentum. Smart buyers read the seller, not just the spreadsheet.

📢 Next Episode Teaser:
Next week, we’re diving into How to Value and Leverage Intangible Assets. You’ll learn how to price and negotiate for brand, culture, IP, and systems—the hidden drivers of a business’s real value.

🎧 Listen & Subscribe:
Catch this episode and more on:

• Spotify
• Apple Podcasts
• SamPenny.com/Podcast

💬 Let’s Connect:
Got a deal on the table? Don’t walk into it blind.
Book a session with Sam → sampenny.com/chat

Even great businesses fail to sell; not because of poor performance, but because of a poor process.

In this powerhouse episode, Sam Penny unpacks why buyers walk away from solid businesses and what sellers can do to stop the deal from slipping through their fingers. From pre-market prep to buyer handover, Sam walks you through the 5 critical stages of a successful sales process, the 6 deal killers that spook buyers, and the tools you need to make your business irresistible on the open market.

If you’ve ever thought “my numbers are strong, why didn’t they buy?” this episode will show you exactly what went wrong and how to fix it.

💡 What You’ll Learn:

• Why deals don’t fall over because of bad businesses, but bad processes
• The 5-stage roadmap to a smooth, high-confidence exit
• How to turn your sales process into a proxy for operational excellence
• The 6 silent deal-killers that derail good offers
• How to build buyer momentum instead of decision fatigue
• The overlooked power of emotional runway and storytelling
• What buyers are really asking when they say: “Why are you selling?”

🧰 Tools You’ll Walk Away With:

• The ultimate sale prep checklist: P&Ls, add-backs, SOPs, IMs, org charts & more
• How to structure your sales timeline to reduce fear and increase offers
• A new mindset: Your process is your business in action

🧭 Next Episode Teaser:

Exit Ready or Just Tired?
Next week, Sam helps you decode whether you're truly prepared to sell… or just burnt out. Don’t miss the signs, and don’t leave money on the table.

📞 Want Personal Help?

Book a free strategy call with Sam at sampenny.com/chat
Want to check how ready your business is to sell? Get your free Business Sale Readiness Report at sampenny.com/readiness

Too many investors get seduced by EBITDA and end up buying the wrong business. In this episode, Sam Penny dives deep into what really matters when you're buying: fit. Because even a profitable business will eat you alive if the values, leadership style, or vision don’t align with you.

Drawing from 25 years of real-world experience buying, building, and selling businesses, Sam introduces the Buyer Fit Framework—a simple but powerful tool to evaluate whether a business truly suits who you are and how you lead.

This episode is for anyone who's ever looked at a P&L and thought, “This looks good,” but forgot to ask, “Does it feel right?”

What You’ll Learn:

• Why buyers regret poor fit, not high prices.
• The 4 dimensions of Buyer Fit: Values, Leadership, Skill, and Vision.
• How to spot cultural misalignments before they derail your deal.
• The “soft signals” that tell you if a business is truly right for you.
• The red flags that even seasoned buyers miss (and how to catch them early).
• Practical tools to evaluate alignment and de-risk your acquisition.

Free Resources Mentioned:

• 🔍 Business Valuation Report
• 🧭 Leadership Alignment Tool
• 🛠️ Business Buying Roadmap
• 🎯 Strategy Session with Sam: sampenny.com/strategy

Who This Episode Is For:

• Acquisition entrepreneurs looking to avoid post-deal regret
• Investors moving from theory to real-world ownership
• Operators wanting more than just ROI—they want meaning, mission, and momentum

Final Thought:
When the fit is right, the numbers follow. But when it’s not, the deal becomes a burden. Don’t buy a misfit. Buy a business that fits you.

Most business owners think their business will sell because of the numbers — the profit, the growth, the potential. But step into a business broker’s world, and you'll find that's not what kills deals. It’s fear.

In this episode of Built to Sell | Built to Buy, host Sam Penny is joined by Australia’s #1 business broker Sally Stuart, who sold 35+ businesses in just the past two years. Together, they unpack exactly why businesses don't sell — even when the financials look strong — and what actually makes a business irresistible to buyers.

Sally reveals:

• 🔥 The surprising reason most buyers walk away
• 💣 Why your lawyer might be the biggest dealbreaker
• 💡 What makes a business “sexy” and sparks bidding wars
• 🧾 The accounting mistakes that scare buyers off
• 🏢 Why short leases quietly destroy business value
• 🛑 How ego, overpricing, and bad timing sabotage the sale
• ✅ The 3–5 things every owner should do 12–24 months before listing
• 💬 Why a broker isn’t just a sales agent — they’re a dream facilitator

If you’re a business owner thinking of selling, or an investor who wants to understand what really moves the needle in a deal, this episode is your blueprint. Straight from the broker’s mouth.

🔗 Links & Resources:

• 📞 Book a call with Sam Penny: https://sampenny.com/chat
• 📚 Learn more about Sally Stuart: https://linkbusiness.com.au/business-broker/sally-stuart/
• 🔍 Free Business Sale Readiness Report: https://sampenny.com/readiness

⏱️ Timestamps:

• 00:00 – Intro: What really kills deals?
• 02:45 – Sally’s journey into business broking
• 04:00 – What business brokers actually do
• 08:30 – The lawyer trap that destroys deals
• 11:00 – What makes a business spark a bidding war
• 15:20 – The self-sabotage sellers don’t see coming
• 20:30 – How leases quietly crush deals
• 24:00 – Why owner-dependence kills valuations
• 28:55 – What buyers really want (and where they’re from)
• 33:15 – The biggest mistake sellers make around timing
• 36:15 – 5 things to do 12–24 months before listing
• 42:00 – Culture, values, and why your website matters
• 44:00 – Sally’s lightning round: Dealbreakers, red flags & wisdom

🎧 Episode Summary:

Think your business will sell because it's profitable? Think again.

In this powerhouse episode, business coach and advisor Sam Penny reveals the real reason businesses sell—and why the ones that should sell often don't. Spoiler: It's not EBITDA. It's not your P&L. It’s not even your systems.

It’s alignment.

Buyers don’t just want a business that makes money—they want one that feels like home. One that reflects their values, their leadership style, their vision for the future. And when they see themselves in your business? They move faster. They pay more. And they need less convincing.

This episode unpacks how to position your business for a premium exit by focusing on what really drives buyer decisions.

🧠 What You’ll Learn:

• Why buyers walk away from profitable businesses
• The 4 Pillars of Magnetic Positioning™
• How to attract not just any buyer—but the right one
• The surprising type of buyer who’ll pay the most (and it’s not who you think)
• How to build values into your IM, pitch deck, and brand
• A real-world case study where values-based positioning added over $500k to a deal
• Tools you can use today: Business Readiness Report, Brand Mastery Course, Exit Strategy Roadmap

🔑 Key Takeaway:

💥 Bonus:

Sam walks through his step-by-step framework to turn your business into something buyers believe in, not just buy into.

🔗 Resources Mentioned:

• 📊 Business Readiness Report – Assess your sale readiness across 8 value drivers
• 🧭 Brand Mastery Course – Turn your values into a strategic asset
• 📌 Exit Strategy Roadmap – Your plan to increase valuation and reduce risk
  All available at sampenny.com

🎯 Want to Position Your Business for Premium Buyers?

Book a free strategy session with Sam at
 👉 sampenny.com/strategy

🔜 Next Episode Teaser:

"Build a Sale Process That Doesn’t Blow the Deal"
Learn how to control the deal narrative, pace the process, and build trust while keeping your power. Don’t miss it.

📱 Subscribe & Review:

Follow Built to Sell | Built to Buy on Spotify, Apple Podcasts or your preferred platform. And if this episode hit home—leave a review. It helps more founders find the insights they need to exit right.