Most stories we cover involve eye-popping multiples or headline-making exits. They’re fun—but not always realistic. 

Jeff DeGarmo’s story is different. No private equity windfall. No tech hockey stick. Just a well-run, 20-person service business built over 16 years and sold for a solid 5.5x EBITDA. 

Greg Alexander sold SBI, his 30-person consulting firm, for $162 million. Since then, he’s had a front-row seat to 50 other service firm exits through his peer group, Collective 54. In this episode of Built to Sell Radio, Greg breaks down what separates firms that sell from those that stall. 

This is a Mastering the Deal episode of Built to Sell Radio—designed to help you punch above your weight in a negotiation to sell your business. 

What makes someone want to buy an “unsexy” business? 

Jon Pole has acquired 19 traditional radio stations. On paper, it’s an industry many assume is in decline. But for an experienced buyer like Pole, these deals are less about media trends and more about community, cash flow, and culture. 

Sean McAuliffe didn’t invent anything. He was a distributor. 

If you lost your car keys and went to a locksmith to cut a new set, chances are your locksmith got the replacement key from Sean’s business. He bought cheap keys from Asia and sold them to locksmiths. Nothing fancy. Like so many businesses, Sean was a middleman. He'd never really thought about selling—didn't think anyone would want to buy it—but when a private equity group offered him millions, Sean realized he was sitting on a potential goldmine. 

What do acquirers really want? 

Sequoya Borgman has acquired 19 companies and exited two. He’s raised capital on a deal-by-deal basis, working outside the traditional private equity model. In this episode of Built to Sell Radio, Borgman explains how “independent sponsors” operate—and why more wealthy individuals are now pooling money to buy lower middle-market businesses. 

You discover how to: 

When Garren Hilow helped start Abveris, he didn’t have much—just a background in sales, a co-founder with a Harvard PhD, and a stock option representing 16% of the company. 

Eight years later, he bought out his co-founder, bootstrapped the company with bank debt (collateralized by his house), and sold it in a stock deal that peaked at $190 million. 

What would you do with $20 million? 

That’s the minimum amount required to join Tiger 21, the exclusive network where ultra-high-net-worth entrepreneurs learn how to preserve and grow their wealth. 

Michael Sonnenfeldt founded Tiger 21 after selling two companies and realizing that the skills that made him a successful entrepreneur didn’t translate into smart investing. He built the group to help other entrepreneurs avoid costly post-exit mistakes. 

A new generation of buyers trained in Entrepreneurship Through Acquisition (ETA) is looking for businesses like yours. Unlike private equity firms focused on roll-ups, ETA buyers are often searching for a single business to own and operate—making them a legitimate option for certain sellers. 

For the first time ever, we recorded a Built to Sell Radio episode in front of a live audience at the Value Builder Summit—a gathering of mission-driven advisors dedicated to helping founders level the playing field as they approach their exit. 

Rob Walling has started, built, and sold multiple companies. As an investor and conference organizer, he’s seen hundreds of founders exit—some thriving, others struggling. He teamed up with Dr. Sherry Walling, a clinical psychologist specializing in supporting entrepreneurs, to codify what separates a successful exit from one that leaves an owner adrift. Their insights culminated in their new book Exit Strategy. 

Kristie Shifflette built a 13-location Orangetheory Fitness empire from scratch—bootstrapping a capital-hungry business, personally guaranteeing leases, and taking on risk most founders wouldn’t touch. In the end, it paid off for Kristie and in this episode, you’ll discover how to: 

• Bootstrap a capital-intensive business without giving up control 

• Reduce your risk when taking on an investor 

• Attract entrepreneurial employees who will care as much as you do 

• Think about the $10 million milestone (and why it matters to private equity) 

• Know when to take some chips off the table—and when to double down 

• Ace management presentations with an acquirer 

• Play hard to get (even when you want to sell) 

• Get an acquirer to bump up their offer  

• Max out an earn-out payment—even if you don’t quite hit your targets 

• Spot an acquisition offer that’s likely to be re-traded