Part 1: The Economic Backdrop (Alan Beaulieu & Kim Clark)

Alan, Kim, and I unpack why political pressure on the Federal Reserve isn’t a headline issue — it’s a business planning issue. When monetary policy becomes reactive rather than methodical, uncertainty creeps into borrowing, hiring, investing, and ultimately into whether owners freeze or move forward.

This part of the conversation is about why stability matters more than perfection. Even in a flawed system, predictable rules allow owners to plan, adapt, and stay solvent. The real danger isn’t inflation alone — it’s volatility, whiplash, and decision paralysis driven by short-term political incentives.

Part 2: What It Means for Valuations & Deals (Kyle McCulloch)

Kyle walks through bizval’s Q1 2026 M&A Report and what’s actually happening in the market — how valuations are being set, how deals are being financed, and why many owners misunderstand both. We talk about why multiples are a blunt instrument, why discounted cash flow is the real anchor, and how shifts in debt markets are quietly changing cash-at-close outcomes.

This conversation matters because owners are capital allocators, whether they realize it or not. Cash sitting still is melting. Debt is more expensive. Buyers are structured differently. The owners who win the next five years won’t be the ones guessing — they’ll be the ones who understand how risk, cash flow, and valuation actually work together.

Top 10 Takeaways
From Alan & Kim (Macro & Stability)
Political control of monetary policy replaces long-term thinking with short-term chaos.
Uncertainty, not recession, is the real enemy of business planning.
Volatile interest rates make capital decisions nearly impossible to time intelligently.
Agility matters more than company size when conditions shift quickly.
Even a flawed system needs stability to avoid economic whiplash.

From Kyle (Valuation & M&A Reality)
Multiples start negotiations, but cash flow risk determines real value.
Discounted cash flow exposes risks that market comps completely ignore.
Bank financing is retreating — private credit is filling the gap at a cost.
Cash at closing should equal DCF, or the seller is still carrying risk.
Reinvesting capital above your cost of capital is the only way to beat debasement.

Kim Clark is a sales and marketing strategist who helped scale ITR Economics from a founder-led advisory firm to a professionally managed company that exited at eight figures. As head of sales and marketing, she built the firm’s first CRM, content strategy, and inbound engine—moving the company from personality-based selling to a system built on data, automation, and strategic execution. Today, she works with business owners to build marketing engines that align with their strategy, team, and long-term cash flow goals—so they can grow without chaos and delegate without losing visibility. Her frameworks are directly aligned with the "Maximize Growth" track inside the Build a Valuable Business module of the iBD™ Magic Model.   

Alan Beaulieu is a globally recognized economist and partner at ITR Economics, a firm with 94.7% forecasting accuracy over 80 years. For more than three decades, Alan has guided executives worldwide through all economic cycles, providing clear, actionable insights on markets, strategy, and investment. A respected speaker, author, and advisor, his data-driven approach helps companies anticipate change, protect value, and maximize profitability.

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:
(00:00) Political control replaces long-term thinking with short-term chaos and whiplash

(03:19) The bankruptcy lens Austrian economics and the debt doom loop

(10:07) Why even a flawed system needs stability to function predictably

(14:00) What happens when monetary policy becomes reactive instead of methodical

(21:00) Uncertainty not recession is the real enemy of business planning

(29:00) Agility matters more than size when economic conditions shift quickly

(32:10) Should you sell before the depression the 2028 timeline

(40:21) Kyle McCulloch on Q1 2026 M&A report and valuation reality

(56:00) How capital allocators think about risk policy and deal structures

(01:07:00) Why regulatory scrutiny and debt markets are changing deal outcomes

(01:18:00) Multiples start negotiations but cash flow risk determines real value

(01:30:00) Reinvesting capital above your cost beats dollar debasement every time

(01:40:00) Treasury stability underpins all asset valuations here's why it matters

Resources:

Kim Clark LinkedIn https://www.linkedin.com/in/kimberly-clark-79634845/
Alan Beaulieu LinkedIn linkedin.com/in/alan-beaulieu-8343283
Kyle McCulloch https://www.linkedin.com/in/kylemcculloch1/
Ryan Tansom Website https://ryantansom.com/

This conversation with Bill Cowan is a full arc—from career operator to business owner to successful exit to peer group chair—and it surfaces the real lessons most owners only learn the hard way.

Bill shares what it was like to spend six years searching for the right business, why anxiety pushed him into compromises he wouldn’t make again, and how owning a company fundamentally changed how he thinks about leadership, risk, and decision-making. We unpack why passion for the work itself matters more than spreadsheets alone, why building for exit from day one sharpens every decision, and how clarity beats perfection every time.

We also go deep into the mechanics most owners never see: buyer psychology, deal structures, seller financing, earn-outs, trust-based transactions, and how real exits actually get done in the lower middle market. This isn’t theory—it’s lived experience, with the scars and wisdom to prove it.

William “Bill” Cowan is a Vistage Chair and former business owner with a diverse career spanning veterinary medicine, medical devices, higher education leadership, and entrepreneurship. After buying, growing, and successfully exiting an organic lawn care business, Bill now works closely with owner-operators as a peer group facilitator, bringing rare empathy and practical insight shaped by firsthand ownership experience.

Top 10 Takeaways

Chapters:
(00:00) Introduction to Bill Cowan and his business ownership

(02:43) Career path from veterinarian to medical devices to education leadership

(07:40) Six-year search for right business reveals complexity of buying

(16:00) Compromising on B2C instead of B2B despite original acquisition criteria

(27:00) Growing business threefold while intentionally restraining further growth

(36:00) Critical lesson learned: passion for actual work matters more than expected

(42:00) Building for exit from day one shaped every business decision

(49:00) Exit structure required trust-based deal with performance-based terms

(57:28) Transition to Vistage Chair applies hard-earned ownership experience

(01:05:00) Making timely imperfect decisions beats perfect decisions made late

Resources:
William Cowan LinkedIn: https://www.linkedin.com/in/williamcowan-dvm/
Ryan Tansom Website https://ryantansom.com/

This conversation with Tom Shipley goes far beyond “growth” or “M&A tactics.” It’s about understanding the real game of ownership — how value is actually created, how capital really works, and why most owners unknowingly trap themselves by optimizing the wrong things. 

We start by reframing business as a finite game of time, energy, and capital. Tom shares how his background in Special Forces shaped his approach to leadership, resourcefulness, and decision-making — and how those principles carried into building, acquiring, and ultimately selling businesses. 

From there, we go deep into the mechanics most owners never truly understand: valuation, EBITDA vs. cash flow, multiple expansion, acquisition strategy, and deal structure. Tom breaks down how value is created before the exit, why fundamentals matter more than hype, and how acquisitions can create real wealth — or destroy it — depending on how they’re done. 

We end with one of the most important insights in the episode: the “valley of despair” facing owners with $1–$2M EBITDA, and Tom’s merge-to-exit model designed to help founders escape it by building scale, optionality, and alignment before they sell. 

Tom Shipley is a serial entrepreneur and M&A expert with 20+ years scaling brands to $2B+ in sales via D2C, Amazon, and retail giants like Costco and Ulta. A "lone soldier" in Israel's elite IDF Unit 669, he bootstrapped Atlantic Coast Brands to $100M (exited 2021), raised $100M for Foundry (e-com aggregator), and founded AVA Acquisitions for digital agencies. Now, via Deal Boardroom and bi-annual DealCon Summit, he empowers founders to acquire, scale, and exit—often with $0 down. Host of Deal Playbook podcast, Shipley splits time between Austin and Tel Aviv, mentoring hyper-growth via Shipley Capital. 

Top 10 Takeaways 

 
Chapters:  
(00:00) Introduction of Tom Shipley and discussion of acquisition strategies 

(02:37) Finite resources require prioritizing impact, adventure, and resourcefulness 

(07:10) Writing your own epic novel with five-year chapters 

(09:40) Buying businesses without cash using creative deal structures 

(12:16) Special Forces lessons on resourcefulness, tenacity, and team leadership 

(21:30) Valuation fundamentals and confidence in future cash flows 

(35:00) Multiple expansion and compounding value through strategic acquisitions 

(43:32) Strategic fit and avoiding Frankenstein rollups in acquisitions 

(55:13) Integration work upfront generates cash flow versus Frankenstein EBITDA 

(58:36) Where to find Tom Shipley and information on Dealcon 
 
Resources: 
Tom Shipley LinkedIn: https://www.linkedin.com/in/t-shipley/ 
Ryan Tansom Website https://ryantansom.com/

Matt is the founder of MarketBeat, a financial media company he’s built quietly over 19 years into a ~$50M/year business with around 20 employees — and what makes this episode special isn’t just the scale, it’s how he’s designed the business and his life around it. We talked about focus, attention, hiring, valuation discipline, resisting hype cycles, and why keeping the business can often be the most profitable move an owner can make. 

We also unpacked the realities most people never see: what it actually takes to build leverage without blowing up the mothership, how to think clearly about valuation and selling, how AI really fits into the future of work, and what happens after you cross financial independence. This episode is about designing ownership — not chasing exits, headlines, or noise. 

Matt Paulson is the founder of MarketBeat, a financial media company he’s grown over 19 years into a ~$50M annual business. He also runs Homegrown Capital, a Midwest-focused venture firm with ~$40M under management. Known for his disciplined approach to growth, valuation, and hiring, Matt focuses on building durable businesses, developing high-caliber teams, and designing work around a meaningful life beyond the balance sheet. 

Top 10 Takeaways 

 
Chapters:  
(00:00) Matt Paulson and his unexpected consulting success
 
(08:34) Managing attention, avoiding distractions, and setting boundaries with community involvement 

(11:31) Overcoming FOMO and learning to say no to opportunities 

(14:59) Delegating what you don't want to do and building systems 

(19:58) Hiring great people and making MarketBeat a premier employer brand 

(26:07) Homegrown Capital's venture investment thesis and evaluating startups 

(37:41) Why Matt turned down acquisition offers and chose to keep MarketBeat 

(40:24) Managing wealth, teaching kids about money, and charitable giving 

(54:11) Being authentic versus content creation and avoiding labels in business 

(59:10) Setting goals, living in the present, and thinking about succession planning 

(1:08:14) Email marketing expertise and managing six million subscribers at scale 

 
Resources: 
https://www.marketbeat.com/ 
Matt Paulson LinkedIn: https://www.linkedin.com/in/matthewpaulson/ 
Ryan Tansom Website https://ryantansom.com/ 
 

Most owner-operators have a complicated relationship with their bank — part dependence, part frustration, and very little transparency. I’ve lived that reality myself, and I know how powerless it can feel when decisions are made “behind the curtain.” 

In this episode, I sat down with my longtime friend and commercial banker, Luke Maupin, to pull that curtain back. We walk through how banks actually make money, how credit decisions really get made, why some owners get easy access to capital while others get boxed in, and how much of this comes down to planning, storytelling, and preparation — not luck. 

This conversation is about flipping the power dynamic. When owners understand the banking business model, bring a clear financial narrative, and know which questions to ask, banks stop being adversaries and start becoming tools. The goal isn’t cheaper money — it’s optionality, confidence, and control over your future. 
 
Luke Maupin is a commercial banker with nearly two decades of experience across large national banks and community institutions. Known for advocating for owner-operators inside the banking system, Luke specializes in credit strategy, growth financing, and helping businesses align capital structures with long-term plans. He brings uncommon transparency to how banks operate and how owners can navigate lending relationships with confidence. 

Top 10 Takeaways 

 
Chapters:  
(00:00) Introduction, Luke Maupin - from touring musician to commercial banker 

(05:50) Banking transparency: asking banks the same questions they ask you 

(14:38) How banks operate: deposits, liquidity, and the business model 

(37:30) How banks make money: lending margins, fees, and treasury management 

(44:34) Business banking versus middle market: understanding customer segmentation 

(56:00) Cash flow mastery and why three statement projections matter 

(1:00:17) Credit approval process: understanding who makes the final decision 

(1:19:41) Covenants and distributions: negotiating terms that don't strangle growth 

(1:33:18) Personal guarantees: strategies for negotiating and eliminating recourse debt 

 
Resources: 
Lucas Maupin LinkedIn: https://www.linkedin.com/in/lucas-maupin-0501b428/ 
Ryan Tansom Website https://ryantansom.com/

Most owners don’t wake up wanting to sell their business. They wake up tired, overloaded, and unsure how much longer they can keep doing everything themselves. In this conversation, John Bartlett and I start by unpacking that reality — the moment when success on paper doesn’t feel like freedom, and selling starts to feel like the only option. 

From there, we zoom out and talk about what’s really going on beneath the surface: phantom wealth, misunderstood cash flow, and why many owners don’t actually see the full set of options available to them. We talk about how value is created, what actually drives multiples, and why clarity around cash flow and owner dependency changes everything. 

Only after that foundation is set do we walk through the real process of selling a company — what actually happens when you go to market, how deals are structured, how long it takes, where owners get surprised, and why the headline price is often the least important part of the transaction. This episode is about helping you see the whole landscape clearly — so whether you build, transition, or sell, you’re making an intentional decision instead of reacting out of exhaustion. 
 
John Bartlett is the founder of Brentwood Growth, where he helps owner-operators navigate valuation, growth, and M&A decisions with clarity and realism. A former serial entrepreneur, John grew and sold multiple businesses before becoming an advisor to lower middle-market owners. His work focuses on turning companies into durable assets—whether that means scaling, de-risking, or exiting on aligned terms. 

Top 10 Takeaways  

Chapters:  

(00:00) Making a meaningful difference in business owners' lives and transitions 

(06:08) Three categories of sellers: burned out, transitioning, and scaling 

(10:40) Life as jigsaw puzzle: balancing financial and lifestyle goals 

(25:45) What owners really want is work-life balance and control 

(36:10) Valuation process: determining current worth and future potential value 

(46:10) Valuation fundamentals: adjusted EBITDA and multiple determine enterprise value 

(01:01:40) Complete M&A process timeline from teaser to final offers 

(01:10:10) Marathon hydration analogy: plan your exit before you're exhausted 

(01:14:00) Quality of earnings: the detailed due diligence cavity search 

(01:26:20) Critical difference between gross sale proceeds and after-tax reality 

(01:28:33) Lock business down within twelve months of planned sale 

 
Resources: 
John Bartlett LinkedIn: https://www.linkedin.com/in/johnlbartlett/ 
Brentwood Growth: https://www.brentwood-growth.com/ 
Ryan Tansom Website https://ryantansom.com/ 
 

Most owners make decisions in the dark. Sales over here, payroll over there, cash flow somewhere in the background — and no clear way to see how it all fits together.

Watch on YouTube

In this episode, I break down the 5-year, three-statement model I use with clients to finally show how revenue, margins, OpEx, working capital, cash flow, and valuation all connect. It's the system that turns guessing into clarity, scattered decisions into strategy, and helps you design a business that aligns with your goals for time, cash flow, and long-term wealth.

When owners finally see the whole picture — how their decisions drive EBITDA, how working capital eats cash, how valuation is created, and how comp and accountability align to their goals — they gain the ability to run the company from the boardroom instead of the weeds.

I know what it's like to feel trapped in the grind of running a business. In 2009, I joined my family's $21 million company during a financial crisis, and over five years, we turned it around and sold it for eight figures. While that sale looked like a win on paper, it left me questioning everything. The stress of running the business, the massive tax hit, and the lack of clarity about how our decisions aligned with our goals taught me a powerful lesson: most business owners don't have a framework to make decisions that lead to true freedom.

That's why I created the Independence by Design™ Ownership Framework. It's a system to help owner-operators align their business decisions with their goals for time, cash flow, and wealth. Over the last decade, I've been a part of dozens of transactions and worked with thousands of business owners, helping them design businesses that work for their lives—not the other way around.

On the podcast, I share strategies and insights I've learned along the way, bringing in top thought leaders like Gino Wickman, Mike Michalowicz, Jack Stack, and Bo Burlingham to provide their perspectives. Whether you're feeling stuck, planning to scale, or preparing for an exit, my goal is to give you the tools and confidence to take back control and build a life you love.

This isn't just another business podcast. It's about reclaiming your independence and designing a business that gives you the freedom you deserve.

Top 10 Takeaways

Chapters:
(00:00) Why ownership goals must drive your business model: time, cash and wealth

(04:22) The valuation gap tab: understanding enterprise value and equity value

(09:30) Projections: building your five-year revenue and growth assumptions

(13:00) Revenue forecasting: line of business growth rates and economic cycles

(20:02) How the three financial statements interact and tell the complete story

(24:40) Cash flow statement: the critical bridge between CEO and owner decisions

(33:00) Assigning clear accountability: Bob owns revenue, Sally owns margins, Ted owns EBITDA

(45:00) Monthly meetings with on-track and off-track reporting for every line

(56:30) Making real decisions with the model: hiring, distributions and strategic scenarios

Resources:
Ryan Tansom Website https://ryantansom.com/

You hear the hype about AI every day, but when you try to use it, it feels like a toy rather than a tool that can actually help you reclaim your time.

Watch on YouTube

In this episode, I’m cutting through that noise with Tyler LaFleur, a former nurse and functional medicine practitioner turned Fractional COO. I brought Tyler on because he doesn’t look at business through the lens of "growth at all costs." He uses first principles thinking—the same diagnostic approach used in medicine—to find the root cause of what is keeping you stuck in the day-to-day.

We have a candid, practical conversation about why most business owners fail with AI because of "lazy prompting," and why Artificial Intelligence is useless without "Objective Truth." If you don’t have your financial constraints and ownership goals clearly defined first, applying AI is just pouring rocket fuel into a car with no steering wheel—you’ll just hit the wall faster.

Top 10 Takeaways

Tyler LaFleur is a Fractional COO and AI integration specialist who helps visionaries escape the weeds. A former nurse and functional medicine practitioner, Tyler bridges the gap between biological systems and business operations, using "first principles" to diagnose and cure operational bottlenecks. He specializes in practical AI application—moving beyond the hype to build custom agents, automate workflows, and clean financial data using tools like Claude and ChatGPT. 

Chapters: 

Resources:

Reach Tyler at [email protected]

Website: https://www.hphi.life/

Ryan Tansom Website https://ryantansom.com/

In this episode, I sit down with Greg Meredith, founder of Simply Strategic, to distinguish the crucial difference between having a strategic plan and actually possessing a strategy. We dive deep into Greg’s "9 Keystones" Simply Strategic framework, exploring how companies can identify their unique "Winning Position" on the battlefield of business. Greg explains why true strategy requires painful trade-offs, the importance of the "Opposite Rule" in decision-making, and how to successfully integrate high-level strategy into a daily business operating system for long-term execution.

Watch on YouTube

Greg Meredith is the founder of Simply Strategic, a consultancy dedicated to helping small and mid-sized businesses ($2M - $500M revenue) build and execute actionable strategic plans. With a background in private equity and over 75 strategic engagements, Greg guides leadership teams through his "9 Keystones" framework. He focuses on helping owners define their "winning position," leverage unique company assets, and transition from planning to persisting, ensuring strategy integrates seamlessly with daily operations.

Marketing is confusing for most owners — not because the tactics don’t work, but because the data underneath is broken.  

Watch on YouTube
 
In this episode, I sit down with Alison Bechdol, founder of Digital-ade, to break down why so many owners feel like they’re throwing money at marketing with nothing to show for it. And the truth is simple: you cannot build a predictable revenue engine without clean data, real attribution, and a clear picture of your customer acquisition cost. Most companies don’t have a marketing problem — they have a data infrastructure problem. Tracking is wrong, systems aren’t unified, and owners don’t have the visibility they need to design revenue, forecast cash flow, or make decisions from the boardroom. 
 
We also talk through the deeper issue: the marketing industry’s incentives are misaligned. Owners need doers, not gurus — and they need a clear order of operations to diagnose, fix, and scale what actually drives margin and enterprise value. 
 
10 Takeaways: 

Chapters:  

Resources: 
Company Website http://digital-ade.com/ 
Ryan Tansom Website https://ryantansom.com/