Manage to Exit

Is 2026 the right time to sell your property management business, or are you about to leave real money on the table?

If you are a property management owner who is feeling burned out, wondering what your company is actually worth, or telling yourself you will sell in a few years, this episode is for you. Aaron McElhinney and Hunter Goodall of PMI's acquisitions team pull back the curtain on what they are seeing in the market right now, including the story of a seller who waited too long and lost $1.2 million in value.

In this episode

• Property management business valuation: why demand for valuations keeps growing (30+ valuations and 74 deals in progress this year)

• The right time to sell: burnout vs. market timing, and why a strategic exit beats a rushed one

• Why a record surge in seller leads is happening now

• How losing a key team member mid-sale affected a seller's price, and how transparency can offset the discount

• Why rushing the close hurts sellers, including the 15-day due diligence story

• Two sellers, two outcomes: the real cost of waiting too long

• The assignable contracts scramble and why you should start prep early

• Why PMI is not a business brokerage and how buyer and seller matching really works

• Roll-ups, stabilization, and why your buyer is probably down the street

• Whether interest rates, elections, and world events really move your valuation

This episode is for you if

• You own a property management company and wonder if now is the time to sell

• You are burned out but not sure whether to keep growing or exit

• You want to know what your business is worth before you make a decision

• You are thinking about buying a property management business and want to understand the seller side

Timestamps

0:00 - Cold open: "transparency is critical"

0:38 - Welcome back, and this episode's topic: selling in 2026

1:02 - By the numbers: 30+ valuations and 74 deals in progress this year

1:43 - Why the need for valuations keeps growing

2:17 - When is the "right time" to sell: burnout vs. market timing

3:38 - The seller lead surge: a record high last month

4:26 - Strategic exits vs. burnout sales, and giving yourself a runway

5:14 - Why rushing the close hurts sellers (the 15-day due diligence story)

6:39 - A real case: losing a key team member mid-sale

8:22 - Why seller transparency builds buyer confidence

9:19 - Inside a real deal: reworking $50K into extended seller pay

11:32 - Two sellers, two outcomes: the cost of waiting too long

13:50 - Not every sale is a retirement

14:19 - The assignable contracts scramble: a lesson in starting prep early

15:35 - The Gulf Coast owner who took the advice

16:59 - "Coal to the fire" or sell now: there is no in-between

19:18 - Deal volume, and why PMI is not a business brokerage

20:01 - Get your baseline, then plan your runway

23:25 - Roll-ups, stabilization, and how PMI matches buyers and sellers

27:14 - Busting the myth: your buyer is probably down the street

27:48 - Does the state of the world affect your valuation?

33:10 - Interest rates, the Fed, and the case for timing your exit

37:20 - The bottom line: know your baseline before you decide

Thinking about selling your property management business? Get a free valuation from PMI's acquisitions team: https://pmiacquisitions.com/business-valuation-calculator/?utm_source=spotify&utm_medium=podcast_description&utm_campaign=manage_to_exit&utm_content=ep10_selling_in_2026

Manage to Exit is the property management business acquisitions podcast from PMI, hosted by Aaron McElhinney and Hunter Goodall. Each episode covers buying, selling, valuing, and growing a property management company.

#PropertyManagementBusiness #BusinessValuation #SellingYourBusiness #ExitStrategy #PropertyManagementAcquisitions #ManageToExitPodcast #PropertyManagement #MergersAndAcquisitions

Every year, PMI's property management acquisitions team rewards the franchise partners who close $1M+ deals with an exclusive trip. This year: Cabo, Mexico. Aaron McElhinney and Hunter Goodall recap what happened, and why the trip keeps getting bigger.

What you'll learn:

• How the President's Circle reward trip went from 2 qualifying franchise partners in Hawaii to a goal of 30 couples in Turks and Caicos
• Why the mastermind sessions, where $1M+ buyers trade playbooks, became the most valuable part of the trip
• What buyers struggle with after closing, like transitions and keeping their new teams, and how PMI's roughly 100-person support team helps
• How one franchise partner went from a $5M valuation goal to a $30M target after 7+ acquisitions in about four years
• How they ran into a franchise partner in Cabo who wasn't even on the trip

Timestamps:

0:00 Cold open: chasing eight-figure exits
0:36 Welcome to Manage to Exit, and what this episode covers
1:08 The President's Circle trip: from Hawaii and Cancun to Cabo
2:10 How the reward trip has evolved, and who qualifies
5:29 Inside the mastermind sessions: buyers trading playbooks
9:24 Compensation, retention, and career paths for acquired teams
13:54 PMI's ~100-person support team and the "who not how" approach
17:20 The buyer network keeps growing (and the Live Oak financing call)
19:45 One partner's path to a $30 million valuation target
22:45 Running into a franchise partner in Cabo: the Hans story
27:19 Looking ahead to Turks and Caicos, and sign-off

Topics covered:

Aaron and Hunter take you inside the President's Circle, PMI's yearly reward trip for franchise partners who close $1M+ acquisitions and their spouses. They explain how it grew from two qualifying partners for the first Hawaii trip to six offices in Cabo, and why deal sizes keep climbing. They go deep on the mastermind sessions, where buyers traded notes on deal structure, org charts, culture and adding value after closing. They also cover what comes after the deal: keeping the team and clients, pay and bonus structures, and career paths for the staff who come over, plus how PMI's roughly 100-person corporate team and the "who not how" approach back every buyer. The episode wraps with a growing buyer network, one partner's run toward a $30M valuation target, a chance run-in with franchise partner Hans on a Cabo golf course, and the push to bring 30 couples to Turks and Caicos in 2027.

Watch this episode if you're:

A property management owner thinking about selling and wondering who would buy your business and take care of your team, a franchise partner who wants to grow through acquisitions and earn a spot in the President's Circle, or an operator who wants to reach eight figures by learning from peers who are already on the way. If you want an inside look at how PMI's buyers think, grow and build toward big exits, this one's for you.

After 17 years and 750 units built entirely by word of mouth, Tom and Kathy were ready to slow down. The question that shaped everything that came next wasn't how much — it was who.

In Episode 8 of Manage to Exit, Aaron McElhiney and Hunter Goodall sit down with Tom and Kathy, a Sarasota, Florida couple who built their property management business over 17 years and recently sold it to PMI franchise operators Steve and MJ. This is a real seller's story, told from the other side of the table. 

Tom and Kathy explain what finally triggered their decision to sell — a succession plan that fell apart, and an introductory email that landed at exactly the right moment — and why they turned down bigger offers from competitors to choose the buyer who felt like the right fit.

They walk through the parts of an exit most owners never hear about: a due-diligence sprint to lock in SBA financing before a federal government shutdown, a deal that included not just management contracts but real estate, vehicles, and a 35-person team across two countries, the delicate timing of telling employees, and the first-90-days philosophy of changing as little as possible.

They also share what life looks like after the sale — staying on to run the multifamily book, and finally making time for grandchildren, travel, and that long-promised new wreath for the front door.

Their parting advice for any owner thinking about an exit: it isn't about the money. Find a good fit, treat your people well, and aim for a win-win.

Chapters:

00:00:00 — Cold open: change one thing, and it affects fifty

00:00:36 — Welcome: meet the sellers and a well-earned break

00:02:12 — Seventeen years in, one priority: protecting the client base

00:03:05 — What sparked the sale: a timely email and a plan that fell apart

00:07:12 — Why PMI won the deal: “I never heard a complaint about them”

00:10:40 — Local owner, national muscle: past the “big corporate buyer” myth

00:15:51 — The process and the paperwork: building trust, then racing the shutdown

00:18:34 — More than a book of business: real estate, vehicles, and the team

00:19:55 — Telling the team: timing, trust, and keeping everyone employed

00:22:39 — Post-close reality: software systems and the first-90-days rule

00:26:22 — The owner's new role: staying on and the first six weeks

00:31:48 — Life after the exit, and words of wisdom for future sellers

Ready to know what your business is worth?
Book a free, confidential valuation call with Hunter ➔
No broker fees. NDA-protected. Only you, Aaron, and Hunter until you decide to move forward.

In 2025, 27 property management owners split $18 million. Here's how the year actually happened — and why 2026 could be even bigger.

In Episode 7 of Manage to Exit, Aaron McElhiney and Hunter Goodall go hosts-only for a transparent 2025 year-in-review. No spin, just the real numbers: 27 transactions across 25 buyers for $18 million, an average deal of $880,000, a record close of just under $3 million in South Florida, and a smallest deal of $66,000. They set out to hit a $20 million stretch goal, came within a whisker, and are now leaning into 2026 with $7 million already under contract and a $50 million target.

Along the way they unpack what actually drove the year: a model where 500 local franchisees do the buying, a consolidation trend producing larger regional companies, why nearly every buyer is a local operator (which makes for a faster, cleaner transition), and how the right SBA lender and creative seller financing got deals done. Most of all, they make the case that selling a PM business is not the finish line. It is the capital and the confidence to go buy something bigger.

If you own a property management business and have ever wondered what it is really worth, who is buying, and what you would do next, this is the episode.

Chapters:

00:00:00 — Cold open: sell this, go buy something bigger

00:00:23 — Introducing the hosts and the 2025 recap

00:00:57 — The stretch goal: how aiming for $20M produced an $18M year

00:03:06 — Setting the 2026 goal: from $18M to $50M

00:04:32 — The franchisee model: how 500 local operators close so many deals

00:05:08 — 2025 by the numbers: 27 deals, $18M, and a record $3M close

00:08:23 — Consolidation and the rise of larger PM companies

00:13:24 — Why buyers are local and increasingly experienced

00:16:42 — Why selling to an operator means a faster, cleaner transition

00:18:56 — Financing the year: SBA, Live Oak Bank, and creative seller terms

00:23:38 — Seller financing works best on a foundation of trust

00:25:07 — The bigger vision: $50M, 326,000 companies, and no broker fees

00:27:32 — The seller's next chapter: from PM to bigger ventures

Ready to know what your business is worth?
Book a free, confidential valuation call with Hunter ➔
No broker fees. NDA-protected. Only you, Aaron, and Hunter until you decide to move forward.

Can ChatGPT tell you what your property management business is worth? A seller recently tried — and the number came back $300,000 too high.

In Episode 6 of Manage to Exit, Aaron McElhiney and Hunter Goodall go hosts-only for a short, direct conversation about two things that quietly cost property management buyers and sellers real money: relying on AI to value a business, and choosing the wrong banking partner for an acquisition.

On the AI side, they explain why ChatGPT is a useful starting point but a dangerous authority — it doesn't have access to the off-market closed-deal data that actually drives valuation, it's agreeable by design, and it anchors sellers to numbers the market won't pay. With 450+ closed transactions behind them, Aaron and Hunter show where AI helps, where it misleads, and why value is built on cash flow and EBITDA, not gross revenue.

On the lending side, they break down a real New York deal that stalled for months under a general SBA lender — and how switching to a bank that specializes in PM acquisitions turned a stuck deal into a 45-day close. The lesson: 'SBA preferred' does not mean the right bank for your deal.

If you're buying or selling a property management business, this episode will save you from two of the most expensive mistakes people make.

Chapters:

00:00:00 — Cold open: AI, valuation, and the right banking partner

00:00:35 — Introducing the hosts and the show

00:00:51 — Story time: when ChatGPT valued a business $300K too high

00:02:50 — How to actually use AI in a valuation (without getting burned)

00:07:30 — Why the off-market data gap makes AI valuation unreliable

00:11:07 — The New York deal: why the wrong bank kills your timeline

00:13:36 — Choosing a lender: relationship, trust, and industry fit

00:16:11 — The PMI advantage: lending relationships that scale to franchisees

00:19:47 — Closing: the right banking partner is critical

Ready to know what your business is worth?

Book a free, confidential valuation call with Hunter ➔

No broker fees. NDA-protected. Only you, Aaron, and Hunter until you decide to move forward.

What does it actually take to buy or sell a property management business ? And what are the questions the PMI acquisition team gets asked every single week? After 450+ closed transactions, Aaron McElhiney and Hunter Goodall have heard them all.

In Episode 5 of Manage to Exit, Aaron and Hunter go hosts-only for the first time and answer the 12 most common questions they receive about buying and selling property management businesses. No guest, no script, just the team that facilitates more PM acquisitions than any other group in the country giving direct answers.

They cover what a PM business is actually worth and why cash flow — not doors and not revenue — is the number that matters, how to increase your valuation before selling (including the two-week vacation stress test), how long the process realistically takes from first conversation to close, why confidentiality protects both sides and when to finally tell your team, whether you need a broker and when to skip the 10–12% fee, the three buyer profiles and which one gives you the best price and the smoothest transition, how to structure seller financing the right way, why buying beats building from scratch, how to find deals without a listing app or a broker, and how SBA financing works for your first acquisition.

If you have ever had a question about buying or selling a property management business — and wondered who to ask — this is the episode.

Chapters:

00:00:00 — Cold open: don't buy a business alone — stakes, risk, and the expert case

00:00:35 — Introducing the hosts and the Q&A format

00:00:52 — Q1: What is a property management business actually worth?

00:06:15 — Q2: How do you increase your valuation before selling?

00:11:22 — Q3: How long does it take to prepare and close a deal?

00:13:00 — Q4: Should I keep the sale confidential — and for how long?

00:18:27 — Q5: Do I need a business broker to sell?

00:23:37 — Q6: Who are the right buyers for a property management business?

00:29:55 — Q7: How do I structure the deal — and what does seller financing look like?

00:43:00 — Q8: Buy vs. build — which is the smarter path into PM?

00:47:15 — Q9: How do I find the right business to buy (and what are the red flags)?

00:55:07 — Q10: How do you finance a PM acquisition?

01:01:13 — Q11: Should your first deal be in your own backyard?

01:03:39 — Q12: Franchise vs. independent — what is the real advantage?

01:09:06 — Closing: the single biggest mistake to avoid

Ready to know what your business is worth?

Book a free, confidential valuation call with Hunter ➔

No broker fees. NDA-protected. Only you, Aaron, and Hunter until you decide to move forward.

What does it actually take to sell a property management business for what it's worth ? And what are buyers and banks actually looking for when they evaluate your books, your contracts, and your clients?

In Episode 4 of Manage to Exit, Aaron McElhiney and Hunter Goodall sit down with James Phillips, Executive Director of Residential and Commercial Property Management at PMI Corporate — the person inside PMIA who has seen more PM business transactions than almost anyone in the country, for a candid, inside-view conversation about what actually makes a property management business sellable.

They cover what 'triple tie-out' means and why unreconciled trust accounts are an immediate deal-killer, how non-assignable management contracts can force a deal structure change that costs the seller thousands, why a 200-door portfolio with diversified revenue can be worth more than a 500-door portfolio earning only management fees, and the one accounting mistake — counting gross rents as your own revenue, that leads sellers to believe their business is worth hundreds of thousands more than it actually is.

They also introduce the conversion office model: a path for PM operators who aren't ready to exit yet to join PMI, access James's operations team, and build toward a larger exit through guided acquisitions rather than selling now at a lower number.

If you own a property management business and have ever thought about selling — whether that's in 6 months or 6 years — this episode tells you exactly what to do before you start any conversation with a buyer.

Chapters:

00:00:00 — Cold open: clean books are the foundation of every good exit

00:00:36 — Introducing the hosts and guest: James Phillips, PMI Executive Director

00:03:43 — James's role, PMI's scale, and the local-buyer franchise model

00:08:18 — How PMI's acquisition team works and why new franchisees can do seven-figure deals

00:12:01 — Preparing to sell: trust account compliance, triple tie-outs, and red flags

00:16:43 — Software, standardised agreements, and assignable contracts

00:22:55 — Revenue diversification: why door count is the wrong scorecard

00:28:32 — Conversion offices: the 'grow first, sell later' path into PMI

00:33:55 — Client-to-property ratio: the hidden risk metric every seller ignores

00:43:07 — Accounting deep-dive: gross rents, journal entries, and forensic accounting pitfalls

00:51:26 — 2026 outlook: $20M to $50M, multi-pillar expansion, and commercial growth

00:57:31 — Closing: changing lives on both sides of the transaction

Ready to know what your business is worth?

Book a free, confidential valuation call with Hunter ➔

No broker fees. NDA-protected. Only you, Aaron, and Hunter until you decide to move forward.

What does it actually take to grow a property management business beyond the organic grind? And what can two strategic acquisitions do in six months that two years of networking cannot?

In Episode 3 of Manage to Exit, Aaron McElhiney and Hunter Goodall sit down with Peter Jackal, owner of PMI Aspire in Colorado, for one of the most candid conversations yet about what acquisition-led growth actually looks like on the ground. Peter built his business organically for two years to reach 120 doors. Then, in the span of six months, he closed two back-to-back seven-figure acquisitions, and became the largest residential PMI franchisee in the country.

They cover why public listings attract the wrong kind of buyer, how Peter's trust-first approach won over a seller who had been burned by Wall Street-style acquirers, why the team you acquire matters as much as the contracts, and the one thing Peter wishes he had known about working capital before he closed. 

He also shares the mindset framework, drawn from Dan Sullivan's 10x thinking and the BHAG concept from Jim Collins, that let him say yes to a second seven-figure deal just weeks after signing the first.

If you are a property management executive thinking about growth through acquisition, whether you are at 100 doors or 500, this episode is the honest conversation no one else is having.

Chapters:

00:00:00 — Cold open: the power of mindset over fear

00:00:47 — Introducing the hosts and guest: Peter Jackal, PMI Aspire

00:02:16 — Peter's organic growth story: 120 doors the hard way

00:03:40 — Deal #1: navigating a public listing and beating bigger buyers

00:09:12 — Trust, LOI discipline, and closing at the agreed price

00:11:27 — Building the acquisition team: who not how

00:14:28 — Mindset and the leap to a seven-figure first deal

00:20:10 — The 10x moment: two deals in six months

00:25:59 — Why acquirers should buy teams, not just doors

00:29:23 — Deal #2: Kelly's blessing, fast growth, and a new goal

00:38:41 — Lessons learned: working capital, churn, and the first 90 days

00:43:43 — What Peter is looking for in his next acquisition

00:46:14 — Advice for fence-sitters: organic vs. acquisition growth

00:52:35 — Operating in a tough market: mindset in a regulatory headwind

00:56:23 — Closing: gratitude, goals, and the BHAG mindset

Ready to know what your business is worth?

Book a free, confidential valuation call with Hunter ➔

No broker fees. NDA-protected. Only you, Aaron, and Hunter until you decide to move forward.

What does it actually cost — and what does it take — to finance a property management business acquisition in today's market? And what just changed that every buyer needs to know before they sign anything?

In Episode 2 of Manage to Exit, Aaron McElhiney and Hunter Goodall are joined by Jordan Coleman, SBA Lending Specialist at Live Oak Bank — the number one SBA preferred lender in the country — for a candid conversation about how PM business acquisitions are actually financed, what lenders are really looking for, and how the SBA's June 1, 2025 rule changes are reshaping the buyer landscape right now.

They cover the mechanics of SBA loans in plain language (the SBA doesn't lend money — here's who does and why that matters), the new 5% cash equity requirement for first-time buyers and how sellers can structure notes around it, why Live Oak looks at door count trends and add-backs the same way PMIA does, why 95% of PMIA's closed deals are off-market and what that means for your financing timeline, and the $5M SBA runway misconception that is quietly limiting buyers who could be doing more deals.

If you are a property management executive thinking about your next acquisition — whether it is your first or your fifth — this episode gives you the financing framework to walk into any bank conversation prepared.

Chapters:

00:00:20 — Introductions and how PMI found Live Oak Bank

00:02:52 — What makes Live Oak different: industry focus over geography

00:05:11 — How SBA loans actually work (demystifying the guarantee)

00:08:06 — Deal trends: multiples rising, buyers outnumber sellers

00:11:30 — June 1, 2025 SBA rule changes: what first-time buyers must know

00:17:50 — Why franchisees make better SBA borrowers

00:22:30 — Off-market vs. on-market deals: why 95% of PMIA closings are off-market

00:30:00 — Add-backs, red flags, and financial due diligence

00:37:20 — Seller-owned properties, earnouts, and creative deal structures

00:40:29 — Including commercial real estate in SBA deals: terms, rates, and structure

00:46:30 — SBA runway, multi-deal buyers, and the 'stay in your market' rule

01:08:00 — What sellers need to know — and when buyers should call the bank

Ready to know what your business is worth?

Book a free, confidential valuation call with Hunter ➔

No broker fees. NDA-protected. Only you, Aaron, and Hunter until you decide to move forward.

Episode 2 of Manage to Exit is on YouTube. If a PM acquisition is on your horizon this year, this is the financing conversation to watch before you make any moves.