Steps to Sold: The Ultimate Business Sale Podcast

In this episode, Brandon and Chris recap the business brokerage industry in 2025, discussing the top five best and worst trends. They highlight the strong demand for quality businesses, improved seller education, and the increasing use of creative deal structures, including seller financing. The conversation also touches on the integration of AI in business processes and the importance of broker relationships. On the downside, they address unrealistic seller expectations, poor financial records, and the impact of recent SBA changes on deal structures. Looking ahead, they make predictions for 2026, emphasizing the need for preparation and adaptability in a changing market.

In this episode of the Steps to Sold podcast, Brandon Bourgeois and Chris Sater delve into the intricacies of trade businesses, focusing on HVAC, plumbing, and electrical services. They discuss the growing market appeal of these businesses, the factors driving their valuation, and the challenges related to licensing and skilled labor. The conversation emphasizes the importance of due diligence, the structuring of sales, and the need for thorough preparation when selling a business. The hosts provide valuable insights for both buyers and sellers, highlighting the significance of clarity and organization in the sales process.

Join Brandon Bourgeois and Chris Sater as they delve into the intricacies of analyzing a business for sale. This episode provides a comprehensive guide for buyers and sellers, covering everything from initial inquiries to the LOI phase. Learn how to set the right tone with brokers, understand financials, and align your goals for a successful acquisition. Whether you're a seasoned buyer or new to the process, this episode is packed with insights to help you navigate the complex world of business transactions. Don't miss out on expert tips and strategies to make your next deal a success!

In this episode of the Steps To Sold Podcast, Brandon Bourgeois and Christopher Sater discuss the evolving landscape of business acquisitions, focusing on what buyers are truly looking for in today's market. They explore the importance of predictable cash flow, scalability, and clean financials, as well as the dynamics of deal structure and the due diligence process. The conversation emphasizes the need for sellers to think like buyers and prepare their businesses for sale by ensuring transferability and transparency. The hosts also address post-close expectations and the significance of effective transition strategies.

In this episode of the Steps to Sold Podcast, hosts Brandon Bourgeois and Chris Sater delve into the complexities of business offers, exploring the often fantasized 'golden ticket' offer that sellers dream of. They discuss the realities of what sellers truly want, the importance of preparation, and the role of financing in business sales. The conversation highlights the significance of clear communication, due diligence, and understanding the structure of offers. Listeners are encouraged to recognize the myths surrounding business sales and to approach offers with a pragmatic mindset, ensuring that both buyers and sellers are prepared for the transaction process.

In this episode of the Steps To Sells podcast, Brandon Bourgeois and Chris Sater discuss the critical importance of seller involvement after the sale of a business. They emphasize that signing the Asset Purchase Agreement (APA) is not the end of the journey, but rather the beginning of a new phase that requires careful planning and execution. The conversation covers various aspects of post-sale transitions, including buyer concerns, the significance of training and knowledge transfer, the role of consulting agreements, and the necessity of setting clear expectations. The hosts highlight the importance of maintaining relationships and ensuring continuity for the success of the business and the legacy of the seller.

00:00 The Journey Begins: Understanding Seller Involvement After Sale
02:51 Reality Check: Life After Closing
05:50 Buyer Concerns: Ensuring Continuity and Relationships
08:57 Transitioning Main Street Businesses: The Handoff Process
11:42 Training and Knowledge Transfer: A Two-Way Street
14:42 Lower Middle Market Transitions: The Importance of Seller Involvement
17:39 Licensing and Certification: Navigating Seller Obligations
18:51 The Importance of Clear Timelines in Transactions
21:40 Consulting and Employment Agreements: Key Considerations
24:40 Seller Involvement: A Critical Asset
28:15 Navigating Post-Sale Relationships
31:54 Understanding Non-Compete Agreements
33:46 Setting Expectations for Post-Closing Involvement
39:05 The Legacy of Seller Involvement

In this episode of the Steps to Sold podcast, Brandon Bourgeois and Chris Sater delve into the complexities of the lower middle market, focusing on the different types of buyers and their characteristics. They discuss the importance of understanding buyer types, the role of funded searchers, and the significance of transparency in the acquisition process. The conversation also highlights the red flags to watch for in buyer behavior and offers valuable advice for sellers navigating the Letter of Intent (LOI) process. The hosts emphasize the need for commitment and the importance of surrounding oneself with the right advisors to ensure a successful transaction.

00:00 Understanding Lower Middle Market Buyers
02:58 Identifying Buyer Types
05:58 The Role of Funded Searchers
08:57 Private Equity and Family Offices
11:35 Traits of Successful Closers
14:46 Red Flags in Buyer Behavior
17:28 The Importance of Transparency
20:24 Advice for Sellers
23:15 Navigating the LOI Process
26:33 Final Thoughts on Buyer-Seller Dynamics

In this episode of the Steps to Sold podcast, Brandon Bourgeois and Chris Sater delve into the complexities of the buyer landscape, particularly focusing on the differences between various types of buyers in the lower middle market. They discuss the importance of identifying serious buyers versus tire kickers, the necessity of financial preparedness, and the red flags that indicate a buyer may not be serious. The conversation emphasizes the role of brokers in screening buyers and the traits that define a good closer. Ultimately, the episode serves as a guide for both buyers and sellers to navigate the business acquisition process effectively.

00:00 Understanding Buyer Types
02:52 The Buyer Landscape in Lower Middle Market
05:32 Identifying Serious Buyers vs. Tire Kickers
08:30 The Importance of Financial Preparedness
11:45 Red Flags in Buyer Behavior
14:35 Traits of a Good Closer
17:21 The Role of Brokers in Buyer Screening
20:20 Navigating the Buying Process
23:03 The Importance of Communication and Transparency
25:58 Closing the Deal: What It Takes
28:56 Final Thoughts on Buyer Preparedness

Summary
In this episode, Brandon Bourgeois and Chris Sater delve into the often-overlooked topic of working capital in business sales. They discuss its significance in deal structure, the differences between asset and stock sales, and the importance of accurate financials. The conversation highlights the role of seasonality in working capital needs and the necessity of transparency between buyers and sellers. They also cover the concept of true ups post-closing and emphasize the importance of preparing financials well in advance of a sale to maximize value.

Chapters
00:00 Understanding Working Capital in Business Sales
04:53 The Importance of Working Capital in Deal Structure
09:42 Calculating Working Capital: The Right Approach
14:33 Challenges in Working Capital Management
19:24 Seasonality and Its Impact on Working Capital
21:52 Navigating Deal Structures and Cash Flow Challenges
24:55 The Importance of Quality of Earnings (Q of E) in Business Sales
29:15 Understanding Working Capital in Deal Negotiations
35:20 True Ups: Ensuring Accurate Working Capital Post-Closing
39:13 The Role of Transparency in Successful Transactions

Summary
In this episode of the Steps Sold Podcast, Brandon Bourgeois and Chris Sater discuss the impending 'silver tsunami' as baby boomers begin to exit the market, leading to a significant transfer of business ownership. They explore the challenges and opportunities this presents for both sellers and buyers, emphasizing the importance of preparation, understanding market dynamics, and the impact of economic shifts and technology on business valuations. The conversation highlights the need for sellers to be ready and for buyers to be strategic in their approach, as the market is expected to change dramatically in the coming years.

Chapters
00:00 The Silver Tsunami: An Overview
02:54 Ownership Transfer and Market Dynamics
05:45 Challenges in Business Valuation and Buyer Readiness
08:40 The Trillion Dollar Opportunity and Economic Implications
11:30 Timing and Preparation for Sellers
14:23 Transferability and Knowledge Transfer in Business Sales
21:07 Navigating Business Sales and Financing Challenges
23:13 Identifying Hot Industries and Market Trends
25:28 Preparing Buyers for Success in Acquisitions
27:43 Understanding Deal Structures and Financing Options
31:26 The Importance of Education and Preparation for Sellers
33:41 Bridging Generational Gaps in Business Transactions