In this Episode, Jay Bourgana sits down with Michael Finnegan on why running a business and owning a business are two very different skill sets.

Most people think running a successful business automatically means they own a valuable one. But operators and buyers see the world very differently. In this episode of Acquisition Collective, Jay Bourgana sits down with Michael Finnegan to explain why learning how to buy a business fundamentally changes how you build one.

Michael breaks down how viewing a company through a buyer’s lens reveals what actually creates enterprise value and what quietly destroys it. He explains why revenue alone does not determine value, how business quality drives multiples, and why many founders fail to make the critical transition from operator to owner. As businesses grow into the $10 to $15 million range, financing options expand, talent improves, and opportunities increase, but only if the business is built correctly.

Whether you are an entrepreneur, business buyer, or investor, this episode highlights why owning a great business requires a completely different mindset than simply running one.

We dive into:
✅ Why running a business is not the same as owning one
✅ How buyers evaluate business quality
✅ What actually drives enterprise value
✅ Healthy vs unhealthy businesses
✅ Why most founders stall before the next level
✅ Thinking like a buyer to build long-term value

00:00 Running vs owning a business
02:15 Why buyers see value differently
05:40 Enterprise value explained
09:30 Healthy vs unhealthy businesses
14:10 The operator to owner transition
20:45 What changes at $10 to $15 million

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