Insights by Candor Advisors

The Planning PhaseAs founders move down the funnel, they shift from curiosity to preparation. This is where strategic thinking begins—planning financial readiness, identifying potential buyers, improving operations, and organizing key documents. It’s about turning general interest into a concrete plan.The Execution PhaseAt the bottom of The Funnel is the moment of action: hiring advisors, budgeting for transaction costs, and officially going to market. This phase transforms preparation into execution and ultimately leads to the sale of the business.Why The Funnel WorksThe beauty of The Funnel is its clarity. Each phase helps founders focus on the right priorities at the right time. By breaking the process into smaller, manageable steps, it reduces confusion, minimizes risk, and helps founders make smarter, better-timed decisions.

What Happens to Intellectual Property When You Sell Your Company?For many founders, intellectual property (IP) is one of the most overlooked—but most valuable—parts of a business sale. While revenues, customers, and cash flow often dominate the conversation, IP is a critical asset that buyers evaluate carefully in M&A transactions.Defining Intellectual Property in a DealIn the context of a business sale, IP includes more than patents and trademarks. It covers your brand, website, business name, proprietary processes, and any other intangible that differentiates your company. Buyers see these assets as central to both risk management and long-term growth potential.Why IP Matters for ValuationWell-protected IP can enhance valuation by demonstrating clear ownership and defensibility. Conversely, poorly documented or disputed IP rights can reduce value or even jeopardize a transaction. Founders should take steps in advance to document ownership, register trademarks, and ensure employee or contractor agreements properly assign rights to the company.What Buyers ExpectIn due diligence, buyers will confirm that your IP is transferable and free of encumbrances. This often involves reviewing domain registrations, contracts, licensing agreements, and any pending disputes. Clean records provide confidence that the buyer will fully own what they’re paying for.

When should you bring in advisors when selling your business?From investment bankers and lawyers to accountants and financial planners, timing matters. Bring them in too early and you’ll burn resources. Bring them in too late and you risk costly mistakes.In this video, Kirk Michie shares how to sequence advisors and the critical points where their involvement adds the most value.

Selling a business is challenging enough—but what if your revenues are down year over year? Many founders assume buyers won’t be interested, but that’s not the case. While valuation may be affected, a deal can still get done if you position your company strategically and highlight the value it brings to the right acquirer.In this article, Kirk Michie explains why declining results don’t automatically shut the door on an exit, what types of buyers are most likely to be interested, and the steps founders can take to maximize their outcome.

Founders often chase the headline valuation, but the real story is in the structure. Cash at closing, earnouts, equity rollovers, and seller notes can dramatically change the outcome.A deal at $20M with $12M cash + $8M contingent isn’t the same as $18M all cash.The right answer? It depends. Clear goals and smart negotiation make all the difference.

Every founder eventually faces the same question: do you keep scaling—or sell while things are strong?In this video, Kirk Michie shares how successful founders weigh growth capital against selling early, and why selling can sometimes be the best way to manage risk. From valuation trade-offs to protecting your outcome, Kirk explains how to decide which path makes sense for you.

One of the biggest buyer concerns in any deal is whether the business depends too much on the founder. If it does, that’s a red flag—and it can hurt both valuation and deal structure.In this episode, Kirk Michie shares how to prove your business can run without you. From building a capable leadership team to showing successors in the room during buyer meetings, he explains the practical steps that make buyers confident and let you take more cash at closing.

Before a sale, many founders try to optimize their financials by trimming costs or making strategic upgrades. But not every change lands well with buyers. In this short video, Kirk Michie explains how to think about expense timing, whether you’re investing in growth or managing EBITDA. He breaks down what’s smart to spend, what’s better left alone, and why buyers may not give you credit for certain moves. If you’re prepping for a sale in the next 6–18 months, this is essential advice.

In this short video, Kirk Michie breaks down how to weigh structure vs. price when negotiating a business sale. From earnouts to seller notes to equity rollovers, he explains what to look out for and when it might make sense to accept a little less for a lot more peace of mind.

Unless you’ve signed a binding LOI (rare), you’re not forced to close—even mid-process.Of course, there are consequences. You’ll burn some fees. You may rattle your buyer’s trust. You might need to wait a bit before going back to market. But if something doesn’t feel right—whether it’s the price, the buyer, or just your gut—you can (and sometimes should) hit pause.

Selling a business isn’t just a financial transaction—it’s a full-time job stacked on top of your already full-time job. In this short video, Kirk breaks down the surprising emotional toll and practical pressures that catch many founders off guard—and shares what you can do to prepare and stay grounded through it all.

Curious how the 2025 M&A market is shaping up? In this short update, Kirk Michie explains why deal volume remains high, where private equity is looking to spend, and why some businesses tied to supply chains or tariffs might want to wait. Watch the quick video below to get the full story.

Selling a business comes with a range of costs that aren’t always discussed. Depending on the size of the deal, transaction costs typically fall between 1.5% and 5% of the total value. For larger deals, the percentage may be lower, but the dollar amount can still be significant.Key contributors to these costs include:Transaction advisors: Usually compensated as a percentage of the sale price.Legal fees: High-quality M&A counsel is necessary and often expensive.Accounting and tax support: Buyers want clean, reliable financials.Additional consultants: Specialists may be brought in for diligence or post-sale planning.The real takeaway is this: these aren’t “nice-to-haves.” They’re essential services that protect the deal and ensure you walk away with the outcome you intended. Understanding and planning for these costs early can help avoid surprises and allow you to enter the process with clarity.

What happens to your team after you sell? It’s not always up to you—but there are smart ways to protect your people. In this 3-minute video, Kirk explains how buyers view staffing and what you can do about it.

When it comes time to sell your business, buyers aren’t just looking at how much you make—they’re looking at how well you run. EBITDA, or earnings before interest, taxes, depreciation, and amortization, serves as a common metric for deal valuation, but what truly boosts that number is operational efficiency.A business with solid margins, clear KPIs, and professionalized systems often sells for more than a larger but poorly run competitor. Why? Because efficient operations signal less risk, faster growth potential, and better returns on investment.Strategic and private equity buyers want transferable economics. If you can show strong profitability, solid customer metrics, and sector-leading performance indicators, your business becomes a safer—and more valuable—bet. It’s not about cutting corners; it’s about building smarter.

Sure, the money matters—but it’s not the whole story. In this quick video, we explain why understanding your personal motivation is the most important part of your exit plan. Whether it’s freedom, purpose, or something else, your “why” will guide every decision that follows.Kirk Michie breaks down the key adjustments that can impact your sale price, timing, and terms. Watch this short video to get clear, tactical guidance before you go any further.

Before you sign a Letter of Intent, make sure you understand the deal behind the deal. From EBITDA adjustments to working capital pegs, these hidden levers can change your payout—and your future.Kirk Michie breaks down the key adjustments that can impact your sale price, timing, and terms. Watch this short video to get clear, tactical guidance before you go any further.

Before the deal is done, there’s still work to do. In this video, Kirk Michie shares practical steps founders should take before and after closing to avoid problems that can disrupt operations, damage relationships, or hurt the legacy they’ve built. If you’re preparing to sell—or already deep in a deal—this is the checklist you didn’t know you needed.

Cultural fit can make or break your dealA good financial offer isn’t enough—if the buyer’s culture doesn’t align with yours, the deal may unravel post-sale.Private equity buyers are usually hands-off—but not alwaysWhile PE firms often let businesses run independently, cost-cutting or vendor changes can quietly erode your company’s culture.Strategic buyers can cause deeper disruptionAcquirers in your industry may integrate your team into their systems—changing reporting lines, HR processes, and more.Your people will feel the impact—especially if they weren’t part of the decisionPost-sale culture clashes can lead to morale issues, turnover, and regret from team members who trusted your leadership.Legacy isn’t just about ego—it’s about protecting what you builtPreserving your company’s values, team, and customer relationships requires more than a good contract; it requires cultural awareness.

If you’re thinking about selling your business, or just getting prepared,it’s important to understand the CIM (Confidential Information Memorandum). It’s the document that helps you tell your story, highlight your value, and shape how buyers see your company. This quick article breaks down what a CIM includes, why it matters, and how it helps you stay in control during the sale process.