Most founders think selling a company is about agreeing on a price. Then the documents show up, and suddenly the deal feels like a maze of acronyms, redlines, and “standard” clauses that don’t feel standard at all. We sit down with attorney Jon Thielen, partner at Company Council, to translate the legal side of mergers and acquisitions into clear, practical steps you can actually use as a buyer or seller.

We walk through the M&A process from the first real document, the letter of intent (LOI), through due diligence and into the purchase agreement that ultimately governs the transaction. You’ll hear what typically belongs in an LOI, how exclusivity periods and confidentiality can become binding early, and what “redlining” really means when lawyers start negotiating language. We also talk about how to protect sensitive financial data during a small business sale, including limiting access and using secure document portals.

Then we get specific about the contracts that decide who owns what and who pays when something goes wrong: asset purchase agreement versus stock purchase agreement, representations and warranties, disclosure schedules, assignment and assumption agreements for key contracts and leases, purchase price allocation for tax purposes, and indemnification provisions that allocate post-closing risk. We also cover common add-on documents like promissory notes for seller financing and employment agreements when the seller stays on during a transition period.

If you’re preparing for a business acquisition, planning an exit, or just trying to understand M&A contracts without the legal fog, this conversation will save you time and stress. Subscribe, share this with a founder who’s heading toward a deal, and leave a review with the one contract question you want us to tackle next.

A business can look wildly successful on the outside and still be “not ready” the moment you try to sell. We sit down to unpack the uncomfortable gap between what owners think buyers will pay for and what the market actually rewards, especially when risk shows up during due diligence. If you care about getting the best outcome for your money, your people, and your legacy, this conversation is for you.

We get specific about deal structure in mergers and acquisitions, including why earnouts are so common, how buyers use them to protect against uncertainty, and why they can become a mess once the seller gives up control. We also talk through a popular private equity approach, the equity rollover, and how staying invested can create alignment and a real “second bite at the apple” when the next exit happens. Along the way, we zoom out from pure valuation and focus on the total package that determines what you actually take home.

Then we go to the root issue that quietly drives price cuts and tougher terms: owner dependency. If your top customers only trust you, or your team can’t operate without you, buyers see risk and will structure the deal accordingly. We share practical ways to reduce that risk by building leadership depth, documenting processes, cleaning up financial reporting, addressing customer concentration, and thinking like a buyer who asks, “How do you double this business in three years?” We also tackle the emotional side, including fear near closing and how a founder’s identity can derail a great deal at the last minute.

If you’re thinking about selling a company or planning an exit strategy, subscribe for more conversations on M&A readiness, deal terms, and building a business that can thrive without you. If this helps, share it with a founder friend and leave a review. What part of selling a business feels most intimidating right now?

Selling your business can be the proudest moment of your career and also one of the most emotionally complicated. We talk about the part founders rarely plan for: the identity shift, the protective instincts, and the unexpected grief that can show up right when the numbers say you should be thrilled.

I’m joined by Jonathan Peters, senior partner at Empirical Consulting Solutions, to break down how operator-first thinking changes the way you prepare for a lower middle market transaction. We dig into the difference between working in the business and working on the business, why buyer confidence depends on a management team that can run without the founder, and how that independence can directly impact your valuation multiple.

We also get tactical on exit readiness and M&A preparation 18 to 24 months before a potential sale: balance sheet cleanup, obsolete inventory, accounts receivable aging, predictable revenue and earnings, gross margin discipline, and customer concentration risk. Then we zoom out to the softer factors that can make or break a deal, including culture, employee retention, customer stickiness, and the real-world limits of your team’s capacity to “fix everything at once.”

If you’re a founder, owner, or advisor thinking about exit planning, business valuation, or small business M&A, listen, share it with a partner, and subscribe so you don’t miss the next one. After you listen, leave a review and tell us what exit readiness challenge you want to hear us tackle next.