Podcast
Insights by Candor Advisors
Hosted by Kirk Michie · EN
Advice and insights about selling your business by Kirk Michie and his network to guide successful founders to a better outcome.
19episodes
Episodes
Newest firstAll episodes
Is Your Business a Qualified Small Business? The Section 1202 Tax Windfall
5d ago00:02:14Tap to summarizeTaxes can dramatically change what founders actually keep after selling a business. In this video, Kirk Michie introduces Section 1202, also known as the Qualified Small Business Stock (QSBS) exemption, and explains why founders should understand these rules long before going to market.
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RWI vs. Escrow: How to Keep More Cash at Closing Without the Risk
5d ago00:03:02Tap to summarizeMany founders are surprised to learn that part of their sale proceeds may be tied up after closing. In this video, Kirk Michie explains how Rep & Warranty Insurance can sometimes reduce escrow requirements and help sellers keep more cash upfront.
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The TSA Checklist: Defining Your Post-Sale Role Before You Sign
3w ago00:02:07Tap to summarizeMost founders spend the majority of a sale process focused on valuation, deal terms, and due diligence. But many transactions also include a lesser-known component called a Transition Services Agreement, or TSA. In this video, Kirk Michie explains what a TSA is, why buyers use them, and how they can affect a founder’s responsibilities after closing.
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Platform vs. Add-On Acquisitions: How Private Equity Decides Your Valuation Multiple
4w ago00:06:26Tap to summarizeWhen founders begin talking with investment bankers or private equity buyers, they often hear terminology that has little to do with how they actually operate their business. One of the most important examples is whether a company is viewed as a “platform” investment or an “add-on” acquisition. In this episode, Kirk Michie breaks down what those categories mean, how buyers use them, and why the distinction can materially affect valuation, deal structure, and buyer interest during an M&A process.
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Q1 2026 M&A Market Update: Why Buyers Are Getting Pickier
4w ago00:06:26Tap to summarizeThe M&A market in early 2026 is not closed, but it is becoming more selective. In this update, Kirk Michie explains what Candor Advisors is seeing across founder-led transactions, private equity activity, buyer behavior, valuation expectations, and market timing. For strong companies in favored sectors, the market may still support strong valuations and favorable terms. For others, buyers may be quicker to pass, which means founders need better data before deciding whether to go to market.
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Planning Ahead: Tax Strategy for Founder-Led Exits
4w ago00:01:49Tap to summarizeSelling a business is not just a valuation exercise. It is also a tax planning event that can dramatically affect how much money a founder actually keeps after closing. In this episode, Kirk Michie walks through the role CPAs, investment bankers, and estate planning professionals play during founder-led exits. The discussion covers capital gains taxes, rollover equity, transaction timing, state tax exposure, and why founders should avoid making assumptions too early in the process.
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Do You Really Need a Professional Business Appraisal?
Mar 1700:01:49Tap to summarizeFiguring out what your company is worth is one of the first steps in exit planning, but acquiring that number shouldn't break the bank. Many founders mistakenly believe they must hire a professional appraiser right out of the gate, spending tens of thousands of dollars just to see if a sale makes financial sense. In reality, unless you are navigating a specific legal or structural event, there are far more cost-effective ways to gauge your market value. In the video below, Kirk Michie explains why you can likely skip the formal appraisal and how to use transaction advisors to confidently plan your exit.
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The Funnel, Ep. 15: What Happens To Your People?
Jan 2600:06:18Tap to summarizeThe Reality: You Don’t Fully Control the OutcomeThe first hard truth is this: once you sell your business, you no longer control most personnel decisions unless you are willing to walk away from the deal.That doesn’t mean you’re powerless. But it does mean that promises, assumptions, or informal assurances can quickly create risk—both legal and operational.Employee outcomes depend largely on three things:The type of buyerThe strategic rationale for the acquisitionHow communication is handled before and after closingEach of these deserves careful consideration.How Buyer Type Shapes Employee OutcomesStrategic BuyersWhen the buyer is a strategic acquirer, outcomes depend on scale and intent.If your company is being acquired for geography, customer access, or a complementary product or service, there’s often a desire to keep operations largely intact—at least initially. In those cases, most employees continue in their roles, sometimes with minimal immediate change.However, overlapping functions are commonly consolidated. Finance, HR, administrative roles, and back-office support are the most exposed. Large organizations already have these functions centralized, and maintaining duplicate departments rarely makes sense.Importantly, these eliminations are usually not the primary motivation for the deal. They’re a byproduct of integration.Private Equity BuyersPrivate equity buyers typically want continuity. They are not operators, and they rely on existing teams to run the business.In many cases, private equity ownership leads to more structure rather than fewer people. Additional reporting, stronger financial controls, new systems, or leadership hires may be introduced to support growth.While workloads often increase, broad layoffs are uncommon unless the acquisition is part of a larger consolidation strategy.
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The Funnel, Ep. 14: How Much Will You Pay In Taxes?
Jan 2300:04:46Tap to summarizeIn many straightforward transactions—such as the sale of a pass-through entity like an LLC or S-corp—proceeds are typically taxed as capital gains at the federal level. Depending on where you live, state capital gains taxes may also apply.For founders in high-tax states, state taxes alone can materially reduce proceeds. Combined with federal capital gains, this may result in the highest tax rate you’ve ever paid on a single event.This is the baseline—but it is not the whole story.
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The Funnel, Ep. 13: How Do You Compare Offers?
Jan 2100:06:21Tap to summarizeOnce you reach the bottom of the funnel, the process becomes less theoretical and far more practical. At this stage, you’re no longer asking whether to sell or how the process works—you’re evaluating real offers from real buyers.This is where many founders make costly mistakes. Multiple offers can look similar on the surface, yet lead to dramatically different outcomes depending on structure, certainty, and risk. The headline number alone rarely tells the full story.This episode breaks down how to compare offers methodically, so you can see which deal actually delivers the best outcome—not just the biggest number.
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