Insights by Candor Advisors

Many founders focus on negotiating the purchase price, but the structure of the transaction can be just as important. Whether your business is sold as a stock sale or an asset sale may affect both your tax bill and the buyer’s economics. In this video, Kirk Michie explains why these conversations should begin before the Letter of Intent is signed and how the right planning can create a better outc...

You’ve probably heard the term “silver tsunami” before. While it’s often associated with retirement and wealth transfer, there’s another side of the story that’s especially important for business owners. Over the next decade, millions of founders will look to sell their businesses as they transition into retirement. In this short video, Kirk explains what that trend means for business owners and w...

When business owners think about selling their company, most of their attention goes to valuation and purchase price. But one overlooked deal term can create surprises after closing. In this short video, Kirk Michie explains what a net working capital peg is, why buyers require it, and how it can affect the amount of money you ultimately receive from a sale. Before you sign a letter of intent, mak...

Taxes 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.

Many 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.

Most 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.

When 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 di...

The 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...

Selling 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 ta...

Figuring 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...

The Reality: You Don’t Fully Control the Outcome The 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 th...

In 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...

Once 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, cer...

Once you reach the bottom of the funnel, the conversation shifts from whether you’ll sell to how the deal will actually be structured. This is where specific deal terms start to matter—sometimes more than headline price. One of the most common and most misunderstood of those terms is the earn-out . It often shows up in a Letter of Intent and can look attractive on the surface. In reality, it’s one...

An LOI, or Letter of Intent, is a written document that outlines the basic terms under which a buyer proposes to acquire your business. It typically comes after initial conversations and early indications of interest, but before a definitive purchase agreement. Importantly, an LOI is not the sale of your business . It is a framework that allows both sides to agree on major points—price, structure,...

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As you move closer to selling, it’s natural to ask what investment bankers or business brokers actually cost. The numbers can feel opaque if you’ve never done a deal before. In this episode of The Funnel, Kirk explains typical fee ranges by deal size, how success fees work, what retainers look like, and how different advisors structure incentives. If you want clarity before engaging anyone, this i...

As founders move closer to selling, one common concern comes up: where do you actually find a buyer for your business? In this episode of The Funnel, Kirk explains how buyers are sourced, the difference between strategic and financial buyers, and why preparation matters more than hunting for a needle in a haystack. If you’re thinking ahead about who might buy your company, this will help you frame...

Once founders move past curiosity and decide to explore a sale, the next question is usually about process. What actually happens between deciding to sell and closing a deal? In this episode of The Funnel, Kirk breaks down the full sell-side process—from preparing materials and identifying buyers to due diligence and closing—so you can understand how all the pieces fit together.

In this episode of The Funnel , M&A advisor Kirk Michie explains when founders should consider hiring an investment banker and when other approaches may be appropriate. As business owners move deeper into the exit process, questions about deal structure, buyer access, and negotiation leverage become more important. Kirk explains that investment bankers are most valuable when a business is attr...

In this episode of The Funnel , M&A advisor Kirk Michie explains how long it typically takes to sell a business and why founders often underestimate the timeline. Many owners assume their transaction will be simple due to business structure or limited complexity, but most deals follow a similar sequence regardless of size or industry.

Deciding when to sell your company is rarely straightforward. Even founders who are open to a sale often feel unsure about whether current conditions favor moving ahead or waiting. In this episode of The Funnel, Kirk outlines the practical factors that shape good timing, including performance trends, economic signals, buyer behavior, and sector-specific momentum. He explains when it makes sense to...

If you’ve been thinking about a potential sale but the numbers aren’t where you want them to be, you’re not alone. Many founders reach this stage and wonder what actually moves valuation. In this short episode of The Funnel, Kirk explains the three levers that make the biggest difference: professionalizing your financials, clarifying adjusted EBITDA, and reducing key risks like customer concentrat...

In this episode of The Funnel , Kirk Michie tackles one of the biggest founder questions: when is the right time to sell? While many owners wait until they’re exhausted or facing setbacks, Kirk explains why the best time to go to market is actually when things are going well —when revenue is climbing, margins are strong, and your team can carry the business forward. He also breaks down specific in...

The Planning Phase As 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 Phase At the bottom of The Funnel is the moment of action: hiring advisors, budge...