The Buyer & Seller Podcast with Fexingo: Business Brokers, Exits, and Private Sales Explained

Lucas and Luna break down the true story of a landscaping company in suburban Phoenix that sold for 10x EBITDA — and closed in just 30 days. They walk through the seller's preparation strategy: clean financials, a one-page operational manual, a fixed-price contract with no earnout, and a buyer who paid cash. The hosts explain why a quick close actually increased the multiple, how the seller avoide...

Lucas and Luna dive into the story of a third-generation Wisconsin family manufacturer that hit a wall when the founder's grandson didn't want to take over. Rather than sell at a distressed price, the owners spent 18 months building a professional management team, shifting from a family-run to a professionally-managed operation, and then sold to a strategic buyer at 10x EBITDA — nearly double what...

In Episode 30 of The Buyer & Seller Podcast, Lucas and Luna unpack the story of a Mid-Atlantic concrete supplier that boosted its EBITDA by 22 percent in 18 months — and sold at 8x EBITDA — by centralizing its purchasing function. They walk through the specific operational shift: moving from decentralized job-site buying to a single procurement manager with bulk contracts. Listeners learn the conc...

In this episode, Lucas and Luna unpack the specific operational changes that let a mid-sized plumbing company in Phoenix command a 9x EBITDA multiple in a hot market. They walk through how standardizing the service fleet — from truck branding to tool kits to part inventories — eliminated the buyer's biggest due diligence headache: unpredictable maintenance costs. The hosts explain why private equi...

Lucas and Luna explore the trade-off between valuation multiple and deal certainty in business sales. Using the example of a regional HVAC distributor that accepted 5.5x EBITDA instead of a higher earnout-heavy offer, they break down when all-cash bids make sense for sellers and how buyers can use cash as leverage. The episode covers the psychology of seller risk tolerance, the role of seller fina...

In this episode, Lucas and Luna dive into how a regional bakery chain in the Midwest boosted its EBITDA multiple from 5x to 9x by overhauling its supply chain. They break down the specific changes the owner made: consolidating flour and sugar suppliers, locking in long-term contracts, and investing in route optimization software. The result was a 20% gross margin improvement and a sale price that...

In episode 26, Lucas and Luna dive into the story of a mid-sized precision metal stamping company in Ohio that sold for 7 times EBITDA — a full turn above industry average — by correcting a single, overlooked problem: its customer concentration. The company had 40 percent of revenue tied to one automotive tier-one supplier, which scared off strategic buyers. The owners spent 18 months diversifying...

Episode 25 of The Buyer & Seller Podcast. Lucas and Luna dig into what happens when a formal business valuation comes back significantly lower than the seller expected — a situation that kills more deals than almost any other single issue. They walk through a real case: a $7 million specialty chemical distributor in the Midwest whose owner was convinced it was worth $12 million. Using that example...

In this episode, Lucas and Luna examine a specific case: Dr. Mark Chen, a solo dentist in Portland, who sold his 2-chair practice for 8x EBITDA without a broker—roughly $1.4 million. They walk through the exact steps he took: getting a third-party valuation, preparing a 24-month profit-and-loss summary with clean add-backs, approaching five regional dental service organizations directly, negotiati...

This episode of The Buyer & Seller Podcast breaks down the 2026 sale of a small SaaS company that fetched eight times revenue despite having zero profit. Lucas and Luna walk through how the founder structured the deal around recurring revenue, customer retention, and a seller note that protected the buyer. They explain why traditional EBITDA multiples don't apply to software businesses and how a '...

Lucas and Luna dive into the story of a small precision machine shop in Ohio that sold at a 6x EBITDA multiple without using a business broker. The owners, a retiring couple, listed the business themselves on a niche marketplace, handled their own due diligence, and negotiated directly with a strategic buyer. Lucas breaks down the steps: how they cleaned up their books, found a buyer through an in...

Lucas walks through the story of a Midwest trucking firm that sold for 11 times EBITDA — roughly $45 million —after a two-year cleanup of its financial records. The seller, a second-generation owner, had run the business like a family checkbook. Personal expenses bled into the P&L: lake house property taxes, a son's tuition, two leased Mercedes that were never used for operations. A savvy broker b...

In this episode of The Buyer & Seller Podcast, Lucas and Luna explain the working capital adjustment — one of the most misunderstood and costly clauses in a business sale. They walk through a real case: a $12 million industrial supply company where the seller lost $600,000 because his inventory was 90 days past due and the working capital target was set on a trailing twelve-month average. You'll l...

Lucas and Luna dissect a true story where a single legal clause in a business sale agreement—a non-compete that was too narrow—allowed the seller to launch a competing firm across the street, wiping out the buyer's expected revenue within months. They walk through the specific wording, the negotiation mistake, and how to protect yourself with a properly drafted restrictive covenant. This episode i...

Lucas and Luna dig into the single most dangerous document in a private business sale: the due diligence request list. Using a real 2025 case of a $12 million industrial coatings company that nearly collapsed under a 147-item data request, they walk through which documents buyers actually care about, which are noise, and how sellers can prep a data room that speeds up the process instead of killin...

Lucas and Luna break down the unspoken hierarchy of leads that lands every business broker's desk. Using the concrete example of a $12 million industrial coatings distributor in Cleveland, they explain why brokers prioritize 'ready to sell now' clients over tire-kickers, how the size of the deal determines speed of response, and why a well-prepared seller with audited financials gets called back i...

Earnouts are supposed to bridge valuation gaps, but most favor buyers. In this episode, Lucas and Luna walk through a real earnout structure used in a $40 million ad agency sale: how the seller tied 60% of the earnout to gross profit retention and 40% to new client revenue, with a three-year measurement window and a no-cap upside clause. They explain why earnout targets must be based on normalized...

Lucas and Luna break down the single most important number in any business sale: the multiple. Using the real-world case of a 12-location car wash chain in the Southeast that sold for 14 times EBITDA in early 2026, they explain what drives multiples up or down. Lucas walks through the eight factors buyers evaluate before applying a number: revenue quality, customer concentration, gross margin stab...

Lucas and Luna unpack a deal-killer that surprises even experienced sellers: IRC Section 197 — the intangible asset amortization rules. Through the real-world case of a Michigan-based industrial packaging company bought in 2022, they show how allocating the purchase price between physical assets, goodwill, and a non-compete agreement can trigger a six-figure tax bill the seller never saw coming. L...

Lucas and Luna dive into one of the most nerve-wracking phases of a business sale: due diligence. They break down a real case of a $12 million industrial distributor whose deal almost collapsed over a single environmental compliance issue. Lucas explains how sellers can prepare data rooms, anticipate buyer scrutiny, and avoid common pitfalls that kill deals at the finish line. The hosts discuss re...

Lucas and Luna dive into the story of a tiny three-person ad agency in Portland that sold to a global holding company for $120 million — but almost all of it was tied to an earnout that the founders had to survive for four years. They break down the earnout mechanics that actually worked, the specific revenue triggers that were tied to client retention, and why the founders chose to walk away from...

In this episode of The Buyer & Seller Podcast, Lucas and Luna look at a deal that fell apart not over price or valuation, but over a single lease clause. They walk through the true story of a small manufacturing business in Ohio that had a signed letter of intent and a willing buyer, only for the landlord to trigger a clause that gave him the right of first refusal to buy the business himself. The...

In this episode, Lucas and Luna break down the earnout — one of the most misunderstood and misused tools in private business sales. Rather than rehashing the standard warnings, they focus on a specific structural fix: the 'fixed-earnout-plus-minimum-guarantee' model used by middle-market investment bankers in the lower-middle market. Lucas walks through a real-world example: a specialty-chemicals...

Lucas and Luna revisit the earnout — a common deal structure that promises a higher sale price but often backfires. They break down why earnouts fail, using the cautionary tale of a software company founder who lost millions after missing revenue targets due to a key client's departure. The hosts explain the mechanics, the psychology, and how sellers can negotiate smarter earnout terms to protect...

Lucas and Luna explore the world of buying a business directly from the owner, without a broker. They break down the pros, the risks, and the actual search process — from sourcing off-market deals to negotiating directly with sellers. The episode centers on a real case: a $2 million manufacturing company bought by a first-time buyer who found the deal through a trade association. Lucas explains wh...