Insights by Candor Advisors

Kirk Michie
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Advice and insights about selling your business by Kirk Michie and his network to guide successful founders to a better outcome.

  1. JAN 26

    The Funnel, Ep. 15: What Happens To Your People?

    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 three things: The type of buyer The strategic rationale for the acquisition How communication is handled before and after closing Each of these deserves careful consideration. How Buyer Type Shapes Employee Outcomes Strategic Buyers When 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 Buyers Private 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.

    6 min

  2. JAN 23

    The Funnel, Ep. 14: How Much Will You Pay In Taxes?

    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 you’ve ever paid on a single event. This is the baseline—but it is not the whole story.

    5 min

  3. JAN 21

    The Funnel, Ep. 13: How Do You Compare Offers?

    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, 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.

    6 min

  4. JAN 19

    The Funnel, Ep. 12: What Is an Earn-Out?

    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 of the most important areas where founders need to slow down, understand the tradeoffs, and be clear-eyed about risk. This episode explains what an earn-out really is, why buyers propose them, and how to think about whether agreeing to one makes sense in your situation.

    6 min

  5. JAN 16

    The Funnel, Ep. 11: What's an "LOI"?

    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, timing—so the buyer can justify entering formal due diligence. While parts of the LOI may be binding, the transaction itself is not finalized at this stage. Understanding this distinction is critical. Many founders either overestimate the security of an LOI or underestimate the constraints it creates once signed.

    5 min

  6. JAN 15

    EOFIRE Podcast with John Lee Dumas

    Learn More about Candor Advisors at https://candor-advisors.com

    23 min

  7. JAN 9

    The Funnel, Ep. 10: What Percentage Do Transaction Advisors Charge?

    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 is worth watching.

    6 min

  8. JAN 2

    The Funnel, Ep. 9: Where Do You Find Your Buyer?

    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 it correctly.

    4 min
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About

Advice and insights about selling your business by Kirk Michie and his network to guide successful founders to a better outcome.

Information

  • Creator
    Kirk Michie
  • Years Active
    2021 - 2026
  • Episodes
    208
  • Rating
    Clean
  • Copyright
    Copyright © 2021 Candor Advisors, Inc. All rights reserved.
  • Show Website
    Insights by Candor Advisors