Ethical Exits

Hannah Sandmeyer
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Welcome to "Ethical Exits," a podcast dedicated to mission-driven entrepreneurs exploring the path of ethical business transactions. In this podcast, we'll delve into the often opaque world of mergers and acquisitions, a landscape filled with secrecy, uncertainty, and complex decisions. We'll share compelling stories from entrepreneurs who have successfully navigated ethical exits and provide insights from active sellers seeking a responsible transition. Join us as we uncover the principles and practices that make these transactions both impactful and integrity-driven.

  1. 2d ago

    Episode #026: Funding What Matters: Ethical Tech and Youth Well-Being

    Juliette Blake, Founder and CEO of Moxies, joins Ethical Exits for a conversation about ethical tech, aligned capital, and what it means to build a company whose value cannot be measured by dwell time. Moxies is a next-generation platform for Gen Alpha girls, designed to create a safe, creative space for self-expression, connection, confidence, and healthy digital literacy. But this episode is not just about kids and technology. It is about a much bigger question for mission-driven founders: How do we fund, scale, sell, or recapitalize companies that actually mean something to society without forcing them into capital models that undermine what they were built to protect? Hannah and Juliette talk about the true cost of “free” platforms, why attention-extraction models are so harmful for children, how Moxies is building around trust and well-being instead of addiction, and why traditional venture capital benchmarks often miss the point. They also dig into ethical exits: what kind of acquirer could strengthen the mission, what kind of buyer would break it, and why a failed dream acquisition can sometimes save the company. Guest spotlight: Juliette closes the episode by highlighting Groove With Me, a nonprofit in East Harlem that provides girls with safe physical spaces for dance, creative self-expression, movement, and community. https://www.groovewithme.org/

    Episode #026: Funding What Matters: Ethical Tech and Youth Well-Being

  2. Jul 30

    The Part of Selling No One Prepares You For

    On this episode of Ethical Exits, Hannah sits down with Molly McCartan, Managing Partner at The Whisper Group and the first sell-side broker to join the show, to talk about what it takes to represent a founder well through the biggest transaction of their life. Business owners spend years learning how to build a company. Almost none are taught how to leave one. Over the next decade, millions of founders will face that decision, and most will start preparing for it far later than they should. The conversation usually opens with price and rarely gets to the rest: employees, legacy, identity, and what the founder's life looks like the day after close. Molly works with founders years before they ever go to market. She talks about what exit readiness actually involves, why an inflated valuation from a broker is a problem that surfaces later in diligence, and what belongs in the advisory team around a seller. She also gets into the part that shows up after the wire clears: What is my role now, and who decides it? If I'm tied to an earnout, what can I still control? Who am I if I'm not the CEO? What happens to the people who helped me build this? Was this the right buyer, or just the highest number? Roughly half of M&A transactions are considered failures by one measure or another. Molly makes the case that this is a design problem, and she walks through what she and her team are changing about the way sell-side representation works, from fee structure to who sits in the advisory seat. About Molly McCartan Molly McCartan is the Managing Partner at The Whisper Group. With more than 13 years of experience across M&A, strategic growth, partnerships, media, and business development, she advises founders on how to build, position, and successfully sell their businesses. She also leads the firm's growth initiatives, strategic partnerships, and media platform, helping advance its mission of closing the exit gap for women founders. Molly is also the Founder & CEO of The Mom Pact, a personalized career platform for working moms. Through AI-powered guidance, customized career planning, state-specific workplace and leave law navigation, and practical tools and resources, The Mom Pact helps women confidently navigate every stage of their careers and motherhood, from pregnancy and parental leave to leadership, career transitions, and beyond. A mom of two, Molly is known for her direct, values-driven leadership and passion for helping women build wealth, create opportunities, and increase ownership. To learn more about Molly's work, connect with her on LinkedIn or visit The Whisper Group. --- At Ethical Exits, we champion profit-for-purpose capitalism, leveraging business as a force for scaling philanthropy and meaningful change. In each episode, we ask guests to highlight a cause close to their heart. Molly highlights two: the Tory Burch Foundation, which supports women entrepreneurs through access to capital, education, and mentorship, and the American Heart Association. 🔗 Learn more or support their work: https://www.toryburchfoundation.org/ https://www.heart.org/

  3. Jun 30

    The Neighborhood Hardware Store and the Fight for Independent Ownership

    When you walk into your neighborhood hardware store, you're probably thinking about a leaky faucet or a can of paint. Not one of the most fascinating ownership stories in American business.In this special narrative episode of Ethical Exits, Hannah is joined by Matthew Epperson of the Georgia Center for Employee Ownership for a new kind of conversation. Matt brings Hannah a real acquisition story she has never heard before, and together they unpack it in real time.The story follows the rise of True Value Hardware—from a cooperative built by independent retailers to compete against powerful wholesalers, through decades of growth, the arrival of big-box retail, a private equity acquisition, bankruptcy, and an unexpected ending that raises important questions about the future of business ownership.Along the way, we explore:• Why cooperative ownership helped independent businesses scale without giving up control• The rise of Home Depot, Lowe's, Amazon, and changing competitive dynamics• What happened when True Value accepted private equity investment• Why Do it Best ultimately acquired the company• The role of incentives, governance, and patient capital in long-term business resilience• What founders, investors, and community leaders can learn from one of the most overlooked ownership stories in AmericaThis episode is exactly what Ethical Exits was created to do: use a familiar business story to explore much bigger questions about ownership, stewardship, and the future of capitalism.

  4. May 27

    When Culture Isn’t the North Star in Mission-Driven M&A

    Most M&A conversations start with the numbers. Purchase price. Multiple. Structure. Close timeline. But once the announcement is made and the deal is closed, the spreadsheet stops being the main character. In this episode of Ethical Exits, Hannah sits down with Nikki Eaves, Founder of Purpose + Impact Communications, to explore the messy human middle of M&A: communication, trust, change management, culture, and values. Nikki has supported more than a dozen acquisitions, divestitures, and spinoffs from the people side of the transaction. Together, they unpack what actually happens between announcement, Day 1, and integration, and why so many deals quietly begin to fail long before the numbers show it. They discuss: Why announcing is not the same as communicatingWhy employees often experience Day 1 as something happening to themWhy “culture fit” may not be the thing to preserve at all costsWhy values may be the better North StarAnd why treating people like a checklist item puts the entire deal at riskThey also revisit John Abrams’ idea of “fat wallet, broken heart syndrome” and ask a deeper question: What happens after the close? Because the people side is not soft. It is where the deal either holds or starts to come apart.

  5. Apr 26

    Valuing the Businesses Our Cities Can’t Afford to Lose

    On this episode of Ethical Exits, Hannah sits down with Maura Shenker of AllHold Capital to unpack one of the most overlooked and urgent challenges in small business ownership: what happens to the businesses no one wants to buy. We talk a lot about the “great wealth transfer,” but Maura challenges that idea directly. In her view, what’s actually happening is something very different. And that distinction changes how we think about ownership, value, and who these systems are really designed to serve. Because right now, millions of small businesses are approaching a transition point… and most won’t sell. They’ll simply close. Not because they aren’t important. But because the system isn’t built to support what happens next. #EthicalExits #SmallBusiness #BusinessOwnership #EmployeeOwnership #ImpactInvesting #EconomicDevelopment #BusinessValuation #CommunityWealth #Entrepreneurship

    Valuing the Businesses Our Cities Can’t Afford to Lose

  6. Mar 29

    M&A for the Rest of Us: What No One Tells You About Buying a Business

    What if the biggest opportunity in business is the one nobody ever taught you? In this episode, Hannah sits down with Kari Doherty to unpack the “third path” to entrepreneurship: buying a business instead of starting one. They explore why millions of small businesses are quietly disappearing, what’s behind the massive wave of ownership transitions, and why most founders and buyers never connect. If you’ve ever wondered what actually happens to small businesses, or what your real options are, this episode is for you. Featured Organization In this episode, Kari highlights Xcelerate Women a Portland-based organization supporting women and gender-expansive entrepreneurs through coaching, mentorship, and community-driven business growth. Xcelerate Women focuses on: • Revenue-generating small businesses beyond the idea stage • Women and gender-expansive founders building sustainable companies • Practical, hands-on coaching that goes beyond branding into real operations • Creating a circular economy by reinvesting knowledge, support, and capital locally Their model removes barriers to access by pairing founders with experienced coaches—providing meaningful support at a stage where it’s often hardest to find. The result: stronger businesses, more resilient founders, and more capital staying within the community. To learn more or get involved, visit: 👉 https://www.xceleratewomen.org/

    M&A for the Rest of Us: What No One Tells You About Buying a Business

  7. Feb 24

    Valuation, Risk, and the Truth About Seller Regret

    What does it actually mean to be “ready” to sell your business? In this episode of Ethical Exits, Hannah sits down with Judy Park, CMAA, a certified M&A advisor known for her meticulous attention to detail and deep transactional experience across 50+ successful closings and more than $100 million in deal volume. But this conversation goes beyond spreadsheets. Judy introduces one of the most important framing devices in M&A: Buyers buy futures.Sellers sell history.Founders often value their companies based on sacrifice, identity, and years of effort. Buyers, meanwhile, are underwriting projected cash flows, risk, and uncertainty. That gap, between emotional value and financial underwriting, is where seller regret is born. Together, Hannah and Judy explore: The most common seller readiness gaps Why overly polished financials can actually erode trust How buyers assess risk beyond EBITDA The role of transparency in strengthening valuation Why earn-outs, seller notes, and transition periods matter And how ethical deal design creates post-close confidence This episode is a practical guide for founders who want to exit without losing what made their business matter in the first place. Because a good deal doesn’t just close. It lets both sides sleep six months later. To learn more about Judy's work or connect with her, she invites you to reach out on LinkedIn. 👉 linkedin.com/in/judyhaepark In this episode, Judy highlights Korean Community Services of Metropolitan New York (KCS) — an organization supporting Korean and immigrant communities through economic empowerment, small business support, and access to critical social services. KCS works directly with: First-generation entrepreneurs Immigrant-owned small businesses Women and elderly community members Families navigating language and structural barriers Their work helps transform businesses built from survival into businesses built for long-term stability and dignity. To learn more or support their work, visit:👉 https://www.kcsny.org/

    Valuation, Risk, and the Truth About Seller Regret

  8. Feb 24

    Valuation, Risk, and the Truth About Seller Regret

    What does it actually mean to be “ready” to sell your business? In this episode of Ethical Exits, Hannah sits down with Judy Park, CMAA, a certified M&A advisor known for her meticulous attention to detail and deep transactional experience across 50+ successful closings and more than $100 million in deal volume. But this conversation goes beyond spreadsheets. Judy introduces one of the most important framing devices in M&A: Buyers buy futures. Sellers sell history. Founders often value their companies based on sacrifice, identity, and years of effort. Buyers, meanwhile, are underwriting projected cash flows, risk, and uncertainty. That gap, between emotional value and financial underwriting, is where seller regret is born. Together, Hannah and Judy explore: • The most common seller readiness gaps • Why overly polished financials can actually erode trust • How buyers assess risk beyond EBITDA • The role of transparency in strengthening valuation • Why earn-outs, seller notes, and transition periods matter • How ethical deal design creates post-close confidence This episode is a practical guide for founders who want to exit without losing what made their business matter in the first place. Because a good deal doesn’t just close. It lets both sides sleep six months later. To learn more about Judy’s work or connect with her, reach out on LinkedIn: 👉 https://linkedin.com/in/judyhaepark Featured Organization In this episode, Judy highlights Korean Community Services of Metropolitan New York (KCS) — an organization supporting Korean and immigrant communities through economic empowerment, small business support, and access to critical social services. KCS works directly with: • First-generation entrepreneurs • Immigrant-owned small businesses • Women and elderly community members • Families navigating language and structural barriers Their work helps transform businesses built from survival into businesses built for long-term stability and dignity. To learn more or support their work, visit: 👉 https://www.kcsny.org/

    Valuation, Risk, and the Truth About Seller Regret
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About

Welcome to "Ethical Exits," a podcast dedicated to mission-driven entrepreneurs exploring the path of ethical business transactions. In this podcast, we'll delve into the often opaque world of mergers and acquisitions, a landscape filled with secrecy, uncertainty, and complex decisions. We'll share compelling stories from entrepreneurs who have successfully navigated ethical exits and provide insights from active sellers seeking a responsible transition. Join us as we uncover the principles and practices that make these transactions both impactful and integrity-driven.

Information

  • Creator
    Hannah Sandmeyer
  • Years Active
    2024 - 2026
  • Episodes
    32
  • Rating
    Explicit
  • Copyright
    © Hannah Sandmeyer
  • Show Website
    Ethical Exits