9 Figure Exits

Doug Foley

Conversations with operators who built and exited $50M+ businesses and the dealmakers who fund them. Real numbers. Real playbooks. Real lessons from the people who built 9 Figure Exits.

Episodes

  1. Sep 9

    S1 | E4: What Actually Happens When a Company Grows 10x | Ben Allen

    Agriculture may look like an old-school industry from the outside, but Ben Allen sees one of the largest opportunities for technology, AI, and enterprise innovation hiding inside it. In this episode, Doug sits down with Ben Allen, CEO of BinSentry, to unpack what decades across agriculture, technology, enterprise sales, startups, and high-growth companies have taught him about building businesses that actually scale. Ben explains why agriculture is far more technologically sophisticated than most outsiders realize, why selling into enterprise markets requires an entirely different level of patience and pipeline discipline, and how founders can tell when they are getting closer to real product-market fit. He also breaks down one of the most important lessons from his sales career: predictable growth comes from continuously building pipeline, not simply managing the deals that are about to close. The conversation also gets into AI and what its adoption will actually look like inside traditional industries. Ben distinguishes between companies building revolutionary AI technology and companies using those tools to transform existing operations, explaining why clean data, industrial IoT, and measurable business value are prerequisites for meaningful AI deployment. From there, Ben shares lessons from experiencing 10x growth, including why unlimited resources can create their own problems, why ambitious goals force organizations to rethink what is possible, and why the company itself should be treated as a product that CEOs are responsible for continuously increasing in value. Ben also goes deep on startup capital, venture funding, valuation, and the mistakes founders make when raising money. After watching his first company fail in part because it was undercapitalized, he developed a very different view of fundraising: companies need to continuously evaluate whether they have enough capital, what type of investor fits their stage, and whether a high valuation is creating expectations the business can realistically deliver. For founders, CEOs, sales leaders, and operators building in complex industries, this episode is a practical conversation about enterprise sales, AI adoption, product-market fit, venture capital, leadership, talent, and what it actually takes to keep moving after things go wrong. As Ben puts it near the end of the conversation, there will be far more failure than most people tell you about. The objective is to learn from it, avoid making the same mistake twice, and keep going.

  2. Sep 9

    S1 | E3: How to Sell Your Company to Your Employees | Kerry Siggins

    Private equity is not the only way to exit a successful company. In this episode, Doug sits down with Kerry Siggins, CEO of StoneAge, to unpack how the company transitioned to 100% employee ownership through an ESOP, why its founders chose that path instead of selling to private equity or a strategic buyer, and what founders need to understand before considering an employee-owned exit. Kerry breaks down how an ESOP actually works, the valuation tradeoffs founders may face, how selling shareholders get paid, why succession planning needs to happen before the transaction, and how taking on acquisition debt can affect growth, capital allocation, and future acquisitions. She also explains why employee ownership only works when employees understand what ownership actually means and when leadership intentionally builds the culture around it. The conversation goes deeper into Kerry's own path from rebuilding her life in her twenties to becoming CEO, the role psychological safety played in shaping StoneAge's culture, and why difficult conversations became one of her most important leadership skills. Kerry shares her framework for giving feedback that is clear, kind, and helpful, how StoneAge trains managers to ask for feedback themselves, and why a company cannot claim to have a feedback culture unless employees see leadership act on what they say. For business owners weighing private equity, strategic acquisition, succession, or employee ownership, this episode offers a practical look at what an ESOP can preserve, what it can cost, and what has to happen after the deal closes to make the model work. Kerry is the author of The Ownership Mindset and Talk with Trust. This stays tightly grounded in the interview, including the ESOP transaction, founder succession, debt and growth implications, employee ownership culture, feedback systems, and Kerry’s personal leadership story.

  3. Jul 23

    S1 | E2: What Sellers Get Wrong About Private Equity | Eric Wiklendt

    A private equity buyer of manufacturing companies tells sellers what actually moves the multiple, how to spot founder dependency in one question, and why closing a deal is the start of the work, not the end. Most operators spend their careers trying to reach the buy side of the table. Eric Wiklendt lives there. As a Managing Director at Speyside Equity, he buys lower-middle-market manufacturing companies, and in the debut episode of Nine Figure Exits he tells Doug Foley exactly how a disciplined buyer thinks. They get specific. Eric explains what owners get wrong about private equity (and why a strategic buyer, not a PE firm, is the one more likely to restructure), the single question that reveals whether a business runs on systems or on one person, and the philosophy that names his whole approach: close is not completion, it's commencement. He breaks down why the industry is splitting into small focused funds and giant generalists, what Speyside looks for, and the three things every first-time seller should do before going to market, including why a good investment banker is worth their weight in gold. If you own a manufacturing, trades, or services business and you will one day sell it, this is the buyer's side of the conversation you rarely get to hear. In this episode: What owners get wrong about private equity vs. corporate M&AThe business life cycle and the right CEO for each stageSpeyside's human capital assessment frameworkThe three-week vacation test for founder dependencyWhat makes a management team investable"Invest in what you know" and Eric's path from the shop floor to the deal tableWhy close is commencement, not completionThe bimodal private equity industry and why ego multiples rarely holdHow to pick a partner and a banker, and the 18 to 24 month runway to a close Guest: Eric Wiklendt Managing Director at Speyside Equity, a value-focused buyout firm investing in lower-middle-market manufacturing ($50M to $500M revenue). Website: https://speysideequity.com · LinkedIn: https://www.linkedin.com/in/ericwiklendt Host: Doug Foley Founder of Nine Figure Exits, CEO of Foley Media, Managing Partner at 528 Partners, and bestselling author of AI Sales Engine. Nine Figure Exits is a curated community for $20M to $200M operators in manufacturing, trades, and services who are building toward exit. Talent. Capital. Growth. AI. Apply at https://9figureexits.com Disclaimer: All expressions of opinion in this podcast are subject to change without notice and are not intended to be a forecast of future events or results. There is no assurance that any trends discussed will continue or that any projections will be met.

  4. Jul 23

    S1 | E1: Build a Business That Runs Without You | Jason Swenk

    Jason Swenk built and sold an agency. He breaks down the five shifts from operator to owner, the real multiples service businesses sell for, and the exit traps that quietly cost founders. They get specific. Jason walks through his five identity shifts from Operator to Owner, why most founders stall before they ever become truly ownable, and how he learned to delegate outcomes instead of tasks. He shares the real multiples he used when his firm bought roughly ten agencies (why anything under $1M in EBITDA is often worth just 1 to 2x net profit, and why $1M to $3M trades at 4 to 6x), the two things he would never do again in a sale, and the client-concentration red flag that scares off every buyer. He also makes the case that AI will not replace the operators who build real systems, only the ones who think a single prompt replaces expertise. And he closes with the advice he would give his younger self, standing at the base of the mountain. If you are building toward an exit, this one is a playbook. In this episode: The five shifts: Operator, Manager, Architect, CEO, OwnerWhy the business that needs you is the one you can't sellThe 1-3-1 method for getting your team to stop bringing you problemsReal EBITDA multiples for service businesses, and how deals get structuredBroker incentives, earnout traps, and qualifying the buyer as hard as they qualify youClient concentration and the other quiet valuation killers"Build to sell, but plan like you'll never sell"Why AI rewards operators who build systems, not the ones who buy tools Guest: Jason Swenk Founder of Agency Mastery, author of Operator to Owner, and host of the Smart Agency Masterclass podcast. Website: https://jasonswenk.com · Book: Operator to Owner Host: Doug Foley Founder of Nine Figure Exits, CEO of Foley Media, Managing Partner at 528 Partners, and bestselling author of AI Sales Engine. Nine Figure Exits is a curated community for $20M to $200M operators in manufacturing, trades, and services who are building toward exit. Talent. Capital. Growth. AI. Apply at https://9figureexits.com

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Conversations with operators who built and exited $50M+ businesses and the dealmakers who fund them. Real numbers. Real playbooks. Real lessons from the people who built 9 Figure Exits.