The Art of Exit Preparation: Kirk Michie's Advisory Insights

The Exit - Presented By Flippa

Technology

5 • 2K Ratings

🗓️ 18 November 2024

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Want a quick estimate of how much your business is worth? With our free valuation calculator, answer a few questions about your business and you’ll get an immediate estimate of the value of your business. You might be surprised by how much you can get for it: https://flippa.com/exit -- In this episode of The Exit: Kirk Michie, Managing Partner at Candor Advisors, shares insights from his 30-year career in capital markets and M&A advisory. He discusses his transition from financial advising to helping founders navigate successful exits. Kirk emphasizes the importance of understanding your "why" as a founder before pursuing an exit, noting that matching with the right buyer depends on understanding one’s core motivations and objectives with your exit. Regarding valuations and buyers an owner will face, Kirk speaks through how the multiples and types of buyers will change according to characteristics of your business and variables including EBITDA size, revenue sources, and risk factors. Kirk heavily stresses the need for proper preparation and protection, which includes professionalizing financials before sharing with potential buyers, avoiding sharing raw QuickBooks data, and being cautious about revealing too much information too soon. For more details and insights from his entrepreneurial journey, listen to the latest episode of The Exit. -- Kirk Michie is the Managing Partner of Candor Advisors, consultants to founder-led businesses contemplating capital events and value enhancement. For more than 30 years, Mr. Michie has worked with entrepreneurs, closely held business owners, and high net worth families to achieve their strategic planning, liquidity, and legacy objectives. Mr. Michie has raised and deployed more than $1 billion of capital, been involved with evaluating more than 2,000 direct investments, and participated as principal or advisor on dozens of buyout, refinancing, or sale transactions. Websites - https://candor-advisors.com/ - https://www.ebitdauniversity.com/ LinkedIn - https://www.linkedin.com/in/kirkmichie/ Check Out Flippa’s Data Insights Tool: https://flippa.com/data-insights -- The Exit—Presented By Flippa: A 30-minute podcast featuring expert entrepreneurs who have been there and done it. The Exit talks to operators who have bought and sold a business. You’ll learn how they did it, why they did it, and get exposure to the world of exits, a world occupied by a small few, but accessible to many. To listen to the podcast or get daily listing updates, click on flippa.com/the-exit-podcast/

Transcript

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0:00.0	Before we get into the exit today, I want to talk about the certified M&A advisors that are on
0:05.7	Flippa. If you are an operator right now running a business and you're thinking about exiting,
0:10.8	you are going to want to get a free online business valuation on the exit landing page.
0:16.7	Without a doubt, it is the smartest thing you can do to start a process and get yourself organized.
0:23.0	So you're going to go to the URL, flippa.com, slash exit, to check out more, and let's jump into
0:28.1	the interview.
0:29.3	Below and welcome to the exit presented by Flipup, the number one platform to buy and sell online
0:34.2	businesses.
0:35.2	Flipa manages over a billion in deal value annually and combines expert buy and sell
0:40.6	side advisory with its market leading valuation tool, deal room, off market offering,
0:45.3	market insights, an AI-based deal-by-deal matching engine.
0:49.6	Now for the exit.
0:50.9	The exit is a 30-minute podcast featuring awesome entrepreneurs who have been there and
0:54.7	they have done it. The exit talks to operators who have bought and sold businesses of all
0:59.4	different sizes. You learn how they did it, why they did it, and get exposure to the world of exits.
1:04.7	It's a world occupied by a small few, but accessible to many. On this episode of the exit,
1:10.0	I sit down with Kirk Mitchie. He's an awesome
1:12.8	advisor for founders going through the M&A process, and this is an episode you're going to want to
1:19.0	listen through to the end. There is so many incredible knowledge nuggets in this, all the way down
1:24.5	on a grangerer level to not sending QuickBooks exports directly to buyers.
1:31.0	This is just a really detailed walkthrough. Four founders out there that are listening to this,
1:36.6	you're definitely going to want someone that is there with you, guiding you through the process.
	...

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