What do acquirers really want?  Sequoya Borgman has acquired 19 companies and exited two. He’s raised capital on a deal-by-deal basis, working outside the traditional private equity model. In this episode of Built to Sell Radio, Borgman explains how “independent sponsors” operate—and why more wealthy individuals are now pooling money to buy lower middle-market businesses.  You discover how to:

<description>&lt;div class="OutlineElement Ltr SCXW85072410 BCX0"&gt; &lt;p class="Paragraph SCXW85072410 BCX0"&gt;&lt;span class= "TextRun SCXW85072410 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW85072410 BCX0"&gt;What do acquirers really want?&lt;/span&gt;&lt;/span&gt;&lt;span class="EOP SCXW85072410 BCX0" data-ccp-props= "{"134233117":true,"134233118":true,"201341983":0,"335559739":0,"335559740":240}"&gt; &lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;div class="OutlineElement Ltr SCXW85072410 BCX0"&gt; &lt;p class="Paragraph SCXW85072410 BCX0"&gt;&lt;span class= "TextRun SCXW85072410 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW85072410 BCX0"&gt;Sequoya Borgman has&lt;/span&gt; &lt;span class="NormalTextRun SCXW85072410 BCX0"&gt;acquired&lt;/span&gt; &lt;span class="NormalTextRun SCXW85072410 BCX0"&gt;19 companies and exited two.&lt;/span&gt; &lt;span class= "NormalTextRun SCXW85072410 BCX0"&gt;He’s&lt;/span&gt; &lt;span class= "NormalTextRun SCXW85072410 BCX0"&gt;raised capital on a deal-by-deal basis, working outside the traditional private equity model. In this episode of&lt;/span&gt;&lt;/span&gt; &lt;span class= "TextRun SCXW85072410 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW85072410 BCX0"&gt;Built to Sell Radio&lt;/span&gt;&lt;/span&gt;&lt;span class="TextRun SCXW85072410 BCX0" lang= "EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW85072410 BCX0"&gt;, Borgman explains how “independent sponsors”&lt;/span&gt; &lt;span class= "NormalTextRun SCXW85072410 BCX0"&gt;operate&lt;/span&gt;&lt;span class= "NormalTextRun SCXW85072410 BCX0"&gt;—and why more wealthy individuals are now pooling money to buy lower middle-market businesses.&lt;/span&gt;&lt;/span&gt;&lt;span class="EOP SCXW85072410 BCX0" data-ccp-props= "{"134233117":true,"134233118":true,"201341983":0,"335559739":0,"335559740":240}"&gt; &lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;div class="OutlineElement Ltr SCXW85072410 BCX0"&gt; &lt;p class="Paragraph SCXW85072410 BCX0"&gt;&lt;span class= "TextRun SCXW85072410 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW85072410 BCX0"&gt;You discover how to:&lt;/span&gt;&lt;/span&gt;&lt;span class="EOP SCXW85072410 BCX0" data-ccp-props="{"134233117":true,"134233118":true,"201341983":0,"335559739":0,"335559740":240}"&gt; &lt;/span&gt;&lt;/p&gt; &lt;/div&gt;</description>

What do acquirers really want?    Sequoya Borgman has acquired 19 companies and exited two. He’s raised capital on a deal-by-deal basis, working outside the traditional private equity model. In this episode of Built to Sell Radio, Borgman...

Ep 489 Inside the Mind of an Acquirer: Sequoya Borgman on How Independent Sponsors Buy Companies, Structure Deals, and Spot Pretenders

When Garren Hilow helped start Abveris, he didn’t have much—just a background in sales, a co-founder with a Harvard PhD, and a stock option representing 16% of the company.  Eight years later, he bought out his co-founder, bootstrapped the company with bank debt (collateralized by his house), and sold it in a stock deal that peaked at $190 million.

<description>&lt;div class="OutlineElement Ltr SCXW123042009 BCX0"&gt; &lt;p class="Paragraph SCXW123042009 BCX0"&gt;&lt;span class= "TextRun SCXW123042009 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW123042009 BCX0"&gt;When Garren Hilow helped start&lt;/span&gt; &lt;span class= "NormalTextRun SpellingErrorV2Themed SCXW123042009 BCX0"&gt;Abveris&lt;/span&gt;&lt;span class="NormalTextRun SCXW123042009 BCX0"&gt;, he&lt;/span&gt; &lt;span class= "NormalTextRun SCXW123042009 BCX0"&gt;didn’t&lt;/span&gt; &lt;span class= "NormalTextRun SCXW123042009 BCX0"&gt;have much—just a background in sales, a co-founder with a Harvard PhD, and a stock option&lt;/span&gt; &lt;span class="NormalTextRun SCXW123042009 BCX0"&gt;representing&lt;/span&gt; &lt;span class="NormalTextRun SCXW123042009 BCX0"&gt;16% of the company.&lt;/span&gt;&lt;/span&gt;&lt;span class="EOP SCXW123042009 BCX0" data-ccp-props= "{"134233117":true,"134233118":true}"&gt; &lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;div class="OutlineElement Ltr SCXW123042009 BCX0"&gt; &lt;p class="Paragraph SCXW123042009 BCX0"&gt;&lt;span class= "TextRun SCXW123042009 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW123042009 BCX0"&gt;Eight years later, he bought out his co-founder, bootstrapped the company with bank debt (collateralized by his house), and sold it in a stock deal that peaked at $190 million.&lt;/span&gt;&lt;/span&gt;&lt;span class= "EOP SCXW123042009 BCX0" data-ccp-props= "{"134233117":true,"134233118":true}"&gt; &lt;/span&gt;&lt;/p&gt; &lt;/div&gt;</description>

When Garren Hilow helped start Abveris, he didn’t have much—just a background in sales, a co-founder with a Harvard PhD, and a stock option representing 16% of the company.    Eight years later, he bought out his co-founder, bootstrapped the...

Ep 488 Exit Story: Garren Hilow on Selling for $190M, Taking Stock, and Missing His Earn-Out

What would you do with $20 million?  That’s the minimum amount required to join Tiger 21, the exclusive network where ultra-high-net-worth entrepreneurs learn how to preserve and grow their wealth.  Michael Sonnenfeldt founded Tiger 21 after selling two companies and realizing that the skills that made him a successful entrepreneur didn’t translate into smart investing. He built the group to help other entrepreneurs avoid costly post-exit mistakes.

<description>&lt;div class="OutlineElement Ltr SCXW162607549 BCX0"&gt; &lt;p class="Paragraph SCXW162607549 BCX0"&gt;&lt;span class= "TextRun SCXW162607549 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW162607549 BCX0"&gt;What would you do with $20 million?&lt;/span&gt;&lt;/span&gt;&lt;span class="EOP SCXW162607549 BCX0" data-ccp-props= "{"134233117":true,"134233118":true}"&gt; &lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;div class="OutlineElement Ltr SCXW162607549 BCX0"&gt; &lt;p class="Paragraph SCXW162607549 BCX0"&gt;&lt;span class= "TextRun SCXW162607549 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW162607549 BCX0"&gt;That’s&lt;/span&gt; &lt;span class= "NormalTextRun SCXW162607549 BCX0"&gt;the&lt;/span&gt; &lt;span class= "NormalTextRun SCXW162607549 BCX0"&gt;minimum&lt;/span&gt; &lt;span class= "NormalTextRun SCXW162607549 BCX0"&gt;amount&lt;/span&gt; &lt;span class= "NormalTextRun SCXW162607549 BCX0"&gt;required&lt;/span&gt; &lt;span class= "NormalTextRun SCXW162607549 BCX0"&gt;to join&lt;/span&gt;&lt;/span&gt; &lt;span class="TextRun SCXW162607549 BCX0" lang="EN-CA" xml:lang= "EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW162607549 BCX0"&gt;Tiger 21&lt;/span&gt;&lt;/span&gt;&lt;span class="TextRun SCXW162607549 BCX0" lang= "EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW162607549 BCX0"&gt;, the exclusive network where ultra-high-net-worth entrepreneurs learn how to preserve and grow their wealth.&lt;/span&gt;&lt;/span&gt;&lt;span class="EOP SCXW162607549 BCX0" data-ccp-props= "{"134233117":true,"134233118":true}"&gt; &lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;div class="OutlineElement Ltr SCXW162607549 BCX0"&gt; &lt;p class="Paragraph SCXW162607549 BCX0"&gt;&lt;span class= "TextRun SCXW162607549 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW162607549 BCX0"&gt;Michael&lt;/span&gt; &lt;span class= "NormalTextRun SpellingErrorV2Themed SCXW162607549 BCX0"&gt;Sonnenfeldt&lt;/span&gt; &lt;span class="NormalTextRun SCXW162607549 BCX0"&gt;founded Tiger 21 after selling two companies and realizing that the skills that made him a successful entrepreneur&lt;/span&gt; &lt;span class= "NormalTextRun SCXW162607549 BCX0"&gt;didn’t&lt;/span&gt; &lt;span class= "NormalTextRun SCXW162607549 BCX0"&gt;translate into smart investing. He built the group to help other entrepreneurs avoid costly post-exit mistakes.&lt;/span&gt;&lt;/span&gt;&lt;span class= "EOP SCXW162607549 BCX0" data-ccp-props= "{"134233117":true,"134233118":true}"&gt; &lt;/span&gt;&lt;/p&gt; &lt;/div&gt;</description>

What would you do with $20 million?    That’s the minimum amount required to join Tiger 21, the exclusive network where ultra-high-net-worth entrepreneurs learn how to preserve and grow their wealth.    Michael Sonnenfeldt founded Tiger 21...

Ep 487 After the Deal: How the Ultra-Wealthy Invest After Selling Their Business

A new generation of buyers trained in Entrepreneurship Through Acquisition (ETA) is looking for businesses like yours. Unlike private equity firms focused on roll-ups, ETA buyers are often searching for a single business to own and operate—making them a legitimate option for certain sellers.

<description>&lt;p&gt;&lt;span class="TextRun SCXW22890900 BCX0" lang="EN-CA" xml:lang= "EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW22890900 BCX0"&gt;A new generation of buyers trained in&lt;/span&gt;&lt;/span&gt; &lt;span class="TextRun SCXW22890900 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW22890900 BCX0"&gt;Entrepreneurship Through Acquisition (ETA)&lt;/span&gt;&lt;/span&gt; &lt;span class= "TextRun SCXW22890900 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW22890900 BCX0"&gt;is looking for businesses like yours. Unlike private equity firms focused on roll-ups, ETA buyers are often searching for a single business to own and&lt;/span&gt; &lt;span class= "NormalTextRun SCXW22890900 BCX0"&gt;operate&lt;/span&gt;&lt;span class= "NormalTextRun SCXW22890900 BCX0"&gt;—making them a legitimate&lt;/span&gt; &lt;span class="NormalTextRun SCXW22890900 BCX0"&gt;option&lt;/span&gt; &lt;span class="NormalTextRun SCXW22890900 BCX0"&gt;for certain sellers.&lt;/span&gt;&lt;/span&gt;&lt;span class="EOP SCXW22890900 BCX0" data-ccp-props= "{"134233117":true,"134233118":true,"201341983":0,"335559740":240}"&gt; &lt;/span&gt;&lt;/p&gt;</description>

A new generation of buyers trained in Entrepreneurship Through Acquisition (ETA) is looking for businesses like yours. Unlike private equity firms focused on roll-ups, ETA buyers are often searching for a single business to own and operate—making...

Ep 486 Inside the Mind of an Acquirer: The Harvard Playbook for Buying Your Business

For the first time ever, we recorded a Built to Sell Radio episode in front of a live audience at the Value Builder Summit—a gathering of mission-driven advisors dedicated to helping founders level the playing field as they approach their exit.  Rob Walling has started, built, and sold multiple companies. As an investor and conference organizer, he’s seen hundreds of founders exit—some thriving, others struggling. He teamed up with Dr. Sherry Walling, a clinical psychologist specializing in supporting entrepreneurs, to codify what separates a successful exit from one that leaves an owner adrift. Their insights culminated in their new book Exit Strategy.

<description>&lt;div class="OutlineElement Ltr SCXW264347208 BCX0"&gt; &lt;p class="Paragraph SCXW264347208 BCX0"&gt;&lt;span class= "TextRun SCXW264347208 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW264347208 BCX0"&gt;For the first time ever, we recorded a&lt;/span&gt;&lt;/span&gt; &lt;span class="TextRun SCXW264347208 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW264347208 BCX0"&gt;Built to Sell Radio&lt;/span&gt;&lt;/span&gt; &lt;span class="TextRun SCXW264347208 BCX0" lang= "EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW264347208 BCX0"&gt;episode in front of a live audience at the&lt;/span&gt;&lt;/span&gt; &lt;span class= "TextRun SCXW264347208 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW264347208 BCX0"&gt;Value Builder Summit&lt;/span&gt;&lt;/span&gt;&lt;span class="TextRun SCXW264347208 BCX0" lang= "EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW264347208 BCX0"&gt;—a gathering of mission-driven advisors dedicated to helping&lt;/span&gt; &lt;span class= "NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW264347208 BCX0"&gt; founders&lt;/span&gt; &lt;span class= "NormalTextRun SCXW264347208 BCX0"&gt;level the playing field as they approach their exit.&lt;/span&gt;&lt;/span&gt;&lt;span class= "EOP SCXW264347208 BCX0" data-ccp-props= "{"134233117":true,"134233118":true}"&gt; &lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;div class="OutlineElement Ltr SCXW264347208 BCX0"&gt; &lt;p class="Paragraph SCXW264347208 BCX0"&gt;&lt;span class= "TextRun SCXW264347208 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW264347208 BCX0"&gt;Rob Walling has started, built, and sold multiple companies. As an investor and conference organizer,&lt;/span&gt; &lt;span class= "NormalTextRun SCXW264347208 BCX0"&gt;he’s&lt;/span&gt; &lt;span class= "NormalTextRun SCXW264347208 BCX0"&gt;seen hundreds of founders exit—some thriving, others struggling. He teamed up with Dr. Sherry Walling, a clinical psychologist specializing in supporting entrepreneurs, to codify what separates a successful exit from one that leaves an owner adrift. Their insights culminated in&lt;/span&gt; &lt;span class="NormalTextRun SCXW264347208 BCX0"&gt;their new book&lt;/span&gt;&lt;/span&gt; &lt;span class="TextRun SCXW264347208 BCX0" lang= "EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW264347208 BCX0"&gt;Exit Strategy&lt;/span&gt;&lt;/span&gt;&lt;span class="TextRun SCXW264347208 BCX0" lang="EN-CA" xml:lang="EN-CA" data-contrast="auto"&gt;&lt;span class= "NormalTextRun SCXW264347208 BCX0"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;span class= "EOP SCXW264347208 BCX0" data-ccp-props= "{"134233117":true,"134233118":true}"&gt; &lt;/span&gt;&lt;/p&gt; &lt;/div&gt;</description>

For the first time ever, we recorded a Built to Sell Radio episode in front of a live audience at the Value Builder Summit—a gathering of mission-driven advisors dedicated to helping  founders level the playing field as they approach their...

Ep 485 After the Deal: The Psychology of Selling—Kill Criteria, Walkaway Mindset & Why “Telling Your Company’s Story” Often Drives Up Your Multiple

Built to Sell Radio is a weekly podcast for business owners interested in selling a business.  Each week, we ask an entrepreneur who has recently sold a business why they decided to sell their business, what they did right and what mistakes they made through the process of exiting their business.  Built to Sell Radio is the ultimate insider's guide to approaching the most important financial transaction of your life.

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