<![CDATA[9 Figure Exits]]>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.

]]>https://9figureexits.com/Riverside.fm (https://riverside.com)Wed, 14 Oct 2026 03:16:59 GMTWed, 24 Jun 2026 16:33:45 GMT60Doug Foley<p>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.</p>episodicDoug Foleydfoley@foleymc.comno<![CDATA[S1 | E5: From Guy in a Truck to $2.5B in Exits | Adam Coffey]]>Adam Coffey went from Army sergeant and "guy in a truck" to building three private equity-backed companies, closing 58+ acquisitions, and generating $2.5 billion in exits. In this episode of Nine Figure Exits, he breaks down exactly how founders scale, raise capital, and sell their business for maximum value.

If you run a service business, a blue-collar company, or any founder-led business and want to scale past $10M, work with private equity, or plan your exit strategy, this conversation is your playbook.

In this episode, Doug Foley and Adam Coffey cover:
→ Why unit economics matter more than revenue growth ("fix one truck, fix 6,000")
→ The 30-20-10 rule for gross margin, overhead, and net profit
→ Why founders stall between $10M and $30M, and how to go from first chair to conductor
→ The truth about private equity: myths, buyout funds, and minority stakes
→ The Rule of 130: how to know if your net worth is dangerously concentrated in your business
→ How to raise capital by treating money better than it's used to being treated
→ How a well-written thesis raised $100M before buying a single company
→ What to fix 12 months before you sell (sell-side quality of earnings, accrual accounting, EBITDA multiples)
→ How one founder went from $500K in profit to a $31M offer in two years

⏱️ TIMESTAMPS
00:00 Intro
00:52 The billion-dollar exit that changed everything
02:47 From Army sergeant to GE turnaround specialist
05:13 Fix one truck, fix 6,000: unit-level economics
08:10 Why founders stall at $10–30M in revenue
10:24 Loyalty traps and the 30:1 manager ratio
12:39 The 30-20-10 rule
14:31 Growth is expensive: self-funding vs. private equity
17:24 The truth about private equity
19:43 The Rule of 130 and asset diversification
22:02 Why selling a minority stake can cost you
24:54 Money is a separate expertise
27:17 Treat money better than it's used to being treated
29:37 How a thesis raised $100M with no company attached
31:57 The deals Adam rejects in five minutes
38:13 What to fix 12 months before selling your business
40:37 Sell-side quality of earnings and accrual accounting
43:35 Where to find Adam Coffey
45:58 Why not you? The final lesson
48:07 From $500K profit to a $31M offer in two years

📚 ADAM COFFEY'S BOOKS
The Private Equity Playbook: [https://www.amazon.com/dp/1544513267?ref_=cm_sw_r_ffobk_cp_ud_dp_RCHGZ917TRHWTW88M00N&bestFormat=true]
The Exit Strategy Playbook: [https://www.amazon.com/dp/B09HL7NC7L?ref_=cm_sw_r_ffobk_cp_ud_dp_ZREHFNBDQVEQFJNSA195&bestFormat=true]
Empire Builder: [https://www.amazon.com/dp/B0CMF2JN9M?ref_=cm_sw_r_ffobk_cp_ud_dp_HZ5C602PZFBE6NTE6TA2&bestFormat=true]

🔗 CONNECT WITH ADAM
LinkedIn: [https://www.linkedin.com/in/adamecoffey/]

🎙️ NINE FIGURE EXITS
Hosted by Doug Foley. Real conversations with the operators, investors, and dealmakers who've built and sold companies at the highest level.
Subscribe for new episodes.

]]>c1a607e7-4d70-4f37-847c-39430c70f1efFri, 02 Oct 2026 20:00:00 GMT<p>Adam Coffey went from Army sergeant and "guy in a truck" to building three private equity-backed companies, closing 58+ acquisitions, and generating $2.5 billion in exits. In this episode of Nine Figure Exits, he breaks down exactly how founders scale, raise capital, and sell their business for maximum value.<br /><br />If you run a service business, a blue-collar company, or any founder-led business and want to scale past $10M, work with private equity, or plan your exit strategy, this conversation is your playbook.<br /><br />In this episode, Doug Foley and Adam Coffey cover:<br />→ Why unit economics matter more than revenue growth ("fix one truck, fix 6,000")<br />→ The 30-20-10 rule for gross margin, overhead, and net profit<br />→ Why founders stall between $10M and $30M, and how to go from first chair to conductor<br />→ The truth about private equity: myths, buyout funds, and minority stakes<br />→ The Rule of 130: how to know if your net worth is dangerously concentrated in your business<br />→ How to raise capital by treating money better than it's used to being treated<br />→ How a well-written thesis raised $100M before buying a single company<br />→ What to fix 12 months before you sell (sell-side quality of earnings, accrual accounting, EBITDA multiples)<br />→ How one founder went from $500K in profit to a $31M offer in two years<br /><br />⏱️ TIMESTAMPS<br />00:00 Intro<br />00:52 The billion-dollar exit that changed everything<br />02:47 From Army sergeant to GE turnaround specialist<br />05:13 Fix one truck, fix 6,000: unit-level economics<br />08:10 Why founders stall at $10–30M in revenue<br />10:24 Loyalty traps and the 30:1 manager ratio<br />12:39 The 30-20-10 rule<br />14:31 Growth is expensive: self-funding vs. private equity<br />17:24 The truth about private equity<br />19:43 The Rule of 130 and asset diversification<br />22:02 Why selling a minority stake can cost you<br />24:54 Money is a separate expertise<br />27:17 Treat money better than it's used to being treated<br />29:37 How a thesis raised $100M with no company attached<br />31:57 The deals Adam rejects in five minutes<br />38:13 What to fix 12 months before selling your business<br />40:37 Sell-side quality of earnings and accrual accounting<br />43:35 Where to find Adam Coffey<br />45:58 Why not you? The final lesson<br />48:07 From $500K profit to a $31M offer in two years<br /><br />📚 ADAM COFFEY'S BOOKS<br />The Private Equity Playbook: [https://www.amazon.com/dp/1544513267?ref_=cm_sw_r_ffobk_cp_ud_dp_RCHGZ917TRHWTW88M00N&amp;bestFormat=true]<br />The Exit Strategy Playbook: [https://www.amazon.com/dp/B09HL7NC7L?ref_=cm_sw_r_ffobk_cp_ud_dp_ZREHFNBDQVEQFJNSA195&amp;bestFormat=true]<br />Empire Builder: [https://www.amazon.com/dp/B0CMF2JN9M?ref_=cm_sw_r_ffobk_cp_ud_dp_HZ5C602PZFBE6NTE6TA2&amp;bestFormat=true]<br /><br />🔗 CONNECT WITH ADAM<br />LinkedIn: [https://www.linkedin.com/in/adamecoffey/]<br /><br />🎙️ NINE FIGURE EXITS<br />Hosted by Doug Foley. Real conversations with the operators, investors, and dealmakers who've built and sold companies at the highest level.<br />Subscribe for new episodes.</p>no00:50:1215S1 | E5: From Guy in a Truck to $2.5B in Exits | Adam Coffeyfull<![CDATA[S1 | E6: How Investors Choose Winning Companies | Aaron Darr]]>Aaron Darr breaks down how growth investors actually decide which companies are worth backing.

From LeadEdge’s metrics-driven screening process to evaluating AI readiness, technical debt, durability, founder positioning, and investor alignment, Aaron explains what separates an exciting company from one that can actually survive diligence.

In this episode, Doug and Aaron cover how investors filter massive deal flow, what founders often misunderstand about raising growth capital, why technical diligence matters more in the AI era, and how to choose an investor who actually fits the trajectory of the business. Aaron also explains why some of the best investments are found in massive, unglamorous industries where technology can create measurable economic value.

They also get into the relationship side of investing, including why founders should understand what success looks like for the fund, how active an investor will be after the deal closes, and why building those relationships before a transaction matters.
If you’re building a company, raising capital, or trying to understand how professional investors evaluate opportunities, this conversation gives you a look inside the decision-making process.

In this episode:
- How growth investors screen companies
- What makes a business attractive at the growth stage
- How AI has changed technical due diligence
- Why technical debt is becoming more dangerous
- What investors want to hear from founders
- How to choose the right capital partner
- Why investor-founder alignment matters
- How LeadEdge uses its operator network
- Why focus drives better investment decisions
- Aaron’s advice for building long-term relationships and careers

]]>4659d817-0311-4f0e-8658-6d11c6f95da5Fri, 02 Oct 2026 21:00:00 GMT<p>Aaron Darr breaks down how growth investors actually decide which companies are worth backing.<br /><br />From LeadEdge’s metrics-driven screening process to evaluating AI readiness, technical debt, durability, founder positioning, and investor alignment, Aaron explains what separates an exciting company from one that can actually survive diligence.<br /><br />In this episode, Doug and Aaron cover how investors filter massive deal flow, what founders often misunderstand about raising growth capital, why technical diligence matters more in the AI era, and how to choose an investor who actually fits the trajectory of the business. Aaron also explains why some of the best investments are found in massive, unglamorous industries where technology can create measurable economic value.<br /><br />They also get into the relationship side of investing, including why founders should understand what success looks like for the fund, how active an investor will be after the deal closes, and why building those relationships before a transaction matters.<br />If you’re building a company, raising capital, or trying to understand how professional investors evaluate opportunities, this conversation gives you a look inside the decision-making process.<br /><br />In this episode:<br />- How growth investors screen companies<br />- What makes a business attractive at the growth stage<br />- How AI has changed technical due diligence<br />- Why technical debt is becoming more dangerous<br />- What investors want to hear from founders<br />- How to choose the right capital partner<br />- Why investor-founder alignment matters<br />- How LeadEdge uses its operator network<br />- Why focus drives better investment decisions<br />- Aaron’s advice for building long-term relationships and careers</p>no00:39:1216S1 | E6: How Investors Choose Winning Companies | Aaron Darrfull<![CDATA[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.

]]>f58ca677-f9bb-48db-9bcf-9f4b55899b1bWed, 09 Sep 2026 20:44:29 GMT<p>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.</p><p></p><p>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.</p><p></p><p>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.</p><p><br />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.</p><p></p><p>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.</p><p><br />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.</p><p></p><p>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.</p><p>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.</p>no00:42:4914S1 | E4: What Actually Happens When a Company Grows 10x | Ben Allenfull<![CDATA[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.

]]>be282f87-a35b-4c22-a005-b3097fe76166Wed, 09 Sep 2026 20:22:16 GMT<p>Private equity is not the only way to exit a successful company.</p><p></p><p>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.</p><p></p><p>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.</p><p></p><p>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.<br /></p><p>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.</p><p></p><p>Kerry is the author of <i>The Ownership Mindset</i> and <i>Talk with Trust</i>.<br /></p><p>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.</p>no00:46:5313S1 | E3: How to Sell Your Company to Your Employees | Kerry Sigginsfull<![CDATA[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&A
  • The business life cycle and the right CEO for each stage
  • Speyside's human capital assessment framework
  • The three-week vacation test for founder dependency
  • What makes a management team investable
  • "Invest in what you know" and Eric's path from the shop floor to the deal table
  • Why close is commencement, not completion
  • The bimodal private equity industry and why ego multiples rarely hold
  • How 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.

]]>8ec99fa6-a076-4bd7-ab44-544e430a03c8Thu, 23 Jul 2026 20:30:41 GMT<p>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.</p><p></p><p>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.</p><p></p><p>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.</p><p></p><p>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.</p><p></p><p><b>In this episode:</b></p><ul><li>What owners get wrong about private equity vs. corporate M&amp;A</li><li>The business life cycle and the right CEO for each stage</li><li>Speyside's human capital assessment framework</li><li>The three-week vacation test for founder dependency</li><li>What makes a management team investable</li><li>"Invest in what you know" and Eric's path from the shop floor to the deal table</li><li>Why close is commencement, not completion</li><li>The bimodal private equity industry and why ego multiples rarely hold</li><li>How to pick a partner and a banker, and the 18 to 24 month runway to a close</li></ul><p></p><p><b>Guest: Eric Wiklendt</b> Managing Director at Speyside Equity, a value-focused buyout firm investing in lower-middle-market manufacturing ($50M to $500M revenue). Website: <a rel="noopener noreferrer nofollow" href="https://speysideequity.com" target="_blank">https://speysideequity.com</a> · LinkedIn: <a rel="noopener noreferrer nofollow" href="https://www.linkedin.com/in/ericwiklendt" target="_blank">https://www.linkedin.com/in/ericwiklendt</a></p><p><b>Host: Doug Foley</b> Founder of Nine Figure Exits, CEO of Foley Media, Managing Partner at 528 Partners, and bestselling author of <i>AI Sales Engine</i>.</p><p><b>Nine Figure Exits</b> 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 <a rel="noopener noreferrer nofollow" href="https://9figureexits.com" target="_blank">https://9figureexits.com</a></p><p></p><p><b>Disclaimer:</b> 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.</p>no00:39:4612S1 | E2: What Sellers Get Wrong About Private Equity | Eric Wiklendtfull<![CDATA[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, Owner
  • Why the business that needs you is the one you can't sell
  • The 1-3-1 method for getting your team to stop bringing you problems
  • Real EBITDA multiples for service businesses, and how deals get structured
  • Broker incentives, earnout traps, and qualifying the buyer as hard as they qualify you
  • Client 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

]]>cfb2f846-f456-4ed2-9aeb-86bc9c32efc3Thu, 23 Jul 2026 16:47:24 GMT<p>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.<br /><br />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.</p><p></p><p>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.</p><p></p><p>If you are building toward an exit, this one is a playbook.</p><p></p><p><b>In this episode:</b></p><ul><li>The five shifts: Operator, Manager, Architect, CEO, Owner</li><li>Why the business that needs you is the one you can't sell</li><li>The 1-3-1 method for getting your team to stop bringing you problems</li><li>Real EBITDA multiples for service businesses, and how deals get structured</li><li>Broker incentives, earnout traps, and qualifying the buyer as hard as they qualify you</li><li>Client concentration and the other quiet valuation killers</li><li>"Build to sell, but plan like you'll never sell"</li><li>Why AI rewards operators who build systems, not the ones who buy tools</li></ul><p></p><p><b>Guest: Jason Swenk</b></p><p>Founder of Agency Mastery, author of <i>Operator to Owner</i>, and host of the Smart Agency Masterclass podcast. Website: <a rel="noopener noreferrer nofollow" href="https://jasonswenk.com" target="_blank">https://jasonswenk.com</a> · Book: <i>Operator to Owner</i></p><p></p><p><b>Host: Doug Foley</b></p><p>Founder of Nine Figure Exits, CEO of Foley Media, Managing Partner at 528 Partners, and bestselling author of <i>AI Sales Engine</i>.</p><p></p><p><b>Nine Figure Exits</b> 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 <a rel="noopener noreferrer nofollow" href="https://9figureexits.com" target="_blank">https://9figureexits.com</a></p>yes00:37:2911S1 | E1: Build a Business That Runs Without You | Jason Swenkfull