What does it mean to sell, not just a business, but its soul too? In the world of mergers and acquisitions, the decision to sell your business isn’t one to be taken lightly. It's more than just transferring ownership—it often involves letting go of a piece of your identity, your hard work, and your dreams. It's a decision that can't be made overnight. In this episode, we’re thrilled to feature Kirk Michie from Candor Advisors. Candor Advisors provides investment banking advisory services to successful founder-led businesses. Whether you're a seasoned business owner or just curious about the process, this episode is packed with insights that highlight the importance of strategy, expertise, and the right mindset in navigating the complex world of business exits. In our conversation, Kirk discusses the emotional and behavioral aspects of selling a business, emphasizing the importance of preparation, understanding buyer interests, and the role of advisors in protecting clients. We also cover the critical nature of the letter of intent in M&A deals and the necessity of the financial and legal advisors being in sync. The episode underscores the importance of a collaborative approach post-LOI, and how important it is for business sellers to be willing to walk away from unfavorable deals.  Tune in to learn how to make every strategic move count and secure a deal that honors your commitment to your life's work when selling your business. What We Discuss [00:00:15] - Meet Kirk Michie [00:03:02] - The origin and growth of Candor Advisors [00:04:00] - Guru, guide, and gladiator [00:13:00] - Behavioral elements in M&A transactions [00:23:27] - Importance of NDA and LOI [00:26:34] - Deceptive LOI practices [00:31:46] - Challenges of GroupThink in M&A deals [00:40:14] - Alignment of advisors and cost of doing business [00:44:42] - The challenges and intensity of building relationships in business development [00:56:22] - Authenticity and leading with what is unknown [01:00:49] - EBITDA University and the future Notable Quotes [00:14:01] - “Most great entrepreneurs have their identity and personality tied up in their business, so when a buyer questions them, the natural thing to do is react.” - Kirk Michie [00:28:41] - “I believe I have a fiduciary responsibility to my client to get them to the best outcome.” - Kirk Michie [00:58:37] - “I love entrepreneurs. I am either completely surprised or blown away by the idea that they looked at a problem that needed to get solved, or they saw something and thought they could do it better, and then built a company.” - Kirk Michie Our Guest Kirk Michie, Managing Partner of Candor Advisors, consults founder-led businesses on capital events and value enhancement. With over 30 years of experience, he's helped entrepreneurs achieve strategic planning, liquidity, and legacy objectives, raising and deploying capital. He’s advised founders and business sellers on more than billions of dollars of M&A and capital raise transactions. Kirk is a frequent speaker at industry events and has built platforms like AB Bernstein's Quarterly M&A Roundtable. His experience includes investment banking advisory services, mergers and acquisitions, corporate governance, capital raising, private equity, and succession planning. Kirk Michie is a Registered Representative of Finalis Securities LLC. Resources and Links Candor Advisors website: https://candor-advisors.com/ Connect with Kirk Michie on LinkedIn:https://www.linkedin.com/in/kirkmichie/ BizMafia Website: https://www.bizmafia.net Follow the BizMafia podcast On YouTube: https://www.youtube.com/channel/UCd4z3Xk-iOT5zt62H4_juXw On LinkedIn: https://www.linkedin.com/company/bizmafia On Instagram: https://instagram.com/thebizmafia Connect with Pat Linden on LinkedIn: https://www.linkedin.com/in/pat-linden Connect with Bryan Taylor on LinkedIn: https://www.linkedin.com/in/bryan-taylor-0429008/