What does it take to build a company, nearly lose it twice, and still walk away with a successful exit?

In this episode, Sam Penny sits down with John Williamson, founder of Construct Health. John grew his physiotherapy business to 40 staff, faced near-bankruptcy during the mining downturn, and ultimately rebuilt, restructured, and sold his company to a national group. Along the way, he discovered that resilience isn’t just about spreadsheets and strategy — it’s about daily habits, tough conversations, and choosing to keep turning up when everything inside you wants to quit.

Whether you’re an owner thinking about your exit, or a buyer wanting to understand what it really takes behind the numbers, this conversation is packed with lessons you won’t want to miss.

What You’ll Learn in This Episode

• Why cash flow discipline matters more than revenue in high-growth businesses.
• How acquisitions can quickly turn toxic — and what to watch out for in due diligence.
• The mental and physical habits John used to survive the darkest entrepreneurial moments.
• How he restructured his business, repaid debts, and rebuilt trust with staff and stakeholders.
• What it really feels like to walk away after 17 years when you finally sell your company.

Quotes from John

• “I didn’t know if I could do it or not, but I knew I was going to keep turning up.”
• “Even when you’re growing fast, cash flow is an issue. I learned that the hard way.”
• “Sometimes survival isn’t about brilliance — it’s about refusing to walk away.”

Resources & Links

• Connect with John Williamson on LinkedIn

• Learn more about his new venture: Unventured.life
  (coming soon)

Like What You Hear?

This episode was originally recorded for Sam’s other podcast, Why’d You Think You Could Do That? — a show about ordinary people doing extraordinary things. If you want more stories of bravery and resilience, follow it wherever you get your podcasts.

And don’t forget to subscribe to Built to Sell | Built to Buy so you never miss an episode on maximising value, preparing for exit, and buying businesses the smart way.

What does it really take to sell your business for the best possible price—or to buy one without getting burned?

In this episode of Built to Sell | Built to Buy, I sit down with Nathan Hulls, a seasoned business broker and exit advisor with Link Business Brokers. Nathan’s journey spans from starting his first lawn mowing business at 12, to running companies across tech, retail, and fitness, and now guiding business owners and buyers through the high-stakes world of acquisitions.

With his unique blend of real-world business ownership and brokerage expertise, Nathan reveals:

• Why being “exit ready” matters more than wanting to exit—and how to prepare your business years before you sell.
• The psychology of the deal: how motivation, storytelling, and empathy shape both buying and selling outcomes.
• The biggest mistakes sellers make (and how to avoid becoming a “dumpster fire” listing).
• How buyers can protect themselves—from red flags in due diligence to spotting when emotions cloud judgment.
• Why culture and fit can outweigh the financials in making a business sale stick.
• The one surprising sale that smashed expectations—going from a $5M appraisal to a $12M deal.

Whether you’re a business owner eyeing an exit or a buyer chasing your dream acquisition, Nathan breaks down the numbers, systems, and human factors that truly drive value.

👉 If you’re planning to sell in the next 12 months, his number one piece of advice could save you years of regret.
👉 If you’re buying your first business, his due diligence checklist will keep you from making an emotional mistake.

🔑 Key Takeaways

• Exit success starts with preparation—years before you plan to sell.
• Buyers don’t just buy profit; they buy confidence in the future.
• Culture, systems, and owner-independence drive valuation far beyond the P&L.
• The right broker doesn’t just list a business; they connect people, stories, and strategies.

📬 Connect with Nathan Hulls

• LinkedIn: Nathan Hulls

• Email: nathan.hulls@linkbusiness.com.au

If you want to work directly with Sam, head to sampenny.com/action

Buying a business isn’t just about reviewing a P&L and signing a contract. Too many investors discover after settlement that they’ve inherited hidden problems—missing systems, staff departures, or a culture that doesn’t fit. In this episode, Sam Penny (aka The Impossible Guy) breaks down the biggest risks buyers face, how to spot them early, and the safeguards you need to put in place so you don’t get burned.

Sam shares real-world deal stories, the key questions every buyer should be asking, and the practical protections that separate smart acquisitions from costly mistakes.

If you’re planning to buy a business in the next 12 months—or you’ve got one on the radar right now—this session will give you the foresight and tools to take ownership with confidence.

What You’ll Learn in This Episode

• The four core risks that derail business purchases: overstated performance, key person departures, undocumented systems, and cultural mismatch.
• How to test assumptions during due diligence instead of discovering problems post-settlement.
• The questions that reveal hidden weaknesses, including:
  • “What are your biggest operational vulnerabilities right now?”
  • “Who are the three most critical people in the business and what keeps them here?”
  • “What would a worst-case first 90 days look like?”
• Red flags in seller behaviour that signal deeper problems.
• How to protect yourself with smart deal structures: transition plans, retention clauses, escrow/earn-outs, and SOP handover.
• A real-world example of a buyer who uncovered undisclosed staff resignations—and saved six figures by renegotiating.

Resources & Next Steps

• 📋 Download the DealSafe Toolkit – includes a due diligence checklist, key buyer questions, and a transition plan template.
• 🎯 Book a Strategy Session with Sam – review your deal and test assumptions before you sign: sampenny.com/chat
• 🎙️ Keep building your skills with the Built to Sell | Built to Buy Podcast – practical lessons from real-world deals.

Podcast Exclusive!
If you want to work 1:1 with Sam, a small number of spots are available for his loyal podcast listeners. Visit sampenny.com/action to take up this great offer.

Next Episode Teaser

In the next session, Sam dives into one of the most overlooked aspects of acquisitions: intangible assets. Learn how to identify, value, and leverage intellectual property, brand equity, customer data, and proprietary processes—the hidden drivers of valuation and growth.

Click here to view the episode transcript.