On this installment of Sell Side Shorts, we’re breaking down the essentials of working capital in a transaction. Using a simple car dealership analogy, we explore why buyers expect a business to come with “enough fuel in the tank” to keep running after the deal closes.

You’ll learn:

• The basic formula behind working capital (current assets minus current liabilities.

• Why buyers look at 12-month averages to set a fair target.

• Common adjustments, like excess cash or deficits, impact negotiations.

• How escrow and purchase agreements address gaps between buyer and seller expectations.

Whether you’re preparing to sell or just want to understand how working capital impacts deal value, this episode gives you a straightforward overview of a complex but critical topic.

In this episode of The Sell Side Podcast, host Michael welcomes Wilbur Ellis, a seasoned investment banker with deep roots in Huntsville. Wilbur shares his journey from speechwriting in Washington, D.C., to law and business school at the University of Virginia, and ultimately into decades of investment banking experience with firms like Morgan Keegan, Dane Rauscher Wessels, RBC Capital Markets, and Stephens.

Together, Michael and Wilbur explore the unique challenges and opportunities facing family-owned businesses as they prepare for succession or sale. They discuss the differences between working with large public companies versus founder-led businesses, the importance of early planning, and how strategies like succession planning, pre-sale preparation, and understanding the buyer universe can maximize value.

Wilbur also reflects on memorable deals, lessons learned, and why helping family businesses transition successfully has become his passion. The conversation highlights how their partnership is bringing expanded capabilities to Kill Point, offering family business owners not just transaction expertise but long-term advisory support designed to protect and grow value ahead of an exit.

If you’re a founder, family business owner, or simply interested in the nuances of middle-market M&A, this episode offers valuable insights into preparing for a successful transition.

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On this episode of Sell Side Shorts, we dive into one of the most important – and often overlooked – aspects of selling your business: choosing the right professional team. For many founder-owners, the sale of their company is a once-in-a-lifetime event. While it’s new territory for them, the professionals they bring to the table handle these complex transactions every day.

We break down the key players every owner should consider:

• M&A Attorney – to negotiate letters of intent, purchase agreements, and ensure deals get across the finish line.

• Tax Advisor/CPA – to keep a close eye on the numbers and structure the deal in the most tax-efficient way.

• Investment Banker – to craft the story, market the business, attract multiple buyers, and drive competitive pricing.

• Wealth Advisor – to plan for what comes after the sale, ensuring the proceeds are allocated wisely and aligned with the owner’s long-term financial goals.

Together, these professionals form more than just a checklist – they’re a team. When they know each other and work seamlessly, the process runs smoothly, negotiations are stronger, and the outcome is better for the seller. We also discuss why aligning incentives and fees is critical to making sure everyone is rowing in the same direction.

Whether you’re just beginning to think about an exit or are already deep into planning, this episode will give you the clarity and confidence to start building your own winning team.