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The Exit Playbook: How to Sell a Business the Right Way

The Exit Playbook: How to Sell a Business the Right Way

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The Exit Playbook: How to Sell a Business the Right WayEvery business owner expects the exit to be the finish line. But for most, it's the moment they're least prepared for. In the third and final episode of the ATL Alts Business Owner Masterclass, host Andres Sandate and Brad Gunter (Founder & CEO, High Point Advisory Group) go deep into the sell-side playbook -- covering everything RIAs need to know to help their business owner clients navigate the most consequential financial event of their lives.Brad and Andres break down the critical mindset shift from 'I'm ready to sell' to truly 'exit ready,' the timeline reality that surprises most owners (three years is the minimum; five if you want full tax optimization), and why showing up to a deal without a sell-side QOE is like going to court without a lawyer. They map the full buyer universe -- from SBA-backed search funds to independent sponsors, private equity, strategics, and family offices -- and explain what each type of buyer actually wants, how they operate, and which seller profile fits each best.The conversation then turns to deal mechanics that can make or break the net economics: equity rollovers and the second bite at the apple, seller notes, earnouts, escrows, holdbacks, working capital adjustments, and reps and warranties. They also cover the tax planning conversation that most advisors wait too long to have -- QSBS, short vs. long-term capital gains, qualified opportunity zones, deferred sales trusts, and charitable structures. And they close with what happens after the wire hits: how to help a liquid entrepreneur think about generational wealth, alternatives, and the next chapter.This episode is for every RIA with a business owner client considering a sale in the next three to five years.Episode OverviewThe series culmination. Brad and Andres cover the full exit arc -- mindset, timing, sell-side diligence, buyer selection, deal mechanics, tax strategy, and post-liquidity wealth deployment. This episode is the most immediately actionable for RIAs: every section maps to a specific conversation they should be having with business owner clients right now.Timestamps0:00 Series recap -- buying (Ep 1), operating (Ep 2) -- and why the exit is the 'peak of the trilogy'3:37 The critical mindset shift: 'I'm ready to sell' vs. 'exit ready' -- and why most owners confuse the two5:08 The Rolls-Royce vs. deal-hunter spectrum: how to identify which buyer profile fits your client's business6:45 The clean test for exit readiness: could a QOE team, lawyers, and a lender go through the business without substantial issues?8:18 The wealth event and why it's underestimated: 75-80% of net worth in a single transaction, often for the first and only time10:00 Why owners resist outside advisors: 'I've been successful at everything else -- why would this be different?'11:37 The surgeon analogy: why you want a specialist, not a generalist, for every lane of the exit13:30 The continuum of wealth: from OpCo cash flow to family office -- and where the RIA fits throughout16:28 Sell-side timeline reality: start the day you launch; buyers look at 3 years of financials; QSBS takes 5 years18:31 What to do if you have 18 months: sell-side assessment, retroactive cleanup, quick-hit fixes19:41 The RIA's call to action: ask 'what's the five-year strategy?' not 'when are you selling?' -- and listen for alarm bells21:40 The sell-side QOE: why the seller should pay for one, how it shifts negotiating leverage, and when it's required by M&A advisors24:28 War story: $50M deal collapses to $3M cash at close -- seller note the rest, life's work nearly gone25:33 The buyer universe from bottom to top: SBA/search funds, independent sponsors, private equity, strategics, family offices29:00 What each buyer type actually wants: SBA timeline (90+ days), IS deal-first capital-second, PE's return clock, strategics overpaying for a gap-fill, family offices holding forever33:00 It's not just price -- employees, community reputation, business continuity, and legacy all matter to sellers33:33 The second bite at the apple: equity rollover mechanics -- 80/20 split, capital stack math, betting on PE to grow EBITDA 50%+36:52 Deal terms that determine net economics: seller notes, earnouts, escrows, holdbacks, working capital pegs, reps and warranties40:00 Time value of money in deal terms: why buyers beat the headline number by spreading payments -- and how the RIA can model this41:05 Tax planning at exit: short vs. long-term capital gains, QSBS (5 years, first $10M tax-free), QOZs, deferred sales trusts, charitable structures44:35 The three forces converging in alternatives: clients asking for alts, asset managers targeting wealth, and underserved investors -- and how EnduranceX addresses all three48:00 The advisor coordination problem: 5-6 parties at the exit table, and who plays quarterback49:14 The full exit advisory team: M&A advisor, wealth advisor, tax advisor, accountant, fractional CFO, legal51:...
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