Torch Academy

The blog

Valuation, deal process, and what actually happens when businesses change hands.

August 5, 2026After the Sale · Ep 5
Should You Buy Another Business?
Seventy percent of sellers seriously consider buying again. Only 20-30% do it successfully. The gap is almost always motivation, not due diligence.
August 3, 2026After the Sale · Ep 4
Earnout Disputes and Post-Closing Problems
Most post-closing disputes trace back to the same thing: vague language in the purchase agreement. Here's where the fights happen and how to prevent them.
July 31, 2026After the Sale · Ep 3
Life After Selling: Identity, Purpose, and What Comes Next
More than 60% of sellers experience depression in the first year after exit, even when the money was better than expected. Here's why, and what actually helps.
July 29, 2026After the Sale · Ep 2
What to Do With the Money
The biggest financial decision of your life lands right after the biggest emotional high of your life. Here's how to avoid the classic post-sale mistakes.
July 27, 2026After the Sale · Ep 1
Tax Planning After Selling a Business
The tax bill on a business sale is set long before closing, not after. Here's how structure, timing, and allocation decide whether you keep fifty cents or thirty on every dollar.
July 24, 2026The Deal Process · Ep 10
After Closing: Transition and Handover
Transition is what protects everything you built. A smooth handover preserves customer relationships, retains key employees, and — if you have an earnout — pays you.
July 22, 2026The Deal Process · Ep 9
The Last 30 Days: Managing Closing
The final sprint to closing is where deals are most fragile. Stay organized, respond fast, and don't let emotions derail you at the finish line.
July 20, 2026The Deal Process · Ep 8
The Purchase Agreement Explained
The LOI is the roadmap. The Purchase Agreement is the binding contract — 60 to 80 pages that govern your relationship with the buyer long after closing.
July 17, 2026The Deal Process · Ep 7
Deal Structures: Cash, SBA, Earnouts, and Seller Notes
The headline price is only part of the story. How and when you actually get paid — and the risk you carry to get there — comes down to structure.
July 15, 2026The Deal Process · Ep 6
How to Survive Due Diligence
Due diligence is where most deals die — not from what buyers find, but from sellers who are slow, disorganized, or defensive. Here's how to keep yours alive.
July 13, 2026The Deal Process · Ep 5
How to Evaluate a Buyer
Not every inquiry is a real buyer. Here's how to qualify for financial capacity, industry fit, and seriousness before you share sensitive information.
July 10, 2026The Deal Process · Ep 4
How to Sell Without Anyone Finding Out
A premature leak can destroy employee morale, spook customers, and hand competitors an advantage. Confidentiality during a sale is a system, not a hope.
July 8, 2026The Deal Process · Ep 3
How to Create a CIM: Your Business's Sales Pitch
The CIM is often the first real document a serious buyer reads about your business. Here's what goes in it and how to present your numbers honestly.
July 6, 2026The Deal Process · Ep 2
Building Your Deal Team
Selling a business works best with the right mix of online tools and trusted advisors. Here's who actually earns their keep — and when to bring each one in.
July 3, 2026The Deal Process · Ep 1
How to Sell a Business: The Complete Process
Selling a business is a seven-phase process that takes six to twelve months. Knowing what comes next at each stage is how you stay in control.
July 1, 2026Valuation Deep Dives · Ep 8
Real-World Business Pricing: Three Case Studies, Expected vs Actual
Three businesses, three valuations, three very different outcomes. The gap between expected and actual price is almost always specific risk you can see coming.
June 29, 2026Valuation Deep Dives · Ep 7
Professional Valuation vs Market Analysis (Three Tiers and When to Use Each)
From a free online estimate to a $15K certified appraisal, three tiers of valuation serve different purposes. Here's how to match the tier to the job.
June 26, 2026Valuation Deep Dives · Ep 6
8 Things That Increase (and Destroy) Business Value
Business value isn't fixed — it's built. These eight drivers determine whether buyers see a premium asset or a risky acquisition. Most can be moved in a year.
June 24, 2026Valuation Deep Dives · Ep 5
SDE vs EBITDA (Which Metric Is Your Business Valued On?)
Same business, same earnings — but the wrong metric can swing your valuation by 20 to 40 percent. Here's how to know which one applies to you.
June 22, 2026Valuation Deep Dives · Ep 4
The Direct Market Data Method (The #1 Valuation Approach Under $1M)
Forget theoretical models. If your business earns under a million, the most defensible way to price it is what similar businesses actually sold for.
June 19, 2026Valuation Deep Dives · Ep 3
Business Valuation Multiples Explained (Why Some Sell at 2x and Others at 4x)
Two businesses with identical earnings can sell for prices that differ by 60 percent. The multiple is the reason — and it's a direct reflection of risk.
June 17, 2026Valuation Deep Dives · Ep 2
How to Recast Financial Statements (The Step-by-Step Process Buyers Actually Use)
Your tax return tells the IRS a story. Your recast financials tell a buyer a different one. Here's how to bridge the gap without tripping any wires.
June 15, 2026Valuation Deep Dives · Ep 1
How Small Businesses Are Actually Priced
Three valuation methods answer the same question — what is this business worth? — and they rarely agree. Here's how each one works and when to trust it.
June 12, 2026Ready to Sell · Ep 10
What Your CPA Won't Tell You About Selling
Your CPA is trained to minimize taxes. But when you sell, the goal shifts to maximizing net proceeds—and those goals can be in direct conflict.
June 10, 2026Ready to Sell · Ep 9
When Is the Right Time to Sell Your Business?
The right time to sell isn't about one factor. It's about three: personal readiness, business readiness, and market conditions. All three have to align.
June 8, 2026Ready to Sell · Ep 8
Customer Concentration: The Silent Business Killer
If your top customer is more than 20% of revenue, your valuation takes a 20-30% hit—if the buyer even agrees to buy. Here's how to diversify before you sell.
June 5, 2026Ready to Sell · Ep 7
How Your Commercial Lease Can Kill a Business Sale
Your lease is your second-biggest asset in a sale. A bad lease—or a landlord who won't cooperate—can derail an otherwise perfect deal.
June 3, 2026Ready to Sell · Ep 6
Document Your Business Systems: SOPs That Sell
A well-documented business can be worth up to 3x more than one where everything lives in the owner's head. Here's how to build the playbook buyers want to see.
June 1, 2026Ready to Sell · Ep 5
Building a Management Team That Survives a Sale
A buyer is acquiring a team, not just customers. If your key people leave after the sale, you've sold them a broken business.
May 29, 2026Ready to Sell · Ep 4
Reducing Owner Dependency: Why You Can't Be the Business
If your business can't run without you, it's worth 40-60% less. Here's how to build systems and a team that operate independently.
May 27, 2026Ready to Sell · Ep 3
Cleaning Up Your Financials: Making Your Numbers Tell a Clean Story
A buyer is writing a check based on your financial statements. If those numbers look messy, they'll either walk away or deeply discount your valuation.
May 25, 2026Ready to Sell · Ep 2
The 2-Year Runway: Your Month-by-Month Timeline to Sale
Selling a business well is a two-year project, not a two-month scramble. Here's the phase-by-phase playbook for getting ready.
May 22, 2026Ready to Sell · Ep 1
Is Your Business Actually Sellable?
Not every business is easy to sell. Here are the eight critical factors buyers evaluate—and how to fix the gaps before you go to market.
May 20, 2026Myth Busters · Ep 8
Myth: The First Offer Is Always a Lowball
Not true. 65% of small business deals close at or near the initial offer. Time on market kills value faster than negotiation wins.
May 18, 2026Myth Busters · Ep 7
Myth: You Need a Broker to Sell Confidentially
False. Online marketplaces have built-in confidentiality tools. A leaked sale can cost you 40% in value—here's how to prevent it.
May 15, 2026Myth Busters · Ep 6
Myth: A Buyer Will Pay for the Potential
No, they won't. Potential is risk, and buyers pay only for proven performance.
May 13, 2026Myth Busters · Ep 5
Myth: My Accountant Said It's Worth...
Your CPA minimizes taxes, not valuation. There's usually a 30-50% gap between what your accountant sees and what a buyer will pay for.
May 11, 2026Myth Busters · Ep 4
Myth: I'll Sell When I'm Ready to Retire
That's exactly the wrong time. The moment you want out is when buyers will negotiate hardest.
May 8, 2026Myth Busters · Ep 3
Myth: You Need a Broker to Sell Your Business
This isn't a myth—it's the truth. And it can save you $50K to $120K on your exit.
May 6, 2026Myth Busters · Ep 2
Myth: I'll Just Sell to My Employees
The employee buyout sounds perfect in theory. Here's why it rarely works in practice.
May 4, 2026Myth Busters · Ep 1
Myth: My Business Is Worth 10x Revenue
Revenue multiples are a dangerous shortcut. Here's why your business valuation depends on what you actually earn.
May 1, 2026Quick Explainers · Ep 20
Buyer's Rep vs. Seller's Rep (Who's On Your Side?)
Understand the role of buyer's reps and seller's reps, why representation matters, and when you might represent yourself.
April 29, 2026Quick Explainers · Ep 19
What Is a Holdback? (And How to Negotiate One)
Understand holdbacks in business sales—how they work, why buyers want them, and how to negotiate reasonable terms.
April 27, 2026Quick Explainers · Ep 18
What Is Working Capital? (And Why It's Often Disputed)
Understand working capital in business sales, how it's calculated, and why it's one of the most common deal disputes.
April 24, 2026Quick Explainers · Ep 17
What Are Reps & Warranties? (Legal Promises About Your Business)
Understand representations and warranties in purchase agreements—what you're promising, your liability, and how to limit exposure.
April 22, 2026Quick Explainers · Ep 16
What Is Escrow? (Protecting Both Sides at Closing)
Understand escrow, why it's held, how long it lasts, and how to negotiate escrow terms that work for you.
April 20, 2026Quick Explainers · Ep 15
What Are Valuation Multiples? (How Price Is Determined)
Understand how valuation multiples work—the formula that determines what your business is worth—and what drives them.
April 17, 2026Quick Explainers · Ep 14
What Is Recasting? (Adjusting Financials to Show True Profit)
Learn what recasting is, how it affects your valuation, and why you need to be careful not to be too aggressive.
April 15, 2026Quick Explainers · Ep 13
What Is a Transition Period? (How Long Do You Stay?)
Understand transition periods in business sales—what they involve, how long they typically last, and how to negotiate compensation.
April 13, 2026Quick Explainers · Ep 12
What Is Goodwill? (The Intangible Value of Your Business)
Understand goodwill, why it's the majority of what you're selling, and how to build it before you exit.
April 10, 2026Quick Explainers · Ep 11
What Is a CIM? (Confidential Information Memorandum)
Learn what a CIM is, why it matters in business sales, and how it helps you attract serious buyers and better valuations.
April 8, 2026Quick Explainers · Ep 10
How Are Small Business Sales Funded? (The Capital Stack)
Understand where the money comes from in a small business sale—SBA loans, seller financing, and buyer cash.
April 6, 2026Quick Explainers · Ep 9
What Is a Business Valuation? (And Which Type Do You Need?)
Understand the three types of business valuations, what each costs, and how to choose the right one for your situation.
April 3, 2026Quick Explainers · Ep 8
What Is EBITDA? (And When to Use It)
Learn what EBITDA is, how it differs from SDE, and when larger businesses use it as a valuation metric.
April 1, 2026Quick Explainers · Ep 7
What Is a Letter of Intent? (And Why It Matters)
Understand what a Letter of Intent is, which terms are binding, and how it sets the stage for the rest of your sale.
March 30, 2026Quick Explainers · Ep 6
What Is a Non-Compete? (And How to Negotiate One)
Understand non-compete agreements in business sales—what they cover, what's reasonable, and how to protect yourself.
March 27, 2026Quick Explainers · Ep 5
Asset Sale vs. Stock Sale (What's the Difference?)
Learn the difference between selling your business assets and selling your company stock, and understand the major tax implications of each.
March 25, 2026Quick Explainers · Ep 4
What Is Due Diligence? (And How to Prepare)
Understand what due diligence is, what buyers will investigate, and how to prepare your business so the process goes smoothly.
March 23, 2026Quick Explainers · Ep 3
What Is an Earnout? (And How to Negotiate One)
Understand how earnouts work in business sales, why buyers want them, and how to protect yourself when a portion of your payment is performance-based.
March 20, 2026Quick Explainers · Ep 2
How to Sell Your Business Yourself (The DIY Selling Guide)
Explore the six-step process for selling your business without a broker. Learn the real costs, what it takes, and when DIY selling makes sense.
March 18, 2026Quick Explainers · Ep 1
What Is SDE? (Seller's Discretionary Earnings Explained)
Understand SDE, the metric that actually determines what your business is worth to a buyer. Learn how it's calculated and why it matters more than net income.

Should You Buy Another Business?

Earnout Disputes and Post-Closing Problems

Life After Selling: Identity, Purpose, and What Comes Next

What to Do With the Money

Tax Planning After Selling a Business

After Closing: Transition and Handover

The Last 30 Days: Managing Closing

The Purchase Agreement Explained

Deal Structures: Cash, SBA, Earnouts, and Seller Notes

How to Survive Due Diligence

How to Evaluate a Buyer

How to Sell Without Anyone Finding Out

How to Create a CIM: Your Business's Sales Pitch

Building Your Deal Team

How to Sell a Business: The Complete Process

Real-World Business Pricing: Three Case Studies, Expected vs Actual

Professional Valuation vs Market Analysis (Three Tiers and When to Use Each)

8 Things That Increase (and Destroy) Business Value

SDE vs EBITDA (Which Metric Is Your Business Valued On?)

The Direct Market Data Method (The #1 Valuation Approach Under $1M)

Business Valuation Multiples Explained (Why Some Sell at 2x and Others at 4x)

How to Recast Financial Statements (The Step-by-Step Process Buyers Actually Use)

How Small Businesses Are Actually Priced

What Your CPA Won't Tell You About Selling

When Is the Right Time to Sell Your Business?

Customer Concentration: The Silent Business Killer

How Your Commercial Lease Can Kill a Business Sale

Document Your Business Systems: SOPs That Sell

Building a Management Team That Survives a Sale

Reducing Owner Dependency: Why You Can't Be the Business

Cleaning Up Your Financials: Making Your Numbers Tell a Clean Story

The 2-Year Runway: Your Month-by-Month Timeline to Sale

Is Your Business Actually Sellable?

Myth: The First Offer Is Always a Lowball

Myth: You Need a Broker to Sell Confidentially

Myth: A Buyer Will Pay for the Potential

Myth: My Accountant Said It's Worth...

Myth: I'll Sell When I'm Ready to Retire

Myth: You Need a Broker to Sell Your Business

Myth: I'll Just Sell to My Employees

Myth: My Business Is Worth 10x Revenue

Buyer's Rep vs. Seller's Rep (Who's On Your Side?)

What Is a Holdback? (And How to Negotiate One)

What Is Working Capital? (And Why It's Often Disputed)

What Are Reps & Warranties? (Legal Promises About Your Business)

What Is Escrow? (Protecting Both Sides at Closing)

What Are Valuation Multiples? (How Price Is Determined)

What Is Recasting? (Adjusting Financials to Show True Profit)

What Is a Transition Period? (How Long Do You Stay?)

What Is Goodwill? (The Intangible Value of Your Business)

What Is a CIM? (Confidential Information Memorandum)

How Are Small Business Sales Funded? (The Capital Stack)

What Is a Business Valuation? (And Which Type Do You Need?)

What Is EBITDA? (And When to Use It)

What Is a Letter of Intent? (And Why It Matters)

What Is a Non-Compete? (And How to Negotiate One)

Asset Sale vs. Stock Sale (What's the Difference?)

What Is Due Diligence? (And How to Prepare)

What Is an Earnout? (And How to Negotiate One)

How to Sell Your Business Yourself (The DIY Selling Guide)

What Is SDE? (Seller's Discretionary Earnings Explained)