In this episode of Sell Side Stories, we break down one of the most fundamental concepts in business valuation: how EBITDA and multiples work together to determine a company’s true enterprise value. We explore why EBITDA—earnings before interest, taxes, depreciation, and amortization—is used to normalize profitability and reveal a business’s real free cash flow.

From there, we dive into valuation multiples, unpacking how risk, industry dynamics, market trends, and strategic fit all influence where multiples land. We also discuss common EBITDA adjustments, including pro forma add-backs and one-time expenses, that can shape the final valuation picture.

Whether you're preparing to sell, exploring acquisition opportunities, or simply wanting to understand how buyers assess value, this episode offers a clear, practical breakdown of the mechanics behind business valuation.

In this Sell Side Shorts episode, we break down the real mechanics behind how small-to-mid-sized businesses are bought and sold beyond the simple “cash at close” model everyone thinks of.

Michael walks through common deal structures, including:

• 💵 Cash at Close — the straightforward “check at closing” approach

• 🧾 Seller Notes — when sellers effectively finance part of the deal to bridge valuation or risk

• 📈 Earn-Outs — tying a seller’s payout to the future performance of the business

You'll hear why these structures exist, how they allocate risk between buyer and seller, and the tax implications sellers should understand when evaluating their sale options.

Whether you're considering selling your company or just want to understand how deals actually get done in the real world, this episode gives a clear, concise look at modern transaction strategies.

Michael sits down with Scott Smith, founder of True Network Advisors and executive at Patriot Growth Insurance, for a candid, deep-dive into how a “lifestyle business” became a 90+-agency enterprise—and what owners need to know before they sell. Scott traces his path from starving insurance salesperson in Atlanta to building Metro Benefit Consultants, returning to Alabama, and ultimately launching True Network Advisors in 2016 after a peer study-group inspired a bigger idea: a founder-run association laser-focused on helping independent agencies grow.

They unpack the pivotal moment when True’s collaboration model evolved into an industry roll-up, culminating in the formation of Patriot Growth Insurance in 2019. Scott shares what he wishes he’d known going into private equity: why deal structure matters more than headline price, how to evaluate buyers (and their PE sponsors), the danger of “squeezing” a valuation you can’t operate to, and why sellers must protect operating room post-close. He also covers the emotional side of exit—deciding what you really want the next 5–10 years to look like, shifting from “me” to “we,” and taking quiet control of a process that can otherwise run you.