From Angel To Exit

David Turner, CEO of Velocity Now and former CRO at IHS, joins the show to unpack what truly drives successful business exits. With firsthand experience leading 47 acquisitions and scaling IHS from $320M to $1.8B, David offers rare insight into the buyer’s mindset. Founders will gain actionable strategies to prepare for sale, avoid common missteps, and understand how to position their company for maximum value.
Key Takeaways
Acquirers often buy because they’re struggling with organic growth.
Private equity buyers face increasing pressure from extended fund cycles.
Founders must dilute their own delusion about earn-outs and post-sale roles.
Most successful acquisitions start with strong personal rapport at the leadership level.
Presenting all risks upfront builds credibility and avoids downstream surprises.
Tell your company story consistently—long before you plan to sell.
Time kills deals; speed and decisiveness are critical on both sides.
Due diligence always finds skeletons; buyers care more about how you handle them.
Links & Resources
David Turner
Website: http://velocitynowllc.com/
Email: david@velocitynowllc.com
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In this episode, Leslie Kraatz Adams shares the remarkable journey of scaling and exiting Federal Metals, a third-generation scrap metal business. Starting with deep family roots and evolving industry dynamics, Leslie transformed the company from a local scrapyard into a major regional player in Western Canada. She candidly discusses leadership challenges, navigating family dynamics, preparing for sale, and her pivot into health and wellness entrepreneurship with her new venture, At Work of Heart.
 
Key Takeaways
Family dynamics require careful navigation during succession and sale
Building to sell starts with solid operational foundations and leadership structure
Industry shifts demand business model agility and innovation
Emotional resilience is critical for founder wellbeing and decision-making
Strong relationships and reputation can drive organic exit opportunities
Certifications and social responsibility increase buyer appea
Timing the exit strategically is as important as structuring the deal
Post-exit identity clarity eases the transition into new ventures
Links & Resources
Leslie Kraatz Adams
CWebsite: https://aworkofheart.ca
LinkedIn: https://www.linkedin.com/in/lesliekraatz/
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From washing cars as a teen to selling a business with over $290M in sales, Calvin Johnson’s entrepreneurial journey is nothing short of remarkable. In this episode, Calvin shares how he built and exited Lykki, an office supply and coffee delivery company, and the key lessons he learned around culture, technology, and timing. Founders looking to scale smart and exit well will gain real-world insights into M&A strategy, deal preparation, and post-exit purpose.
Key Takeaways
Start building your M&A data vault 1–2 years in advance for deal-readiness
Culture-first hiring and top-tier talent drive long-term operational success
Combining related services (coffee + supplies) can create a defensible market edge
Earnouts often underdeliver—opt for cash deals when possible
A top-notch M&A lawyer is more valuable than a flashy M&A firm
Understanding your acquirer’s needs can dramatically increase valuation
Exiting a business doesn’t mean retiring—plan a purpose-driven next chapter
Post-exit, your identity may shift—prepare emotionally, not just financially
Links & Resources
Calvin Johnson
ClubNeed (Social Giving Platform): clubneed.org
ClubNeed Travel (Impact Travel Trips): clubneedtravel.com
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In this episode, Bruce Eckfeldt interviews Jordan Youkilis, founding partner of Key Investment Partners, to explore how cannabis investing offers unique challenges and opportunities for founders. Jordan shares his journey from traditional finance to cannabis private equity, highlighting lessons in capital deployment, deal structuring, and scaling businesses in tightly regulated environments.
Key Takeaways
Profitable, cash-flow-positive cannabis businesses attract more investor interest than high-growth, unprofitable ones
Capital scarcity in cannabis allows investors to negotiate better terms and lower valuations
Section 280E taxes heavily penalize cannabis businesses, affecting valuation and deal viability
Strong due diligence processes and institutional-grade practices enhance investor confidence
Founders must plan capital raises 12–18 months in advance, especially in tight funding markets
Misjudging market cycles and over-raising can lead to damaging down rounds
Understanding investor fund cycles helps founders better tailor pitches and timing
Warm introductions and strategic networking greatly improve investment access
Links & Resources
Jordan Youkilis
Website: keyinvestmentpartners.com
LinkedIn: Jordan Youkilis
Podcast: Cannabis Unlocked
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Serial entrepreneur Pete Martin joins the show to unpack his journey across four business exits, including a standout 12x EBITDA sale to KPMG. Drawing from both personal and professional highs and lows, Pete shares powerful lessons on building scalable, values-driven companies, designing for exit, and avoiding the common pitfalls that sabotage founder success. From crafting a cultural manifesto to structuring clean financials, this episode is a masterclass in M&A readiness for founder-CEOs.
Key Takeaways
Design your business to function without you to enable a clean exit.
Culture alignment with employees and clients directly impacts scalability.
Strong financial controls are critical—reviewed and audited books build buyer confidence.
Pre-exit partnerships with potential acquirers can significantly boost valuation.
Declining misaligned clients reinforces culture and attracts better opportunities.
Prepare for the worst in partnerships with clear buy-sell agreements.
Retention plans and bonus structures smooth transitions during acquisitions.
Non-founders driving revenue make earn-out-free deals possible.
Links & Resources
Pete Martin
www.askmyboard.com
https://scaleupfaster.com/
https://www.linkedin.com/in/petegmartin/
pmartin@askmyboard.com
Subscribe to the Podcast:
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Alan McLaren, co-founder of Strata Originals, shares his journey from corporate leadership to entrepreneurial success. In this episode, he reveals how he scaled two marketing agencies, built a powerful personal branding firm, and supports founders preparing for strategic business exits. Alan discusses M&A readiness, founder well-being, and how personal branding plays a crucial role in business growth and exit strategies.
Key Takeaways
Corporate experience builds foundational skills, but entrepreneurship demands creativity and flexibility.
Aligning values is critical to sustaining long-term business partnerships.
Business exits are emotionally complex—founders must prepare mentally, not just financially.
Personal branding helps founder-CEOs drive visibility, valuation, and thought leadership.
Successful M&A requires operational performance and expectation management through the entire deal.
Founders must prioritize health, relationships, and purpose to avoid post-exit burnout.
Defensible calendars protect time and focus across business and personal priorities.
Leaders who invest in people—not just transactions—enjoy deeper, lasting success.
Links & Resources
Alan McLaren
www.strataoriginals.com
LinkedIn - Alan McLaren
Subscribe to the Podcast:
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Ross Shanken, founder and former CEO of Jornaya, shares the story behind building a pioneering lead verification platform and guiding it to a nine-figure exit. In this episode of From Angel to Exit, Ross unpacks the strategic frameworks, operational challenges, and personal insights that fueled his success—from initial market entry to final acquisition. It's a must-listen for founder-CEOs aiming to scale confidently and exit smartly.
 
Key Takeaways
Establish your financial model early and revisit it often to inform strategic decisions.
Align your leadership team using shared vision exercises like “headline planning.”
Avoid exiting on investor-driven timelines—run your own deal process.
Bring on key roles (like CFO) earlier than you think you need them.
Use backcasting: start from your ideal exit and work backwards operationally.
Honest internal dialogue creates stronger strategic alignment and execution.
Validate your market thesis with early feedback loops from prospective acquirers.
Sitting in discomfort post-exit can be a powerful period of personal growth.
Links & Resources
Ross Shanken
https://www.linkedin.com/in/rossshanken/
www.vojomo.com
ross@vojomo.com
Subscribe to the Podcast:
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In this episode of From Angel to Exit, Bruce Eckfeldt speaks with entrepreneur and investor Joshua Maidan, whose journey from Colombia to New York led to the creation of a high-end coffee brand with international acclaim. Maidan shares how he scaled the business using real estate savvy, aggressive strategy, and deep operational structure. The episode centers on how misaligned visions and lack of corporate governance led to a pivotal exit—and how those lessons now guide his investment philosophy and deal execution.
 
Key Takeaways
Corporate governance is vital from day one—misalignment can kill promising ventures.
A shared brand vision must be backed by aligned operating agreements.
Clear exit mechanisms save time, stress, and future litigation risk.
High design and product quality can’t overcome partner misalignment.
Early board involvement separates day-to-day operations from strategy.
Documented roles and responsibilities avoid equity vs. contribution conflicts.
External investors bring discipline—and force professional governance.
Strong operational systems and clarity make exits seamless and scalable.
Links & Resources
Joshua Maidan
https://www.linkedin.com/in/joshuamaidan
Subscribe to the Podcast:
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In this sharp and candid episode of From Angel to Exit, Bruce Eckfeldt interviews Bill Snow, Managing Director at Focus Investment Banking and author of several books on M&A. With nearly two decades of experience in the middle market, Bill shares blunt truths and practical advice on what it really takes to sell a business. From valuation myths to private equity dynamics, this episode is packed with critical insights for founder-CEOs planning to scale and exit.
Key Takeaways
Clearly define your exit goals—buyers respond to clarity and purpose.
Make yourself as founder expendable—owner dependency kills valuation.
Strategic buyers pay premiums when synergies solve their core problems.
Poor inventory and AR management can erode deal value by millions.
A strong, experienced M&A attorney is essential to avoid costly delays.
Most deals fail due to underperformance during the sales process.
Working capital calculations are critical—don’t underestimate the details.
The ideal exit process takes ~9 months; rushing invites risk and error.
Links & Resources
Bill Snow
 https://www.billsnow.com
 https://www.focusbankers.com
https://www.linkedin.com/in/billsnow/
Subscribe to the Podcast:
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In this compelling episode of From Angel to Exit, Bruce Eckfeldt interviews Vlada Lotkina, founder of ClassTag, an EdTech platform that transformed parent-teacher communication. From her entrepreneurial upbringing in Ukraine to a successful exit in the U.S., Vlada shares the challenges of monetizing in the K-12 sector, navigating a failed M&A, and rethinking her strategy for venture number two. Founder-CEOs will find inspiration and pragmatic lessons in her candid account of scaling a mission-driven business with resilience and clarity.
 
Key Takeaways
Personal conviction helped validate the problem when initial feedback was discouraging.
Early MVP failures taught resilience and forced creative pivots in product strategy.
Growth came through teachers marketing to teachers—not parents.
The business scaled with a unique media model, later bolstered by SaaS.
A failed M&A taught the importance of running the business regardless of deal progress.
Private equity deals often depend on external fund dynamics, not founder value.
Exiting with minimal earn-out allowed smoother transition and founder relief.
Future ventures are now guided by “following the money” and co-founder alignment.
Links & Resources
Vlada Lotkina
https://www.linkedin.com/in/vlada-lotkina/vlada@elev8orlab.comhttps://www.elev8orlab.com/
Subscribe to the Podcast:
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