"I sold my business for $10 million" sounds great, but it's rarely the number that lands in the seller's bank account. In this episode, David and Shaun unpack the gap between the headline purchase price (enterprise value) and what a seller actually walks away with (equity value), and why understanding that difference matters more than the number everyone likes to quote.

They break down what comes off the top before closing: debt payoff on a cash-free, debt-free basis, working capital adjustments, holdbacks and escrows, indemnity provisions, and deal fees. They also explain when reps and warranties insurance can reduce how much money gets held back, and why the purchase price you hear about is almost never the number that matters most.

Closing the deal isn't the finish line. It's the start of the part that actually determines whether the deal works. In this episode, David and Shaun break down what post-close integration really means, why it's one of the biggest factors in whether a deal succeeds or fails, and what a detailed integration plan (100+ checklist items and counting) actually covers.

They dig into the two priorities that matter most, teammates and customers, including why the first 48 hours after closing can make or break a new hire's experience, how data migration and brand equity get handled behind the scenes, and why keeping the seller involved in planning leads to smoother transitions.

Not all deal structures are created equal, and the one you end up with can change your tax bill, your liability exposure, and how much work closing actually takes. In this episode, David and Shaun break down the two most common deal types, asset deals and stock deals, and explain why the structure matters just as much as the price.

They cover why buyers generally prefer asset deals (clean title, no legacy liabilities, a tax step-up on assets), why sellers often prefer stock deals (favorable tax treatment on partial sales), and what happens to the old legal entity after an asset deal closes. They also touch on more advanced structures like F-reorgs, and explain how milestone or earn-out payments can bridge a valuation gap between buyer and seller regardless of which structure is used.

Selling your business comes with a price tag most owners don’t see coming. In the latest episode of Sell Yeah!, David Katz and Shaun Hardick walk through what sellers should budget for during a transaction, including the mistake they most often make when trying to cut costs in the wrong place.

They walk through legal fees ($25K to $150K depending on deal complexity), the two very different roles accountants play in a deal, when estate planning belongs in the conversation, and how broker or banker fees (typically 3% to 7% of transaction value) actually work. They also flag the hidden costs sellers often miss: contract terminations, software license buyouts, and other "quasi-debt" that quietly comes out of proceeds at closing.

Selling your business isn’t a split-second decision — and the owners who get the best outcomes are the ones who prepare well in advance. In this episode, David and Shaun break down exactly what business owners may want to consider doing in the one to two years before going to market to maximize the value of their business.

They walk through the three main levers every seller should be pulling — cleaning up your business mix, building a strong succession plan, and entering a deal from a position of growth and performance strength — plus the financial housekeeping that makes the whole process smoother: clean books, EBITDA adjustments, and knowing your numbers cold. They also cover the advisers you need in your corner before you ever reach an LOI, and how Redwood thinks about deal readiness through a transaction scorecard.

What actually happens between the first conversation with a buyer and the day the wire hits your account? In this episode, David and Shaun walk through the full deal life cycle — step by step — so owners know exactly what to expect at every stage of the process.

They cover the pre-LOI courting phase, the LOI and exclusivity period, and the three major diligence work streams that kick off after signing: operational, financial, and legal. They break down what a quality of earnings actually is, why disclosure schedules are the most frustrating part of any deal, and what closing actually looks like in the real world (hint: it’s not a big conference table and a stack of papers). Plus, their #1 piece of advice for any seller heading into a transaction.

There are hundreds of buyers in the home services industry — and a lot of them will cut you a check. But knowing who you’re actually doing a deal with could be the most important decision you make. In this episode, David and Shaun break down the two main categories of buyers — financial and strategic — and what owners considering a sale should realistically expect from each one, before and after the deal closes.

They explain what private equity funds, family offices, and search funds are actually looking for, how equity rollovers work and why buyers want sellers to have skin in the game, and why strategic buyers can often pay more — but come with less flexibility and autonomy. And they tackle the million-dollar question every owner should be asking when considering a sale: what should I care about beyond the money?

The Letter of Intent — or LOI — is one of the first major milestones in selling your business, and one of the most misunderstood. In this episode of Sell Yeah!, David and Shaun break down exactly what an LOI is, what it isn’t, and what you’re actually signing up for when you put pen to paper.

Spoiler: it’s less scary than it sounds. The LOI is a non-binding framework for a deal — but it does lock in one very important thing: exclusivity. David and Shaun walk through all the key terms you’ll encounter, from purchase price and rollover equity to restrictive covenants, confidentiality, and governing law, and explain why a more detailed term sheet on the front end actually makes everything easier down the road.