In the 100th episode of Buy Grow Sell, Simon Bedard answers the seven questions he is asked most often by business owners preparing for an exit. From what your business is actually worth, to how long the process takes, whether AI can replace a good advisor, and how earn outs work, Simon draws on more than 20 years of M&A experience to give straight, practical answers to the questions that matter most.
Listen to the Podcast
Watch the Full Interview
About Simon Bedard
Simon Bedard is the Founder and CEO of Exit Advisory Group, host of Buy Grow Sell, and author of Exit Like an Expert (2026). He is the National Chair of the Australian Institute of Business Brokers (AIBB) with more than 20 years of M&A experience advising Australian business owners through valuations, sales, and acquisitions.
What Makes This Episode Worth Your Time
One hundred episodes. One consistent theme: the conversations business owners need to have about exit, and rarely do.
In this milestone episode, Simon Bedard steps back from the interview format to answer the seven questions that have come up most consistently across 100 episodes of conversations with founders, advisors, and acquirers. No guests. No framework. Just straight answers to the questions business owners are actually asking.
What You Will Learn in This Episode
What is my business actually worth?
Multiple valuation methodologies apply. Industry multiples, income approach, and asset-based, and the right answer is almost always a range, not a single number.
Can I sell my business without a broker?
You can, but the risks include leaving money on the table and making emotionally driven decisions without an experienced intermediary to buffer the negotiation.
Can I use AI to help sell my business?
AI can support analysis and preparation, but it only has your side of the equation and cannot replace the institutional knowledge an experienced advisor brings to a transaction.
How long will it take to sell my business?
Allow up to 12 months: approximately six weeks to prepare, three to six months for buyer engagement, and three months for due diligence and completion.
How do I find the right buyer for my business?
Map your market across three axes, supply chain, competitive landscape, and complementary businesses, and your shortlist of five names will typically expand to 200 or more.
How do I know when it is the right time to sell?
The decision involves three timing layers: macro economic conditions, your industry sector, and the internal state of your business and your own energy.
What is an earn-out, and should I accept one?
An earn-out is a portion of the sale price paid after settlement, contingent on hitting performance targets, and it is a risk-management tool, not a red flag, when structured properly.
Show Notes (YouTube)
(04:10) What is my business actually worth?
There is no single number, and business value depends on the methodology used and the type of buyer looking at it. Simon walks through the three core valuation approaches (industry multiples, income approach, and asset-based) and explains why the most useful question is not "what is it worth?" but "what do I need it to be worth?" He introduces the What's My Number Calculator, available with the book, to help reverse engineer that figure.
(08:26) Can I sell my business without a broker?
Selling a business is nothing like selling a property. A good advisor does more than find buyers; they act as an intermediary who protects the seller-buyer relationship, manages emotional responses, and prevents deals from collapsing over negotiating friction. Simon shares the $52 million civil construction story as a real example of how quickly things can go wrong when emotion enters the room without an intermediary.
(14:22) Can I use AI to help sell my business?
AI tools only hold the seller's perspective, they do not know what the buyer is thinking, what is happening on the other side, or how experienced advisors navigate specific deal points. Simon shares a real example of a founder using ChatGPT as his sole advisor, raising warranties and indemnities at completely the wrong stage of the process, too early, too exposed, and at significant risk of losing the deal.
(18:09) How long will it take to sell my business?
Allow up to 12 months: approximately six weeks to prepare, three to six months for buyer engagement, and three months for due diligence and completion. If you plan for six months and it takes ten, you will be exhausted and making decisions from the wrong mental state. If you plan for twelve months and it takes ten, you will be calm, clear-headed, and in control.
(22:20) How do I find the right buyer — the Market Mapping Model
Strategic acquirers offer the most value because the combination creates more value than either business alone, but finding them requires mapping the full universe of potential buyers across the Y axis (supply chain), X axis (competitive landscape), and Z axis (complementary businesses). Simon introduces the three buyer types (lifestyle, financial, strategic) and explains why the buyer with the ability to pay the most is not always the one with the willingness to. In over 90% of EAG's deals, the buyer was someone the client had never heard of before the process started.
(33:49) How do I know when it is the right time to sell?
Timing involves three layers: macroeconomic conditions, your industry sector, and your personal and business readiness, and Simon's view is that if two of those three factors are in your favour, that is enough to consider starting. He shares the story of Sandy, a podcast guest whose husband passed away suddenly, and how unexpected personal events can completely reshape exit priorities.
(39:18) What is an earn-out, and should I accept one?
An earn-out is one of four deal structure buckets (cash upfront, vendor finance, earn-out, and scrip), and it means a portion of the price is deferred and contingent on performance. He uses a $5 million deal example to show how the four buckets work together, explains why earn outs exist as a risk management tool rather than a red flag, and notes that earn outs often have ranges and floors rather than binary all-or-nothing targets.
Key Takeaways
1. Business value is a range, not a number
Different buyers use different lenses, income approaches, industry multiples and asset-based valuations and arrive at different figures. Understanding the range, and knowing what you need the business to be worth, puts you in control of the conversation.
2. An advisor does more than find buyers
The most valuable thing a good M&A advisor does is not sourcing buyers. It is acting as a buffer between you and the emotional complexity of the negotiation, so you can preserve the relationship you will need with the buyer post-settlement.
3. AI can help you prepare, but it cannot negotiate for you
Large language models only hold your side of the equation. They do not know what the buyer is thinking, what the market is doing, or how experienced advisors navigate specific deal points. Use AI as a tool, not as an advisor.
4. Plan for 12 months and be pleasantly surprised
If you plan for six months and it takes ten, you will be exhausted and making decisions from the wrong mental state. If you plan for twelve months and it takes ten, you will be calm, clear-headed, and in control.
5. Your buyer is probably not who you expect
In over 90% of EAG's deals, the buyer was someone the client had never heard of before the process started. A structured market mapping model expands your shortlist from five names to two hundred or more, and surfaces the buyers with the real strategic motivation to pay a premium.
Connect with Simon Bedard
LinkedIn: https://www.linkedin.com/in/srhbedard/
Website: https://buygrowsell.com/
Website: https://exitadvisory.com.au/
Exit Like an Expert — Simon Bedard (2026)
Every question Simon answers in this episode is covered in full detail in the book, including the What's My Number Calculator, the Market Mapping Model, and a chapter-by-chapter guide to every stage of the exit process.
Get your copy: Exit Like an Expert Book
About Buy Grow Sell
Buy Grow Sell is the podcast for business owners on what it actually takes to buy, grow, and sell a business. Each episode features real stories and expert conversations on the decisions, deals, and conditions that shape business outcomes. Hosted by Simon Bedard, Founder and Managing Director of Exit Advisory Group, National Chair of the Australian Institute of Business Brokers, and author of Exit Like an Expert. Available on Spotify, Apple Podcasts, iHeartRadio, and YouTube.
