Independence by Design™ is a framework to help owner-operators get out of the weeds and lead from the boardroom.
I built it because I lived this trap. In 2009, I joined my dad in our $21M family business. We turned it around and sold it for eight figures in 2014 — enough to pay off debt, cover taxes, let my dad retire, and leave me with a chunk of cash at 27.
But the sale gutted our team, systems, and identity. It looked like a win, but it didn’t feel like freedom. I bawled in the driveway.
After 450+ interviews, thousands of owners, and multiple ventures, I saw the real issue: we didn’t know the difference between being owners and operators. Our goals weren’t aligned. And we had no framework to guide us.
That’s why I built iBD — to help owners avoid regret, reclaim their time, grow real equity value, and build a business that gives them freedom — whether they stay, scale, or sell.
This show is the one I wish I had.
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Independence by Design™ is a framework to help owner-operators get out of the weeds and lead from the boardroom.
I built it because I lived this trap. In 2009, I joined my dad in our $21M family business. We turned it around and sold it for eight figures in 2014 — enough to pay off debt, cover taxes, let my dad retire, and leave me with a chunk of cash at 27.
But the sale gutted our team, systems, and identity. It looked like a win, but it didn’t feel like freedom. I bawled in the driveway.
After 450+ interviews, thousands of owners, and multiple ventures, I saw the real issue: we didn’t know the difference between being owners and operators. Our goals weren’t aligned. And we had no framework to guide us.
That’s why I built iBD — to help owners avoid regret, reclaim their time, grow real equity value, and build a business that gives them freedom — whether they stay, scale, or sell.
This show is the one I wish I had.
#456: Panel Debate | The Ownership Game (the 2%) vs. Small‑Business Reality (the 98%)
Independence by Design™
1 hour 57 minutes 14 seconds
2 months ago
#456: Panel Debate | The Ownership Game (the 2%) vs. Small‑Business Reality (the 98%)
Most advice treats all owners the same. The reality? There are two different games.
For the 98% (smaller, tightly owner‑dependent companies), the job and the asset are commingled. Generic “exit planning” advice often creates noise: the math, buyers, and timelines rarely line up.
For the 2% (true middle‑market owners with durable EBITDA and a management team), the game shifts to the boardroom. It’s about capital allocation—protecting value, preserving options, and making decisions across time, cash flow, and wealth.
That’s the conversation in this panel debate with Mike Finger (Exit Oasis), moderated by Graham Stephen and Kyle McCulloch. Mike advocates for pragmatic guidance that helps the 98% make real progress. I argue for a clear line between the two games—and for ownership thinking when you’ve crossed into the 2%.
We dig into:
How the U.S. company landscape actually breaks down—and why that matters more than slogans
What’s signal vs. noise for the 98% (cash flow, role/asset separation, transferable systems, realistic debt math)
What’s signal for the 2% (board governance, valuation lenses, optionality, capital allocation)
Where demographics, debt costs, and normalized EBITDA distort decision‑making
Why many “exits” below the middle market don’t pencil—and what to optimize instead
How to decide whether to design a great job (time + cash flow) or build a true asset—and what each path demands
Where I think Bitcoin fits as long‑term store of time/value for owners—and where it doesn’t help
Bottom line: Know which game you’re in. Filter the advice accordingly. If you’re in the 98%, focus on cash flow, dependability, and de‑risking. If you’re in the 2%, think like an allocator and run from the boardroom.Graham Stephen is a former banker and chartered accountant turned entrepreneurial strategist. After witnessing firsthand how the traditional financial system fails owner-operators, he co-founded Bizval to bring clarity, simplicity, and first-principles thinking to the messy world of valuation. His work helps owners understand their true worth—not just on paper, but in cash terms they can act on.
Kyle McCulloch brings a rare combination of global macro risk analysis, cyber strategy, and operational grit. From trading floors to turnaround jobs in small bu...
Independence by Design™
Independence by Design™ is a framework to help owner-operators get out of the weeds and lead from the boardroom.
I built it because I lived this trap. In 2009, I joined my dad in our $21M family business. We turned it around and sold it for eight figures in 2014 — enough to pay off debt, cover taxes, let my dad retire, and leave me with a chunk of cash at 27.
But the sale gutted our team, systems, and identity. It looked like a win, but it didn’t feel like freedom. I bawled in the driveway.
After 450+ interviews, thousands of owners, and multiple ventures, I saw the real issue: we didn’t know the difference between being owners and operators. Our goals weren’t aligned. And we had no framework to guide us.
That’s why I built iBD — to help owners avoid regret, reclaim their time, grow real equity value, and build a business that gives them freedom — whether they stay, scale, or sell.
This show is the one I wish I had.
