You’ve heard it before: “Our people are our greatest asset.”
But if that’s true, why don’t they show up on the balance sheet?

In this episode, I’m joined by Dave Bookbinder — business valuation expert, best-selling author, and host of Behind the Numbers. Dave is on a mission to shift how we think about business value — and prove that culture, empathy, and leadership are more than “soft stuff.” They’re strategic drivers of growth and equity value.

We explore why most M&A deals fall short of promised synergies, how culture shows up in your valuation (even if it’s not a line item), and why your star performer might be quietly sabotaging your exit plans.

🔍 What We Cover

• Why your most valuable assets are invisible on your financials

• The Tony the Tiger case study: homegrown IP vs acquired intangibles

• Why most M&A deals fail — and what human capital has to do with it

• Culture change as a valuation strategy (and how long it really takes)

• Toxic employees: the hidden cost even your CFO is missing

• Founder dependency: the risk that tanks your exit

• What empathy has to do with EBITDA

• The three people-metrics Dave wishes every annual report included

• Dave’s now-famous quote that’s been shared around the world

🔗 Connect with Dave

📚 The NEW ROI series and A Valuation Toolbox
🎧 Behind The Numbers podcast
💼 LinkedIn – Dave Bookbinder

✨ Quote to Remember

“The value of a business is a function of how well the financial capital and the intellectual capital are managed by the human capital. You’d better get the human capital part right.” — Dave Bookbinder

🔗 Links & Resources

• Visit: richard-lee.co.uk

• Subscribe: Scaling Up, Not Giving Up on Spotify, Apple Podcasts, or wherever you listen