Matt Carle

Helping you grow your business, and still make it home for dinner. │ Business Coach │ Business Broker │ Former soccer coach turned business coach

I help business owners who are stuck and struggling to make the right move.

Most of my clients come to me because:

- They feel trapped, they know they need changes, but don't know where to start
- Nothing happens in the business without their input
- They lack systems, accountability, & predictability

I coach them to build a business that delivers:

- More freedom & flexibility for the Owner
- Repeatable systems that drive predictable results
- Results that help increase the value of the business, so it's ready to sell when you are

We use a tailored approach to:

- Build repeatable systems so the business works for the Owner (not the other way around)
- Empower their teams, drive accountability, systematize operations, and reduce stress
- Build a business that is “exit ready,” whether that’s next year or years down the road

Here’s a few of the outcomes clients have experienced:

- Packaging company that went from $1.5M per year to $1M per month
- Manufacturing Co. owners who went from overworked to never missing an appointment or a game
- Insurance agent who saw 20% YoY growth in his book of business & increased commissions, while taking more vacation days than ever

Why I do this:

- I’ve spent more than half my life as a coach. First on the soccer field, now supporting business owners
- 9+ years as a business coach, and 3+ years as a business broker supporting owners
- I value time with my wife and two kids outside Denver, Colorado, and I want my clients to enjoy the same freedom

If you’re ready to build a business that is easier to run, more fun to own, and ready to sell when you are...

Click the “Book an appointment” link at the top of my profile to apply to work with me.

Business Broker & Advisor

Jim Carroll - CEPA

Most business owners don’t set out with a detailed plan to sell.

They build strong companies by focusing on customers, teams, and operations — and at some point, the question of ownership change becomes real. Sometimes that timeline is measured in years. Other times, it’s much closer.

I work with owners of established small and lower middle market businesses who are exceptional at running their companies, but — like most — have never sold one before. Selling a business is not an operational skill. It’s a distinct discipline with its own risks, rules, and dynamics.

My role is to help bridge that gap.

My perspective is shaped by experience as a former owner of three businesses, a finance background, and my work as a Business Broker, M&A Advisor, and Certified Exit Planning Advisor (CEPA). I focus on businesses that have grown beyond being owner-dependent jobs — where teams, customers, cash flow, and transferability matter — even if the business is not “perfect” or fully optimized.

Some owners come to me with time to be intentional and prepare.
Others come when selling is already on the horizon.

Both situations are normal.

In either case, the work centers on understanding what truly drives value, identifying and reducing transaction risk, and positioning the business honestly and clearly for buyers.

When owners decide the timing is right, that work carries naturally into the transaction process — shaping how the business is positioned, represented, and ultimately transferred.

Whether the path forward is measured in months or years, my objective is the same: meet owners where they are, bring clarity to a complex process, and reduce risk so value is preserved when it matters most.

Licensed Business Broker & Exit Advisor

Jim Carroll

The Line Between Owner’s Earnings & Lendable Cash Flow

One of the most common valuation misunderstandings I see starts with this question:

“Are we valuing this business on SDE or EBITDA?”

The answer depends on who the buyer is — and how the deal will be financed.

Seller’s Discretionary Earnings (SDE) is typically used for smaller, owner-operator businesses. It adds the owner’s compensation, benefits, and certain personal expenses back into profit to show what a single owner could earn from the business.

EBITDA, on the other hand, is used for larger, more institutional transactions where a buyer is not replacing the owner’s lifestyle — they’re acquiring a cash-flowing operation with management in place.

Both are valid. But they are not interchangeable.

Here’s where risk enters the picture.

Many owners pay personal expenses through the business — vehicles, travel, meals, family payroll, and other items — and expect them to be added back into SDE. Conceptually, that’s reasonable.

Practically, it’s where deals get stressed.

Banks, especially those underwriting SBA loans, do not view aggressive add-backs the same way sellers do. Excessive personal expenses raise red flags regarding cash flow reliability, documentation, and repayment risk. What an owner sees as discretionary, a bank often sees as unverified or non-durable cash flow.

The more add-backs used to make the numbers work, the more fragile the financing becomes.

SDE multiples are typically lower than EBITDA multiples, especially when excessive — not because the businesses are weaker, but because the earnings are less transferable and harder to underwrite.

My role as deal quarterback is to bridge that gap — aligning seller expectations, buyer logic, and lender reality so value doesn’t collapse under scrutiny when it matters most.

Business Broker & M&A Advisor | CEPA - Serving Owners of Established Small & Lower Middle Market Businesses

Why There Isn’t One “Right” Way To A Business Valuation

Many owners ask, “Which valuation method is the correct one?”

That question assumes there’s a single answer.
There isn’t.

Different valuation approaches answer different buyer questions.

The income approach examines historical earnings and sustainability.

Market approach compares your business to what similar companies have actually sold for.

An asset approach focuses on assets and downside protection.

None of these is wrong. They’re lenses. But you don’t add them up. Each valuation stands on its own as a total view of the valuation from a different lens.

Sophisticated buyers look through more than one lens before committing capital. When those views align, confidence increases. When they don’t, risk shows up—and price adjusts.

A valuation isn’t about finding the number.
It’s about understanding the range the market can defend.

My role is to quarterback that conversation—so owners aren’t surprised when buyers look at the same business from multiple angles.

Why Interest Doesn’t Become Offers

Many owners interpret activity as progress.

Calls come in. NDAs get signed. Conversations feel positive.
It feels like movement toward a transaction.

But buyer engagement follows stages — and most businesses stall at the same point.

Early interest is curiosity.
Offers require conviction.

Conviction only forms after a buyer tests whether the business can withstand ownership change and debt service simultaneously. When those tests begin, conversations shift from possibility to proof.

This is where deals quietly pause.

Nothing appears wrong. Buyers remain polite. They just stop leaning forward.

The issue is rarely exposure. It is conversion.
The business was visible — but not yet financeable.

The market does not reject businesses loudly.
It simply withholds commitment.

My role as deal quarterback is to help owners recognize the difference early — before momentum is mistaken for readiness and time is lost chasing interest that cannot become a transaction.

Most business owners don’t decide to sell because of the market. They decide because of life. Retirement timing, burnout, new opportunities, family ch

Open article: When the Decision to Sell Meets Reality by Jim Carroll • 6 min read

When “Obvious” Add-Backs Make Buyers Hesitate (Proof Test)

Add-backs feel intuitive to owners because they understand context.

But buyers evaluate replacement cost, not historical spending.

If the owner stops answering weekend calls — who will?
If the owner handled sales relationships — what compensation replaces it?
If a “personal” vehicle supported operations — what operational expense returns?

So the buyer asks:
Does the expense disappear, or does it relocate?

Many add-backs are directionally correct but structurally incomplete.
They assume behavior remains unchanged after ownership changes.

Lenders notice this quickly.
Unsupported add-backs reduce usable cash flow — not because they’re false, but because they’re uncertain.

Uncertainty lowers borrowing capacity, which lowers price.

The issue isn’t whether the seller is honest.
It’s whether the earnings are transferable.

As deal quarterback for the owner, I help present those adjustments in buyer language so the economics are understood rather than discounted.

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The Battle

Matt Carle

Jim Carroll

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taplio

The Battle

Matt Carle

Jim Carroll

Followers

Posts

Engagements

Likes

Performance Score.css-goub6s{font-size:var(--chakra-fontSizes-md);font-weight:500;color:var(--chakra-colors-gray-600);display:block;margin-top:var(--chakra-space-1);}Jim Carroll's LinkedIn Performance

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Performance ScoreJim Carroll's LinkedIn Performance