Master the art of selling your bank

I help community bank CEOs master their bank’s future — by design, not by default.

I’m the founder and former CEO/Chairman of Freedom Bank, where I led a de novo community bank through the financial crisis and ultimately sold the institution at 3.5× the original investment.

I previously served as the 133rd Chairman of the Kansas Bankers Association and as Chairman of the Kansas State Banking Board.

I’m the author of The Art of Selling Your Bank (300+ verified reviews) and the host of the Community Bank Value™ Playbook, where I help community bank CEOs understand their strategic position, strengthen their value drivers, and lead with clarity — whether they remain independent or evaluate opportunities.

My work focuses on:
• Community bank strategy
• Valuation and ability-to-pay
• M&A readiness (without forcing outcomes)
• CEO communication and board alignment
• Leadership independence
• Strategic optionality
• Timing and the strategic window

Kurt Knutson

One CEO brought 15 people into his deal team. Within weeks, word leaked. The deal died.

One CEO thought: "More people means faster work." He brought in 15 team members. Within three weeks, employees heard rumors. Word spread. Buyers backed out.

Another CEO started with exactly three people: himself, the president, and the CFO. They worked for months answering hundreds of questions. Added others only when absolutely needed. Each signed confidentiality agreements first.

Six months later: deal closed, zero leaks.

Same type of transaction. Different team size. Completely different outcomes.

Every person who knows creates risk.

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https://www.kurtknutson.com/newsletter-sign-up

Build a bank to own forever or sell tomorrow.

Kurt Knutson was a banker for forty years. He started a de novo bank, built, and successfully sold it.

He understands the challenges that bank CEOs and board members face when considering the sale of the bank.

Concerns about confidentiality and the fear of making costly mistakes or missing out on opportunities can be overwhelming, but it doesn’t have to be that way.

Kurt is now dedicated to developing educational resources and providing tools to help bank CEOs and board members gain clarity on the process of selling the bank in order to achieve the best results.

His first offering is his recently published book, "The Art of Selling Your Bank: A Bank CEOs Step-By-Step Guide".

Selling your bank can make you feel like you are standing naked in public. You must always have your bank in the best shape possible, in other words, “swimsuit-ready”.

When you understand how the process works, you will know if you are ready or what you need to do to get ready. This will reduce the “noise” of the process, calming your mind and allowing you to move forward freely and confidently for the best results.

You will be able to find answers to questions like:

●    What is our bank’s value, and what are the drivers of our value?

●    Who is interested in buying us, and what is the best method?

●    When is the best opportunity to pursue a sale?

The process of gathering this information is high-risk due to the fear of word leaking out, losing customers, and damaging value. Asking advisors for advice may feel like asking a barber if you need a haircut.

His hope is that this book will help bank CEOs gain the confidence and peace of mind so they can use their skills when it matters most.

Written by a bank CEO who has been in your shoes. Not written from the perspective of an accountant, a lawyer, or an investment banker. Use the knowledge in this book to build a bank you could own forever, but be in a position to sell tomorrow - the ultimate optionality.

The Art of Selling Your Bank: A Bank CEO's Step-By-Step Guide by Kurt Knutson

This free weekly newsletter arrives in your inbox every Saturday morning. The newsletter is written for savvy bankers who build valuable banks as if they will own them forever, but have them positioned so they could sell tomorrow.

The Savvy Banker Newsletter Sign Up

I help bank CEOs master their bank’s future - by design, not by default.

Two banks sold for $30 million on the same day. One CEO was furious. The other was thrilled. Same price.

Bank A sold at 1.88x book value. Bank B sold at 1.36x book value. Bank B's CEO was upset: "We're better capitalized and more profitable. Why a lower multiple?"

Here's what he missed: Both shareholders got $300 per share. Same return. The difference was capital policy—how much they paid out over the years.

Shareholders don't care about multiples. They care about total return.

Stop chasing multiples. Start building real value through earnings, operations, and relationships.

Most bank CEOs look at value through the rearview mirror.

Buyers don't.

They're looking out the front window -- at what your bank becomes when it's combined with theirs.

If you don't understand the difference,
you're not negotiating leverage.
You're reacting to it.

Playbook Reflection

Most bank sales don't fail because of price. They fail because CEOs lose control during three critical phases.

One CEO deferred every decision during his sale process. "Why renovate now? Let's wait." When the deal collapsed, he had no explanation. His board questioned his judgment. Top talent left.

Another CEO understood three phases: Silent Running (run normally despite uncertainty), The Balancing Act (filter decisions through multiple lenses), The Power Shift (lead confidently while authority transfers).

His deal closed successfully. Zero disruption.

Understanding phases prevents reactive decisions that kill deals.

This applies beyond banking.

Most strategic outcomes don’t hinge on what you decide.
They hinge on when you’re positioned to decide.

You can have the same bank.
The same team.
The same financials.

And experience completely different leverage—
based purely on timing.

This isn’t about urgency.
It’s about awareness.

If you don’t know where you are in the window,
you can’t use it.

#PlaybookReflections

A $14 trillion opportunity is taking shape for bankers as business owners plan their exits. However, most owners don’t consider their bankers as part of the transition.

Don’t miss out on the opportunity! 

The business banking landscape is shifting as the largest transition of ownership unfolds. 

As owners prepare their exits, upwards of $14 trillion in assets will change hands. 

This shift creates an opportunity for commercial and business bankers to support these owners during their transition while developing relationships with the next generation of executives.

Join Martin Wise, Ned Miller, Kevin Gillen, and me for “The $14 Trillion Opportunity: Helping Business Owners Prepare for Succession.” 

In this webinar on Tuesday, January 27, at noon ET, we will explore the challenges owners face in their succession planning and share best practices for bankers looking to support the transition. 

During this webinar, we will share: 
▪️ Key takeaways from recent Business Owner Exit Readiness research and what it reveals about owner mindsets and timelines.
▪️ A practical overview of the Private Company Value Leverage Matrix and the 8 Drivers of Value you can use in client conversations.
▪️ Executive management perspectives on educating bankers and clients, and positioning the banker as the “quarterback” of the advisory team.

Register free today!
https://rebrand.ly/ymnw4pa

One CEO used his trusted general counsel to sell his bank. The deal took 8 months instead of 6.

One CEO used his general counsel of 15 years. Great at banking law. Zero M&A experience.

The counsel researched every term. Accepted unusual buyer requests. Pulled the CEO into every detail. Deal took 8 months. Terms could have been better.

Another CEO hired specialized M&A counsel. They knew what was normal. Pushed back on bad requests. Deal moved fast. Terms saved more than the legal bill.

Same deal. Different counsel. Completely different outcome.

Great general lawyers aren't necessarily great specialists.

𝗣𝗮𝘀𝘁 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵: Keep strategic options quiet until decision time. Dump everything on the board at once. Watch them panic and ask if something is wrong.

𝗣𝗿𝗲𝘀𝗲𝗻𝘁 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵: Start education years early. Invite experts to speak at annual meetings. Connect market knowledge to strategic planning over time.

Old way: Options are secrets until decisions are needed.
New way: Options are part of ongoing education.

Old way: "Is something wrong?"
New way: "What's the best path forward?"

The timeline is the same. The quality of decisions is completely different.


Yesterday, in my free newsletter, “The Savvy Banker,” I break down topics like this for leaders who want to take charge of their bank’s future.

This week's topic:

"Community Bank CEOs: The 3 Leadership Phases That Make or Break Bank Sales"

(Link to subscribe in comments below)

I’ll be participating in a panel discussion at Acquired or Be Acquired this year, alongside leaders who have been on both sides of bank M&A.

The session focuses less on transactions—and more on how CEOs think, prepare, and lead before those moments arrive.

Looking forward to the conversation.

Deals aren't done when papers are signed. They're done when customers choose to stay.

After closing, good leaders focus inward. Great leaders stay focused on customers—even when overwhelmed.

One CEO launched a calling blitz the day after closing. Top customers met the new CEO. She prepared detailed briefings 24 hours in advance.

When executives arrived prepared, customers felt valued through actions, not words.

Leadership is about priorities. What you pay attention to grows.

Build this habit now. When major transitions come, you'll protect what matters most.


Each Saturday, I send a private note called The Savvy Banker.
It’s written for bank leaders who value clarity before pressure — and want to think through strategic decisions long before they become public or urgent.

This week’s note explores:

"Community Bank CEOs: Waiting for Better Multiples? Start Building Real Value Instead"

(Link to subscribe in comments below)

Most strategic blind spots come from assuming the math is fixed.


#PlaybookReflections

One CEO handed over his customer list to a buyer. The deal fell through. He waited for the attacks. They never came.

One CEO worried constantly after sharing sensitive information with a buyer. When talks ended, he expected competitors to steal customers and employees. Nothing happened.

Why? The buyer was a serial acquirer planning multiple future deals. Breaking the NDA would destroy their reputation. Investment bankers wouldn't work with them. Sellers wouldn't trust them.

Word travels fast in banking. Reputation damage ends acquisition strategies permanently.

NDAs in major transactions carry more weight than typical legal agreements. Reputation risk protects you beyond legal enforcement.

There’s a difference between being patient
and being unaware of timing.

Most leverage isn’t lost by bad decisions.
It’s lost because leaders don’t know where they are when decisions appear.

This isn’t about urgency.
It’s about orientation.

𝗧𝗵𝗲 𝗼𝗹𝗱 𝘄𝗮𝘆: 𝗛𝗼𝗽𝗲 𝘀𝗵𝗮𝗿𝗲𝗵𝗼𝗹𝗱𝗲𝗿𝘀 𝗴𝗲𝘁 𝗽𝗮𝗶𝗱. 𝗧𝗵𝗲 𝗻𝗲𝘄 𝘄𝗮𝘆: 𝗠𝗮𝗸𝗲 𝘀𝘂𝗿𝗲 𝘁𝗵𝗲𝘆 𝗱𝗼.

𝗣𝗮𝘀𝘁 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵: Focus on closing day. Assume payments happen automatically. Deal with problems as they arise. Spend months after closing fixing data errors and handling calls.

𝗣𝗿𝗲𝘀𝗲𝗻𝘁 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵: Tell shareholders to find certificates on announcement day. Clean up data before closing. Get electronic copies of letters. Communicate regularly. Track collections actively.

Old way: Hope it works out.
New way: Actively manage it.

Old way: React to problems.
New way: Prevent problems.

The timeline is the same. The outcome is completely different.


Each Saturday, I send a private note called The Savvy Banker.
It’s written for bank leaders who value clarity before pressure — and want to think through strategic decisions long before they become public or urgent.

This week’s note explores:

"Community Bank CEOs: Waiting for Better Multiples? Start Building Real Value Instead"
(Link to subscribe in comments below)

Six months into a confidential sale, a CEO's phone rang. "I heard you might be selling." Word was out.

One CEO had a leak from a board member's "confident" conversation. Competitors called employees. One buyer backed out. Deal closed at lower price.

Another CEO required every board member to sign formal confidentiality agreements before getting information. Management signed hours before announcement.

Six months later: zero leaks, no disruption, strong terms.

Fiduciary duties exist on paper. Signed agreements exist in people's minds.

When people sign documents, responsibility becomes real.

This applies beyond banking.

𝟱 𝗪𝗮𝘆𝘀 𝘁𝗼 𝗟𝗼𝘀𝗲 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀 𝗔𝗳𝘁𝗲𝗿 𝗮 𝗠𝗲𝗿𝗴𝗲𝗿:

1) Assume customers will wait—they won't, competitors are calling

2) Send generic values messages—customers want action, not words

3) Show up unprepared—create detailed briefings 24 hours in advance

4) Focus only internal—balance integration with customer visits

5) Treat everyone the same—top customers deserve CEO attention

One CEO made all five mistakes. Lost several major customers. Another did the opposite. Lost zero.

Protect relationships through action. Stay externally focused during internal chaos.

5 Mistakes That Kill Deals in First Buyer Meetings:

1) Rambling through history—create a tight 15-minute overview instead

2) Making it about you—give credit to your team, show depth beyond yourself

3) Getting defensive about loyalty—position team as talented people who'd thrive elsewhere

4) Asking too many detailed questions—save due diligence for later

5) Missing interest signals—read the room (leaning in = good, checking phones = bad)

One CEO made all five. Left early. No offer. Another prepared carefully. Meeting ran over. Strong offer.

You get one first impression.

The strongest leaders know when they need help. That's strength, not weakness.

One CEO contacted potential buyers himself to save fees. Within a week, everyone knew. Employees worried. Customers left. He destroyed value.

Another CEO hired an advisor with years of buyer relationships. Eight buyers contacted. Five interested. Nobody knew which bank was for sale.

Leadership isn't doing everything yourself. It's knowing when specialized relationships multiply your success.

Start building advisor relationships now—before you need them. When major moves come, you'll have partners who protect what you've built.


Tomorrow, in my free newsletter, “The Savvy Banker,” I break down topics like this for leaders who want to take charge of their bank’s future.

This week's topic:

"Community Bank CEOs: The 3 Leadership Phases That Make or Break Bank Sales"

(Link to subscribe in comments below)

Uncertainty sounds different than disagreement.

The deal closed Friday. One CEO fought his new role. Within six months, he was gone, bitter.

One CEO couldn't let go. Questioned decisions. Told people, "That's not how we did it." Left bitter within six months.

Another CEO made two lists: responsibilities lost (board prep, regulatory reports) and things that energized him (customers, team, strategy).

Many draining duties? Gone. Many energizing activities? He could still do them.

He took his first real vacation in 15 years.

Same situation. Different perspective. Completely different outcome.

Cling to past authority or embrace new possibilities?

#ExecutiveLeadership #CareerTransitions #BankingLeadership #LeadershipDevelopment


- Kurt Knutson

I’m not a lawyer, accountant, or investment banker. I’m just a banker who’s been through it.

I post here daily at 7:10am and 4:10pm, weekends too.

And if you want the full roadmap, my book “The Art of Selling Your Bank” has you covered.

Available on Amazon, Audible, and Spotify.

St. Croix Hospice

VP, Strategy & Operations

AVP, Strategy & Operations

H.I.G. Capital

Advantage Fund

Board Observer: St. Croix Hospice

Board Observer: American Vision Partners

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