Episode 147 - Is Your Business Sellable? with Neil Ackroyd

In this episode, we discuss why the business sale market is fundamentally broken, and what that means for owner-managers who expect to sell one day. Joined by Neil Ackroyd, founder of Precision Corporate Finance and Retire Today, we explore the uncomfortable truth that for every one business sold, three are liquidated. Through Neil’s personal experience and candid insight, we examine why many companies, despite solid profits, will never sell, and what business leaders can do to change that trajectory.

We also explore the psychology of the owner-manager: the desire for freedom, the challenge of delegation, and how leadership style can shape the long-term fate of a business. Neil’s stories, from surviving the 2008 crash to building and rebuilding businesses, offer both realism and reassurance for leaders facing similar decisions.

You can listen to the full episode here 

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Key Topics Discussed:

• Why the business sale market is “broken” and what the data really shows.

• The £1m EBITDA threshold: why smaller firms rarely attract buyers or private equity.

• How brokers overvalue companies and fuel false expectations.

• The difference between being leader-led and quasi-leader-led, and why that transition is crucial.

• How owner-managers’ strengths can also be their barriers to growth.

• Practical alternatives to liquidation: protecting legacy through the “protégé” model.

• What makes a business truly saleable, and what stops it from being so.

Who Is This Episode For:

This episode is aimed at owner-managers, entrepreneurs, and business leaders running small to medium-sized firms, particularly those thinking about growth, succession, or eventual exit. It’s equally relevant for advisors, accountants, and anyone supporting privately owned businesses navigating the realities of scale and sale.

Quotes to Remember:

“For every one business that’s sold, three are liquidated”.

“The truth will set you free, but first, it’s going to annoy you”.

“Realise that the person standing in the way of your business’s growth is probably you”.

Actionable Takeaways:

1. Check your scale: If your business is below £1m EBITDA, build with a sale in mind, not the assumption that one will come.
   
   
2. Shift your structure: Start transitioning from leader-led to quasi-leader-led operations by empowering others to make decisions.
   
   
3. Challenge your assumptions: Get an independent valuation before assuming your business is saleable.
   
   
4. Plan succession early: Think in decades, not months. The earlier you address exit planning, the more options you’ll have.
   
   
5. Be brutally honest: Accept that your greatest strengths as a founder may also be holding your business back.
   

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