In this episode, Levi and Colby are joined by David Barnett — business broker turned consultant, author, and content creator — for a masterclass in buying, selling, and valuing small businesses. David shares his journey from Yellow Pages rep to business owner, debt broker, and ultimately trusted advisor helping entrepreneurs navigate the complex world of business transactions. The conversation dives deep into lessons learned from brokerage, the realities of small business exits, how real-world transactions often differ from theory, and why systems, not just passion, build enduring organizations.
The episode also explores how content marketing, authorship, and thought leadership have fueled David’s consulting business, offering valuable insights for entrepreneurs thinking about how to build reputation and revenue streams beyond direct operations. Packed with candid advice, practical frameworks, and a dose of tough love, this episode is a must-listen for anyone considering buying, selling, or scaling a business.
Links and Resources Mentioned
David on Linkedin: https://www.linkedin.com/in/davidbarnettmoncton/
David Barnett’s Website: DavidCBarnett.com
Books by David Barnett https://www.investlocalbook.com/p/buy-book.html
Courses by David - https://www.businessbuyeradvantage.com/
YouTube Channel: David Barnett’s channel with over 700 videos - https://www.youtube.com/@DavidCBarnett

Quotes Worth Sharing
"The business is the cash flow — that's what someone is acquiring, not just the stuff inside."
"Businesses are always worth far more to their owners than they are to the buyers."
"Luck often explains success in business more than genius — sometimes the right person was simply hired at the right time."
"If you want to sell your business for more, make it more profitable — you get to enjoy the profits while you still own it."
"Don't buy yourself a job unless that's exactly what you want."
Segment Breakdown with Timestamps
00:00 – 07:00 | Introducing David Barnett: A Life in Business
David shares his early passion for business and journey through Yellow Pages sales, entrepreneurship, and business finance.
Lessons learned during the 2008–09 financial crisis.
The evolution from business broker to consultant.
07:00 – 14:30 | From Broker to Consultant: Building a Better Model
The flaws in the traditional brokerage commission model.
How David transitioned to a consulting business structure.
Early use of YouTube to automate sales conversations.
Going from local clients to an international consulting practice.
14:30 – 27:00 | Lessons in Systems, Franchises, and Business Building
How systemization helped David successfully build and sell his first business.
The myth vs. reality of franchise support systems.
Importance of documented processes to create transferable business value.
Why small operational details often separate great businesses from average ones.
27:00 – 42:00 | Buying and Selling Businesses: Tough Love Edition
Why most small businesses don’t sell (80% failure rate).
How owners often drastically overvalue their businesses.
The real market dynamics for Main Street businesses (under $500k cashflow).
Five main reasons people are forced to sell: burnout, poor health, divorce, relocation, retirement.
42:00 – 59:00 | The Reality of Small Business Acquisitions
Insights on "buying a business without money" claims.
Understanding buyer competition and market realities.
How to create your own deal flow outside of traditional brokers.
Why passion can sometimes blind buyers to real business risks.
59:00 – 1:15:00 | Deal Structuring, Due Diligence, and Red Flags
How to evaluate small businesses realistically (cash flow, working capital, client concentration).
Hidden pitfalls: improper broker valuations, missing