Selling a business is rarely just about the numbers—and in this episode of Buy the Numbers, we explore why. Recorded at the CLA Connect Center in Minnesota, Mike Payne and guest co-host Erin Mickels sit down with two sets of owners who have recently gone through the process of selling their companies. From fielding unsolicited offers to choosing between 26 potential buyers, their stories highlight the strategic, emotional, and deeply personal factors that shape a sale.

Joel Bauer of Midsota Manufacturing shares his unlikely journey from part-time welder to co-owner of a thriving 132-employee operation. When industry consolidation threatened to change the game, he had to decide whether to expand aggressively or seek the right partner to carry the business forward. Tyler and Ashley Arrell, owners of Perfect Exteriors, walk us through their experience navigating private equity interest, evaluating strategic buyers, and prioritizing their team’s future over the highest payout.

Throughout the conversation, Erin provides expert perspective from CLA’s owner transition services team, breaking down how to evaluate offers, run an efficient process, and protect your legacy. The discussion covers everything from preparing your books for sophisticated buyers to why you should always run your business as if you’re planning to sell—even if you aren’t.

If you’ve ever wondered how to choose between multiple offers, when to bring in professional advisors, or how to ensure your employees and customers are taken care of after the deal closes, this episode delivers both the technical insights and the human side of the transaction.

• (0:32) Grow your top and bottom line with CLA
• (1:40) Introducing the guest co-host and today’s panel of sellers
• (3:56) Joel Bauer’s unconventional path to business ownership and growth
• (7:37) Tyler and Ashley Arrell’s journey to business ownership
• (12:35) The role of unsolicited offers in starting the sales process
• (14:33) How CLA helped assess and improve offers
• (17:36) Choosing between strategic buyers, private equity, and individuals
• (18:21) Fit, culture, and legacy versus the top-dollar offer
• (21:00) Narrowing down dozens of interested buyers
• (23:00) Why buyer interviews reveal more than just numbers
• (24:23) Considering internal transitions versus external sales
• (27:00) Running your business like you’ll sell it—whether you do or not
• (32:26) Nail the 7 habits of highly effective workholding with SMW Autoblok
• (33:08) Handling the sale process while keeping the business healthy
• (38:47) How unexpected events often accelerate sales decisions
• (40:50) Inside the interview process with potential buyers
• (44:13) The broker’s role in standing firm during negotiations
• (49:28) Why legal, tax, and financial specialists matter in M&A deals
• (50:22) Final advice for owners considering a sale
• (55:20) Navigating surprises in the buy/sell process
• (1:05:13) Register for Top Shops and get 20% off with code MAK20

• Grow your top and bottom line with CLA
• Nail the 7 habits of highly effective workholding with SMW Autoblok
• Register for Top Shops and get 20% off with code MAK20!

• Clifton Larson Allen (CLA)

• Follow on LinkedIn
• Connect with Mike Payne on LinkedIn

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