What happens when a founder has the ultimate leverage... but chooses differently?
In this rare, unfiltered story from Charting Opportunities, founder John Lesnik of Lending Science DM shares his journey of building a 10X value business that caught the attention of top-tier Private Equity firms. He was weeks away from cashing a massive check when he did the unthinkable: He walked away from the PE deal.
This isn't a story about a failed sale; it's about the power of choice. John breaks down the pros and cons of selling to Private Equity versus pursuing an Employee Stock Ownership Plan (ESOP), explaining why he chose to put his people and his company culture first. This conversation is packed with hard-won lessons on:
- The critical steps to structuring your business to sell for maximum valuation.
- How to tackle major sale hurdles like customer concentration.
- The profound reason time kills all deals in the M&A process.
- Why the final decision for the business was the ESOP route.
John’s story is a powerful reminder that while money matters, a lasting legacy and culture may be the most valuable asset you can sell.
BIG THANKS to John Lesnik for being so transparent in sharing his journey with the Charting Opportunities community.
➡️ Join the Conversation: https://portusadvisors.com
➡️ Portus Facebook Page: https://facebook.com/profile.php?id=61572848737086
➡️ Portus LinkedIn Page: https://linkedin.com/company/portus-wealth-advisors/about/
➡️ More Portus Interviews: https://portusadvisors.com/insights/
➡️ More Portus Publications: https://portusadvisors.com/insights/publications/
➡️ More About the Portus Wealth Advisors Team: https://portusadvisors.com/about/
00:00 Welcome: Charting Opportunities' 1-Year Anniversary
03:00 ESOP vs. Private Equity: The Core Decision
03:50 What is an ESOP? A Simple Definition
06:00 How We Knew It Was Time to Sell the Business
10:45 Going to Market: Hiring the M&A Firm
14:00 The First M&A Process: 383 Contacts, 7 LOIs
17:35 When the First Deal Fell Apart
19:40 Lessons Learned: Fixing Customer Concentration
22:15 Maximizing Value: Different Multiples for Different Business Lines
29:00 The Second Process and the ESOP Feasibility Analysis
37:00 The 10:30 Hour: Walking Away from Private Equity
40:55 The Biggest Hindsight Lessons (Time Kills All Deals)
45:00 Life Post-Sale: Finding Purpose and Starting Hooks of Hope
57:45 Final Thoughts and Next Speakers
ORIGINAL MEDIA SOURCE(S):
Based on the full episode "10X Your Business Selling to ESOP"
Originally Recorded on October 12, 2025 Charting Opportunities: Season 1, Episode 12
Images courtesy of: John Lesnik and Lending Science DM