Michael sits down with Scott Smith, founder of True Network Advisors and executive at Patriot Growth Insurance, for a candid, deep-dive into how a “lifestyle business” became a 90+-agency enterprise—and what owners need to know before they sell. Scott traces his path from starving insurance salesperson in Atlanta to building Metro Benefit Consultants, returning to Alabama, and ultimately launching True Network Advisors in 2016 after a peer study-group inspired a bigger idea: a founder-run association laser-focused on helping independent agencies grow.

They unpack the pivotal moment when True’s collaboration model evolved into an industry roll-up, culminating in the formation of Patriot Growth Insurance in 2019. Scott shares what he wishes he’d known going into private equity: why deal structure matters more than headline price, how to evaluate buyers (and their PE sponsors), the danger of “squeezing” a valuation you can’t operate to, and why sellers must protect operating room post-close. He also covers the emotional side of exit—deciding what you really want the next 5–10 years to look like, shifting from “me” to “we,” and taking quiet control of a process that can otherwise run you.

On this installment of Sell Side Shorts, we’re breaking down the essentials of working capital in a transaction. Using a simple car dealership analogy, we explore why buyers expect a business to come with “enough fuel in the tank” to keep running after the deal closes.

You’ll learn:

• The basic formula behind working capital (current assets minus current liabilities.

• Why buyers look at 12-month averages to set a fair target.

• Common adjustments, like excess cash or deficits, impact negotiations.

• How escrow and purchase agreements address gaps between buyer and seller expectations.

Whether you’re preparing to sell or just want to understand how working capital impacts deal value, this episode gives you a straightforward overview of a complex but critical topic.

In this episode of The Sell Side Podcast, host Michael welcomes Wilbur Ellis, a seasoned investment banker with deep roots in Huntsville. Wilbur shares his journey from speechwriting in Washington, D.C., to law and business school at the University of Virginia, and ultimately into decades of investment banking experience with firms like Morgan Keegan, Dane Rauscher Wessels, RBC Capital Markets, and Stephens.

Together, Michael and Wilbur explore the unique challenges and opportunities facing family-owned businesses as they prepare for succession or sale. They discuss the differences between working with large public companies versus founder-led businesses, the importance of early planning, and how strategies like succession planning, pre-sale preparation, and understanding the buyer universe can maximize value.

Wilbur also reflects on memorable deals, lessons learned, and why helping family businesses transition successfully has become his passion. The conversation highlights how their partnership is bringing expanded capabilities to Kill Point, offering family business owners not just transaction expertise but long-term advisory support designed to protect and grow value ahead of an exit.

If you’re a founder, family business owner, or simply interested in the nuances of middle-market M&A, this episode offers valuable insights into preparing for a successful transition.

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