From Angel To Exit cover art

From Angel To Exit

From Angel To Exit

By: Bruce Eckfeldt
Listen for free

From Angel To Exit is a business podcast exploring the entrepreneurial journey of scaling a business from raising your first round of funding to exiting. We cover the trials and tribulations that founders face, the pitfalls and pratfalls you want to avoid, as well as the joy and impact that success can bring. Join us on our next episode, where we speak about the challenges that real leaders face growing and scaling their organizations and how they’ve overcome them to achieve success and make their mark.Copyright 2025 All rights reserved. Economics Leadership Management & Leadership
Episodes
  • 50: The Exit Readiness Mistake Most Founders Make Before Selling Their Business

    50: The Exit Readiness Mistake Most Founders Make Before Selling Their Business
    Jun 3 2026
    Building a company is hard. Exiting successfully is even harder. In this episode of From Angel to Exit, Ana Chaud shares the remarkable story behind Garden Bar and the lessons she learned scaling, selling, and transitioning beyond founder life. Born and raised in Brazil, Ana spent over a decade as a business consultant working closely with entrepreneurs before launching her own company. Following a major life transition and frustration with the lack of healthy lunch options in Portland, Oregon, she founded Garden Bar, a fast-casual salad concept inspired by brands like Sweetgreen and Chopt. What started as a personal need quickly evolved into a rapidly growing business. Ana discusses how Garden Bar expanded from one location to nine locations in just three and a half years by focusing relentlessly on operational efficiency, customer experience, and financial performance. She explains how understanding throughput, labor costs, food costs, and unit economics allowed the business to scale sustainably while creating strong brand recognition. The conversation explores the acquisition process in detail, including how a Seattle-based competitor approached Garden Bar, the negotiation process, and the importance of having experienced advisors during M&A transactions. Ana shares how investor alignment, valuation expectations, and clean financial reporting played a critical role in achieving a successful outcome. One of the most valuable parts of the discussion focuses on exit readiness. Ana emphasizes that founders should prioritize financial hygiene long before considering a sale. Accurate reporting, strong investor communications, clear cap table management, and a thoughtful funding strategy can dramatically improve both valuation and deal execution. The episode also explores founder identity after an exit. Ana reflects on navigating life beyond her role as CEO, the emotional aspects of letting go, and how her experience ultimately led her back to helping founders as a fractional CFO and strategic advisor. For founder-CEOs preparing to scale, raise capital, or pursue an eventual acquisition, this conversation offers practical guidance on growth strategy, financial leadership, and building a company that is truly exit-ready. Key Takeaways: Financial discipline creates leverage during growth and acquisition discussions.Founder communication and team buy-in directly impact execution success.Clean financial records simplify due diligence and increase buyer confidence.Understanding unit economics is critical for multi-location scaling.Funding strategy should align with long-term exit objectives.Investor transparency builds trust and strengthens acquisition outcomes.Founders should prepare emotionally for life after an exit.Financial literacy is a leadership skill every founder must develop. Timestamps: 00:00 Exit Planning Intro 00:50 Meet Ana Chaud 01:27 From Brazil to Consulting 03:12 Founder Do's and Don'ts 05:18 Divorce to Salad Idea 08:06 Launching and Scaling Fast 09:10 Designing for Exit 11:15 Restaurant Numbers That Matter 14:00 Culture and Frontline Team 16:23 Exit Options Before Competition 19:03 Evergreens Acquisition Talks 20:39 Deal Priorities and Valuation 24:03 Valuation and goodwill 25:13 Deal terms and earn-out 26:01 COVID wipes revenue 26:58 Life after acquisition 27:54 Founder identity shift 30:58 Post-exit consulting return 33:22 What to do differently 36:19 Advice know your numbers 41:04 Finance hygiene timeline 43:19 Current work and programs 45:04 Starting again and closing Links & Resources Ana Chaud LinkedIn: https://www.linkedin.com/in/anachaud/Website: https://sankalpaleadership.com/ Subscribe to the Podcast: Find From Angel to Exit on Apple Podcasts, Spotify, Google Podcasts, or wherever you listen. Be sure to hit “Subscribe” so you never miss an episode. Newsletter & Exclusive Content: Sign up for the free newsletter at eckfeldt.com/podcast for episode transcripts, bonus insights, frameworks, and community updates. Connect with Bruce & the Community: LinkedIn: Bruce Eckfeldt Instagram: @bruce_eckfeldt Email: podcast@eckfeldt.com bruce@eckfeldt.com
    Show More Show Less
    47 mins
  • 49: The Leadership Hiring Strategy That Helped Scale and Successfully Exit Twice with Carl Kutsmode

    49: The Leadership Hiring Strategy That Helped Scale and Successfully Exit Twice with Carl Kutsmode
    May 14 2026
    In this episode of From Angel to Exit, host Bruce Eckfeldt sits down with executive recruiting entrepreneur Carl Kutsmode to discuss the realities of scaling, leading, and exiting businesses in the recruiting and talent acquisition industry. Carl shares how his entrepreneurial journey began after transitioning from management consulting into recruiting during the early days of online hiring. Recognizing the opportunity created by internet-based recruiting before most competitors adapted, he helped build one of the earliest outsourced recruiting models long before Recruitment Process Outsourcing (RPO) became mainstream. Throughout the conversation, Carl explains how disruption became the core growth driver behind both of his businesses. From the dot-com crash to the 2008 financial crisis and healthcare reform, Carl consistently identified emerging talent gaps and repositioned his companies to meet rapidly changing market demands. He details how scalable recruiting solutions, recurring revenue streams, and niche specialization created strong enterprise value and ultimately led to successful acquisitions. Carl also offers candid insight into the emotional and operational realities of mergers and acquisitions. He discusses lessons learned from earn-outs, rollover equity, founder employment agreements, and post-acquisition integration challenges. One of the biggest takeaways is the importance of cultural alignment during acquisitions, especially when protecting employees and maintaining long-term leadership continuity. The discussion also explores founder self-awareness and leadership evolution. Carl explains how recognizing his strengths in business development—and hiring experienced operational leadership around him—allowed the company to scale more effectively. He highlights the role of CEO peer groups like Vistage, mentorship, and fractional leadership in accelerating growth. Today, Carl leads B2B VIP Executive Alliance, a network-first executive search and career transition platform exclusively focused on recruiting and coaching growth-oriented transformational leaders fo. His latest venture emphasizes relationship-building, executive networking, and a more human-centered approach to executive recruiting in today’s AI-driven hiring environment. Key Takeaways: Recurring revenue models create stronger enterprise value than project-only consulting businesses.Market disruption often creates the best opportunities for scalable business growth.Founder-CEOs must align revenue goals with clear exit timelines early.Cultural fit matters as much as valuation during acquisition negotiations.Earn-outs and rollover equity increase risk when founders lose operational control.Self-awareness helps founders hire leadership talent that accelerates scaling.Fractional executives provide experienced leadership without full-time executive overhead.Executive recruiting is shifting toward relationship-first, human-centered networking models. Chapters: 00:00 Exit Planning Intro 00:50 Meet Carl Cutsmode 01:51 Consulting to Recruiting Pivot 03:47 Building Tiburon Group 04:57 Big Goals and Mentors 08:25 Scaling Through Downturns 11:16 First Exit Opportunity 12:49 Choosing the Right Buyer 14:37 Earn Out Lessons Learned 18:20 Post Deal Reality Check 19:46 Founder Control After Sale 20:14 Consulting During Noncompete 21:06 Launching TalentRise Again 22:34 Scaling With Right Team 26:11 Fractional Talent Advantage 28:01 Go To Market Through Disruption 30:29 Second Exit Deal Terms 32:02 Comparing Exit Experiences 33:53 Building The Next Venture 37:28 Messaging Pivots And Focus Groups 40:20 Where To Connect Next Links & Resources Carl Kutsmode LinkedIn: https://www.linkedin.com/in/carlkutsmode/Website: B2B VIP Executive Alliance Subscribe to the Podcast: Find From Angel to Exit on Apple Podcasts, Spotify, Google Podcasts, or wherever you listen. Be sure to hit “Subscribe” so you never miss an episode. Newsletter & Exclusive Content: Sign up for the free newsletter at eckfeldt.com/podcast for episode transcripts, bonus insights, frameworks, and community updates. Connect with Bruce & the Community: LinkedIn: Bruce Eckfeldt Instagram: @bruce_eckfeldt Email: podcast@eckfeldt.com bruce@eckfeldt.com
    Show More Show Less
    41 mins
  • 48: What Jeff Corn Learned About Co-Founders, Exit Strategy, and Who You Are After the Deal

    48: What Jeff Corn Learned About Co-Founders, Exit Strategy, and Who You Are After the Deal
    Apr 29 2026
    Building a scalable business is rarely a straight line—and exiting one is even more complex. In this episode, Jeff Corn, founder of Virtuance, shares a candid look into his entrepreneurial journey, from early hustle to eventual acquisition. Jeff began with a simple insight: real estate photography was inefficient, expensive, and outdated. By combining creative expertise with operational efficiency, he built a company designed to streamline the process. However, like many founders, Jeff underestimated the complexity of scaling. What started as a scrappy operation quickly evolved into a multi-market business requiring technology, systems, and leadership growth. A major turning point came when founder misalignment surfaced. Differences in vision, risk tolerance, and personal motivations led to a multi-year process of restructuring ownership. This highlights a critical lesson for founders: alignment early on is essential to long-term success and exit readiness. As Virtuance scaled, Jeff transitioned from working in the business to working on it—seeking peer networks, coaching, and strategic clarity. These shifts were key to preparing the company for acquisition. The exit process itself proved far more challenging than expected. Jeff shares the emotional rollercoaster of M&A, emphasizing the importance of maintaining optionality and not becoming overly attached to a single outcome. Strategic decisions—like avoiding earn-outs—played a crucial role in protecting value. Ultimately, the exit was successful, but Jeff emphasizes that the biggest lessons were personal. Post-exit, he navigated identity shifts, rediscovered purpose, and redefined success beyond financial outcomes. This episode is a must-listen for founder-CEOs considering scaling or exiting, offering real-world insights into business growth, M&A strategy, and life after exit. Key Takeaways: Founder misalignment can significantly delay growth and complicate exit strategy decisionsBootstrapping builds control but limits access to strategic guidance and capitalScaling requires shifting from execution to strategic leadership and team developmentPeer groups and coaching accelerate founder growth and decision-making clarityExit processes are unpredictable—maintaining optionality improves negotiation leverageAvoiding earn-outs can protect founders from post-acquisition performance riskPersonal readiness is as important as business readiness in successful exitsTrue fulfillment post-exit requires redefining purpose beyond financial success Timestamps: 00:00 Show Intro Guest Setup 00:33 Jeff Origin Story 01:01 From TV To Real Estate 03:40 Founding Virtuance 04:04 Clueless Early Scaling 06:16 Market Problem Thesis 09:22 Early Objections Resistance 10:21 Basement Grind Days 12:46 Second City Expansion 14:22 Founder Role Peer Support 17:26 Bootstrapped Cap Table 19:05 Co Founder Alignment Breaks 22:20 Exit Conversations Begin 24:18 Secondary Sale Personal Push 27:16 Aligning on Selling 28:03 Going to Market Reality 29:44 Exit Rollercoaster Mindset 32:57 Maintaining Optionality 34:49 Negotiating Without Panic 36:19 No Earnout Strategy 38:50 Funding Surprise Middeal 40:10 Life After the Exit 41:29 Engineering Small Phase 44:22 Freedom Versus Impact 49:12 No Destination Lesson 50:32 Where to Connect Links & Resources Jeff Corn www.virtuance.com https://www.linkedin.com/in/jeffcorn/ Subscribe to the Podcast: Find From Angel to Exit on Apple Podcasts, Spotify, Google Podcasts, or wherever you listen. Be sure to hit “Subscribe” so you never miss an episode. Newsletter & Exclusive Content: Sign up for the free newsletter at eckfeldt.com/podcast for episode transcripts, bonus insights, frameworks, and community updates. Connect with Bruce & the Community: LinkedIn: Bruce Eckfeldt Instagram: @bruce_eckfeldt Email: podcast@eckfeldt.com bruce@eckfeldt.com
    Show More Show Less
    52 mins
adbl_web_anon_alc_button_suppression_t1
No reviews yet