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Independence by Design™

Independence by Design™

Written by: Ryan Tansom
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 Independence by Design™ is a framework to help owner-operators get out of the weeds and lead from the boardroom. I built it because I lived this trap. In 2009, I joined my dad in our $21M family business. We turned it around and sold it for eight figures in 2014 — enough to pay off debt, cover taxes, let my dad retire, and leave me with a chunk of cash at 27. But the sale gutted our team, systems, and identity. It looked like a win, but it didn’t feel like freedom. I bawled in the driveway. After 450+ interviews, thousands of owners, and multiple ventures, I saw the real issue: we didn’t know the difference between being owners and operators. Our goals weren’t aligned. And we had no framework to guide us. That’s why I built iBD — to help owners avoid regret, reclaim their time, grow real equity value, and build a business that gives them freedom — whether they stay, scale, or sell. This show is the one I wish I had.© 2024 Economics Leadership Management & Leadership Personal Finance
Episodes
  • #475: Matt Paulson | $50M & 20 Employees; Designing a Business You Never Want to Sell

    #475: Matt Paulson | $50M & 20 Employees; Designing a Business You Never Want to Sell
    Jan 8 2026
    Matt is the founder of MarketBeat, a financial media company he’s built quietly over 19 years into a ~$50M/year business with around 20 employees — and what makes this episode special isn’t just the scale, it’s how he’s designed the business and his life around it. We talked about focus, attention, hiring, valuation discipline, resisting hype cycles, and why keeping the business can often be the most profitable move an owner can make. We also unpacked the realities most people never see: what it actually takes to build leverage without blowing up the mothership, how to think clearly about valuation and selling, how AI really fits into the future of work, and what happens after you cross financial independence. This episode is about designing ownership — not chasing exits, headlines, or noise. Matt Paulson is the founder of MarketBeat, a financial media company he’s grown over 19 years into a ~$50M annual business. He also runs Homegrown Capital, a Midwest-focused venture firm with ~$40M under management. Known for his disciplined approach to growth, valuation, and hiring, Matt focuses on building durable businesses, developing high-caliber teams, and designing work around a meaningful life beyond the balance sheet. Top 10 Takeaways Focus works when the owner owns the few things they are uniquely great at and delegates everything else. Over-optimizing a healthy business often does more damage than thoughtful restraint. The best businesses allow safe experimentation without risking the core cash-flow engine. Most owners misunderstand valuation because they confuse effort, emotion, and market reality. Selling a business is often driven by burnout, not strategy — and that distinction matters. Financial freedom changes decision-making more than most people expect. AI will reward operators who understand fundamentals, not replace them. Strong teams are built by upgrading competence only when the business is ready for it. The most valuable skills in the future are the ones that can’t be automated. The “good old days” aren’t behind you — they’re happening right now if you’ve designed the margins to see them. Chapters: (00:00) Matt Paulson and his unexpected consulting success (08:34) Managing attention, avoiding distractions, and setting boundaries with community involvement (11:31) Overcoming FOMO and learning to say no to opportunities (14:59) Delegating what you don't want to do and building systems (19:58) Hiring great people and making MarketBeat a premier employer brand (26:07) Homegrown Capital's venture investment thesis and evaluating startups (37:41) Why Matt turned down acquisition offers and chose to keep MarketBeat (40:24) Managing wealth, teaching kids about money, and charitable giving (54:11) Being authentic versus content creation and avoiding labels in business (59:10) Setting goals, living in the present, and thinking about succession planning (1:08:14) Email marketing expertise and managing six million subscribers at scale Resources: https://www.marketbeat.com/ Matt Paulson LinkedIn: https://www.linkedin.com/in/matthewpaulson/ Ryan Tansom Website https://ryantansom.com/ Chapters (00:00:00) - Independence by Design(00:01:34) - How I Made Six Figures on My X-Feed(00:02:56) - PODCAST: Sharon on Starting a Media Business(00:04:46) - Bob O'Donnell on His Focus at 40(00:07:22) - Staying Focused on MarketBeat(00:09:27) - Meeting the Tradeoff Between Attention and Time(00:14:15) - Exercising Flexibility on the Business(00:17:23) - In the Elevator: Hiring a Team(00:19:03) - Marketing at MarketBeat: The Right People(00:22:25) - Have You Had Any Partners Leave MarketBeat?(00:23:59) - Real Estate and VC Valuations(00:26:39) - What's the Investment Value of Homegrown Companies?(00:28:11) - How To Pick The Right Tech Company(00:29:46) - Will AI Disrupt The World?(00:33:04) - Are You Seeing This In Your Pitches?(00:35:32) - Beat: I Didn't Sell My Business(00:40:06) - How to Teach Money to Your Child(00:43:43) - Matt Maher on Donor's Money(00:45:45) - Does a Christian Businessman Need a Board?(00:51:20) - Matt Walsh on the Need for Labels(00:56:04) - Want to Win Next Year? Here's Your List(00:58:36) - Letting Go of the Operations(01:00:56) - Does My Estate Need an ESOP?(01:03:30) - How to Reach 6 Million Subscribers in 2020(01:05:16) - How Many Companies Have an Email List as Big as Yahoo Finance's(01:07:35) - Markbeat: Building Relationships With Subscribers(01:08:31) - Interviewing With AI
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    1 hr and 10 mins
  • #474: Luke Maupin | How to Flip the Power Dynamic with Your Commercial Bank

    #474: Luke Maupin | How to Flip the Power Dynamic with Your Commercial Bank
    Jan 1 2026
    Most owner-operators have a complicated relationship with their bank — part dependence, part frustration, and very little transparency. I’ve lived that reality myself, and I know how powerless it can feel when decisions are made “behind the curtain.” In this episode, I sat down with my longtime friend and commercial banker, Luke Maupin, to pull that curtain back. We walk through how banks actually make money, how credit decisions really get made, why some owners get easy access to capital while others get boxed in, and how much of this comes down to planning, storytelling, and preparation — not luck. This conversation is about flipping the power dynamic. When owners understand the banking business model, bring a clear financial narrative, and know which questions to ask, banks stop being adversaries and start becoming tools. The goal isn’t cheaper money — it’s optionality, confidence, and control over your future. Luke Maupin is a commercial banker with nearly two decades of experience across large national banks and community institutions. Known for advocating for owner-operators inside the banking system, Luke specializes in credit strategy, growth financing, and helping businesses align capital structures with long-term plans. He brings uncommon transparency to how banks operate and how owners can navigate lending relationships with confidence. Top 10 Takeaways Banks are businesses first, and their balance sheet health directly impacts your access to capital. Most lending decisions are driven by risk allocation and capital reserves, not personal relationships. A banker’s real job is to be a storyteller for your business inside the credit department. Owners should ask the same hard questions of their bank that banks ask of them. Deposit composition, portfolio concentration, and liquidity matter more than headline interest rates. A three-statement financial forecast is the strongest leverage an owner can bring into a banking relationship. Covenants, not rates, are usually what restrict owner freedom the most. Personal guarantees are negotiable, especially when tied to clear performance milestones. The right debt structure depends on timing, cash conversion, and growth visibility — not rules of thumb. Owners who can clearly show when effort turns into cash regain control of financing conversations. Chapters: (00:00) Introduction, Luke Maupin - from touring musician to commercial banker (05:50) Banking transparency: asking banks the same questions they ask you (14:38) How banks operate: deposits, liquidity, and the business model (37:30) How banks make money: lending margins, fees, and treasury management (44:34) Business banking versus middle market: understanding customer segmentation (56:00) Cash flow mastery and why three statement projections matter (1:00:17) Credit approval process: understanding who makes the final decision (1:19:41) Covenants and distributions: negotiating terms that don't strangle growth (1:33:18) Personal guarantees: strategies for negotiating and eliminating recourse debt Resources: Lucas Maupin LinkedIn: https://www.linkedin.com/in/lucas-maupin-0501b428/ Ryan Tansom Website https://ryantansom.com/ Chapters (00:00:00) - The Best Way To Flip The Power Dynamic With Your Commercial Bank(00:01:47) - Luke Map on Why He's on the Podcast(00:04:44) - Bradley on Owning a Bank(00:08:55) - Banking Still a Business(00:10:10) - Does Basel III Impact Community Banks?(00:12:03) - Capital allocation and risk assessment(00:14:29) - How Do Banks Make Money?(00:16:45) - Business Talk: Cost of Funds(00:17:23) - Deposit vs Lending Ratio(00:23:22) - Is Loan Demand More Than Deposit Demand?(00:23:59) - Banks: Where Does the Money Come From?(00:27:35) - The First Measure of a Bank's Aggressive Lending(00:36:41) - How the Banks Make Money(00:37:51) - TREASURE Management: Can a Bank Be a Software Company(00:44:19) - Business Banking vs. Commercial Banking: What's the Difference?(00:47:09) - Financial Services Partner Stories(00:51:56) - Bradley: On Debt Financing(00:55:43) - How Many Business Owners Have a 3-Step Cash Flow Forecast(00:59:58) - Who's Actually Making the Credit Decision?(01:01:53) - Bradley: On the Bank Experience(01:09:43) - Basic Advance Rates and Marginal Lending(01:12:12) - Banking Executive: Cash Flow Forecast(01:17:02) - When Shopping for a Bank Covenants(01:22:02) - Pre- and Post-Distribution Covenants(01:24:46) - Do You Need a Bank to Financially Support an Acquisition?(01:26:43) - Risk of Leverage in Companies(01:28:38) - Bradley: Leverage and Cash Flow(01:32:54) - Private Debt Structures, Leverage(01:38:27) - Personal Guarantees--Challenging Your Bank(01:41:59) - Private Equity Money: Leveraged Bank Financing
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    1 hr and 47 mins
  • #473: John Bartlett | What Selling a Business Really Looks Like

    #473: John Bartlett | What Selling a Business Really Looks Like
    Dec 25 2025
    Most owners don’t wake up wanting to sell their business. They wake up tired, overloaded, and unsure how much longer they can keep doing everything themselves. In this conversation, John Bartlett and I start by unpacking that reality — the moment when success on paper doesn’t feel like freedom, and selling starts to feel like the only option. From there, we zoom out and talk about what’s really going on beneath the surface: phantom wealth, misunderstood cash flow, and why many owners don’t actually see the full set of options available to them. We talk about how value is created, what actually drives multiples, and why clarity around cash flow and owner dependency changes everything. Only after that foundation is set do we walk through the real process of selling a company — what actually happens when you go to market, how deals are structured, how long it takes, where owners get surprised, and why the headline price is often the least important part of the transaction. This episode is about helping you see the whole landscape clearly — so whether you build, transition, or sell, you’re making an intentional decision instead of reacting out of exhaustion. John Bartlett is the founder of Brentwood Growth, where he helps owner-operators navigate valuation, growth, and M&A decisions with clarity and realism. A former serial entrepreneur, John grew and sold multiple businesses before becoming an advisor to lower middle-market owners. His work focuses on turning companies into durable assets—whether that means scaling, de-risking, or exiting on aligned terms. Top 10 Takeaways Most owners don’t want to sell their business — they want relief from carrying everything themselves. Phantom wealth is common: businesses look valuable on paper but don’t produce real freedom or liquidity. Enterprise value is driven by adjusted EBITDA and the confidence buyers have in future cash flow. Owner dependency is one of the biggest value killers, even in otherwise strong businesses. Selling is not a moment — it’s a long, demanding process that reshapes the owner’s life for months or years. Deal structure (taxes, earn-outs, rollover equity, timing) often matters more than the headline price. Most owners dramatically underestimate how long a real M&A process takes and how consuming it is. Buyers pay for predictability, not potential, and confidence in cash flow determines the multiple. Owners who wait until burnout have fewer options and less leverage than they realize. The best outcomes happen when owners understand their options early and choose intentionally, not reactively. Chapters: (00:00) Making a meaningful difference in business owners' lives and transitions (06:08) Three categories of sellers: burned out, transitioning, and scaling (10:40) Life as jigsaw puzzle: balancing financial and lifestyle goals (25:45) What owners really want is work-life balance and control (36:10) Valuation process: determining current worth and future potential value (46:10) Valuation fundamentals: adjusted EBITDA and multiple determine enterprise value (01:01:40) Complete M&A process timeline from teaser to final offers (01:10:10) Marathon hydration analogy: plan your exit before you're exhausted (01:14:00) Quality of earnings: the detailed due diligence cavity search (01:26:20) Critical difference between gross sale proceeds and after-tax reality (01:28:33) Lock business down within twelve months of planned sale Resources: John Bartlett LinkedIn: https://www.linkedin.com/in/johnl... Chapters (00:00:00) - Independence by Design: Selling Your Company(00:01:55) - Why Business Owners Should Sell Their Companies(00:05:59) - Owners in Their 60s, 70s Should They Sell the(00:12:41) - Ownership: The 7 Levels of Growth(00:20:24) - Jack Stack on Ownership at 82(00:22:26) - Ownership vs Operator: The Problem(00:24:48) - Owner Operator Bifurcation(00:32:05) - Steve Ballentine on the Value of the Business(00:35:35) - Exploring the Value of the Business(00:43:30) - How to Win with a Size Client(00:43:49) - Private Equity Brokers: Enterprise Value of Companies(00:45:05) - Exploring the Multiple of a Private Business(00:50:43) - Adjusted EBITDA Multiple(00:57:55) - How To Find a Buyer for Your Startup(01:02:32) - Have You Validated Any Offer?(01:05:26) - Part 6: Hydration(01:11:09) - The Offer for the Business(01:15:01) - Do Over 80% of Deals Get Sold?(01:17:55) - Does an Earnout Make a Bonus?(01:27:02) - Should You Do a Significant Deal?
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    1 hr and 29 mins
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