In today’s M&A market, the difference between a clean transaction and a painful one often comes down to pricing discipline, seller integrity, and how prepared the buyer is before the first call.

In this episode of Before You Buy or Sell a Business, Jared Johnson sits down with Greg Kovsky, President and CEO of International Business Associates (IBA), the Pacific Northwest’s largest and oldest business brokerage firm. Greg has spent more than 30 years in the industry and has personally facilitated over 300 transactions. He shares what he’s seeing in the last 12–18 months, why buyer demand is the strongest he’s seen, and how retirement-driven transitions will continue to fuel deal volume for years.

Greg also explains IBA’s paid-on-performance model, why they only take about one out of three potential listings, and the three reasons they will refuse to represent a seller. On the buyer side, he breaks down exactly how to stand out in competitive processes, why relevant experience matters for SBA-backed acquisitions, and why full financial transparency is non-negotiable. Finally, Greg gives a practical take on where AI helps and where it can mislead, especially when valuing businesses without local and state-level context.

Main Takeaways:

1. Buyer demand is the strongest Greg has seen, driven by a growing “buy and build” culture
2. Retirement-driven ownership transitions are expanding supply, but quality sellers still have options
3. Paid-on-performance brokers have built-in incentives to price honestly and only take sellable deals
4. IBA only lists about 1 out of 3 businesses: unrealistic value expectations, weak business model, or lack of seller integrity
5. Due diligence should “follow the money”: verify deposits, review bank statements, and drill into expense detail
6. Buyers stand out by being ready early: resume/bio, personal financial statement, banker pre-qual, CPA and attorney
7. Relevant experience matters, especially under SBA guidelines, because you cannot sell “management ability”
8. AI can support marketing and education, but valuation still requires local knowledge and tax context

Episode Highlights:

[00:00] Intro: Greg Kovsky and IBA’s transaction footprint

[03:05] What’s changed in the last 12–18 months and why demand is so high

[06:10] The rise of buyer demand from “buy and build” entrepreneurs

[09:20] Why retirement-driven transitions will keep deal flow strong long-term

[12:10] Exit cycles: why entrepreneurs often sell and move on within 7–8 years

[14:35] Immigrant buyers and the Pacific Northwest tech corridor

[17:15] What sellers care about: protecting employees, customers, vendors, and legacy

[19:40] Paid-on-performance vs. upfront fees: incentives, pricing, and sellability

[23:15] Why overpricing hurts sellers and can cost years of exit timing

[25:40] IBA’s screening: the three reasons they refuse a listing

[29:10] Integrity red flags: moving expenses across entities and why diligence matters

[34:10] “Follow the money”: bank statements, QuickBooks detail, and full disclosure

[37:30] Training brokers: why this job requires legal, tax, finance, real estate, and psychology

[41:50] How buyers stand out: preparation, financial strength, and a built deal team

[46:05] Fit...

Jared Johnson sits down with Andy Allaway, CEO of Empire Flippers, one of the largest marketplaces for buying and selling online businesses. Andy shares how the company built a global platform that lists only 5 percent of submitted businesses, vets every seller, verifies every buyer, and has facilitated thousands of acquisitions ranging from high five figure deals to eight figure exits.

Andy explains why the online business market has matured significantly in the last decade, how valuation expectations shifted after the zero interest rate era, and why today’s buyers are far more sophisticated in due diligence. He breaks down Empire Flippers' internal valuation methodology, their strict criteria for accepting a listing, and how their engineering and sales teams use technology and human oversight to efficiently match buyers to opportunities.

Jared and Andy walk through what is actually happening behind the scenes of a digital marketplace. They discuss creative deal structures, the rise of SBA financing for online businesses, the normalization of quality of earnings reports, buyer behavior trends, the impact of AI on different business models, and why co brokering high quality listings is becoming a meaningful expansion channel for Empire Flippers.

Andy also shares why he believes e commerce remains one of the most resilient acquisition categories in a world increasingly shaped by AI and why productized, transferable businesses like faceless YouTube channels are becoming a fast growing asset class among buyers.

Main Takeaways:

- A highly selective vetting process means only about 5 percent of businesses submitted to Empire Flippers are accepted

- Strong financials, clean books, realistic valuations, and stable trends are critical to a seller’s eligibility

- Many sellers remain psychologically anchored to inflated valuations from the 2020 to 2022 period

- Buyers today are more sophisticated and expect clean financials, organized records, and clarity on trends

- Due diligence has matured and exclusive due diligence periods, quality of earnings reports, and buyer side advisors are now common

- Empire Flippers verifies buyer identity and liquidity before granting access to listings in their price range

- AI enhances buyer matching by analyzing thousands of historic CRM notes to surface relevant opportunities

- Co brokering is expanding the marketplace by bringing in high quality listings from a select group of trusted brokers

- E commerce continues to perform strongly because AI enhances rather than replaces the business model

- SaaS valuations remain high but are more vulnerable to disruption from rapid AI advancements

- Sellers should have accurate books, a true understanding of profitability, and realistic valuation expectations before going to market

- Buyers benefit when marketplaces maintain strong vetting so they are not wasting time on stale or overpriced listings

- Market cycles influence both valuation expectations and the creativity of deal structures

- Remote first companies can build strong global teams and attract diverse buyer and seller pools

- Leadership, culture, and flexibility are powerful motivators for teams in digital first organizations

Episode Highlights:

[00:00:40] Empire Flippers overview and how the online business marketplace has evolved

[00:01:36] What types of online businesses qualify for the platform

[00:03:22] Why only 5 percent of submitted businesses pass the vetting process

[00:04:14] Common reasons listings are rejected and how sellers can better prepare

[00:05:22] How Empire Flippers validates financials, builds P and Ls, and packages listings for buyers

[00:08:07] Seller psychology and the lingering impact of inflated 2020 to 2022 valuations

[00:10:00] How valuation ranges are established and why realistic...

Jared Johnson sits down on location with Jordan Hood, the new owner of Low’s Bridal, a regionally known 48-year bridal institution in rural Arkansas. Jordan shares how a childhood on a Mississippi farm, an art and photography degree from Parsons, early digital marketing work in New York, and five years raising money for St. Jude all shaped the way she eventually stepped into owning a historic 22,000 square foot bridal shop she first joked about buying at age 19. She explains how she found the deal through her best friend’s family, what it took to win the trust of sellers who saw their staff as family, and why saving, buying her first home, and years of work across multiple industries positioned her for a successful SBA loan.

Jordan and Jared break down the real transition process inside a legacy business. They discuss hiring managers to replace two founders, navigating vendor account transfers, ordering a phase one environmental report early, using working capital to bridge delays, and learning everything from market trips to seven circuit breaker panels in a 30-day sprint. Jordan also shares the operational and customer experience changes she made on day one, including modernizing the check-in process, rewriting sales scripts, and improving the flow for today’s bride while protecting the magic that has defined Low’s Bridal for nearly five decades.

Main Takeaways:

• A nontraditional background can prepare a buyer more than they realize
• Deals often originate from long-standing relationships and small conversations
• Asking a seller if they would ever sell is a simple but powerful first step
• Sellers of legacy businesses often value the right buyer more than maximum price
• Building genuine trust with the seller and long-tenured staff creates stability during transition
• Buying a home or establishing savings can strengthen a buyer’s SBA profile
• Ordering environmental reports and key third-party items early can prevent last-minute delays
• Working capital is essential during the early weeks of account transfers and vendor approvals
• A defined transition period helps the buyer learn daily operations and uncover hidden processes
• Legacy owners often do everything themselves and successors may need to build a management team
• Improving customer flow and experience can increase conversion without losing the brand’s essence
• Today’s customers expect faster processes, guided appointments, and a modern check-in experience
• Sales scripts should create connection and trust, not pressure
• Mentors and industry coaches provide valuable support through a steep learning curve
• Loving the mission and the day-to-day work sustains owners through demanding seasons

Episode Highlights:

[00:00:40] Meet Jordan Hood and the origins of Low’s Bridal

[00:01:36] Growing up in rural Mississippi and discovering a creative path

[00:03:22] Early digital marketing work in New York during the rise of social media

[00:04:14] From floristry and fashion to AI behavioral advertising

[00:05:22] Five years at St. Jude and the business efficiency lessons of nonprofit fundraising

[00:08:07] The college conversation where Jordan first joked she would buy Low’s one day

[00:10:00] How the deal file landed on Jared’s desk and why this SBA loan looked different

[00:11:49] Being a “normal person” buyer and how saving and buying a home made the deal possible

[00:14:23] Advice to searchers: be willing to ask owners if they might sell

[00:17:00] Winning the trust of the sellers and staff in a multi-generation bridal business

[00:20:32] Replacing two founders with one owner and hiring managers quickly

[00:22:20] What Jordan would do differently and what she wishes she knew up front

[00:25:37] Ordering the full phase...