#194 - Buy Businesses like an Investor w/ Chase Murdock

In this episode of Business Refocused, Carey and Lindsay sit down with Chase Murdock, founder of Patina Capital and CEO of Decada Group, to talk about how investors evaluate small businesses and what makes a company worth buying. Chase spends his time acquiring, investing in, and partnering with privately held businesses. Instead of chasing flashy startups, he focuses on durable companies with real customers, real cash flow, and the potential to continue operating long after the founder steps away. Chase explains why owner dependency, recurring revenue, profitability, team strength, and the durability of the industry all influence whether a company is an asset someone else will want to own. For business owners thinking about an eventual exit, that means looking at the company from a buyer’s perspective long before it is time to sell. The conversation also explores how Chase evaluates an acquisition through three lenses. He looks at the industry, the business itself, and the team that will remain after the transaction. A great company in a weak industry can still be risky, and a strong business without the right team may struggle once the owner leaves. A few things we cover • What makes a small business attractive to a buyer • Why transferable value matters more than simply having revenue • How owner dependency can hurt business value • Why recurring revenue creates stability for an acquirer • What buyers look for in the industry, business, and team • Why small businesses trade at lower multiples than large public companies • How AI is changing what buyers consider durable • Why businesses should focus more on advisory relationships and less on purely transactional work Connect with us: Follow AgencyFocus for more conversations that help agency owners build clarity, confidence, and long-term value. Learn more at https://agency-focus.com/ Show previously named Insurance Refocused