18: From Near Bankruptcy to 10X Exit: How Sam Arman Mastered the Art of Selling Businesses

Written By Bruce Eckfeldt

Sam Arman, Strategic Visionary, Entrepreneur & Investor

Sam Arman’s entrepreneurial story begins far from the boardroom. Fleeing post-revolution Iran, he rebuilt his life in the U.S., switching from civil engineering to computer science at Ohio State. By 1986, with zero business experience, he launched his first company assembling and selling custom computers. For a decade, Sam nurtured the business like a child—until Dell’s arrival shattered his model with high-end, low-margin products and superior marketing. Forced to sell, Sam learned the painful truth: delaying exit planning can cost millions.

Over the years, Sam sold three companies, including the .com USA.com in 2000, and later transitioned into M&A advisory work. His defining lesson? Always plan your exit from day one. This mindset shaped his final major deal—a 2020 sale to a private equity firm that led to a 10X return in just four years through strategic acquisitions, funded not by his capital, but by the buyer’s.

Sam offers practical guidance for founders navigating the exit maze:

  • Know your why—whether it’s burnout, market changes, or the need for resources, clarity drives deal structure.

  • Understand your options—cash deals, earn-outs, and equity retention (“second bites of the apple”) each carry unique risks and rewards.

  • Protect confidentiality—limit internal awareness until an LOI is signed, and use cover stories if necessary to prevent morale damage.

  • Vet your buyer—not just their offer, but their ability to fulfill payment terms and grow the business post-acquisition.

  • Build the right advisory team—corporate counsel may not be M&A-savvy; hire specialized attorneys and dealmakers.

Key Takeaways

  • Plan your exit strategy from the moment you start your business.

  • Treat your company as an asset, not an emotional extension.

  • Understand deal structures and align them with your “why.”

  • Limit internal disclosure to protect morale and operations.

  • Vet buyers for both financial capacity and strategic fit.

  • Use private equity partnerships to fund post-sale growth.

  • Walk away from deals with unfavorable or uncontrollable terms.

  • Build a specialized M&A advisory team, not just general counsel.

Contact Information:

Bruce Eckfeldt
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17: Building Brand Equity for Scalable Growth and Maximizing Business Exit Value