2 Commas: The $multi-million exit show with Josh Comrie

Would you sell 80% of your business to 5X its value? | Murray Schnuriger and Toby King with Josh Comrie

June 10, 2026·1h 25m
Episode Description from the Publisher

Most founders won't give up 80% of their business. The ones who did walked away with more than if they'd kept 100%.Murray Schnuriger made the jump from 20 years advising founders on exits to actually owning the risk at 5V Capital, a mid-market PE fund across Australia and New Zealand. Toby King has spent his career at Cameron Partners, one of NZ's most established M&A firms, allied with Rothschild and Company. Together they've sat on both sides of more NZ business exits than almost anyone alive.The Education Perfect story is the one that sticks. Two brothers built an edtech platform into 50% of NZ secondary schools, hit their ceiling, and sold 80% to 5V. One went backpacking for a year. 5V brought in a new CEO, put sales teams on the ground in Australia, and tripled the business in three years. Exit to KKR. The 20% the brothers held at the end was worth more than their original 100%. That's the structure most NZ founders never think to ask about.Murray and Toby pull no punches on what founders consistently get wrong, pricing on EBITDA when buyers price on free cash flow, waiting one more year for growth when the multiple compression wipes out the gain, and showing up to a sale process without a narrative that holds up under serious due diligence.We get into:Why selling 80% can leave you wealthier than holding everythingThe EBITDA trap that costs NZ founders millions at the tableWhy "one more year of growth" is often the most expensive decision you'll makeHow PE investors actually think about your exit before they've even finished investing in youWhat your business narrative needs to nail to earn a premium valuationThe succession wave hitting NZ baby boomer founders and why PE is filling the gapIf you're building something and wondering what it actually looks like to sell part of your business, back yourself for one more run, and walk away with more than you started with, this one's worth your time.

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