STATION SALES
— HOW THEY WORK (U.S.)
Radio stations are bought and sold fairly regularly, but the process is very different from selling a normal business because the FCC license is the real asset.
Below is a clear overview of how radio station sales work, pricing, and process.
1. What Is Actually Being Sold
When a radio station is sold, the buyer is typically purchasing:
• FCC broadcast license
• Call letters / brand
• Tower & transmitter equipment
• Studio equipment
• Real estate (sometimes)
• Advertising contracts / revenue
• Website / streaming / social media
• Music licensing agreements
• Vehicles, furniture, etc.
Sometimes the license is sold separately from the real estate and tower, which are leased.
2. FCC Approval Is Required
Every radio station sale must be approved by the FCC (Federal Communications Commission)
The process includes:
1. Buyer and seller sign Asset Purchase Agreement
2. File FCC Form 314 or 315
3. FCC public notice period
4. Waiting period (usually 60–90 days)
5. FCC approval
6. Closing
Typical timeline: 3–6 months
3. How Radio Stations Are Valued
Most radio stations are valued based on cash flow (EBITDA).
Typical valuation ranges:
Market Size
Major market (NY, LA)
Large metro
Mid-size market
$10M – $100M+
$2M – $10M
$500k – $3M
Small town/rural $50k – $500k
Very small / struggling $10k – $50k
Typical valuation formula:
Value ≈ 4× to 7× annual cash flow
Example:
• Station profit = $150,000/year
• Value ≈ $600,000 – $1,050,000
If a station loses money, it may sell just for asset value or license value.
4. Typical Revenue Sources
Radio stations make money from:
• Local advertising
• Political ads (big money during elections)
• Sponsorships
• Events
• Digital advertising / streaming
• Tower leasing
• Syndicated programming
5. Where Radio Stations Are Listed for Sale
These are the main broker sites:
Broker Website
Media Services Group mediaservicesgroup.com
Kalil & Co. kalil.com
Patrick Communications patrickcom.com
Blackburn & Company blackburnradio.com
Sunbelt Business Brokers sunbeltnetwork.com
Most stations are sold through brokers, not publicly advertised.
6. Financing a Radio Station
Common ways stations are purchased:
• SBA loan
• Seller financing
• Bank loan
• Investor group
• Owner carry note
• Lease-to-own agreement
Many small stations are sold with seller financing because banks don’t always understand radio businesses.
7. Operating Costs (Important)
Typical yearly costs for a small station:
–
8. Example Small Market Station Financials
Example small town station:
Value $400k – $600k
9. Important FCC Rules Buyers Must Know
• Must be a U.S. citizen or company
• Cannot own too many stations in one market
• Must maintain public file
• Must follow EAS emergency system rules
• License renewal every 8 years
• Must maintain minimum operating schedule
• Dead air too long = license risk
10. If You Want to Buy a Radio Station
Typical steps:
1. Decide AM or FM
2. Choose market size
3. Contact radio station broker
4. Review financials
5. Make offer
6. Sign purchase agreement
7. File FCC application
8. Close after approval
BUYING A RADIO STATION WITH INVESTORS
(EXAMPLE: KMOX ST. LOUIS)
About KMOX
KMOX is one of the most famous AM radio stations in the U.S. It is currently owned by Audacy, Inc. (formerly Entercom/CBS Radio).
KMOX is considered a major-market, legacy station, so this would likely be a multi-million dollar acquisition
Estimated value range (very rough):
$10 million – $30 million depending on revenue, tower assets, and market conditions.
Step-by-Step: How You Would Actually Buy It
Step 1 — Form an Investment Group
You would not buy this personally. You would create something like:
“Gateway Media Group, LLC” or “St. Louis Media Partners, LLC”
Investors buy ownership shares in the LLC.
Example structure:
Investor A $5M 25%
Investor B $5M 25%
Investor C $5M 25%
Managing Partner $5M 25%
Or many smaller investors.
Step 2 Contact the Owner (Audacy)
Large stations are not listed publicly for sale most of the time. You approach the company and ask if they would consider selling the station.
This is usually done through a media broker or investment banker like:
• Kalil & Co., Inc.
• Media Services Group
• Patrick Communications
• Blackburn & Company
These companies broker most radio station sales in the U.S.
Step 3 — Sign NDA & Review Financials
If Audacy were open to selling, you would receive:
• Revenue history
• Advertising contracts
• Tower/real estate info
• Staff contracts
• Ratings (Nielsen)
• Expenses
• Equipment list
• FCC license info
Then investors decide whether to proceed.
Step 4 — Make Offer
This is called an Asset Purchase Agreement (APA)
Typical structure:
• Cash at closing
• Seller financing
• Earn-out based on revenue
• Real estate separate
• Tower lease agreement
Step 5 FCC Approval
You must file with the Federal Communications Commission to transfer the license.
Approval usually takes 60–120 days.
Example Investor Structure (Very Common)
Example $20M Purchase
Source Amount
Investors equity
Bank/SBA loan
$8M
$8M
Seller financing $4M
Total $20M
Many media deals are structured like this.
How Investors Make Money
Investors would get money from:
• Advertising revenue
• Political ads (huge revenue years)
• Cardinals baseball broadcasts
• Sponsorships
• Podcasts / digital
• Events
• Tower leasing
• Syndicated programming
• Selling the station later
Radio stations are often cash-flow businesses, not growth tech companies.
Typical investor return target: 8% – 15% annual return
Very Important Reality
Large companies like Audacy sometimes sell stations when:
• They are in debt
• Market declines
• Company restructuring
• Bankruptcy (Audacy actually filed Chapter 11 in 2024 and restructured)
This is often when stations become available.
If You Were Serious About This
The realistic steps would be:
1. Form investment group
2. Hire media broker
3. Approach Audacy
4. Determine if KMOX available
5. Raise capital
6. Submit Letter of Intent
7. Negotiate purchase
8. FCC approval
9. Close
10. Operate station
MEETING NOTES – POTENTIAL PURCHASE OF KMOX RADIO STATION
Topic: Exploring acquisition of KMOX radio station
Purpose: Discuss feasibility, valuation, investors, and next steps
1. Overview of Opportunity
• KMOX could be:
o A vanity project for a wealthy owner
o Or a profitable media/business opportunity
• Station has:
o Long history and strong brand
o St. Louis Cardinals broadcast rights
o Soccer team broadcast rights
o Strong legacy broadcasters (Harry Caray, Jack Buck, Joe Buck, etc.)
• Potential idea:
o Move station into Ballpark Village
o Partner with St. Louis Cardinals organization
Estimated purchase price:
• Approximately $8M – $10M (possibly more if required to buy full station cluster)
2. Ownership Situation
• Audacy (Odyssey) currently owns a cluster of stations:
o KMOX
o Right-wing talk station
o Y98
o 102.5 (Christmas station)
• KMOX revenue currently:
o About 1/3 of revenue goes up to corporate
o KMOX may be subsidizing other stations in the cluster
• There is a possibility:
o Buyer may have to purchase the entire cluster, not just KMOX
o Total purchase could be closer to $20M
3. Why KMOX Could Be More Profitable Independently
Current issues:
• Corporate focuses on digital advertising, not local radio sales
• Local sales staff incentivized to sell digital instead of radio ads
• Result:
o Radio ad revenue underperforming
o Station brand is strong but management/sales performance is weak
Opinion from station manager:
• Brand = A+
• Sales staff = D
• With proper management → Revenue could increase significantly
4. Valuation & Financial Concepts Discussed
A. Cap Rate Method (Real Estate Style)
Example:
• If business produces $1,000,000 NOI
• And buyer wants 10% return
• Business value ≈ $10,000,000
Formula:
Value = NOI ÷ Cap Rate
Typical real estate:
• 8% cap rate common
B. EBITDA Multiple Method (Business Sales)
Businesses often sell for multiple of EBITDA
Example:
• EBITDA = $1,000,000
• 10× multiple → Value = $10,000,000
Key numbers needed:
• NOI (Net Operating Income)
• EBITDA
5. Potential Investors / Partners Mentioned
Possible people to approach:
• Andy Taylor
• David Steward
• Dave Peacock
• Bob Clark
• Dick Arnoldy (Arco)
• Others with local wealth
Advice:
• Start with who you want as partner
• Don’t talk to too many people early
• Could negotiate “sweat equity” (around 10%) for putting deal together
6. Deal Structure Idea
Possible role:
• Find investors
• Put deal together
• Manage acquisition
• Receive equity ownership for bringing deal
Would require:
• Seed money for:
o Attorneys
o Contracts
o Offers
o Due diligence
7. Contacts & Resources
Important people to contact:
• Tom Langmeyer
o Former KMOX executive
o Consults on radio station acquisitions
o Previously ran investment fund buying radio stations
• Steve Moore
o Current business/program manager at KMOX
• Research:
o Look up radio station sales
o Learn how stations are valued and sold
8. Next Steps (Action Items)
Information to Gather
• NOI
• EBITDA
• Revenue
• Expenses
• Profit
• Financials for other stations in cluster
• Ownership structure
• Whether KMOX can be separated from cluster
• Recent radio station sale multiples
Contacts
• Call Tom Langmeyer
• Talk to Steve Moore
• Research radio station sales
• Begin identifying potential investors
Strategy
1. Gather financial information
2. Determine valuation
3. Identify investors
4. Secure seed money
5. Make offer
6. Negotiate purchase
7. Possibly partner with Cardinals / Ballpark Village
9. Key Strategic Idea Summary
Opportunity thesis:
• KMOX is a historic brand
• Poorly managed by corporate owner focused on digital
• Could be more profitable if locally owned and locally managed
• Comes with Cardinals and sports broadcasting rights
• Purchase price relatively small for wealthy investors
• Could be both profitable and high-profile civic/media investment
10. Very Short Summary
Main idea:
Buy KMOX from Audacy, possibly separate from cluster, improve sales and management, partner with Cardinals, and own a major St. Louis media brand. Determine value using NOI or EBITDA and find investors while negotiating equity for putting deal together.
INVESTOR PRESENTATION OUTLINE
Below is a presentation outline you can use when speaking with potential investors about purchasing KMOX (or any radio station acquisition opportunity). This is structured like a pitch deck.
1. Title Slide
Opportunity: Acquisition of KMOX Radio – St. Louis
Prepared for: Potential Investment Partners
Prepared by: [Name]
Date: [Date]
2. Executive Summary
Short version of the opportunity:
• Opportunity to acquire one of the most recognized radio brands in the Midwest
• Current corporate ownership is focused on digital, not local radio
• Strong existing revenue base and sports broadcasting rights
• Opportunity to improve sales, management, and profitability
• Estimated acquisition: $8M–$10M (possibly more depending on structure)
• Potential for steady cash flow + civic/media influence asset
3. About KMOX
Station Overview
• One of the most historic radio stations in the country
• Broadcast partner of the St. Louis Cardinals
• Broadcast partner of local soccer team
• Strong listenership in:
o Drive time
o Sports
o News/talk
• Audience demographic:
o Middle-aged and older
o Business owners
o Professionals
o Sports fans
o Politically engaged listeners
• One of the most recognizable media brands in St. Louis
4. Why This Opportunity
Exists
Current Owner (Large Media Corporation)
• Focused on digital advertising nationally
• Local radio stations are not their primary revenue drivers
• Sales teams incentivized to sell digital instead of radio ads
• Local stations may be undermanaged and underperforming
• Opportunity for local ownership + local management
Key idea:
This is a strong brand that may perform better under local ownership.
5. Revenue Opportunity
Revenue sources:
• Radio advertising
• Sports broadcasting advertising
• Political advertising
• Sponsorships
• Events
• Digital advertising (optional expansion)
• Podcasts / streaming
• Studio rental / partnerships
• Ballpark Village partnership potential
Opportunity to improve:
• Dedicated local sales team
• Focus on radio advertising revenue
• Local partnerships
• Event sponsorships
• Sports programming expansion
6. Financial Model (Conceptual)
Investors will want to see this section.
Valuation Methods
1. EBITDA Multiple
2. Net Operating Income / Cap Rate
Example:
• If station produces $1M profit
• Business value could be:
o 8× multiple = $8M
o 10× multiple = $10M
Goal:
Determine actual:
• Revenue
• Expenses
• EBITDA
• NOI
7. Investment Structure (Example)
Possible Structure:
• Investor Group purchases station
• Equity ownership based on investment
• Managing partner runs operations
• Distributions from profits
Example Structure
(This is just an example structure.)
8. Strategic Value Beyond Profit
This is important for wealthy investors.
Owning KMOX provides:
• Influence in regional media
• Relationship with Cardinals organization
• Community presence
• Political and civic influence
• Branding and visibility
• Legacy asset
• Potential real estate/media partnerships
• Possible Ballpark Village studio location
This may be attractive as both:
• Investment
• Civic/media ownership opportunity
9. Risks
Investors will expect this section.
Risks include:
• Radio industry decline
• Advertising market cycles
• Need strong sales management
• Corporate may require purchase of entire station cluster
• Sports broadcasting contracts must be maintained
• Talent retention
• FCC regulations
Mitigation:
• Focus on sports + talk (still strong radio categories)
• Add digital/podcast revenue
• Improve sales management
• Maintain Cardinals relationship
10. Next Steps
Immediate Next Steps
1. Obtain financials
o Revenue
o Expenses
o EBITDA
o NOI
2. Determine if station can be purchased individually
3. Speak with radio station acquisition consultant
4. Determine valuation range
5. Identify investor group
6. Form acquisition entity (LLC)
7. Submit Letter of Intent
8. Negotiate purchase
9. Financing / equity structure
10. Close acquisition
11. Investment Summary
Why Invest
• Historic and recognizable brand
• Sports broadcasting rights
• Potential undervalued asset
• Opportunity for improved profitability
• Civic/media influence asset
• Reasonable acquisition size for investor group
• Potential steady cash flow investment
12. Closing Slide
Opportunity Summary
• Acquire iconic St. Louis media asset
• Improve operations and sales
• Generate cash flow
• Create long-term media ownership platform
• Potential expansion into additional media properties
Next Step:
Gauge investor interest and begin financial due diligence.
If This Were a Real Pitch Deck, Slide Order Would Be:
1. Title
2. Executive Summary
3. About KMOX
4. Market Opportunity
5. Why Opportunity Exists
6. Revenue Model
7. Financial Overview
8. Investment Structure
9. Strategic Value
10. Risks
11. Next Steps
12. Investment Summary / Ask
STEP-BY-STEP ACQUISITION PROCESS
Here is a practical step-by-step acquisition process for pursuing a station like KMOX.
1. Define the exact deal you want
Decide first whether you are trying to buy only KMOX, a larger package of stations, or an ownership stake in an entity that holds the licenses. That matters because the FCC treats an assignment of license and a transfer of control differently, using different application tracks. For commercial broadcast stations, the FCC’s current process points buyers to Form 2100, Schedule 314 for an assignment and Schedule 315 for a transfer of control.
2. Build a small, quiet deal team
Before talking broadly, line up a tight group: a broadcast attorney, an accountant or transaction advisor, and ideally a radio M&A consultant or broker with station-sale experience. Keep the circle small until you have real financials and a working theory of value. That is especially important here because if the seller treats KMOX as part of a cluster, your process and pricing could change quickly. The FCC approval process is formal and document-heavy, so legal structuring early is worth it.
3. Get preliminary market and ownership intelligence
Confirm who owns the licenses, what other facilities are tied to the operation, and whether there are likely side assets involved, such as studios, trademarks, digital assets, syndication agreements, sports rights, tower leases, or shared-services arrangements. Also check whether the buyer group would fit within FCC broadcast ownership limits in that market, because local radio ownership rules still cap how many stations one entity can commonly own in a market.
4. Request initial financial information
At the first serious stage, ask for enough information to decide whether the opportunity is worth pursuing: revenue by category, station-level operating expenses, cash flow, capital needs, major contracts, and any allocations from the parent company. For a station sale, the numbers you will care about most are the station’s actual earnings power and what expenses disappear or remain after separation from the current owner. Your first goal is to estimate normalized EBITDA or equivalent operating cash flow. HSR and FCC filings come later; first you need to know whether the business works.
5. Determine whether KMOX can be separated from the cluster
This is one of the biggest practical questions in your situation. Ask directly whether the seller would consider a carve-out sale of just KMOX, or whether any bid would need to include other stations or shared assets. If the operation relies on shared staff, sales systems, leases, engineering support, or programming arrangements, your team needs to identify what must be replicated post-closing. That separation work often changes both valuation and transition risk. FCC approval is station-license specific, but the business deal may include more than the license itself.
6. Value the deal
Once you have basic financials, build a valuation using a few methods side by side: a cash-flow view, a comparable-transactions view, and a downside case that assumes you need to rebuild part of the sales operation. For your investor conversations, the simple question is: “What annual cash flow can this station reliably produce under local ownership?” If the answer supports the asking range, you move forward; if not, you either lower the price or pass. Any deal above the FTC thresholds may also trigger merger-review considerations, so enterprise value matters beyond investor returns.
7. Identify your investor group and proposed structure
After you know the approximate value, decide who is bringing cash, who is leading the deal, and whether anyone is receiving management equity or “sweat equity.” Put this into a simple structure memo: proposed ownership percentages, governance, board control, approval rights, funding obligations, and how additional capital calls would work. If any foreign ownership is involved, flag it immediately because broadcast ownership has specific statutory limits and may require FCC foreignownership approval before exceeding certain levels.
8. Form the acquisition entity
Create the buyer entity before submitting anything serious. Usually that means a new LLC or similar vehicle that will be the purchaser, with its ownership mapped clearly enough for FCC disclosure. The FCC will want detailed information about the parties behind the applicant, and ownership reporting is a standard part of broadcast regulation. Clean entity structure now prevents major filing headaches later.
9. Make a soft approach, then submit an LOI
Once your numbers and investor interest are real, make a discreet approach to the seller and move toward a Letter of Intent. The LOI should cover at least price, what assets are included, exclusivity, duediligence period, treatment of employees, transition support, and whether the deal is an asset sale, stock sale, assignment, or transfer of control. You do not need the final purchase agreement yet, but you do need enough clarity to justify diligence and legal work.
10. Conduct full due diligence
This is where the deal either becomes real or falls apart. Review:
• FCC licenses, renewals, and compliance history
• ownership records and any pending proceedings
• tower/site leases and engineering matters
• sports rights, programming, and advertising contracts
• union, employment, and compensation arrangements
• litigation, tax, and debt issues
• digital assets, trademarks, and streaming rights
• separation issues if carved out from a cluster
The FCC can delay action on assignment or transfer applications when there are unresolved character or qualification issues, so diligence is not just financial; it is regulatory too.
11. Negotiate the definitive purchase agreement
Once diligence is good enough, negotiate the actual asset purchase agreement or stock purchase agreement. This should address purchase price adjustments, reps and warranties, escrow or holdback, covenants before closing, who bears filing costs, transition services, and what happens if FCC approval is delayed or denied. For a radio station, the agreement should be drafted with the FCC filing strategy in mind from the start.
12. Prepare the FCC filing
After the purchase agreement is signed, your counsel prepares the FCC application. For commercial stations, that is generally:
• Schedule 314 for assignment of the station license or permit
• Schedule 315 for transfer of control of the entity that holds the license
The filing goes through the FCC’s Licensing and Management System, and the Commission must consent before closing.
13. Check whether an HSR filing is required
Separate from the FCC, larger deals may require premerger notification under the Hart-Scott-Rodino Act. The FTC’s current thresholds changed effective February 17, 2026, and the agency says parties analyze whether filing is required through the commerce, size-of-transaction, and size-of-person tests. Also note that, as of March 2026, the FTC says it is accepting HSR filings using the pre-February 10, 2025 form and instructions because the newer form was vacated in court.
14. Wait for regulatory approval and manage the filing period
Once filed, there is a public FCC process and a Commission review period. During that time, keep your financing lined up, respond quickly to any information requests, and avoid changing deal structure unless counsel says it is safe. If there are unusual ownership, compliance, or foreign-investment issues, expect more scrutiny.
15. Finalize financing and closing conditions
While approvals are pending, finalize investor subscriptions, debt if any, wire instructions, closing deliverables, and any operating reserve you will need on day one. Make sure the station can continue operating cleanly at closing, including payroll, technical operations, ad billing, and any required transition services from the seller. For a carved-out station, this handoff work is usually more important than people expect.
16. Close only after FCC consent
For broadcast station deals, do not close before the required FCC consent is in hand. Once approval is received and all other conditions are satisfied, the parties close, transfer funds, and submit any required
consummation notices. The FCC’s framework is explicit that these transfers and assignments require Commission approval first.
17. Execute the first-100-days plan
The acquisition is only the beginning. Your post-close plan should already be ready before signing:
• keep key on-air and sales people
• stabilize sports and major programming relationships
• reset local ad-sales strategy
• rebuild any shared services lost in a carve-out
• launch investor reporting
• decide whether to emphasize radio-first, digital support, or a hybrid strategy
That step matters because the investment thesis here is not just “buy an asset,” but “improve operations under focused ownership.” That is an operating plan, not just a closing plan. This is an inference from the deal structure and economics, not an FCC rule.
A simple acquisition path for your situation
For KMOX specifically, the cleanest order is:
1. Quietly confirm whether KMOX can be bought separately.
2. Get enough financials to estimate normalized cash flow.
3. Decide whether the valuation works at the likely price.
4. Line up 1–3 serious investors and your deal counsel.
5. Submit an LOI with exclusivity.
6. Do diligence on station economics, sports rights, and carve-out issues.
7. Sign the purchase agreement.
8. File the FCC application and any needed HSR filing.
9. Close after approval.
PRACTICAL CHECKLIST TO COMPLETE BEFORE TALKING TO INVESTORS
Below is a practical checklist to complete BEFORE talking to investors about buying a radio station like KMOX.
This is very important investors will expect you to already have most of this information.
Radio Station Acquisition – Pre-Investor Checklist
1. Basic Deal Information
Have these answers before approaching investors:
• ☐ Is the station actually for sale?
• ☐ Who owns the station?
• ☐ Can the station be purchased individually or only as part of a cluster?
• ☐ Estimated purchase price range
• ☐ Why the owner might sell
• ☐ Timeline for potential sale
• ☐ Who would run the station after purchase?
You should be able to explain the opportunity in 2–3 minutes.
2. Financial Information to Gather
This is the most important section.
Ask for or estimate:
• ☐ Annual revenue
• ☐ Advertising revenue breakdown
• ☐ Political advertising revenue (important for talk radio)
• ☐ Sports broadcast revenue
• ☐ Digital revenue
• ☐ Operating expenses
• ☐ Payroll expenses
• ☐ Studio/building costs or lease
• ☐ Tower lease or ownership
• ☐ Net Operating Income (NOI)
• ☐ EBITDA / Cash flow
• ☐ Capital expenses needed
• ☐ Debt on the station (if any)
Investors care about one thing first: “How much cash does this business produce per year?”
3. Strategic Value Information
Investors will also care about these:
• ☐ Sports broadcast rights (Cardinals, soccer, etc.)
• ☐ Ratings rank in market
• ☐ Audience demographics
• ☐ Major advertisers
• ☐ Major hosts/talent contracts
• ☐ Brand value / market reputation
• ☐ Digital / streaming / podcast presence
• ☐ Studio location and lease
• ☐ Ability to relocate studio (ex: Ballpark Village idea)
• ☐ Growth opportunities
4. Ownership & Structure Plan
Before investors, decide:
• ☐ Who are potential investors?
• ☐ How much total investment needed?
• ☐ Will there be debt or all equity?
• ☐ Who will manage the station?
• ☐ Will you receive sweat equity?
• ☐ Proposed ownership percentages
• ☐ Who makes decisions?
• ☐ Exit strategy (sell in 5–10 years? keep forever?)
You don’t need final answers, but you need a proposed structure.
5. Deal Team
Investors will want to know who is involved.
Line up:
• ☐ Broadcast attorney
• ☐ CPA / financial advisor
• ☐ Radio station consultant or broker
• ☐ Possible operating manager
• ☐ Banker or financing source (if needed)
This shows investors the deal is serious and organized
6. Valuation Estimate
Have at least a rough valuation model:
You should know:
• ☐ Estimated EBITDA
• ☐ Typical radio station multiples
• ☐ Estimated value range
• ☐ Estimated investor return
• ☐ Cash flow projections
• ☐ Downside scenario
Even a simple model is fine.
7. Investor Pitch Materials
Before talking to investors, prepare:
• ☐ One-page opportunity summary
• ☐ Investor presentation outline
• ☐ Financial estimate
• ☐ Why this is a good investment
• ☐ Risks
• ☐ Next steps
• ☐ Amount you are asking them to invest
Never go to an investor with just an idea go with numbers and structure.
8. Questions Investors Will Ask You
Be ready to answer these:
1. Why is the station for sale?
2. How much money does it make?
3. How do we improve revenue?
4. What is our return?
5. Who runs the station?
6. What happens if radio declines?
7. How do we exit the investment?
8. How much money are you putting in?
9. Why are you the person putting this deal together?
10. What is the worst-case scenario?
If you can answer these clearly, you are ready to talk to investors.
9. Your Personal Preparation (Very Important)
Before talking to investors, you should be able to clearly explain:
• The opportunity
• The numbers
• The risks
• The strategy
• The investor return
• Your role
• Why now
• Why this station
• Why this investment makes sense
If you cannot explain it clearly in 5 minutes, you are not ready yet.
10. Simple Pre-Investor Checklist Summary
Use this as your quick checklist:
Before Talking to Investors, I Need:
• ☐ Confirm station could be for sale
• ☐ Estimate purchase price
• ☐ Get revenue and cash flow estimate
• ☐ Identify growth opportunities
• ☐ Identify potential investors
• ☐ Decide ownership structure idea
• ☐ Build simple financial model
• ☐ Prepare investor summary
• ☐ Assemble deal team
• ☐ Understand acquisition process
When these are done, then start talking to investors.
Most Important Advice
When people successfully put deals like this together, they usually do this order:
1. Learn the business
2. Get financial info
3. Estimate value
4. Quietly talk to 1–2 potential investors
5. Build investor group
6. Make offer
7. Raise money
8. Close deal
Not the other way around.