M&A Zing (Ep. 10) – The Exiteer Playbook: Rachel Murphy on 8× Exits, NHS‑App & “The Grafter”
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In this episode of M&A Zing, hosts Alfie Lambert and Gareth Wilkins sit down with health‑tech powerhouse Rachel Murphy. Rachel has worn every hat—contractor, NHS digital‑transformation chief, two‑time founder, and, most recently, CEO of The Grafter, a programme that helps entrepreneurs get “growth‑ready, raise‑ready, and exit‑ready.”
She explains how she bought 50 % of a recruitment firm (Difrent) with zero cash, pivoted it to outcome‑based consulting, and sold four‑and‑a‑half years later for an eight‑times EBITDA multiple—right in the middle of COVID. Rachel also reveals why she took a post‑exit sabbatical that involved Ukraine aid convoys and a psilocybin retreat, and how those experiences shaped Grafter’s new “Life & Legacy” module for founders facing post‑liquidity whiplash.
Other topics: the rise of “Exiteers” (mentors with multiple exits), why B2B lead‑gen is still every founder’s nemesis, and Rachel’s public call for a UK version of America’s SBA 7(a) loan programme. Whether y
🎧 THIS WEEK’S GUEST
Rachel Murphy – two‑time tech founder (Progressus & Difrent, both exited), NHS‑App delivery lead, Ukraine aid volunteer, psychedelic‑retreat advocate (!) and now CEO of *The Grafter*, where she helps founders get “growth‑ready, raise‑ready, exit‑ready.”
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⏱️ Timestamps
[00:00:12] Intro & show mission
[00:00:32] Guest intro – who is Rachel Murphy?
[00:00:56] Rachel’s quick hello
[00:01:22] Search‑Fund / ETA news
• Hambro Capital (CH) search fund launch
• Search Rights Capital Partners investor launch (NL)
[00:02:21] Rachel’s career rewind – from contracting to ProgRes → Difrent → NHS‑App
[00:04:55] Selling Difrent during COVID – the 8× EBITDA story
[00:06:02] Post‑exit gap year: Ukraine front line & a psilocybin retreat
[00:07:51] Founding The Grafter – growth→raise→exit framework
[00:10:12] Buying (not founding) Difrent – 50 % sweat‑equity deal structure
[00:13:19] Being “85 % sale‑ready” two years in
[00:15:00] Exiteers explaine* – mentors with ≥2 exits
[00:18:55] New “Life & Legacy” module – tackling post‑exit identity shock
[00:20:35] Market shift: buyers everywhere, automation everywhere
[00:23:06] Rachel’s biggest challenge today – relentless lead‑gen
[00:25:01] What she’d do differently – “be ME sooner”
[00:26:12] 12‑month vision – US roll‑out & the “no‑wanker” client policy
[00:29:00] How to join The Grafter community
[00:30:04] Rapid‑fire: lessons, books & psychedelic take‑aways
[00:30:35] Rachel’s plea to UK Gov – we need an SBA‑style loan scheme
[00:31:26] Wrap‑up & sign‑off – “Keep on Crunching!”
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Episode Highlights
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8× EBITDA in a pandemic – how timing turbo‑charged valuation
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Growth‑equity swap – buying 50 % of a firm with zero cash, all strategy
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Exiteer mentoring – founders coached by entrepreneurs who’ve actually sold (twice)
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Life‑after‑liquidity – why post‑exit identity crises are real and fixable
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Call‑to‑action for Westminster – copy the US SBA 7(a) model or lose UK talent
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About the Host
*Gareth Hawkins* – serial acquirer & deal‑maker, BizCrunch CEO
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