---
title: Ethical Exits for B Corps (w/ Hannah Sandmeyer)
description: Hannah Sandmeyer of Steward Market on how B Corps can use M&A to grow their mission and plan ownership transitions that protect it.
image: https://go.lifteconomy.com/hubfs/H.Bank.Crop%20-%20Hannah%20Sandmeyer.png
---

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# Ethical Exits for B Corps (w/ Hannah Sandmeyer)

 Oct 13, 2026, 6:00:02 AM  |

[B Corp](https://go.lifteconomy.com/blog/tag/b-corp), [Certified B Corporations](https://go.lifteconomy.com/blog/tag/certified-b-corporations)

![](https://go.lifteconomy.com/hubfs/H.Bank.Crop%20-%20Hannah%20Sandmeyer.png)

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Hannah Sandmeyer is the founder of Steward Market, CEO of Up & Over Advisors, and host of the Ethical Exits podcast. She spent 18 years in corporate sales and go-to-market roles before an acquisition-driven company hired her in 2021 to build a deal origination team. Her team of five originated roughly $60 million in EBITDA in its first quarter, and then the IPO market collapsed and the division was laid off.

When she later started Up & Over Advisors as a Certified B Corp, the first people to hire her were business leaders who wanted help finding companies to buy, which led her to ask how B Corps could use M&A to pursue their missions.

In this conversation with Ryan Honeyman, Hannah explains why B Corps have often looked at M&A from the sell side and why she encourages them to consider buying. She says an acquisition does not require a large cash reserve, and she describes seller financing, revenue-based financing, and structures paid from the acquired company’s future profits.

She walks through 3LS, a 100% ESOP that provides mental health services for children and has grown through acquisitions, from firms with similar services to a marketing agency, real estate, and an ESOP deal-sourcing firm. Ryan raises cultural integration, and Hannah says it is where many acquisitions fail. She cites an Exit Planning Institute finding on seller regret and her view that acquisitions wrapped in employee ownership succeed more often than traditional M&A.

They also discuss the worry about leaving money on the table, where Hannah says the highest headline price may depend on future earnings or seller financing, so the structure behind the price needs review. She names several capital providers, including Beneficial State Bank, that she says are interested in financing ownership transitions and acquisitions.

Hannah also describes Steward Market, which launched in May as a marketplace for ethical exits. Sellers, buyers, and service partners create profiles, and Hannah says the platform is open to many ownership models, with a one-time $25 fee for sellers and no commissions. She wants founders to be able to start with two questions: where they are and what they want to preserve. The episode includes the stories and examples Hannah shares along the way, and it is relevant to B Corp founders, consultants, and advisors who work on succession and ownership.

**What You’ll Learn:**

- Learn how Hannah’s experience building a deal origination team for an acquisition-driven company led her to start a buy-side M&A firm for mission-driven buyers.
- Understand why B Corps have often approached M&A from the sell side, and how Hannah describes M&A as a tool whose effect depends on who uses it and why.
- Explore the financing options Hannah mentions for acquisitions, including seller financing, revenue-based financing, and deals paid from the acquired company’s future profits.
- Hear how 3LS, a 100% ESOP, has used acquisitions of similar firms, real estate, a marketing agency, and an ESOP deal-sourcing firm to grow, and what Hannah says that has meant for retiring employees.
- Consider why Hannah says cultural integration is where many acquisitions fail, and what Chris Fredericks of Empowered Ventures says about the roughly two years it takes for employees to feel comfortable after an acquisition.
- Recognize Hannah’s response to the concern that an ethical exit means leaving money on the table, including her points about deal structure and fair market value.
- See how a 15-person marketing firm with a flat year might start thinking about acquiring a smaller firm, beginning with where it already spends money and where values align.
- Discover which capital providers Hannah says are interested in ownership transitions, including Beneficial State Bank and others.
- Understand how Steward Market works, who can join, and what it costs sellers.

**Quotations:**

“M&A is one of the biggest capitalistic forces on earth. It will not change on its own. It changes based on who’s using it and for what reason.” — Hannah Sandmeyer

“We can also use M&A to plant, to be a regenerative force in our economy.” — Hannah Sandmeyer

“If B Corps got married, I think it should be employee ownership. And then if they had a baby, it’s acquisition.” — Hannah Sandmeyer

“You shouldn’t need to have a degree in M&A and exit planning to understand your choices.” — Hannah Sandmeyer

“3 to 5 years is an easy target to start thinking about succession.” — Hannah Sandmeyer 

**Links Mentioned in Today’s Episode:**

- Hannah Sandmeyer — LinkedIn: [https://www.linkedin.com/in/hannahsandmeyer/](https://www.linkedin.com/in/hannahsandmeyer/)
- Steward Market — Website: [https://stewardmarket.com](https://stewardmarket.com)
- Up & Over Advisors — Website: [https://www.upandoveradvisors.com](https://www.upandoveradvisors.com)
- Ethical Exits — Podcast: [https://ethicalexits.com](https://ethicalexits.com)
- 3LS — Website: [https://www.3ls.com](https://www.3ls.com)
- Karma Dharma — B Corp Directory: [https://www.bcorporation.net/en-us/find-a-b-corp/company/karma-dharma](https://www.bcorporation.net/en-us/find-a-b-corp/company/karma-dharma)
- Beneficial State Bank — Website: [https://www.beneficialstatebank.com](https://www.beneficialstatebank.com)
- Exit Planning Institute — Website: [https://exit-planning-institute.org](https://exit-planning-institute.org)
- National Center for Employee Ownership — Website: [https://www.nceo.org](https://www.nceo.org)
- Project Equity — Website: [https://project-equity.org](https://project-equity.org)
- ImpactGC — Website: [https://impactgclaw.com](https://impactgclaw.com)
- Empowered Ventures — Website: [https://empowered.ventures](https://empowered.ventures)
- Purpose + Impact Communications (Nikki Eaves) — Website: [https://www.purposeimpactwork.com](https://www.purposeimpactwork.com)
- Purpose Foundation and Purpose Evergreen Capital — Website: [https://purpose-economy.org](https://purpose-economy.org)
- Boston Impact Initiative — Website: [https://bostonimpact.org](https://bostonimpact.org)
- RSF Social Finance (Regenerative Social Finance) — Website: [https://rsfsocialfinance.org](https://rsfsocialfinance.org)
- Beyond the B — Previous episode with Miren Oca and Claire Randall: [https://go.lifteconomy.com/blog/two-ceos-share-their-inside-stories-employee-ownership-and-purpose-trusts-w/-miren-oca-claire-randall](https://go.lifteconomy.com/blog/two-ceos-share-their-inside-stories-employee-ownership-and-purpose-trusts-w/-miren-oca-claire-randall)

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Interested in certifying, recertifying, or maximizing the value of your B Corp certification? Learn more about our B Corp consulting services at LIFT Economy:[https://www.lifteconomy.com/secrets-of-b-corp-consulting](https://www.lifteconomy.com/secrets-of-b-corp-consulting)

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**Gratitude**

Thank you to Corey Lien, Nozomii Torii, and Kirsten G. Bryant for being our monthly contributors at Beyond the B!

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