Ask founders what buyers fear most and you’ll hear a familiar list: competition, missing growth, losing the deal. Ask buyers the same question and you’ll get a very different answer. They fear overpaying. Not because …
Most founders think valuation lives in spreadsheets. Acquirers know it often lives somewhere messier—in people, systems, habits, and decisions that don’t show up cleanly in a model. That’s why integration risk quietly shapes valuation far …
Founders often assume valuation is negotiated between deal teams in conference rooms or bankers over spreadsheets. In reality, many deals are won or lost somewhere quieter—inside a CFO’s office, long before a final offer ever …
If you’ve ever felt like a private equity buyer was negotiating in a different language, it’s probably because they were. Founders talk about valuation, legacy, growth, and timing. Private equity firms talk about IRR. Quietly. …
If you want to understand how buyers really feel about your business, don’t listen to what they say about your growth rate. Watch what they ask about customer retention. Founders often lead with revenue, margin, …
Few concepts are as appealing to private equity buyers—and as misunderstood by founders—as add-ons and roll-ups. Founders hear the language constantly: platform, buy-and-build, roll-up strategy, multiple arbitrage. It’s easy to assume that if a buyer …
Founders often walk into conversations with private equity buyers thinking they’re negotiating a sale. Private equity buyers walk into those same conversations thinking they’re underwriting a system. That difference in mindset explains a lot of …
Founders love talking about synergies. Strategic buyers love discounting them. That tension sits at the heart of many valuation disagreements—and it’s one of the most misunderstood dynamics in M&A. Founders often assume that because a …
Most founders treat term sheets as a finish line. They shouldn’t. A term sheet isn’t the end of valuation talks—it’s one of the most powerful tools inside them. Used thoughtfully, a term sheet can anchor …
Every negotiation requires concessions. The myth is that great deals are won by refusing to give anything up. The reality is that great deals are shaped by how, when, and why concessions are made. I’ve …