Every founder eventually encounters the skeptical buyer. Sometimes the skepticism is reasonable. Sometimes it’s strategic. Often, it’s both. Buyers are trained to probe, pressure-test, and challenge assumptions—not because they doubt your competence, but because that’s …
Most founders think leverage comes from confidence, persuasion, or negotiation skill. In reality, leverage comes from something far less visible—and far more decisive: your BATNA, or Best Alternative to a Negotiated Agreement. BATNA is the …
One of the most dangerous moments in an M&A process is when a founder believes they’ve “won” because the number is high. I’ve watched founders anchor emotionally to headline price, only to discover—sometimes months or …
Valuation negotiations rarely turn on spreadsheets alone. They turn on psychology, timing, and expectations—often set long before anyone opens a model. Founders who understand this don’t just negotiate harder; they negotiate smarter. They anchor value …
When founders think about risk in an M&A transaction, they usually think about price. Will the valuation hold? Will the buyer retrade? Will the deal close? What often gets less attention—until it’s too late—are the …
Debt is one of the least talked about—but most impactful—variables in an M&A transaction. Founders tend to focus on valuation multiples, headline price, and structure, while quietly assuming debt will “get handled” somewhere along the …
Working capital adjustments are one of the most common—and most emotionally charged—sources of friction in M&A deals. They show up late, feel technical, and often arrive at the exact moment when everyone is tired and …
Purchase Price Allocation—PPA—is one of those topics most founders don’t think about until after the deal closes. By then, it feels like an accounting exercise, handled quietly by advisors, far removed from the excitement (or …
Contingent Value Rights—CVRs—are one of those deal terms that sound more complex than they are, but behave far more consequentially than founders expect. They tend to appear late in negotiations, often wrapped in legal language …
When founders talk about selling their business, they often speak in shorthand. “I got an $18 million offer.” “They’re paying 6x.” “The buyer came in strong.” What usually gets glossed over—sometimes intentionally—is how that money …