Author: Ed Button, Jr.
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The Influence of Interest Rates on M&A Strategy
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If you want to understand what’s happening in M&A, follow the money. And few forces shape the cost — and availability — of money more than interest rates. Over the past two decades, I’ve watched deals surge and stall based on one key lever: the cost of capital. When rates…
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Preparing to Sell Before a Recession: Risk or Opportunity?
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You’ve built something real. Revenue is up, your team is humming, and your customers are locked in. But then… headlines start to shift. Inflation rises. Interest rates follow. Capital markets tighten. Whispered warnings of a coming recession turn into front-page forecasts. What now? Do you hit the gas and take…
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How to Use Profitability Benchmarks to Inform M&A Timing
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M&A timing isn’t about guessing.It’s about positioning. One of the most overlooked — yet powerful — ways to control that timing is by anchoring your business to industry-specific profitability benchmarks. Why? Because buyers aren’t just evaluating your growth — they’re comparing your margins, cash flow, and efficiency against your peers.…
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How to Strategically Reduce Business Risk Over Time
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In M&A, every buyer is asking the same question: “How risky is this business after I buy it?” No matter how exciting your growth story or how strong your EBITDA, risk shows up as discounts, delays, or deal-killers in the eyes of a buyer. At Legacy Advisors, we help founders…
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Creating a Budget With Exit Planning in Mind
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When founders think about budgeting, it’s usually about next month’s payroll, next quarter’s marketing spend, or getting through year-end. But when you’re preparing to sell your business — whether that’s in 1 year or 5 — your budget needs to tell a different story. An exit-ready budget doesn’t just keep…
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The Role of Deferred Revenue and Accruals in Exit Strategy
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In every M&A deal — especially founder-led exits — there’s always one moment where things start to feel a little… tense. The deal team starts digging into the revenue recognition, deferred revenue balances, and accrual accounting. If you’re not prepared, this is where seemingly small accounting issues can knock millions…
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Preparing for Quality of Earnings (QoE) Long Before the Deal
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If you talk to founders who’ve been through M&A — or listen to almost any episode of the Legacy Advisors Podcast — one phrase comes up more and more often during diligence discussions: Quality of Earnings (QoE). QoE has become a standard component of professional diligence. And while most founders…
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Building a Financial Story Buyers Trust in M&A
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When you get deep into an M&A deal, there’s a universal truth that becomes crystal clear: Deals don’t fall apart because buyers can’t read spreadsheets. They fall apart because they don’t trust the financial story. As I’ve shared repeatedly with founders at Legacy Advisors — and on multiple episodes of…
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Building Ecosystem Value: More Than Just Profitability
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In the world of M&A, most founders obsess over EBITDA, revenue growth, and margin expansion. And they should — those financial metrics absolutely matter. But the founders who consistently command premium exit multiples — the ones who attract buyer competition and drive superior deal structures — focus on something many…
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Preparing for ESG Due Diligence: A Strategic Imperative
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If you’re a founder thinking about your exit — especially in today’s evolving M&A market — there’s one phrase that’s showing up in diligence conversations more often than ever: ESG. For years, Environmental, Social, and Governance (ESG) factors were viewed as something public companies worried about. But increasingly, ESG due…