Transaction Insight and Market Perspective

For many founders, selling a business is framed as a single event: hire an advisor, run a process, maximize price, and move on. In reality, the most successful exits are shaped long before a buyer is ever contacted—and the least successful ones often fail for reasons founders never anticipated.

One of the most common misconceptions is that valuation alone determines success. While headline multiple matters, buyers ultimately underwrite risk, not ambition. Businesses that appear similar on the surface can trade at meaningfully different outcomes depending on earnings quality, management depth, customer concentration, and how dependent the company is on its founder.

Another frequent mistake is underestimating preparation time. Financial normalization, operational cleanup, and narrative positioning are not tasks to be rushed once a deal is already underway. Buyers quickly identify when a company has been “dressed up” rather than genuinely prepared, and that skepticism often shows up in retrades, restrictive structures, or failed processes.

Finally, many founders misunderstand the role of an advisor. A disciplined sell-side process is not about running an auction for its own sake—it is about curating the right buyer universe, managing information flow, and negotiating structure, risk allocation, and post-close alignment. Founders who approach a sale as a transaction rather than a process often sacrifice outcomes they didn’t even realize were negotiable.

A successful exit is rarely accidental. It is the result of realistic expectations, thoughtful preparation, and an understanding of how buyers truly think.