Search Funds and ETA Buyers: When They're the Right Fit — and When They're Not
Entrepreneurship Through Acquisition is reshaping who buys lower middle market businesses. Here's what search fund buyers offer, where they fall short, and when to take their offer seriously.
Why Q4 Is the Best Time to Start a Sale Process (Even If You Think You're Not Ready)
Most founders assume Q4 is the wrong time to sell. The data says otherwise. Here's why Q4 is consistently the strongest quarter to launch a competitive M&A process.
How to Normalize EBITDA Without Getting Pushed Back in Due Diligence
EBITDA add-backs are where sellers make — and lose — hundreds of thousands of dollars in deal value. Here's the framework for building a defensible add-back schedule.
The Management Presentation: What Buyers Are Really Evaluating
The management presentation is the highest-stakes moment in any M&A process. Most sellers prepare for the wrong things. Here's what buyers are actually assessing.
Customer Concentration: What 'Too High' Actually Means to a PE Buyer
One customer over 20% of revenue is the most common valuation discount in the lower middle market. Here's exactly how buyers price it and what sellers can do about it.
How to Prepare Your Business for a Sale: The 12-Month Exit Readiness Checklist
Most founders who go to market unprepared leave 20–40% of their business value on the table. The exact timeline we use with every client before approaching a single buyer.
EBITDA Multiples in the Lower Middle Market: Q1 2026 Report
Current buyer appetite, sector-by-sector multiple ranges, and what's driving the compression in services vs. the expansion in technology-enabled businesses.
Why 80% of Business Owners Leave Money on the Table Without a Competitive Process
Single-buyer negotiations almost always end the same way. The data from 500+ transactions on what parallel processes deliver and why it matters more than the headline multiple.
SBA vs. Conventional Financing: What Every Seller Needs to Know About Their Buyer's Capital Stack
When your buyer uses SBA 7(a) financing, deal mechanics change dramatically — price, timing, holdbacks, and seller note structure all shift.
Key Person Risk: The Single Biggest Valuation Discount Most Founders Don't See Coming
If the business can't run without you, buyers know it and price it accordingly. A practical framework for reducing owner dependency before you go to market.
Earnouts Explained: When They Protect You and When They're a Trap
Earnouts appear in roughly 30% of LMM deals. Done right, they bridge valuation gaps. Done wrong, they're mechanisms that let buyers pay you less.