A client with a few dominant customers may still sell, but part of the price can end up tied to whether those customers stay
Due diligence
The purchase price a client agrees to rarely survives to closing unchanged, and working capital is one of the most common reasons it moves.
The Signature That Takes a Seller Off the Market: What Advisors Need to Know About Letters of Intent
The Signature That Takes a Seller Off the Market: What Advisors Need to Know About Letters of Intent Most of a letter of intent
AUTHOR REPRINT How Documenting Business Context Changes the Quality of AI Decisions By Dianne D. Campbell, July 29, 2026 Originally published as a two-part
Most business owners think a sale takes a few months: some conversations, a handshake, a wire transfer. In reality, the process from first preparation
For a business owner, signing a letter of intent can feel like crossing the finish line. Months of preparation, marketing, and negotiation have produced
When a letter of intent includes an earnout, the seller is facing one of the most consequential structural decisions in the entire transaction. An
Most business owners fixate on the headline purchase price when they think about selling, picturing that full amount landing in their account. In reality,
Many business owners believe that preparing for an exit begins when they decide to sell. In reality, the most successful transactions are usually the
This is not a formality. It is one of the most important early protections a seller has, and skipping it creates risks that are
Your client just signed a letter of intent. They think the hard part is over. It is not. It is just beginning. Due diligence
Forty percent. That’s the share of boutique investment bankers who, in a 2024 survey by SRS Acquiom, identified incomplete information on a target company
Essential Steps to Long-Term Survival For many private companies, the ultimate challenge is building an operation that can thrive independently of its founders. This
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How funding decisions made years before a transaction can limit enterprise value, derail deal certainty, and create post-closing instability — and why a capital
If you have ever traveled on the subway in London or the train system in England, I am sure you have heard the phrase
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Being Ghosted by a Prospect Just last week, two different business owners raised the same frustration with me: being ghosted by prospects. Ghosting can’t
Two offers with the same headline price can leave a seller with very different net proceeds, because whether a deal closes as an asset
The terms M&A advisor and business broker overlap, especially on smaller deals, which means a title alone tells a client little about who will
A client with a few dominant customers may still sell, but part of the price can end up tied to whether those customers stay
Business owners preparing for an eventual transition often focus on value, timing, and deal structure, but the quality and transferability of the underlying business
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