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08: Inside Middle Market M&A: What Every Business Owner Must Know Before Selling
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In this sharp and candid episode of From Angel to Exit, Bruce Eckfeldt interviews Bill Snow, Managing Director at Focus Investment Banking and author of several books on M&A. With nearly two decades of experience in the middle market, Bill shares blunt truths and practical advice on what it really takes to sell a business. From valuation myths to private equity dynamics, this episode is packed with critical insights for founder-CEOs planning to scale and exit.
Key Takeaways
- Clearly define your exit goals—buyers respond to clarity and purpose.
- Make yourself as founder expendable—owner dependency kills valuation.
- Strategic buyers pay premiums when synergies solve their core problems.
- Poor inventory and AR management can erode deal value by millions.
- A strong, experienced M&A attorney is essential to avoid costly delays.
- Most deals fail due to underperformance during the sales process.
- Working capital calculations are critical—don’t underestimate the details.
- The ideal exit process takes ~9 months; rushing invites risk and error.
Links & Resources
Bill Snow
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