Five Things Before You Hire an Investment Bank.

It's Deal Time! My Favorite Time of Year!

Selling all or part of your company is the business world’s version of a high-stakes relay race. Over 20 years as a private company, I’ve seen that how you prepare makes all the difference. Here are five strategies that have consistently unlocked better outcomes—and real-life moments that prove why they matter.

At Deal Time, It Allllllllllllll Matters.

1. Start 18–24 Months Before You Plan to Sell

Treat sale prep like training for a marathon. I once advised a Services founder who waited only six months before going to market. From the outside, the growth curve looked stellar—until deeper diligence exposed gaps in revenue recognition and client retention. By developing a strategy to remediae these items in the year before hiring an an investment bank, the client was able to tell a narrative of growth, change and imporovement instead of scrambling to explain deficiencies in accoutning and operations.

2. Keep Your Books Audit‑Ready

Clean, GAAP‑compliant financials aren’t just a nicety; they’re a premium feature. I onboarded a part‑time Controller, reorganized the chart of accounts, and instituted a monthly close checklist, and they sailed through Quality of Earnings with zero questions—and rwas able to close the deal with no delay.

3. Surface and Solve Risks Before Buyers Do

Surprises kill deal momentum. When a Services client self‑reported an outsnding tax liability—before it appeared in diligence—the acquirer saw responsibility, not red flags. We negotiated a settlement with the tax authorities, updated projections, and turned potential weakness into a demonstration of strong governance.

4. Lean on Specialized Advisors

Founders are jacks‑of‑all‑trades, but sale negotiations reward specialists. A tech services founder once drafted an LOI solo—only to sign terms that capped upside and imposed a high earn‑out hurdle. Bringing in an M&A lawyer and banker revamped the structure with a performance‑based earn‑out that doubled the eventual payout. Expertise pays for itself.

5. Sustain Performance Until the Finish Line

Buyers watch your key metrics until ink meets paper. During final negotiations with a professional services firm, a seasonal project delay caused revenues to dip one quarter. Because we’d maintained detailed KPIs and proactively explained the seasonality, the buyer honored the original terms. Consistency and transparency prevented a valuation haircut.

It Ain't Over 'Till It's Over, Baby

You want every advantage you can get when you are out to sell or looking to raise capital. Start early, keep your books pristine, tackle risks head‑on, assemble the right team, and maintain momentum. Preparation is more than timing—it’s about inspiring confidence at every step. Do that, and you won’t just cross the finish line—you’ll own it

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