08: Inside Middle Market M&A: What Every Business Owner Must Know Before Selling

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

  •  https://www.billsnow.com
  •  https://www.focusbankers.com
  • https://www.linkedin.com/in/billsnow/

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