The New M&A Landscape

We’re seeing a surge in buyers—but not in quality deals. That’s the new normal in today’s M&A market: more capital chasing fewer opportunities. So how do smart buyers stand out?

They don’t just chase. They prepare. They connect. They collaborate.

Here’s what the best buyers are doing differently.

1. Have Your Ducks in a Row

Preparation isn’t a nice-to-have—it’s a must. The strongest buyers walk in with clarity on:

• Financing: Have it mapped out or at least properly scoped.
• Target Profile: Know your preferred size, structure, and sector.
• Deal Criteria: Be firm on your non-negotiables and must-haves.

If you’re not clear on your own investment thesis, how can you properly evaluate a seller’s business? Preparation breeds confidence—and confidence is contagious.

2. Build Rapport Early

Legacy matters—especially in the lower middle market. This isn’t just a numbers game. Sellers care about who they’re passing the torch to.

The buyers who win are the ones who:

• Ask about the story behind the business.
• Show empathy for what’s been built.
• Engage as humans, not just dealmakers.

In this segment of the market, likability isn’t a bonus—it’s a differentiator.

3. Respect the Process

You’re not just buying a company—you’re entering a structured, high-stakes process. Understand the phases:

• CIM (Confidential Information Memorandum)
• IOI (Indication of Interest)
• Q&A
• LOI (Letter of Intent)
• Due Diligence
• Close

Respect the timeline. Respect the advisory team’s work. Come prepared with thoughtful questions—and truly listen to the answers. Great buyers don’t bulldoze the process; they build trust through it.

4. Qualify Yourself Early

Before you invest time and energy, ask the hard questions:

• Is this business truly a fit?
• Can I run it post-close?
• Do I bring strategic value?

Don’t fall into the trap of falling in love too late. If something feels off, walk early. It’s far cheaper to pass in diligence than to back out at the eleventh hour.

5. Think Partnership, Not Just Purchase

A great M&A deal is more than a transaction—it’s a three-party collaboration between:

• Buyer
• Seller
• Bank

We coach our sellers to walk in your shoes. Smart buyers return the favor. Be open. Be transparent. Be flexible. A deal is like a three-legged stool: if one leg is shaky, the whole thing topples.

6. Leverage the M&A Advisor

The advisor wants the deal to close. So does the seller. Use that shared incentive.

Ask the strategic questions:

• What’s truly non-negotiable?
• What process has already played out?
• Where are the seller’s sensitivities?

Then act on the answers. Don’t try to renegotiate immovables. Great buyers treat the advisor as a strategic ally—not a gatekeeper. And remember: the best-informed negotiators tend to be the ones who simply asked better questions.

Want to win in today’s M&A market? Don’t just show up with capital. Show up with:

• Preparation
• Emotional intelligence
• A partnership mindset

The best deals don’t go to the loudest buyers—they go to the most credible ones.

Jim Friesen, MBA, CPA, 
Founder