A founder-led software business had an attractive inbound offer in hand, but was not grounded in metrics. Immediate red flag. We knew retention was unproven and cash-to-accrual accounting gave the buyer room to chip the price. Rather than sign exclusivity, we kept rival buyers in play. Within 90 days, that first offer dropped 47%. We walked, repositioned the company, and closed with a strategic buyer 70% above the retrade.
A profitable, founder-built business was selling into a premium end market. It had made limited investment into sales, no clear successor, and thin corporate infrastructure.
The inbound offer was attractive, but the data behind it didn't track. We saw the diligence discount coming and kept rival buyers engaged rather than sign exclusivity. Within 90 days the offer fell 47%, so we walked away.
We rebuilt the model, the financials, and the founder's readiness before a new buyer saw the business. A flat-rate model replaced the legacy usage-based system within days, converting over 30% of customers in 5 months, and normalizing non-operating costs lifted enterprise value further.
One of the buyers was a direct competitor, so sensitive information sat behind multiple gates.
Across dozens of accounting, legal, and tax points in the SPA, we pushed cash consideration 14% above the buyer's proposed figure, won entirely after the deal was agreed.
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