Deal Execution
Sourcing deals, valuation, due diligence, LOIs, negotiation, and closing your acquisition.
71 articles
Understanding the Purchase Agreement: APA vs. SPA
Asset Purchase Agreements vs. Share Purchase Agreements - key clauses, reps and warranties, indemnification, escrow, working capital adjustments, and negotiation tips.
15 min read
DataEBITDA Multiples by Industry: 2025-2026 Benchmarks
Current EBITDA multiples for SaaS, healthcare, manufacturing, home services, professional services, and more - benchmarks for SME acquisitions.
15 min read
GuideAdjusted EBITDA: Add-Backs, Normalizations & Red Flags
How adjusted EBITDA is calculated, which add-backs are legitimate, gray-area adjustments, red flags, and how to validate with a quality of earnings report.
14 min read
GuideLetter of Intent (LOI): How to Draft & Negotiate
Key sections, binding vs non-binding clauses, negotiation strategies, and EU-specific LOI formats.
13 min read
ChecklistETA Due Diligence Checklist
A practical checklist covering financial, legal, operational, and commercial due diligence for acquisitions.
11 min read
GuideFinancial Due Diligence: What to Look For
Revenue quality, EBITDA analysis, working capital, cash flow, balance sheet deep dive, and the Quality of Earnings report - a complete FDD framework.
15 min read
GuideLegal Due Diligence: Contracts, Litigation & IP
Corporate review, material contracts, change-of-control provisions, litigation, employment law, IP, environmental, and regulatory compliance for SME acquisitions.
14 min read
GuideOperational Due Diligence for SME Acquisitions
People and organization, customers and market, processes and systems, suppliers, facilities - the operational assessment framework for acquisition targets.
14 min read
GuideCustomer Concentration Risk: How Much Is Too Much?
Concentration thresholds (<10% green, 10-25% yellow, >25% red), valuation impact, financing implications, DD analysis, and mitigation strategies.
13 min read
GuideDue Diligence Red Flags: Financial, Legal & Operational Warning Signs
Financial, operational, legal, and behavioral red flags in acquisition due diligence - with guidance on when to renegotiate and when to walk away.
15 min read
GuideRecurring Revenue Models: Why Acquirers Pay a Premium
The recurring revenue spectrum (contractual to one-time), key metrics (ARR, NRR, churn), valuation premiums, financing impact, and DD best practices.
14 min read
GuideOwner-Dependent Businesses: Risks & Mitigation Strategies
How to identify, assess, price, and mitigate owner dependency - the dependency spectrum, valuation impact, pre-closing deal structures, and post-closing transition strategies.
14 min read
GuideDeal Structure Optimization: Balancing Buyer & Seller Interests
Cash at close, seller financing, earn-outs, equity rollover, tax optimization - the structural levers that bridge valuation gaps and make deals work.
15 min read
GuideAcquisition Target Screening: Filters, Criteria & Frameworks
The 4-tier screening funnel: instant pass/fail filters, CIM-level screening, deep evaluation, and engagement - with tools, cadence, and common mistakes.
14 min read
GuideSuccession-Driven Acquisitions: Buying from Retiring Owners
Why retirement-driven deals are ideal for ETA, understanding retiring owner psychology, finding succession opportunities, DD considerations, and transition structuring.
14 min read
GuideInterpreting Financial Statements for Acquisition Decisions
How to read P&L, balance sheet, and cash flow statements as a buyer - revenue analysis, profitability metrics, cash flow, and SME-specific accounting issues.
16 min read
GuideHow to Value a Small Business for Acquisition
Valuation methods for SME acquisitions: EBITDA multiples, DCF, asset-based approaches, and common pitfalls.
10 min read
GuideDeal Sourcing Strategies for Search Funds
Proprietary vs intermediated deal flow, broker relationships, direct outreach, online platforms, and building a deal funnel.
10 min read
GuideFinding Businesses for Sale: Platforms, Brokers & Off-Market Sourcing
Every major deal sourcing channel: brokers, online marketplaces, direct outreach, professional referrals, and industry-specific sources.
16 min read
GuideProprietary Deal Flow: How to Find Off-Market Businesses
Direct mail campaigns, cold calling, LinkedIn outreach, professional referral networks, and industry immersion strategies for finding off-market acquisitions.
14 min read
GuideWorking with Business Brokers: A Buyer's Guide
How brokers work, building relationships, the brokered deal process, common buyer mistakes, and evaluating broker-presented opportunities.
14 min read
StrategyBusiness Broker Relationships: Finding, Vetting & Managing Intermediaries
How the brokerage industry works, fee structures, finding quality brokers, building buyer relationships, evaluating broker-listed businesses, and managing common broker tactics.
11 min read
StrategyCold Outreach to Business Owners: Scripts & Strategies
Proprietary outreach strategies for acquiring businesses - email templates, direct mail campaigns, cold calling scripts, LinkedIn sequences, tracking metrics, and legal compliance.
12 min read
StrategyHow to Find Businesses for Sale: The Complete Guide
The five channels for finding businesses to buy - online marketplaces, brokers, proprietary outreach, professional referrals, and industry networks - with a multi-channel strategy framework.
13 min read
StrategyHow to Build a Deal Funnel: Metrics & Conversion Rates
Search fund deal funnel benchmarks - stage-by-stage conversion rates, weekly activity targets, tracking tools, common funnel problems, and optimization strategies.
10 min read
StrategyLinkedIn for Deal Sourcing: Advanced Strategies
How to use LinkedIn Sales Navigator for acquisition deal sourcing - profile optimization, advanced filters, connection strategies, InMail templates, and CRM integration.
10 min read
StrategyDeal Sourcing with AI: Tools & Automation for Searchers
How AI is transforming search fund deal sourcing - automated target identification, predictive seller intent, outreach automation, financial screening, and the best AI tools for searchers.
10 min read
StrategyBuilding Relationships with Accountants & Lawyers for Deal Flow
How to build a referral network of CPAs, M&A attorneys, wealth advisors, and bankers who send you acquisition opportunities - the pitch, relationship maintenance, and compensation.
10 min read
GuideSeller's Discretionary Earnings (SDE) vs. EBITDA
When to use SDE vs EBITDA for business valuation - definitions, calculations, common add-backs, multiples, and which metric lenders and investors prefer.
9 min read
GuideComparable Transaction Analysis for SME Acquisitions
How to find and use comparable transaction data for small business valuations - data sources, selection criteria, adjustments, and presenting comps to support your offer.
10 min read
GuideCommercial Due Diligence: Market, Competition & Customers
How to conduct commercial due diligence for an SME acquisition - market analysis, competitive environment, customer concentration, revenue quality, and pricing power assessment.
11 min read
GuideRed Flags in Due Diligence: When to Walk Away
The financial, operational, legal, and cultural red flags that should make you reconsider or walk away from an acquisition - with a framework for distinguishing fixable issues from deal-breakers.
11 min read
GuideRepresentations & Warranties in M&A: A Buyer's Guide
How representations and warranties protect buyers in acquisitions - key seller reps, survival periods, indemnification caps, R&W insurance, and negotiation strategies.
10 min read
GuideDCF Valuation for Small Business Acquisitions
How to apply discounted cash flow analysis to SME acquisitions - projections, discount rates, terminal value, sensitivity analysis, and when DCF beats multiples.
12 min read
GuideHow to Value a Business with No Profits
Valuation approaches for unprofitable or turnaround businesses - asset-based, revenue multiples, replacement cost, strategic value, and when buying makes sense.
10 min read
GuideEnvironmental Due Diligence & ESG in Acquisitions
Phase I and II environmental assessments, CERCLA liability, ESG considerations, remediation costs, and environmental insurance for SME acquisitions.
10 min read
GuideHR & Employee Due Diligence: Benefits, Contracts & Culture
Employee census review, compensation benchmarking, benefit plan analysis, employment contracts, key employee retention, and culture assessment.
10 min read
GuideWorking Capital Adjustments at Closing
Working capital peg/target, net working capital calculation, true-up mechanisms, collar structures, dispute resolution, and seasonal adjustments.
10 min read
GuideExclusivity Agreements in M&A: How to Lock Down a Deal
No-shop clauses, exclusivity periods, break-up fees, standstill provisions, and how to negotiate exclusivity terms in SME acquisitions.
10 min read
GuideThe Closing Process: Timeline, Documents & Wire Transfers
Pre-closing checklist, closing conditions, bring-down certificates, escrow, wire transfers, closing binders, and common delays in business acquisitions.
12 min read
GuideNon-Compete & Non-Solicitation Clauses in Acquisitions
Enforceability by state, typical duration and scope, non-solicitation provisions, FTC implications, drafting tips, and negotiation strategies.
10 min read
GuideIndemnification & Escrow in Business Acquisitions
Indemnification provisions, survival periods, baskets, caps, escrow holdback structures, release schedules, R&W insurance, and negotiation tips.
10 min read
GuideHow to Handle a Broken Deal: Lessons & Next Steps
Common reasons deals fall apart, financial and emotional costs, legal obligations, learning from failures, and restarting the search effectively.
10 min read
GuideEvaluating Management Teams in Acquisition Targets
Assessment frameworks, key employee identification, management interviews, retention risk analysis, and building management post-acquisition.
10 min read
GuideIndustry Fragmentation: Finding Roll-Up Opportunities
How to identify fragmented industries, roll-up strategy, platform vs add-on acquisitions, integration challenges, and economies of scale.
10 min read
GuideReading a CIM (Confidential Information Memorandum)
What a CIM contains, how to evaluate each section critically, red flags, adjusting financials, questions to ask, and deciding whether to proceed.
10 min read
GuideDistressed & Turnaround Acquisitions: Opportunity or Trap?
Types of distress, valuing distressed businesses, turnaround strategies, risks, financing, operational restructuring, and when turnarounds work.
12 min read
GuideManagement Buyouts (MBOs): When Managers Buy the Business
MBO structure, advantages for managers, financing, negotiating with the owner, management team formation, and comparison to search fund acquisitions.
12 min read
GuideQuality of Earnings (QoE) Analysis
What QoE covers, EBITDA adjustments, red flags, when to hire a QoE firm, cost, and working with accountants.
13 min read
GuideExit Strategies for Search Fund CEOs
Strategic sale, PE sale, management buyout, dividend recap - timeline planning, exit readiness, and maximizing valuation.
13 min read
GuideNegotiation Tactics for SME Acquisitions
Price anchoring, exclusivity use, seller psychology, multi-party dynamics, and structuring win-win deals.
13 min read
GuideSeller Psychology: Understanding Motivations & Emotions
Why sellers sell, the 6 emotional stages of selling a business, what sellers care about beyond price, and practical strategies for buyers.
14 min read
GuideEarn-Outs & Contingent Consideration
Structuring earn-outs, measurement periods, dispute resolution, and alternatives to bridge valuation gaps.
12 min read
GuideOnline Business Marketplaces: BizBuySell, Axial & More
Major platforms (BizBuySell, BizQuest, Axial, DealStream, SearchFunder, European platforms), how to use them effectively, limitations, and marketplace strategy.
13 min read
GuideWhat Is My Business Worth? A Seller's Valuation Guide
How buyers value businesses (EBITDA multiples, SDE, DCF), what drives value up or down, and how to maximize your selling price - from a seller's perspective.
14 min read
ValuationHow to Value a Small Business: The Complete Buyer's Guide
Five valuation methods for small business acquisitions: earnings multiples, DCF, comparable transactions, asset-based, and revenue multiples. Includes industry benchmarks, case studies, and 10 FAQs.
25 min
DealFinancial Modeling for Search Fund Acquisitions
How to build an LBO model for SME acquisitions - revenue assumptions, EBITDA normalization, debt scheduling, returns analysis, and presenting to investors.
13 min read
Due DiligenceAcquiring Businesses in Regulated Industries
Manage licensing, compliance, and regulatory transfer requirements when acquiring businesses in healthcare, financial services, environmental, and other regulated sectors.
12 min read
SellerThe Emotional Journey of Selling Your Business
Manage the emotional stages of selling a business - from contemplation to post-sale identity crisis. Preparation strategies and common emotional traps to avoid.
11 min read
SellerSetting Up a Seller Data Room
How to organize a professional data room for selling your business - essential documents, platform options, organization best practices, and common mistakes to avoid.
11 min read
SellerCommunicating with Employees When Selling Your Business
When and how to tell employees about a business sale - timing, messaging, communication formats, handling difficult questions, and protecting morale during transition.
11 min read
SellerLife After Selling Your Business
Manage the post-sale transition - first 90 days, identity rebuilding, common paths (investing, board service, mentoring), and financial planning for former business owners.
11 min read
SellerStrategic vs. Financial Buyers: Choosing Your Exit Path
Compare strategic and financial buyers for your business sale - valuation premiums, deal certainty, employee impact, legacy preservation, and when to choose each.
11 min read
Deal SourcingBusiness Broker Ecosystems by Country
Map the business brokerage market worldwide - US, UK, DACH, France, Spain, Japan, and beyond. Platforms, regulations, and deal sourcing strategies by country.
12 min read
GuideThe NDA Process: Signing, Managing & Best Practices
NDA types, key provisions to negotiate, managing confidential information, tracking NDAs, and common mistakes acquirers make.
8 min read
Due DiligenceTechnology Due Diligence: IT Systems, Cybersecurity & Tech Debt
A thorough guide to evaluating IT infrastructure, cybersecurity posture, and technical debt during acquisition due diligence.
14 min read
Deal SourcingIndustry-Specific Deal Sourcing: Trade Shows, Associations & Niche Lists
How to find acquisition targets through industry trade shows, professional associations, and niche business lists.
14 min read
Due DiligenceEvaluating Competitive Moats in Acquisition Targets
How to assess competitive advantages and economic moats when evaluating businesses for acquisition - switching costs, brand, network effects, and more.
16 min read
Exit PlanningManagement Buyout (MBO) as an Exit Strategy
A thorough guide to management buyouts as exit strategies - structuring, financing, valuation, and managing conflicts of interest.
14 min read
Deal SourcingGeographic Considerations in Target Selection
How geographic factors influence acquisition target selection - local vs. remote deals, market density, relocation considerations, and regional economic analysis.
14 min read
Due DiligenceAcquiring a Cybersecurity Firm: Sector-Specific Due Diligence
Sector-specific due diligence guide for acquiring cybersecurity companies - valuation drivers, IP assessment, compliance certifications, and talent retention.
14 min read
Ready to start your search? Join SearchFundMarket →