If this was useful, the letter goes further: one short insider note each week on what I'm seeing in live deals right now. It's free, it's two minutes, and replies come straight to me. Join at thejmichael.com/letter.
What if the highest offer is the worst thing that could happen to everything you built?
There is a moment near the end of almost every deal when the owner goes quiet. The number is good, sometimes better than they imagined, and still stops them cold. In this solo episode, J. Michael Fischer Jr., Managing Director at DBD Investment Bank, explains why the highest bid and the right home for your company are two different things.
Michael breaks down the four buyers who might want your business, strategic, private equity, family office, and individual, and what each means for your people, your name, and your life after the close. He shows why one buyer hands the leverage to the other side, and why competition is about terms, not just price.
Do not start with your number. Start with what winning looks like the morning after the deal closes. Listen now.
Timestamped Highlights
[01:09] – The quiet moment at the end of almost every deal, and what it really means
[01:50] – The question owners spend decades avoiding until it is too late
[02:57] – The strategic buyer, why they can pay the most, and what it costs you
[04:14] – The hidden downside of synergy, and whose job disappears first
[04:52] – Private equity, the bad rap, the hype, and the truth in between
[06:00] – Rolled equity and the second bite of the apple that can beat the first
[07:20] – Why private equity may buy you a partner and a scoreboard, not a retirement
[08:31] – The family office that might own your company for 20 years, or forever
[09:15] – The one thing to understand before you take anyone's money
[09:50] – The individual buyer nobody talks about, and the one thing they offer
[12:43] – The game you play once against someone who has played it 100 times
[13:15] – Why four good buyers flip the leverage back to your side
Important Links
Going Beyond the Deal is an original podcast brought to you by J. Michael Fischer Jr. Production and editing by Podcast Your Brand.
