An $18M offer. $13M cash at close. $5M tied to an earnout.
That's $13M and a “maybe.”
💰 A bigger offer isn't always a better deal.
Scott Mitchell of @SDRVentures explains why owners shouldn't count earnouts as guaranteed purchase price.
Full article linked in comments 👇
From self-funded searchers to a $220M PE fund.
After graduating from @HarvardHBS, Alex de Pfyffer & Ross Porter launched a self-funded search.
Today, Heritage Holding has completed nearly 50 acquisitions across 12 active platforms.
They share the journey on Masters in Small Business M&A - link in comments.
#PrivateEquity #SearchFunds #MergersAndAcquisitions #HBS
3,047 deals came to market via Axial in Q1 2026.
🏭 Industrials led both volume and pursuit rate for the 3rd straight quarter.
🚚 Transportation up 20.65% YoY.
🛍️ Consumer Goods down 11.36%.
Full breakdown in comments.
Who’s Buying in the Lower Middle Market in 2026?
Axial’s latest report breaks down the data behind today’s buyer landscape — who’s buying, what they’re targeting, and how behavior is shifting over time.
Included in the report:
👥 The number of active Axial buyers
💰 Deal demand by EBITDA range & firm type
📈 Trends in new buyers joining the platform
📊 Average TEVs by firm type
🏆 Featured 2025 closed deals
#MandA #PrivateCapital #DealFlow #BuyerTrends #BusinessAcquisitions
Why did deals die in 2025?
Axial analyzed 75 executed LOIs that failed to close - here's what killed them:
🔍 25.3% - Non-QoE diligence issues
📊 21.3% - QoE EBITDA gaps
🔁 14.7% - Post-diligence renegotiation
🚪 13.3% - Seller withdrawal
💸 10.7% - Financing breakdowns
#MandA #LOI #DueDiligence #LMM #DealData
🚀 New Winning LOI
We’re breaking down the LOI for a tech company offering outsourced IT & cybersecurity services with $10M–$12M revenue & $750K–$1M EBITDA. 👇
💼 Deal Snapshot
• Change of Control | $6M–$8M transaction value
• 8.5x–9x EBITDA multiple
• 79% cash, 10% rollover equity, 11% seller note
• 88 days to executed LOI, 120 days to close
• Private Equity buyer
#MandA #LOI #TechDeals #Valuation
🎙️ New Episode: Masters in Small Business M&A
Ep. #40 — Furniture Industry M&A with Bo Stump of Stump & Company.
From domestic manufacturing ➡️ global sourcing ➡️ e-commerce, the furniture supply chain has transformed.
Here’s how it impacts valuations, buyers & exits.
📺 Watch on YouTube: youtu.be/u_rP9VmZd3s?si=_Vdr…
#InvestmentBanking #MergersAndAcquisitions #Podcast #SMB #Dealmakers
