In this sharp and candid episode of From Angel to Exit, Bruce Eckfeldt interviews Bill Snow, Managing Director at Focus Investment Banking and author of several books on M&A. With nearly two decades of experience in the middle market, Bill shares blunt truths and practical advice on what it really takes to sell a business. From valuation myths to private equity dynamics, this episode is packed with critical insights for founder-CEOs planning to scale and exit.

Key Takeaways

• Clearly define your exit goals—buyers respond to clarity and purpose.
• Make yourself as founder expendable—owner dependency kills valuation.
• Strategic buyers pay premiums when synergies solve their core problems.
• Poor inventory and AR management can erode deal value by millions.
• A strong, experienced M&A attorney is essential to avoid costly delays.
• Most deals fail due to underperformance during the sales process.
• Working capital calculations are critical—don’t underestimate the details.
• The ideal exit process takes ~9 months; rushing invites risk and error.

Links & Resources

• Bill Snow

  • https://www.billsnow.com
  • https://www.focusbankers.com
  • https://www.linkedin.com/in/billsnow/

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