If you're a founder going into a sale or financing transaction without professional advice, it's important to understand that your buyer is probably a full-time predator (they do this every day) and you are part-time prey (you'll probably only do this 1x). You need protection - a professional shield and maybe even an army on your side.

If you're selling your business and your prospective buyer is asking for more information than they need to provide you with an LOI and a sense of valuation, they may be signalling what it's like to work with them longer term.

When we get into the process of, or negotiations to sell our companies, we sometimes infer strategic significance from every email or phone call with our prospective buyer. Sometimes those one or two word answers, days without communication, or changes to tone or tenor are just them being human or being busy, and they have nothing to do with us and our companies.

If you're a founder and you've received a confusing or disappointing offer from a private equity firm, don't immediately reject it...there might be a workable deal if you follow the maxim; Sellers Price = Buyers Terms, and vice versa. There are tradeoffs that might get you to your WHY in selling your company.