M&A Resources for Business Owners
The M&A process comes with its own language. This guide cuts through the jargon — plain-English explanations of the terms, mechanics, and concepts that matter most when you are considering selling your business.
What every founder should understand before a sale
Most founders sell a business once. That means the process — the terminology, the mechanics, the negotiation dynamics — is entirely new when it matters most. Buyers and their advisers will use this language fluently, in time-pressured situations where the gap in knowledge can cost you real money.
Understanding the mechanics of a transaction does not just help you follow the conversation — it protects value. Knowing what normalised EBITDA means, how earnout structures work, what a QoE report will scrutinise, and how working capital is calculated gives you the foundation to negotiate as an informed counterparty rather than deferring to whoever holds the pen.
M&A guides and glossary
10 guides covering the concepts that matter most in a mid-market sale process.
What is EBITDA — and Why It Matters in M&A
EBITDA — Earnings Before Interest, Tax, Depreciation, and Amortisation — is the most commonly used m…
Read guideQuality of Earnings: What It Is and Why It Matters
A Quality of Earnings (QoE) report is an independent financial analysis commissioned to verify and v…
Read guideWhat is an Earnout? M&A Earnout Structures Explained
An earnout is a deal structure in which part of the purchase price is contingent on the business ach…
Read guideWhat is a Letter of Intent (LOI) in M&A?
A Letter of Intent (LOI) — also called a Term Sheet, Heads of Terms, or Memorandum of Understanding …
Read guideAsset Sale vs. Stock Sale: What Business Owners Need to Know
When selling a business, one of the most consequential structural decisions is whether the transacti…
Read guideWhat is Working Capital in M&A?
Working capital is one of the most frequently misunderstood elements of M&A deal economics — and one…
Read guideRepresentation and Warranty Insurance in M&A
Representation and Warranty Insurance (R&W insurance in the US; W&I — Warranty and Indemnity insuran…
Read guideThe M&A Sale Process: A Step-by-Step Guide for Business Owners
Most founders sell one business in their lifetime. The M&A sale process is unfamiliar, high-stakes, …
Read guideWhat is a CIM? The Confidential Information Memorandum Explained
The Confidential Information Memorandum (CIM) — also called an information memorandum, offering memo…
Read guideM&A Multiples: What Determines What Your Business Is Worth
M&A multiples — the EBITDA multiple applied to value your business — are one of the most-searched to…
Read guideReady to discuss your business?
Guides and glossaries are preparation. The real conversation — about your specific business, what it is worth in the current market, and what a sale process would look like — is a different one. We offer an initial consultation at no charge and without obligation.