Films

The NDA, explained

What the confidentiality agreement in the sale of a company does, why serious buyers sign one without objection, and what it does not promise.

The sale process, explained, part 1 of 5

How a business is priced

Owner earnings, the multiple, and the short list of things that move them: the arithmetic a first-time seller should be able to follow on one page.

The sale process, explained, part 2 of 5

The language of a sale

The terms a seller will hear between the first conversation and the wire, in one table, with what each means in practice.

The sale process, explained, part 3 of 5

What buyers will request, and why

The documents behind every serious offer: what a buyer expects to see, what each proves, and why assembling them early tends to protect the price.

The sale process, explained, part 4 of 5

Reading a letter of intent

The headline price is the least binding sentence in the document. What a letter of intent commits each side to, and the questions to ask before signing.

The sale process, explained, part 5 of 5

Due diligence and closing

What happens between a signed letter of intent and the wire: what buyers verify, why deals reprice in this period, and how prepared sellers tend to prevent it.