Don't wait to define the buying journey. Present a mutual action plan (MAP) during the initial discovery call to establish yourself as a guide, set clear expectations, and anchor the deal timeline from the very start.

Instead of waiting to combat objections live during a high-stakes group meeting, work with your champion beforehand to anticipate them. This proactive step allows you to prepare your strategy and address potential deal friction before it can derail the conversation in front of the entire buying committee. It's about seeking out friction early to ensure a smoother path to consensus.

Relying on inbound deal flow is like buying a house in a competitive market. The best deals, like off-market real estate, are found through proactive, direct outreach. This "hard work" of building relationships and creating opportunities leads to better terms and less competition.

Don't wait for prospects to reveal they're evaluating others. Assume they are and ask directly, "What companies are you looking at right now?" This normalizes the behavior, demonstrates your confidence, and allows you to frame the subsequent comparison on your terms rather than reacting defensively.

Contrary to the common buyer preference for proprietary deals, CPC views investment bankers as a healthy part of the M&A process. They believe an banker-led process helps sellers mentally and emotionally prepare for the significant decision of selling their business, ultimately leading to a smoother, more successful transaction.

Instead of lowballing, Bending Spoons makes a very fair, near-final offer immediately. This tactic builds a reputation for seriousness, similar to Warren Buffett's approach. It avoids lengthy back-and-forth and signals that they are not a buyer that can be "pushed around," creating an efficient and powerful deal-making process.

When a potential acquirer calls, the founder's default mode should be information gathering, not pitching. By asking strategic questions ("Who else are you talking to?", "What are your goals?"), founders can extract valuable competitive intelligence about the market and the larger company’s plans, regardless of whether a deal happens.

To initiate acquisition talks without losing leverage by appearing too eager, have a mutual contact make the introduction. The key is to have the intermediary frame the connection as their own spontaneous idea, rather than a direct request from you as the seller.

Don't treat your M&A strategy as a state secret. Proactively sharing a detailed deck with bankers and trusted advisors multiplies your sourcing capabilities. This transparency ensures the inbound opportunities you receive are better aligned with your strategic priorities.