Treat the relationship between the acquiring and target CEOs as essential infrastructure. Investing in this trust early allows you to move faster during diligence and have difficult conversations without derailing the process, as process moves slower than trust.

By completing extensive strategy work and securing board approval upfront, Milliken entered the final bidding stage as the "most certain bidder." This allowed them to close quickly and confidently, winning the deal despite not offering the highest price because the seller valued the assurance of a close.

When raising institutional capital, Justin Gold prioritized partnership over price. He accepted an offer from VMG, a firm with a proven track record of scaling CPG brands like Kind Bar, believing their expertise was more valuable than a higher valuation from a less experienced investor.

Diploma PLC won a competitive auction for Peerless Aerospace despite being outbid by 5%. They succeeded by proving they were a "kinder, gentler alternative to private equity," which appealed to the sellers' desire to protect their legacy and management team.

Josh Browder advises founders to accept an offer from a top-tier 'kingmaker' firm like Sequoia even if it's at half the valuation of a competitor. The brand association and network access provide a long-term advantage that outweighs the initial dilution.

In the secondary market, being the highest bidder isn't enough to win premier deals. Success often hinges on becoming a long-term strategic partner to the General Partner (GP). This means offering primary capital for future funds or other relationship-based value beyond a single transactional price.

Seed investments made with founders where a prior relationship existed generate disproportionately higher returns. These 'proprietary' deals have lower volatility and better outcomes compared to 'shotgun marriages' formed during a highly competitive, fast-moving fundraising process with less diligence time.

The Clapp acquisition began when Lemlist's CEO sent a random cold email to the founder. Despite competing against larger companies who bid more, Lemlist won the deal by focusing on product synergies and team fit, proving that a strong relationship and shared vision can be more valuable than the highest offer.

In the business of acquiring family-owned campgrounds, the bottleneck isn't finding properties but building long-term trust. Founders often want a successor who will care for their legacy and community, making the relationship-building process, which can take years, more critical than the financial offer.