After reviewing over 1,000 companies during my time leading a private equity firm, one pattern became incredibly clear: most sellers try to pitch perfection. They craft a presentation that’s polished, upbeat, and filled with impressive metrics—but far too often, it’s missing something vital: reality.
As a buyer or investor, my job wasn’t just to admire the shiny parts of the story. My job was to ask: What’s behind the curtain? What happened when things didn’t go according to plan? How did the company respond to adversity? Because the truth is, no business is perfect—and pretending otherwise raises more red flags than confidence.
The companies that truly stood out to me weren’t the ones with a flawless pitch deck. They were the ones that told the full story. They highlighted their strengths, sure—but they also owned their weaknesses. They showed where things had gone sideways and, more importantly, how they bounced back.
Did they lose a major client? I wanted to know how they replaced that revenue. Was there a supply chain disruption? Walk me through the workaround. Leadership turnover? Show me how the culture adapted.
That’s what buyers are looking for—not just potential, but resilience.
If you’re preparing to sell your business, the best advice I can give you is this: think like a buyer. Step outside your role as founder or CEO for a moment, and put yourself in the buyer’s shoes. What would you want to know if you were about to put millions on the line?
A buyer wants a company that can weather the storms. That’s why your story needs more than just the highlight reel. It needs depth, it needs transparency, and it needs to demonstrate adaptability. Because in today’s ever-changing market landscape, businesses that can’t evolve simply won’t command a premium.
Ironically, it’s often the overly perfect pitches that I passed on the fastest. Because if everything looks too good to be true, it usually is.
On the flip side, when an entrepreneur shares not just the wins but the lessons learned from their losses—that’s powerful. That shows maturity. It shows leadership. And most importantly, it builds trust.
Buyers don’t need perfect companies. They need companies that are real, that are battle-tested, and that are built to thrive through both good times and bad.
So as you prepare for your exit, remember this: thinking like a seller might help you spin a good story. But thinking like a buyer? That’s what helps you craft a compelling, credible, and investable one.
You’ve built something meaningful. Now, show the full story—warts and all—and give buyers a reason to believe in not just what you’ve done, but in where you’re headed.
Author: Brent Drever, Managing Partner
