Several years ago, I walked into a meeting I believed could change everything. My company was thriving—strong growth, profitability, and a roster of loyal clients—and I was convinced it was the right time to sell. A colleague had set up an introduction with a senior leader at his company who might be interested in acquiring us. I put together what I thought was a compelling presentation. It wasn’t.
I spent most of my pitch selling what my company could be—not what it was. I talked about future potential, hypothetical growth paths, and all the things I hadn’t yet done but hoped might happen under the right ownership. I was selling the dream. The buyer walked. And looking back, I understood exactly why.
I wasn’t selling what we had already accomplished—our revenue, our client success stories, our operational excellence. I was, unintentionally, trying to sell what I wished we had done. The real miss? I assumed I knew exactly what the buyer wanted—and how they would use the business—without ever asking.
Back then, I thought that if I highlighted all the opportunities they could pursue, I’d get credit for those future possibilities. But here’s the truth: You don’t get credit for the work the buyer is going to do. That’s their upside, not yours.
Take intellectual property, for example. If your company has developed powerful IP and you’ve taken it as far as your current resources allow, that’s your story—and it’s a valuable one. Yes, you should absolutely aim to get the true value for your IP. That’s important. But also recognize that the buyer is going to leverage that IP in ways you may not have been able to—through distribution channels, strategic partnerships, or complementary technologies. That additional value creation is their opportunity, not yours.
The goal in any exit conversation is to clearly articulate what you’ve built, how you built it, and why it matters. Highlight your wins, your challenges, your grit. Create space for the buyer to imagine what they can do with your company—but don’t overly try to imagine it for them.
Every buyer has a playbook. Some are strategics looking for synergies, immediate integration, and specific value unlocks. Others are financial buyers—private equity, holding companies—that may prioritize cash flow, margin potential, or bolt-on growth. Some buy to integrate, some to let businesses run independently, and others to strip, sell, or merge segments. There is no universal buyer.
Buyers are operators. They have frameworks, evaluation methods, and post-acquisition strategies. Respect their playbook. Focus on making it easy for them to understand your business as it is—not as it might be. That’s how you give them a clear path to seeing its value.
Understanding what you’re selling—and who you’re selling it to—isn’t just about crafting a good pitch. It’s about aligning your story with their strategy. So ask yourself: Are you selling what you’ve built—or just the dream of what could be?
Author: Brent Drever, Managing Partner
