Selling Your Family-Owned Business?

What every founder should know before you start

Get the M&A Guide For Founders

A sale of your business is one of the most consequential financial decisions of your life. Done well, it’s transformational and becomes the culmination of years of work. Done poorly, it is a missed opportunity.

This guide is built for founders selling for the first time. No sales pitch - just the playbook our team has used on over $45 billion in successful mergers & acquisitions, capital raising, leveraged buyouts, and restructuring transactions.

All inquiries and conversations are strictly confidential.

Zone 2 – Self-Qualification Checklist
Is this the right moment?

You may be ready to explore a sale if any of these apply:

  • You've received unsolicited interest from a potential buyer
  • A co-founder, investor, or family member is pushing for an exit
  • You're approaching a leadership transition or thinking about retirement
  • You want to diversify your personal wealth — most of which is tied up in the business
  • You're not certain what your business is actually worth in today's market
  • You want to understand your options before committing to anything
Zone 3 – Credibility Block
What our team sees

Three mistakes that cost founders millions

These are the patterns we see most often — and they're all avoidable with the right preparation.

01

Going to market unprepared

Unaddressed red flags — declining margins, customer concentration, inconsistent financials — hand buyers leverage and erode your price.

02

Accepting the first offer

The first offer is rarely the best. A competitive process with multiple buyers consistently produces better outcomes than a bilateral negotiation.

03

Focusing only on headline price

Earnouts, rollover equity, reps & warranties, and tax treatment can materially change what you actually walk away with at close.

$14.8M
Valuation
increase

A founder with $15M in reported EBITDA increased their estimated valuation by $14.8 million — from $120M to $134.8M — by identifying and documenting $1.85M in legitimate EBITDA addbacks before going to market. Preparation can have a significant impact on the financial outcome of a sale.

Learn From Our Experience
6 Topics Covered In Depth

Our investment banking team compiled decades of M&A advisory experience with family-owned businesses into an actionable guide for founders preparing to sell.

01
What is your business actually worth?
How buyers calculate value — and why most founders over or underestimate it without proper preparation.
02
How long does a sale really take?
A realistic timeline from the decision to sell through closing. Insider tips on what can speed it up or derail it.
03
Who should be on your M&A advisory team?
The roles of your investment banker, attorneys, and accountant — and how to choose each one.
04
Who are the right buyers for your business?
Strategic vs. financial buyers — how they evaluate deals differently and which is right for your goals.
05
How do you survive due diligence?
What buyers will ask for, what red flags get deals killed, and how to prepare so you're not surprised.
06
How do you negotiate and close?
Navigate LOIs, purchase agreements, earnouts, and representations — the key terms to negotiate, and the traps to avoid to protect yourself through the finish line.

Ready to talk through your situation?

Start with the guide or schedule a confidential, no-obligation consultation with our M&A team. We work with founders at every stage - whether you’re ready to move now or are just starting to think it through. All inquiries and conversations are strictly confidential.

Talk to Us Directly

About Keene Advisors

Trusted by Founder and Family-Owned Businesses

Keene Advisors is an independent investment bank and strategy consulting firm built to serve privately held, founder-led, and family-owned companies. Our focus and experience gives us a deep appreciation for the unique dynamics that drive private, family-owned and mission-driven enterprises.

With hundreds of successful client engagements and experience advising on over $45 billion in M&A, capital raising, and restructuring transactions, our team brings unparalleled insights and a proven track record of success.

Travis Borden | Keene Advisors

Travis Borden, Founder & President, Keene Advisors