Is this M&A guide free to download?

Yes. The Keene Advisors M&A whitepaper for business owners and founders is completely free to download. It covers the full sale process from valuation through closing, and is designed to give founders a practical roadmap to a successful exit.

Who is this M&A guide designed for?

This guide is written for business owners, company founders, and entrepreneurs who are considering selling their company. It is also relevant for CEOs and executive team members navigating a first M&A process and looking for expert guidance on how to prepare and maximize their outcome.

How is my company's value determined in an M&A transaction?

Business valuation in an M&A transaction is typically based on a multiple of EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) or revenue, benchmarked against comparable transactions and public market data. Factors such as growth rate, customer concentration, recurring revenue, and industry dynamics all influence the multiple a buyer is willing to pay.

How long does it take to sell a business?

A typical M&A sale process for a mid-market company takes between 6 and 12 months from initial preparation to closing. The timeline includes preparation and positioning (1–2 months), running a competitive marketing process (2–3 months), negotiating and signing a Letter of Intent (1 month), completing due diligence (2–3 months), and finalizing and closing the transaction (1–2 months). Complexity, buyer readiness, and regulatory requirements can affect the timeline.

What is an M&A advisory team and why do I need one?

An M&A advisory team is the group of experienced professionals who guide a business owner through the sale process. A strong team typically includes an investment banker to lead the process and negotiate on your behalf, an M&A attorney to manage legal documentation, a CPA or accountant to prepare financial materials, and a tax advisor to optimize your after-tax proceeds. Having the right team in place is one of the most important factors in achieving a successful outcome.

What is the difference between a strategic buyer and a financial buyer?

A strategic buyer is typically a company in the same or adjacent industry that acquires a business to generate operational synergies, expand market share, or add capabilities. A financial buyer, such as a private equity firm, acquires businesses as investments with the goal of growing value and achieving a future return. Strategic buyers often pay higher prices due to synergies, while financial buyers may offer more flexibility on deal structure and management retention.

What happens during the due diligence process in an M&A transaction?

Due diligence is the period after signing a Letter of Intent when the buyer conducts a thorough investigation of the target business. This typically includes a review of financial statements, tax returns, contracts, customer relationships, employee agreements, intellectual property, and legal matters. Being well-prepared for due diligence — with organized documentation and clear answers to likely questions — can accelerate the timeline, reduce deal risk, and protect the negotiated purchase price.

What deal terms should a business owner focus on beyond purchase price?

While purchase price is critical, several other deal terms significantly impact the final net proceeds and post-closing obligations for a seller. These include the structure of any earnout provisions, the size and duration of escrow holdbacks, representations and warranties, indemnification caps and baskets, non-compete agreements, and whether the deal is structured as an asset sale or stock sale. An experienced investment banker and M&A attorney can help founders negotiate these terms effectively.

When is the right time for a founder to sell their business?

The right time to sell depends on a combination of personal goals, business performance, and market conditions. Ideal timing often occurs when the business is performing well with strong growth and margins, when M&A market conditions and valuations are favorable, and when the founder has clarity on their personal and financial objectives post-sale. Selling from a position of strength — rather than out of necessity — typically produces the best outcomes.

How can Keene Advisors help me sell my business?

Keene Advisors is a full-service investment banking and strategy consulting firm with over $45 billion in M&A, capital raising, and restructuring experience across more than 200 companies. They work with founders, CEOs, CFOs, boards of directors, family businesses, and private equity firms to execute M&A strategies. Business owners can contact Keene Advisors directly at their website to schedule a complimentary consultation.

Mergers and Acquisitions for Family-Owned Businesses

A detailed and strategic guide to help company founders & business owners navigate a sale

Free Whitepaper · Keene Advisors

Your Roadmap to a
Successful M&A Exit

A strategic guide for founders and business owners navigating valuation, buyer selection, due diligence, and deal negotiation — written by experienced investment bankers.

$45B+Transaction experience

2015Founded for founders & CEOs

6 topicsCovered in depth

Keene Advisors

Navigating Mergers & Acquisitions

Investment Banking Guide

What You'll Learn

6 Topics Covered In Depth

Our investment banking team distilled decades of M&A advisory experience into a practical, actionable guide for founders preparing to sell.

01

Understanding Your Company's Valuation

Learn how buyers determine value — and how to position your business to maximize it before going to market.

02

Navigating the Timeline

Understand the key milestones from initial decision to closing, and how to set realistic expectations for your sale process.

03

Assembling Your M&A Advisory Team

Who you need in your corner — investment bankers, attorneys, and advisors — and how to evaluate them effectively.

04

Identifying the Right Buyers

Strategic vs. financial buyers — learn the differences and which type is most likely to maximize your outcome.

05

Preparing for Due Diligence

What buyers will scrutinize and how to prepare your financials, operations, and documentation to survive the process.

06

Negotiating Terms & Closing

Navigate LOIs, purchase agreements, earnouts, and representations — and how to protect value through the final stretch.

About Keene Advisors

Why Trust Keene

World-Class M&A Experience,
Built for Founders

$45B+

Transaction advisory

10+

Years serving founders

Full

Service Investment Banking

"We provide world-class advice to founder-led and family-owned businesses."

Travis Borden

President, Keene Advisors

Travis Borden, President & Founder, Keene Advisors

Keene Advisors is a full-service investment banking and strategy consulting advisory firm with over $45 billion in successful mergers & acquisitions, capital raising, leveraged buyouts, and restructuring advisory experience. We were founded in 2015 to provide world-class investment banking and strategic advice to founder-led and family-owned businesses, CEOs, CFOs, Boards of Directors, private equity firms and other institutional investors.

We’d love to help execute your M&A strategy. Learn more about our expertise and contact us today to schedule a complimentary consultation.

Keene Advisors Insight Series: Mergers & Acquisitions

Featured

How Do I Find an Investment Bank That Specializes in Family-Owned Businesses?

For many founders and family-owned businesses, a sale, recapitalization, or other liquidity event for their company is one of the most significant decisions they will ever make.

Before hiring an investment bank to help guide your process, make sure you review these key considerations.

Read More →

Founder’s Guide to the Best M&A Deal: Understanding Acquisition Structures

Deal structure is just as important as the headline price when selling your business. Asset sale, stock sale or merger - what you ultimately decide impacts your final net proceeds.

Read More →

Insights Series: Mergers and Acquisitions for Business Owners & Founders

Explore Keene Advisors' detailed guidance on how business owners, CFOs, and executive team leaders can manage the Mergers and Acquisitions (M&A) process to maximize a sale of your company.

Read More →

Free Guide on Mergers & Acquisitions

Business owners and founders - are you thinking about selling your company? The Keene Advisors team of investment bankers has compiled our top advice into a free whitepaper to provide you with for a roadmap to a successful exit. Prepare now to maximize your outcome.

Read More →

Navigating the M&A Process: Key Steps to Closing the Sale of Your Business

The closing phase of a business sale is one of the most underestimated stages in the M&A process. Executive leadership and M&A advisors work diligently to ensure a smooth, timely close by managing key stakeholders and verifying legal and financial conditions. This helps sellers minimize liability and achieve an optimal outcome.

Read More →

Finding the Right Buyer for Your Business: M&A Acquirer Profiles

Choosing the correct buyer is the most critical decision when deciding to sell your business. We detail the types of M&A buyers–strategic vs financial - and how business owners can best navigate the sale process.

Read More →

Assembling the Right M&A Deal Team: Key Advisors That Drive Results

The right M&A deal team drives results that help business owners meet their M&A goals. Who should be on your M&A team?

Read More →

Preparing for the M&A Process: Laying the Foundation to Sell Your Business

Selling your business is a complex process, and you must be prepared. We cover internal business reviews, key performance metrics, and adjusted EBITDA.

Read More →

Free Guide on Mergers & Acquisitions

A detailed and strategic guide to help company founders & business owners navigate a sale

About Keene Advisors

Keene Advisors Insight Series: Mergers & Acquisitions

Expertise

About Us

Contact

Learn

Connect

Free Guide on Mergers & Acquisitions

A detailed and strategic guide to help company founders & business owners navigate a sale

About Keene Advisors

Keene Advisors Insight Series: Mergers & Acquisitions

Insights Series: Mergers and Acquisitions for Business Owners & Founders

Corporate Credit Spreads Have Widened, but Credit Facility Financing Still Remains Attractive

Expertise

About Us

Contact

Learn

Connect