Welcome back to another edition of The Wise Exit newsletter. This week, we're covering:

Plus a link to watch the full conversation where she breaks it all down.

Let's get to it.

Five Buyers Already Knew Her Name

Fenella Boyle co-founded Versed AI, a Cambridge spinout that helped businesses understand who was really in their supply chain. When it came time to sell, she ended up with five letters of intent and a successful acquisition.

What stands out to me isn't the number of offers. It's how much of the work behind those offers happened long before she ever thought about selling.

1. Her partners became her buyers. About half of the company's revenue came through strategic partnerships, so nearly everyone in their industry already knew who they were, and some of those partners became bidders. But she didn't stop there. There was one company outside her partner network that she thought would be a great fit, so she messaged the private equity partner behind it on LinkedIn. She had a reply in 10 minutes and a call with the CEO the next day.

2. The process she didn't want ended up saving her. A big client forced them through a data security certification early on, which was the last thing she wanted in a startup. But when diligence hit, their contracts were signed and in one place, they knew where the change of control clauses were, and the IP was assigned to the business. Quarterly reporting to their investors kept the numbers honest, too.

3. She told buyers what "good" looked like. It wasn't just about price. Her investors needed cash, she wanted the team taken care of, and she and her co-founder wanted fair terms. Laying that out up front gave buyers room to get creative, and it's a big reason she had five different offers to compare.

4. Leverage peaks the day before exclusivity. Once you sign, terms can still shift, and you have far less room to push back. Her advice? Your strongest negotiating day is the day before you sign, so get everything you need in writing before then.

5. It takes longer than anyone tells you. The buyer told her it would take three weeks. It took nine months. She's seen founders have to scramble for emergency funding just to make payroll when a buyer pushed closing. Make sure your runway can handle the wait.

Fenella ran this entire process herself while still running the company. That's remarkable. But it's not something I'd ever want another founder to have to do. Selling a business is a full-time job on top of the one you already have, and something always gives. Either the business slips, or you do.

That's exactly why we built Exitwise the way we did. Every process we run has someone in the founder's corner who's been through it themselves. Today, Fenella is one of those people. As one of our Exited Founders, she can sit on your team so you don't have to learn these lessons the hard way.

If you want the full story, including how she negotiated the price up during diligence, watch her full conversation with Todd here.

1️⃣ Which partners or customers in my industry would I call first if I decided to sell tomorrow?

2️⃣ If diligence started next month, could I find every signed contract and change of control clause in one afternoon?

3️⃣ Beyond price, what does a "good" deal actually look like for me, my team, and my investors?

4️⃣ Do I know exactly what I need in writing before I'd sign exclusivity?

5️⃣ If closing took nine months instead of three weeks, would my cash cover it?

☑️ List your top strategic partners: Note how well each one knows your business today, and whether they'd be a logical buyer down the road.

☑️ Pull your key contracts into one folder: Check each one for change of control and transferability clauses so they don't surprise you in diligence.

☑️ Write down your "good deal": Price, structure, cash vs. equity, what happens to your team. Getting clear now makes it much easier to compare offers later.

That's all for this week. Remember that most of what made Fenella's offers possible was in place long before she decided to sell.

If you want help figuring out where your business stands today, reply to this email or contact us here. We're always happy to walk you through your options.

Talk next week,

Brian Dukes

Managing Partner at Exitwise