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

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Why the Best Exits Are Built Through Relationships

Most founders think about selling their business as a distant, future event. Like it’s something that happens only when the time is right or their numbers are exactly where they need to be.

And then one day, when they decide they're ready, they put the business on the market and hope the right buyer shows up.

But by then, the right buyer has likely already moved on.

Because serious buyers aren’t waiting around for businesses to hit the market. Strategic acquirers, PE firms, operators who know your industry inside and out, they're all building pipelines right now. They're having conversations with founders in your space, showing up at the same events you are, reading the same content, and paying attention to who's building something interesting.

And when they're ready to make a move, they're not going to blast out a letter to a thousand random businesses. No, they're going to call the founder they've been having lunch with for the past two years.

What most founders get backwards is that they think preparing their business for exit means getting their financials clean and their story polished. And yes, all of that matters. But the founders who walk away with the best exit outcomes aren't just the ones who had the best-prepared businesses.

They're the ones who had the right relationships already in place when the moment arrived.

I've seen this play out on both sides.

Founders who spent years building credibility in their industry, staying visible, having actual conversations with the people who might one day want to buy what they built. Those founders have options when the time comes to sell. They have leverage.

And then there are the founders who waited. They kept their heads down and built a really great business. Then, one day when they’re finally ready to sell, they realize they’re starting from scratch when it comes to who knows them and who’s in a position to write a check.

The difference between those founders all comes down to relationships. It’s all about who you know when the timing is right.

And you don't need to be ready to sell your business to start building the relationships that will matter when you are. In fact, the earlier you start, the better. But what matters is that you’re staying visible, staying connected, and making sure that when the right buyer is ready to move, you're already top of mind.

Because the reality is, the founders who exit on their terms are never the ones who got lucky with a buyer. They're the ones who built toward that moment long before anyone else thought it was necessary.

If you're a founder who wants to start thinking about how to position yourself for the right buyer, whether that's a year from now or five, reply to this email or contact us here. We're always happy to help you think through it.

1️⃣ Do I know who the most likely buyers of my business would be, and do any of them know who I am?

2️⃣ Am I visible enough in my industry that a serious buyer looking at my space would naturally come across my name?

3️⃣ If the right buyer called me tomorrow and wanted to start a conversation, would I be ready, or would I be scrambling?

4️⃣ Am I treating relationship-building with potential buyers as an intentional part of my business strategy, or just something I'll figure out later?

5️⃣ Do I have advisors around me who can help me identify and connect with the right buyer profiles for my business?

☑️ Write down who your most likely buyers actually are: This should be a realistic picture of who would benefit most from acquiring your business. Strategic acquirers in your space, private equity firms active in your industry, operators who've been building in adjacent markets. Getting clear on who they are is the first step to being on their radar.

☑️ Audit your current visibility: If a serious buyer in your industry were paying attention right now, would they know who you are and what you've built? If the honest answer is no, that's worth addressing so you can make sure the right people are aware of you long before a deal is ever on the table.

☑️ Start one conversation you've been putting off: Strike up a conversation with someone in your industry who might one day be relevant to your exit. The best buyer relationships are built over years, not weeks. And every one of them starts with a first conversation.

That's all for this week.

Remember, the best exits aren't won at the negotiating table. They're built in the years before you ever get there, through the relationships you invest in, visibility you create, and groundwork you lay long in advance.

Reach out to us whenever you're ready to talk through how to start positioning yourself for the right buyer.

Talk next week,

Brian Dukes
Managing Partner at Exitwise