A growing wave of retirement-age business owners is heading for the exit—and private equity firms are knocking harder than ever.
That is pushing more middle-market companies into sale talks, but many founders are discovering too late that buyer interest does not mean they are ready for a transaction, advisers say.
The result is a growing pool of what deal advisers describe as “almost sellable“ businesses—companies with enough growth to attract buyers, but not enough financial and operational discipline to withstand due diligence without risking a lower valuation or a failed deal.
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