If you’re this far, you’ve done the hard work: built a strong business, cleaned up your financials, and assembled a great team.

Now the big question is: Who’s going to buy? 

The answer isn’t one-size-fits-all. Different buyers have different goals (just like different sellers have different goals), and they’ll value your business in different ways.

Understanding who’s out there (and what they care about) is critical. It affects how you position your company, what kind of deal you get, and whether you walk away feeling like it was a win.  

The five most common types of buyers I’ve worked with include the following general personalities (and like any generalization, your buyer may have multiple qualities from the following archetypes):

 1. Private Equity Firms 

These are professional investors who raise capital to buy and grow companies. Most PE firms aren’t looking to run your business themselves. They may want to improve it, scale it, and sell it again in 3-7 years for a tidy profit. 

They care about:

• Strong EBITDA (typically $2M+)

• Recurring or predictable revenue

• Opportunity for growth through add-ons or operational improvements

• A management team they can trust to run the business post-sale

They’re the best fit if you want to partially cash out now, keep some equity, and stay involved for a few more years as the company scales.

2. Independent Sponsors & Search Funds

These are entrepreneurial individuals (often ex-consultants or MBAs) looking to acquire one company and operate it long-term. They raise money on a deal-by-deal basis, rather than from a fund.

They care about:

• Owner retiring or stepping back

• Business with good bones but room for modernization

• Strong margins and repeat customers

• Simplicity and operational clarity 

They’re the best fit if you want to exit fully, but you care about the legacy and want a hands-on successor.

 3. Family Offices & High-Net-Worth Individuals

Family offices manage the wealth of ultra-wealthy families. Unlike PE, they often have longer time horizons and aren’t under pressure to flip the business.

 They care about:

• Stability and capital preservation

• Good leadership and culture

• Steady cash flow over flashy growth

• Alignment with the family’s mission or values

They’re the best fit if you want a long-term buyer who values continuity and stewardship.

4. Strategic Buyers

These are other companies (usually in your industry) looking to acquire for synergy. That might mean expanding their geographic reach, cross-selling to your customers, or absorbing your team or tech.

They care about:

• Customer list and market share

• Operational efficiency or IP

• How the deal accelerates their strategic plan

• Cost savings and integration ease

They’re the best fit if you want to sell to a competitor or complementary company that can plug your business into theirs.

5. Publicly Traded Strategic Buyers

Largely the same as above, but on a much bigger scale. These buyers are typically larger corporations that may pay a premium if your business helps them hit revenue or growth targets for shareholders.

What they care about:

• Fast ROI

• Shareholder value

• Regulatory and reputational fit

• Integration readiness

They may be the best fit if your business is already operating at scale and offers something unique that fills a gap in a big player’s portfolio. 

It’s important to understand your ideal buyer, even at a surface level. The more you know, the better you can prepare, pitch, and price your business.

You’re not just selling what your company is today, you’re selling (and they’re buying) what it could become in the right hands.

In the next post, we’ll show you how to make a killer first impression during your initial meeting with a potential buyer and what to say (or not say) to keep the deal alive.

Until then, if you’re wondering which type of buyer would be the best fit for your business, just reply to this email, or book a meeting with one of our experts:

👉Book a call with an M&A advisor