You are in the middle of building. Product development, customer conversations, team expansion. And then suddenly an email arrives from a PE party or strategic buyer: "We'd love to explore a conversation." Sometimes a valuation lands on the table immediately, sometimes it stays exploratory. It feels like a compliment — and it is. But it is rarely without strings.
The information asymmetry problem
What many founders underestimate is that such a one-on-one conversation quickly creates an information asymmetry. The buyer knows exactly what they are looking for, has done dozens of deals, and steers the process subtly in their favour. Meanwhile you — often out of enthusiasm — share crucial information without the right context or protection. And that can cost you dearly.
From compliment to complexity
What starts as an open conversation sometimes ends in a renegotiation after due diligence. The valuation is revised downward, conditions are tightened, and you realise you never actually had control. Not because you were naive — but because you did not structure the process yourself. A single buyer with no competition has every incentive to take their time, find "risks," and reprice.
Take the initiative back
A professional sale process starts with preparation. You position your company clearly, get your numbers in order, and define your strategic goals. Then you share information in a controlled way with a carefully selected group of buyers — under NDA. By involving multiple parties simultaneously, you create competition. And with competition: negotiating power.
"If you do not lead the process yourself, you are playing in someone else's. And you rarely win there."
The difference between an adequate deal and an excellent deal is structure. A well-managed process delivers not just a better price — it delivers the right partner. Someone who understands your culture, values your product, and respects your team.
Unsolicited interest is an opportunity — but only if you take control of what happens next.