Exit-Planning

9 min read

The Post-LOI Silence - When Buyers Go Dark After Signing

Learn what buyer communication gaps after LOI signing reveal about deal status and how to respond appropriately without appearing anxious

The Payment Terms Creep That Signals Customer Power Shifts

Learn how gradual payment terms extension reveals customer power dynamics that buyers analyze during due diligence and how to address concerns

9 min read

The Investment Committee Rehearsal Your Buyer Won't Mention

Learn what happens in PE investment committee rehearsals and how to support your deal champion through the approval process with proactive materials

11 min read

The Equity Rollover Liquidity Trap - When Your Investment Becomes Illiquid Again

Rollover equity can convert liquid sale proceeds back into locked private company shares. Learn to evaluate liquidity implications and negotiate protective terms.

Financial Performance

9 min read

Revenue Leakage Analysis - Demonstrating Commercial Discipline to Buyers

Learn how systematic revenue leakage tracking reveals commercial process discipline that sophisticated buyers evaluate during due diligence assessments

Strategic Positioning

11 min read

Platform vs. Add-On - How Buyer Perception Shapes Transaction Outcomes

Learn how buyer perception as platform or add-on impacts your valuation multiple, deal structure, equity rollover, and post-close authority

Financial Performance

10 min read

Margin by Customer Tier - Revealing Profitability Across Segments

Learn how analyzing profit margins across customer segments reveals pricing discipline and portfolio quality that sophisticated buyers evaluate during due diligence

Financial Performance

13 min read

Margin by Customer Tier - A Profitability Analysis Framework for Exit-Ready Businesses

Learn how analyzing margin variation across customer segments reveals revenue quality and pricing discipline that buyers evaluate during due diligence

13 min read

Escrow Negotiation Tactics - Minimizing Holdback Exposure in Your Business Sale

Learn escrow negotiation tactics that reduce seller holdback exposure by hundreds of thousands. Master amount sizing duration timing and release triggers.

Customer Communication Preferences - Building Buyer Confidence Through Documented Relationships

How documenting customer communication preferences may demonstrate relationship management maturity and support buyer confidence during due diligence

Board Meeting Minutes You Should Have Been Keeping

Learn why board meeting documentation signals organizational maturity to buyers and how to implement governance discipline that strengthens exit positioning

Product Liability Tail - Managing Legacy Exposure in Manufacturing Exits

Learn how product liability tail coverage protects manufacturing business sellers from claims arising years after transaction close and structure effective protection

Jan 14, 2026

Phantom Equity Settlement - Cashing Out Synthetic Ownership During Business Exits

Learn how phantom stock and synthetic equity instruments settle during business sales including valuation mechanics payment timing and tax implications

Jan 13, 2026

Beyond Percentage - Negotiating True Rollover Equity Value

Learn why rollover equity value depends on governance rights and protections not just ownership percentage. Essential negotiation frameworks for sellers.

Jan 13, 2026

Your Meeting Notes Don't Exist - The Documentation Gap Buyers Find

Sophisticated buyers expect decision documentation and meeting minutes. Learn why documentation gaps signal poor governance and how to fix them before due diligence.

Why Valuation Consultants Often Miss the Mark on Exit Prices

Discover why engagement valuations rarely predict actual transaction prices and learn frameworks for realistic exit price expectations

What Your Lease Estoppel Certificate Will Reveal - And Why It Matters for Your Exit

Lease estoppel certificates expose forgotten commitments and undocumented modifications during M&A transactions. Learn how to prepare before buyers engage your landlord.

The Silent Partner Problem - Managing Dormant Stakeholders Before They Derail Your Exit

Inactive owners with legal rights can create governance and transaction obstacles. Learn frameworks for engaging dormant stakeholders productively before exit.

The Silence After the Offer - Why Your First Response Should Be a Pause

Strategic silence in M&A negotiations may help preserve leverage and prevent buyers from reading your priorities. Learn offer response frameworks.

Minority Investment - Bringing in Partners Without Selling Control

Explore how minority investments let founders raise growth capital while retaining control and preparing for higher-value exits down the road

Serial Entrepreneur Considerations - Leveraging Experience Without Overconfidence

Second-time sellers bring valuable exit experience but face pattern-matching risks. Learn frameworks for leveraging prior deals while avoiding assumption traps.

Jan 9, 2026

Partial Exits for Diversification - Strategic Minority Sales Without Control Transfer

Learn how selling minority stakes can reduce dangerous wealth concentration without requiring full business sale or maximizing transaction proceeds

Jan 9, 2026

Buy-Sell Agreements - The Document That Determines Your Exit Options

Review partnership and shareholder agreements before exit planning begins to identify constraints that could limit options or derail your transaction

Jan 9, 2026

TSA Scope Creep - Managing Post-Close Transition Boundaries

Learn how to prevent transition services agreement scope creep and protect your interests while supporting successful post-acquisition business transitions

Jan 1, 2026

Working Capital Peg Negotiations - Where Deal Value Shifts Between Buyers and Sellers

Learn how working capital peg negotiations shift hundreds of thousands in seller proceeds through target-setting methodology and normalization adjustments

When Co-Founders Disagree on Exit Timing - Resolving Partnership Timeline Conflicts

Co-founders with misaligned exit timelines face transaction paralysis. Learn frameworks to resolve timing conflicts and preserve business value.

Sweat Equity Disputes - Resolving Partner Contribution Conflicts Before Exit

Partnership contribution disputes often surface during exits when abstract disagreements become concrete dollar amounts. Learn frameworks for resolution before deals collapse.

Social Media and Public Statement Restrictions - Modern Covenant Complications

Post-close social media and communication restrictions limit seller expression in modern M&A deals. Learn to negotiate these emerging covenant categories effectively.

26 min read

Section 338(h)(10) Elections - Structuring M&A Deals for Mutual Tax Benefit

Learn how 338(h)(10) elections can create tax efficiency in M&A transactions by enabling buyers and sellers to share stepped-up basis benefits

Real Estate Carve-Outs - Separating Property from Operations Before Your Exit

Learn how real estate carve-outs let business owners retain property while selling operations creating ongoing lease income and preserving appreciation

Qualified Small Business Stock - Capturing the Tax Exclusion Most Owners Miss

QSBS provisions under Section 1202 can exclude up to $10M in capital gains from federal taxes - learn qualification requirements and realistic costs

Press Release Negotiation - Controlling Public Narrative in M&A Transactions

Learn how buyers and sellers negotiate press release content to align communication goals and protect reputation during transaction announcements

Pre-Sale Estate Planning - Maximize Wealth Transfer Before Exit Events

Learn how pre-sale gifting and trust strategies can transfer business value to heirs before liquidity events while minimizing gift and estate taxes

28 min read

Partner Buyouts - The Strategic Path to Simplified Third-Party Sales

Explore how buying out partners before selling to third parties may create cleaner deals and potentially higher valuations for business owners planning exits

Managing Lender Coordination in Debt Payoff and Ownership Transfers

Master the critical process of coordinating lender consent and debt payoff to help ensure clean title transfers and avoid costly transaction delays

Managing Change of Control Provisions in M&A Transactions - Protecting Deal Economics and Retention

Learn how change of control provisions in executive employment agreements affect M&A deal costs and post-close retention dynamics

Management Buyouts - Structuring Exits That Work for Owners and Operators

Learn how MBOs let management teams acquire ownership while preserving culture and providing founder liquidity through proven financing structures

Lease Consent and Estoppel - The Landlord Negotiation That Can Derail Your Exit

Learn how landlord consent requirements create leverage during business sales and strategies to manage real estate negotiations for smoother transactions

Inventory Valuation Disputes - The Count That Determines Your Check

Physical inventory counts and valuation methods can shift significant value between buyer and seller. Learn count procedures and dispute resolution frameworks.

Holding Company Restructures - Separating Operating and Asset Companies for Maximum Exit Value

Learn how separating real estate, IP, and equipment from operations can create tax efficiency, asset protection, and flexible exit options for owners.

Garden Leave Provisions - Negotiating Paid Non-Compete Restrictions

Learn how garden leave arrangements compensate sellers during non-compete periods providing income when restrictions prevent competitive employment

Earnout Protection Provisions - Securing Post-Close Operating Covenants

Learn essential earnout protection covenants that ensure buyers operate your acquired business fairly and give contingent payments genuine achievement opportunity

Earnout Metric Selection - Aligning Incentives and Preventing Manipulation

How earnout metric choice shapes deal outcomes more than target levels. Learn to select metrics that align incentives and reduce manipulation risks.

Cross-Border M&A - Managing International Buyer Complexity and Maximizing Deal Value

Navigate currency considerations, CFIUS reviews, and cultural dynamics when selling to international buyers seeking U.S. market entry

Cash-Like Items - Increasing Deal Value Beyond Bank Accounts

Maximize seller proceeds by identifying and negotiating cash-like items including prepaid expenses and deposits that convert to near-term economic value

Cap Table Cleanup - Managing Forgotten Minority Shareholders Before Your Exit

Learn how to identify and manage forgotten minority shareholders before your exit. Proactive cap table cleanup prevents deal delays and protects transaction value.

Your Rainmaker Is a Liability - Not an Asset

When high revenue flows through one salesperson buyers often see key person risk that complicates deals. Learn to identify and address sales concentration.

The No-Shop vs. Go-Shop Distinction - Understanding Exclusivity Variations in M&A Deals

Learn how exclusivity provisions from strict no-shop to flexible go-shop clauses impact your leverage and options between signing and closing your business sale

Stress Management During Diligence - Practical Approaches to Surviving the Most Intense Transaction Phase

Learn proven strategies for managing due diligence stress to protect your health and preserve judgment during demanding business sale processes

Roll-Up Consolidators - Positioning Your Business for Platform Economics

Learn how roll-up consolidators evaluate acquisitions differently than strategic buyers and position your business for premium platform valuations

Revenue Recognition - The Policy That Shapes Your EBITDA and Exit Value

How revenue recognition policies impact EBITDA and buyer perception during due diligence - Learn which approaches build credibility and which raise concerns

Reps and Warranties - Where Deals Get Ugly

Navigate reps and warranties in M&A transactions to limit post-close seller liability and protect your exit proceeds from indemnification claims

How Broker Incentives Create Agency Problems in Lower Middle Market Exits

Business broker compensation structures can work against seller interests - learn frameworks to evaluate and manage broker relationships effectively

Distribution Exits - The Amazon Shadow and How E-Commerce Disruption Shapes Valuations

Learn how e-commerce competition and channel evolution impact distributor valuations and discover frameworks for positioning your distribution business for exit

Choosing an M&A Advisor - The Questions Nobody Asks

Learn critical questions for evaluating M&A advisors that reveal true capability and fit for your business sale transaction

Why Waiting for the Perfect Buyer Destroys Value - The Hidden Costs of Excessive Selectivity

Excessive selectivity in buyer search delays deals and erodes value. Learn the hidden costs of waiting and frameworks for realistic expectations

Dec 29, 2025

Why Earnouts Often Underperform - Structural Dynamics That Reduce Seller Recovery

Earnouts frequently fall short of seller expectations due to control asymmetries in deal design. Learn failure patterns and protection strategies.

Private Equity Isn't Evil - But It Isn't Your Friend Either

Learn how private equity incentives shape buyer behavior and discover frameworks for engaging financial sponsors without naive assumptions

Dec 29, 2025

Pricing Power as a Revenue Quality Indicator - What Buyers Actually Assess

Learn how pricing power signals competitive position and value delivery to buyers evaluating your business for acquisition

Dec 29, 2025

The Age Clock - When Founder Fatigue Becomes Visible

Founder fatigue may impact deal dynamics and negotiation outcomes. Learn to recognize exhaustion signals and protect your exit value.

Dec 28, 2025

Founder Dependency Math - Calculating Your Exit Discount

Learn to quantify how founder dependency impacts your business valuation and create a prioritized extraction plan for organizational independence

Dec 28, 2025

12 min read

Building a Business That Sells - The Complete Guide to Exit-Ready Operations

Transform your company into an acquisition target buyers compete for. Learn the operational and financial strategies that maximize business value before exit.

The Growth Story - Convincing Buyers the Best Is Ahead

Build credible growth narratives that help buyers understand your forward trajectory through evidence-backed positioning and realistic expectations

Dec 27, 2025

29 min read

Building a Business Buyers Actually Want - The 17 Critical Factors That Drive Premium Valuations

Discover the specific factors that make businesses attractive to buyers and command premium multiples in today's M&A market

Dec 27, 2025

When Market Timing Beats Business Timing - Balancing Readiness Against Market Windows

Learn when macroeconomic conditions might influence exit timelines and how to weigh market windows against company readiness while acknowledging timing uncertainty

Wealth Advisor Timing - Why Pre-Transaction Planning Preserves Options That Disappear After Closing

Engage wealth advisors before your business sale to optimize tax outcomes and preserve financial options that expire once the transaction closes

The Rollover Equity Decision - Betting on the Next Buyer

Learn when rollover equity creates value in M&A deals and how to evaluate opportunities. Expert framework for assessing post-close ownership decisions.

The Overlooked Cost of One More Year - Exit Timing Math for Business Owners

Why delaying your business exit often costs money - A framework for evaluating market risk, personal risk, and opportunity cost of waiting

The Multiple Myth - Why Comparables Mislead Business Owners Planning Their Exit

Industry average multiples obscure massive variance in actual deal values. Learn what really drives your valuation within typical EBITDA ranges.

The Loyalty Test - Who Stays After You're Gone?

Learn to distinguish genuine organizational loyalty from founder-dependent relationships and build institutional commitment that survives ownership transition

Decision Fatigue in Deal Processes - Managing Cognitive Load for Better Transaction Outcomes

Learn how cognitive demands may affect M&A outcomes and discover frameworks for managing mental resources during intense transaction periods

Customer Tenure Distribution - What Buyers Actually Look For

Learn how customer tenure patterns influence buyer perception and when optimizing your customer mix makes sense for your exit timeline

Capacity Utilization - Growth Opportunity or Capital Burden in M&A?

How operational capacity affects buyer perception and deal valuation for business owners preparing for exit

Your Exit Story - Crafting the Narrative That Shapes Buyer Perception

Learn how to craft a compelling exit narrative that positions your sale motivation strategically and builds buyer confidence from first interaction

Written Communication Discipline in Transactions - Protecting Your Position During Deal Negotiations

Master written communication discipline during business transactions to prevent liability exposure and maintain negotiation leverage throughout your exit

Working Capital - The Surprise That Shrinks Your Check

Learn how working capital adjustments can reduce your sale proceeds by hundreds of thousands at closing and strategies to protect your net payment

The Hidden Value of Clean Financials - How Audit-Quality Books Boost Buyer Confidence and Valuations

Learn how upgrading financial statements signals organizational discipline and can improve your business valuation through reduced buyer risk perception

The Concentration Discount - Why Buyers Devalue Revenue Concentration

Learn how customer concentration triggers valuation discounts in M&A deals and discover strategies to diversify revenue before your exit

Rep and Warranty Insurance - A Seller's Guide to Risk Transfer

Learn how rep and warranty insurance transfers risk, reduces escrows, and limits post-close liability for business sellers in M&A transactions

Franchisee Exits - Managing Franchisor Consent in M&A Transactions

Navigate franchise transfer provisions and franchisor approval requirements to successfully complete your franchise business exit

Founder Identity - Separating Self from Business Before You Exit

Why some founders must separate personal identity from business identity and frameworks for psychological exit readiness

Enterprise Value vs. Your Check - Understanding the Acquisition Waterfall

Learn why announced deal values differ from actual seller proceeds and how to calculate what you will really take home after transaction expenses

Weakness Handling - Strategic Disclosure That Builds Buyer Confidence

Learn when proactive weakness disclosure builds buyer trust versus when careful presentation serves your interests during business sale negotiations

Transition Services Agreements - Balancing Seller Support and Post-Close Obligations

Learn how to structure TSAs that satisfy buyer needs while protecting your time and limiting post-close demands after selling your business

The Spouse Factor - Why Family Alignment Before Exit Prevents Deal Disasters

Family consensus drives smooth business exits. Learn proven frameworks for building spousal alignment that prevents relationship conflicts from derailing transactions.

The Myth of the Strategic Premium - Why Strategic Buyers Often Pay Less Than Financial Sponsors

Strategic buyers dont always pay more. Learn why financial sponsors often outbid strategics and how to set realistic buyer category expectations.

The January Effect - Why Q1 Matters for Business Exits

Seasonal M&A patterns suggest Q1 listing timing may improve buyer engagement for lower middle market business owners planning exits

The Deal Falls Through - Now What? Recovering When Your Exit Transaction Collapses

Learn how to manage organizational and psychological aftermath of failed exits while preserving future optionality for successful subsequent transactions

Operational Excellence

The Dangerous Myth of the Irreplaceable Employee - Why Key Person Dependency Destroys Business Value

Learn why the irreplaceable employee myth creates costly dependencies that buyers avoid and discover strategies for building redundancy without triggering defensive reactions

Revenue Quality - Why Buyers Value Different Revenue Streams Differently

Learn how revenue characteristics like recurring vs project-based income affect valuation multiples and deal structures for business exits

Pricing Strategy Review - A High-Leverage Margin Improvement Opportunity for Differentiated Businesses

Learn how to identify pricing opportunities and capture margin upside while managing implementation risks and customer relationships effectively

Strategic Positioning

Marketing Infrastructure - Building Transferable Growth Systems for Exit Success

Build marketing systems that transfer with your business to improve buyer confidence. Learn frameworks for sustainable demand generation and realistic timelines

Organizational Dynamics

Key Employee Departures Mid-Deal - Risk Management and Response Strategies

Learn how to manage critical employee departures during M&A transactions and preserve deal momentum with proven response frameworks

Forecasting for Diligence - The Projections Buyers Actually Believe

Build credible financial projections that survive buyer scrutiny using bottoms-up modeling frameworks that separate believable forecasts from fantasy

Cross-Sell Penetration for Recurring-Revenue Businesses - Your Hidden Revenue Quality Indicator

Learn how cross-sell penetration metrics reveal customer relationship depth and revenue quality that buyers use to evaluate acquisition targets

Competitive Tension - Creating Leverage Without Lying

Learn ethical negotiation tactics that create genuine competitive pressure in M&A deals without fabricating interest or destroying buyer credibility

Churn - The Silent Value Destroyer

Learn how customer churn compounds into valuation impact and why retention metrics matter for business exits

Executive Succession Dynamics in M&A - How Leadership Team Positioning Affects Deal Outcomes

Senior executives positioning for post-acquisition roles can complicate M&A transactions. Learn detection strategies and alignment approaches for unified leadership.

Data Room Disasters - The Files That Kill Deals

Documentation gaps during due diligence trigger retrading and walk-aways. Learn what buyers expect and how to address gaps before they become deal killers

The Site Visit - Choreographing First Impressions That Close Deals

How facility tours shape buyer perception and strategic preparation frameworks that create authentic positive impressions during site visits

The Retainer vs. Success Fee Debate - Understanding Advisor Compensation Structures and Alignment

Learn how M&A advisor compensation models affect deal outcomes and discover frameworks for negotiating fee structures that align with your exit objectives

The Private Equity Playbook for Lower Middle Market Deals

How PE firms evaluate price and structure acquisitions in the $2M-$20M EBITDA range and what sellers must understand to negotiate effectively

Organizational Dynamics

The Owner's Shadow - How Your Management Style Depresses Business Value

Discover how founder-centric management creates transition risk that buyers quantify as valuation discounts and learn to build organizational independence

The Employment Agreement Trap - Why Timing Your Post-Close Employment Negotiation Determines Your Exit Success

Learn why deferring employment terms in M&A deals costs sellers compensation and role quality. Negotiate your post-close role before leverage evaporates.

Strategic vs. Financial Buyers - Different Games, Different Rules

Learn how strategic and financial buyers evaluate acquisitions differently and adapt your exit positioning to maximize value with each buyer type

Seller Financing in M&A - Managing Risk and Structuring Debt Notes

Learn how seller notes affect deal economics and risk allocation with strategies for evaluating proposals and negotiating protective terms

Operational Metrics Buyers Actually Use - Industry-Specific KPIs That Drive Valuation

Learn which operational KPIs matter most to buyers in your industry and how to present performance data that builds confidence

Industry Cycles - Reading Your Sector's M&A Calendar

Learn frameworks for monitoring sector-specific M&A activity and positioning strategically to potentially improve exit timing and outcomes

Fee Negotiation in Lower Middle Market Deals - Advisor Selection and Market Standards

Learn market advisory fees for lower middle market M&A deals and proven strategies to select quality advisors while negotiating fair terms

Choosing the Right QofE Provider - A Sell-Side Selection Guide

Expert guidance on selecting and managing sell-side quality of earnings firms to strengthen your M&A transaction positioning and buyer confidence

Your Secret Sauce Might Be More You Than You Think - Distinguishing Real Competitive Advantage from Founder Dependency

Learn to assess whether your business advantages are truly transferable assets or founder-dependent capabilities that affect exit outcomes

27 min read

Vendor Relationships That Die With You - The Hidden Risk Threatening Your Exit Value

Personal supplier relationships built over decades rarely survive ownership transitions. Learn how to formalize vendor arrangements before your exit.

28 min read

The Hit by a Bus Audit - Identifying Single Points of Failure Before Buyers Do

A framework for identifying key person dependencies and making informed decisions about which warrant investment versus deal structure solutions

The Alternatives to Selling - When Holding Beats Exiting and How to Decide

Explore alternatives to selling your business and learn how to decide whether holding or exiting is the right strategy for your situation

17 min read

Permit and License Inventory - Essential Guide for Business Transfers

Learn how to inventory permits and licenses to ensure business operations survive ownership changes without costly interruptions

Legal Counsel - Transaction Experience Matters in M&A Deals

Why your trusted business attorney may not be right for selling your company and how to select qualified M&A legal counsel

Customer Concentration - A Framework for Understanding Exit Valuation Risk

Learn how customer concentration affects business valuation and discover strategies to mitigate buyer concerns during exit planning

Construction Exits - What Backlog Quality and Bonding Capacity Mean for Your Valuation

Understanding how backlog quality and bonding capacity impact construction company valuations during exit planning

29 min read

CAC Optimization - Driving Unit Economics and Marketing Efficiency for Exit Success

Learn how to optimize customer acquisition costs to improve unit economics and create sustainable value that attracts buyers and supports earnout performance

The Due Diligence Checklist Every Seller Needs

Prepare your comprehensive due diligence package before buyers request it. Accelerate deal timelines, boost buyer confidence, and protect your valuation.

Dec 4, 2025

Entrepreneurial Psychology

6 min read

The Five D's - Involuntary Exits That Destroy Value

The five D's force business sales on catastrophic terms. Learn how preparation for involuntary exit protects value and creates exit readiness.

Dec 3, 2025

5 min read

It's My Baby - How Emotional Attachment Kills Value

It's my baby is the most costly phrase in exit conversations. Learn how emotional attachment destroys business value—and what to do about it.

Dec 2, 2025

15 min read

5 Red Flags That Kill Business Sales Before Closing

Discover 5 red flags that kill business sales—and how to fix them before buyers walk away. Protect your company's value.

Dec 2, 2025

Entrepreneurial Psychology

12 min read

The Preparation Gap - Why Business Sales Fail and What Separates Successful Exits From the Rest

25-40% of professional business sales fail due to preparation gaps, not market conditions. Learn what separates successful exits from terminated deals and how to build true exit readiness.

Dec 1, 2025

13 min read

The Five Cognitive Traps That Keep Business Owners From Building Exit-Ready Companies

Understanding temporal discounting, control illusions, identity fusion, succession fantasies, and profit conflation - the psychological patterns that derail exit readiness despite operational competence.

Dec 1, 2025

7 min read

The Biggest Lie in Exit Planning - I Don't Need a Strategy Because I'm Not Selling Anytime Soon

The belief that exit planning can wait until you're ready to sell may be among the most expensive mistakes in business ownership. Learn why preparation isn't about timing the sale - it's about building options.

Dec 1, 2025

16 min read

Strategic Exit Timing - How Business Life Cycles Affect Your Valuation

Business life cycles affect valuation multiples significantly. Understanding your company's stage and how buyers perceive it provides essential context for strategic exit timing decisions.

Nov 30, 2025

6 min read

Beyond Red Flags - The 5 Long-Term Drivers of Valuation

Discover why premium valuations take years to build, not months. Learn the five structural factors that drive business valuation and the real economics of transformation vs selling now.

Nov 23, 2025

Business Value Analysis

10 min read

The Retention ROI Calculator: When $300K in Agreements Actually Pays Off

Key employee risk creates a 2-15% valuation discount. Use this ROI framework to determine if retention agreements make financial sense—or if alternatives like earnouts deliver better returns.

Nov 20, 2025

7 min read

Stop Timing Employee Disclosure—Fix Your Structural Dependency Instead

Early vs late disclosure is a false dilemma. The real solution is eliminating structural dependency on key employees—making disclosure timing largely irrelevant while capturing 10-30% in avoided valuation discounts.

Nov 20, 2025