09/04/2026
Founders are leaving 2 to 3 turns of EBITDA on the table to avoid selling to PE.
That is a revealed preference, not a miscalculation.
Research on exit behaviour shows founders consistently prioritise team retention, brand preservation, and cultural continuity. PE structures cannot protect those things. The 3 to 5 year exit mandate means every operational decision gets calibrated to the return target, not to the business.
Permanent capital wins those deals at lower multiples because it offers what PE structurally cannot. No mandated exit. No clock. No operating partners parachuting in to squeeze the team.
The buyer you choose is the last major leadership decision you make for your people.
Worth comparing notes with others who have been through a sale process.