--- title: "What Private Equity Buyers Really Look At: Insights Every Founder Should Know" description: Discover what private equity buyers look for in clinical research sites and how founders can boost their valuation and operational efficiency for a successful sale. image: https://blog.evergreenforfounders.com/hubfs/Robert%20podcast.jpg --- [![Evergreen-M&A-Logo-PNG-transparent](https://blog.evergreenforfounders.com/hubfs/Evergreen-M%26A-Logo-PNG-transparent.png)](https://evergreenforfounders.com/) - [Home](https://evergreenforfounders.com/) - [About](https://evergreenforfounders.com/about/) - [Founders We Serve](https://evergreenforfounders.com/founders-we-serve/) - [Founder Resources](https://blog.evergreenforfounders.com/) [Schedule an Intro Call](https://evergreenforfounders.com/contact/) # What Private Equity Buyers Really Look At: Insights Every Founder Should Know Discover what private equity buyers look for in clinical research sites and how founders can boost their valuation and operational efficiency for a successful sale. [Hannah Huke](https://blog.evergreenforfounders.com/author/hannah-huke) Nov 23, 2025 --- Selling a business can feel overwhelming, especially if you’ve never been through the process before. In a recent episode of *The Founders Journey To Exit* podcast, Hannah Huke sat down with Dr. Azza Kennedy, Evergreen M&A’s Managing Director and former veterinary practice owner, and Robert Radlich, Evergreen’s partner, to break down exactly what private equity-backed buyers look for—and how founders can best prepare for a successful sale. You can listen to this episode of *The Founder’s Journey* on **[Apple Podcasts](https://podcasts.apple.com/us/podcast/what-private-equity-buyers-really-look-at-when-acquiring/id1849524482?i=1000737698038)**,**[Spotify](https://open.spotify.com/episode/10A0Pt0QrceMofSBMNnJW8)**, and**[Buzzsprout](https://www.buzzsprout.com/2551610/episodes/18224282-what-private-equity-buyers-really-look-at-when-acquiring-your-business)**.  Robert explained why Evergreen M&A was founded: **founders in the lower-middle market often weren’t receiving the level of service they deserved**. From $500k to $20 million deals, many advisory firms fell short, while buyers—including private equity—approached acquisitions with growing sophistication. As Robert put it, “**Time kills all deals…** if we can’t get the information we need, it eventually stalls out, and that can lead to a failed transaction.” Evergreen’s approach is a custom, client-first process that ensures your numbers are accurate, materials are complete, and buyers can make informed decisions. A key part of preparing for a sale is understanding **EBITDA**—earnings before interest, taxes, depreciation, and amortization. Dr. Azza Kennedy explained that EBITDA reveals a business’s **true profitability**, removing personal or one-time costs, and demonstrates performance independent of the owner. Robert added that EBITDA acts as a **proxy for cash flow**, helping buyers understand how much cash the business can generate after closing. Adjustments, such as one-time expenses or owner compensation, can significantly impact valuation, making accurate financial preparation essential. Founders should also ensure their financials are organized and up-to-date. Robert emphasized, “**Be on QuickBooks and have a good accountant who reconciles your books monthly… it makes it much easier for buyers to analyze and give a confident offer**.” Azza highlighted the mindset shift that comes with understanding EBITDA: every operational decision—from staffing to rent—affects profitability and buyer perception. While financials are critical, maintaining business performance during the sale process is equally important. **Founders must keep their foot on the gas**, ensuring steady growth and avoiding sudden drops in performance that could reduce valuation. Buyers also scrutinize: - **Historical growth**—consistent, year-over-year expansion - **Team structure and retention**—an engaged team reduces future costs and risk - **Technology and infrastructure**—modern systems indicate scalability - **Lease terms and recurring revenue**—ensuring long-term stability When preparing for a sale, Azza encourages founders to consider three aspects: **financial, emotional, and strategic**. Determine your financial goals, assess your energy levels and potential burnout, and ensure the business can operate independently of you. Robert added that assembling a strong team of advisors—legal, accounting, M&A, and wealth management—is critical to navigating the complex transaction process. Selling a business successfully is about **preparation, clarity, and execution**. By understanding what buyers value and ensuring both financial and operational readiness, founders can maximize their exit and avoid common pitfalls. Evergreen M&A’s tailored approach ensures you’re fully supported from start to finish, turning a complex, high-stakes process into a strategic, achievable plan. **Get in Touch** If you’re evaluating your options or want to understand your site’s readiness, Evergreen can help you move forward with confidence. Contact Senior M&A Advisor, Hannah Huke, at [hannah@evergreenforfounders.com](mailto:hannah@evergreenforfounders.com)or 617.470.3462 to start the conversation. ## Similar posts ### [How to Sell Your Business for Maximum Value: What Founders Get Wrong — and How to Get It Right](https://blog.evergreenforfounders.com/how-to-sell-your-business-for-maximum-value-what-founders-get-wrong-and-how-to-get-it-right) Learn how to maximize the value of your business sale with expert advice on timing, valuation, and buyer selection from Evergreen M&A's Roy Yewah. Hannah Huke Jan 7, 2026 ### [Increased Private Equity Interest in HVAC: What It Means for Owners](https://blog.evergreenforfounders.com/increased-private-equity-interest-in-hvac-what-it-means-for-owners) Discover why private equity is increasingly interested in HVAC businesses and what it means for owners considering a sale. Roy Yewah Jan 12, 2026 ### [The Emotional Side of Your Business Exit](https://blog.evergreenforfounders.com/the-emotional-side-of-your-business-exit) Learn how to navigate the emotional journey of selling your business with insights from Dr. Azza Diasti-Kennedy on The Founders Journey to Exit. Hannah Huke Nov 19, 2025 ## Why  Evergreen M&A? **Expertise:** With a decade of experience in orchestrating successful acquisitions, we understand the nuances of the process, providing unparalleled guidance and support. **Founder-Centric Approach:** As former founders, we empathize with the emotional and strategic intricacies involved in selling a business. Evergreen M&A is committed to minimizing stress and maximizing outcomes for founders. **Comprehensive Solutions:** We offer end-to-end solutions, from strategic planning to negotiation and finalization, ensuring a holistic and tailored approach to each unique business. **Results-Driven:** Evergreen M&A is dedicated to delivering results that exceed expectations, empowering founders to achieve their goals with confidence. 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