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, Spotify, and Buzzsprout.
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 or 617.470.3462 to start the conversation.